IBC News
NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
The National Company Law Appellate Tribunal (‘NCLAT’), Principal Bench, New Delhi comprising of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) dismissed an appeal filed by Vistra ITCL (India) Ltd. (Respondent). It held that the scope and jurisdiction of National Company Law Tribunal (‘NCLT’) under the Insolvency and Bankruptcy Code, 2016...
NCLT Bengaluru Condones Delay Of 1191 Days In Submission Of Proof Of Claim By SEBI Before Liquidator
The National Company Law Tribunal (NCLT), Bengaluru Bench, comprising of Shri P. Mohan Raj (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), has condoned the delay of 1191 days in submission of proof of claim by Securities and Exchange Board of India (“SEBI”) before the Liquidator of Corporate Debtor. The Liquidator has been directed to consider the belated claim...
NCLT Kolkata: Registration Of Assignment Of Debt Is Not Mandatory For CIRP U/S 7 Of IBC
The National Company Law Tribunal (‘NCLT’) Kolkata Bench comprising Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) held that the registration of the assignment of debt is not mandatory for the Corporate Insolvency Resolution Process (‘CIRP’) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Further, the Corporate...
Mittal Corp Ltd. To Merge With Subsidiary Of Shyam Metalics & Energy, NCLT Mumbai Approves Resolution Plan
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member), has approved the Resolution Plan submitted by Shyam Sel and Power Limited (Subsidiary of Shyam Metalics & Energy Ltd.) for Mittal Corp Ltd. The resolution plan is valued at Rs. 351 Crores and provides for merger of the...
NCLAT New Delhi: Haircut In Resolution Plan Cannot Be Construed As Being Violative Of Section 30(2)(E) Of IBC
The National Company Law Appellate Tribunal (‘NCLAT’) Principal Bench, New Delhi comprising Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that a haircut in Resolution Plan cannot be construed as being violative of Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) and the minority...
NCLAT Delhi: Fine For Non-Cooperation By Ex-Management Under IBC Is A “Penalty” Not “Cost” And Outside NCLT’s Jurisdiction
The National Company Law Appellate Tribunal (“NCLAT”), Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Mr Naresh Salecha (Technical Member) has held that the fine imposed on non-cooperation by ex-management u/s 19(2) or 34(3) of Insolvency & Bankruptcy Code, 2016 (“IBC”) is covered under the term “penalty” and not “cost” under Rule 149 of...
NCLT Delhi Approves Resolution Plan For ENN TEE International Limited
The National Company Law Tribunal (“NCLT”), Delhi Bench, comprising of Justice Ramalingam Sudhakar (Retd.) (Judicial Member) and Avinash Kumar Srivastava (Technical Member) has approved the Resolution Plan submitted by ENN TEE International Limited through its Promotor. Background Facts ENN TEE International Limited (“Corporate Debtor”) is a registered MSME engaged in...
Weekly Digest Of IBC Cases: 23rd To 29th October 2023
Supreme Court IBC| Time-Barred Recovery Certificate Can Be Segregated From Composite Claim Under Section 7: Supreme Court Case Title: Tottempudi Salalith v State Bank Of India & Ors. Citation: 2023 LiveLaw (SC) 914 The Supreme Court Bench comprising Justice Aniruddha Bose and Justice Vikram Nath, has held that in a composite application filed under Section 7 of the...
NCLAT New Delhi: Operational Creditor Not Entitled To Benefit U/S 14 Of Limitation Act When Suit Filed By It Was Withdrawn By Itself Without Any Liberty To Institute Fresh suit
The National Company Law Appellate Tribunal (‘NCLAT’) Principal Bench, New Delhi comprising Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that an Operational Creditor is not entitled for benefit of Section 14 of the Limitation Act where the Suit filed by it was withdrawn on its own application without any...
IBBI Proposes Changes To Liquidation Process Under IBC, Invites Public Comments Till 10th November 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) on 20.10.2023 has published a Discussion Paper on ‘Strengthening the Liquidation Process’ under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The IBBI has also invited comments from the public/stakeholders regarding proposed changes to the Liquidation framework. The comments can be submitted online...
E-Auction Can’t Be Set Aside On Trivial Technical Grounds For No Fault Of Successful Bidder: NCLT Hyderabad
The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), has held that an e-auction of Corporate Debtor’s asset done by Liquidator cannot be set aside on trivial technical grounds, for no fault of the successful bidder. The application for setting e-auction was...
