IBC News
Liquidator Can’t Reject A Rectified Claim For Being Time Barred: NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member), has held that when a creditor submits a claim before Liquidator within stipulated timeline though not in proper Form, then the Liquidator cannot reject such creditor’s claim on the premise that rectified claim was submitted...
NCLT Mumbai: Base Resolution Plan, An Attempt To Circumvent SEBI Takeover Regulation, Can’t Be Approved Under Section 54C Of IBC
The National Company Law Tribunal (“NCLAT”), Mumbai Bench, comprising of (Retd.) Justice Virendra Singh G Bisht and Shri Prabhat Kumar (Technical Member) has dismissed an application and held that Base Resolution Plan which is an attempt to circumvent SEBI Takeover Regulations, in respect of the acquisition of a shareholding in a listed entity beyond the specified threshold...
NCLT Mumbai Urges IBBI To Conduct Training Session For Forensic Auditors Regarding Avoidance Transactions Under IBC
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Justice V.G. Bisht (Retd.) (Judicial Member) and Shri Prabhat Kumar (Technical Member), has urged the Insolvency and Bankruptcy Board of India (“IBBI”) to look into qualitative aspect of Forensic and Transaction Auditor’s Report and to conduct training session for concerned Auditors on provisions relating...
NCLT Ahmedabad Rejects Resolution Plan For Failing To Address Issues Of Cash Flow, Value Of Assets And Statutory Dues
The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has declined to approve a resolution plan which failed to address the issue of cash flows, value of assets, statutory dues and proposed payment of merely Rs. 1,000/- towards employees’ dues. “The Resolution...
Appellants Who Filed Their Claims As Real Estate Allottees Are A Part Of Home Buyers And Cannot Ask Refund Separately: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr Naresh Salecha (Technical Member) has dismissed an appeal and held that the Appellants, who have filed their claims as Real Estate Allottees, are considered part of the home buyers. Therefore, if the home buyers have already been represented...
In Absence Of Rental Agreement Between Parties, RP Can’t Demand Payment Of Usage Charges For Corporate Debtor’s Machine; NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has set aside a direction passed by the NCLT requiring a creditor to pay usage charges of a machine to the Corporate Debtor in absence of any rental agreement. Prior to initiation...
IBC| Mere Uploading Of Application U/S 96 Cannot Be Regarded As 'Filing' For Interim Moratorium To Operate: Kerala High Court
The Kerala High Court on Friday laid down that mere uploading of an application under Section 96 of the Insolvency and Bankruptcy Code (IBC), 2016, cannot be regarded as filing of an application for the interim moratorium to operate. Section 96 of IBC provides that when an application is filed under Section 94, an interim moratorium shall commence on the date of the application in respect to...
Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice
The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Shri Shammi Khan (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has issued notice in an application seeking recall of the order dated 08.03.2019 whereby the resolution plan of ArcelorMittal India Pvt. Ltd. was approved for Essar Steels India Ltd. by the NCLT.The Applicants are creditors...
NCLAT Issues Instructions For Joining Video Conferencing Proceedings, Prescribes Dress Code
The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular intimating the instructions for joining virtual hearing before the NCLAT New Delhi and NCLAT Chennai benches. Platform for conducting Virtual Hearing The matters shall be heard by the NCLAT Benches through web-based video-conferencing system on the ‘CISCO Webex Meeting’ platform. Any party joining...
Weekly Digest Of IBC Cases: 6th - 12th November 2023
SUPREME COURTSupreme Court Upholds Constitutionality Of IBC Provisions Relating To Personal Guarantors; Says Adjudicatory Role Can't Be Read Into Sec 97Case Title: Surendra B. Jiwrajika and Anr. vs. Omkara Assets Reconstruction Private Limited Case No.: SLP(C) No. 016464/2021 The Supreme Court Bench comprising Chief Justice DY Chandrachud, Justices JB Pardiwala and Justice Manoj Misra, has...
Insolvency & Bankruptcy Code : Section 14 Does Not Bar Finalisation Of Assessment, Adjudication Proceedings: Kerala High Court
The Kerala High Court recently laid down that assessment orders could not be set aside on the ground of the Official Liquidator not having been heard while finalizing the assessment, since Section 14 of IBC does not bar finalisation of the assessment and adjudication proceedings in respect of the taxes. "On the resolution once the reference has been admitted, there is moratorium for recovery...
NCLAT Delhi: Appellants Who Filed Their Claims As Real Estate Allottees Are A Part Of Home Buyers And Cannot Ask Refund Separately
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr Naresh Salecha (Technical Member) has dismissed an appeal and held that the Appellants, who have filed their claims as Real Estate Allottees, are considered part of the home buyers. Therefore, if the home buyers have already been represented...