IBC News
NCLAT Chennai: Threshold To Maintain Oppression Proceedings Not Limited To Holding Of Shares Alone But Extends To Manner Of Acquiring Of Shares
The National Company Law Appellate Tribunal (‘NCLAT’), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that the threshold to maintain oppression proceedings is not only limited to the holding of shares alone but also extends to the manner in which the shares were...
NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
The National Company Law Appellate Tribunal (‘NCLAT’), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal filed by Jitendra Virmani (Appellant) against Mro-Tek Realty Limited (‘Company’). The appeal was filed against the order 27.11.2019 passed by the National Company Law Tribunal...
IBC | Assistant General Manager Signs Inspection Order In Place Of Executive Director Of IBBI, Bombay High Court Stays The Suspension Of Insolvency Professional
The Bombay High Court bench, comprising Justice B. P. Colabawalla and Justice M.M. Sathaye, while adjudicating a petition filed in Partha Sarathy Sarkar v Insolvency & Bankruptcy Board of India (IBBI) & Ors., has stayed the Suspension Order issued against an Insolvency Professional (“IP”) by the Insolvency and Bankruptcy Board of India (“IBBI”). The Inspection...
NCLT To Hold Joint Colloquium With MCA And NeSL From 3rd To 5th November 2023, Matters Listed Before NCLT On 03.11.2023 To Be Renotified
The National Company Law Tribunal (“NCLT”) has issued a circular dated 23.10.2023, intimating that from 3rd to 5th November 2023 the NCLT would be holding a Joint Colloquium with the Ministry of Corporate Affairs (“MCA”), Government of India and National E-Governance Services Ltd. (NeSL). Since the Members of NCLT Benches would be participating in the Joint...
During Liquidation, NCLT Empowered To Decide Matters Relating to Eviction Of Premises Owned By Corporate Debtor: NCLT Hyderabad
The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member), has held that during the liquidation process, NCLT is the right forum to decide on the matters concerning eviction of the premises owned by the Corporate Debtor. Background Facts In 2013, a Lease Deed was executed between Mr....
NCLT New Delhi Bench Reconstituted W.E.F. 1st November 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 25.10.2023, intimating the reconstitution of NCLT New Delhi Bench (Court IV) with effect from 01.11.2023. Dr. Binod Kumar Sinha (Technical Member) is demitting office on 31.10.2023 on completion of his tenure. The reconstituted bench is as under: NCLT New Delhi (Court No. IV) (Second Half) Shri...
NCLT Amravati Bench Reconstituted W.E.F. 6th November 2023, Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 23.10.2023, intimating the reconstitution of NCLT Amravati Bench with effect from 06.11.2023. Justice Telaprolu Rajani (Judicial Member) is demitting office on 05.11.2023 on completion of her tenure. The reconstituted bench is as under: NCLT Amravati Bench (Second Half ) Shri Rajeev...
Liquidator Bound To Handover Vacant & Peaceful Possession Of Property To Buyer As Per Contract : NCLT Hyderabad
The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member), has held that after sale of Corporate Debtor’s property in auction and receipt of proceeds, the Liquidator is legally empowered to seek vacant and peaceful possession of such property from occupier before the NCLT. Even after...
Successful Resolution Applicant Cannot Oppose Its Own Resolution Plan: NCLT Delhi
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in Educomp Solutions Limited., has held that a Successful Resolution Applicant cannot oppose the approval of its own resolution plan before NCLT. “Even otherwise also, the SRA/Ebix...
IBC| Time-Barred Recovery Certificate Can Be Segregated From Composite Claim Under Section 7 : Supreme Court
The Supreme Court has held that in a composite application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) based on several Recovery Certificates issued by Debt Recovery Tribunal, if any of the Recovery Certificate(s) is barred by limitation, then the same can be segregated from composite claim. However, as the decree (Recovery Certificate) would still be alive,...
IBBI Proposes Changes To Framework For Insolvency Professional Entities, Invites Public Comments Till 11th November 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) on 20.10.2023 has published a Discussion Paper on “Rationalisation of the Regulatory Framework for Enhancing the Effectiveness of Insolvency Professional Entities in Insolvency Resolution Process”. The IBBI has also invited comments from the public/stakeholders regarding proposed changes to the framework pertaining...
NCLT Allahabad: An Agreement To Resell Products On An E-Commerce Platform Where The Amount Was Invested For Assured Profit Margins Does Not Fall Under ‘Financial Debt’ U/S 5(8) Of The IBC
The National Company Law Tribunal (‘NCLT’), Allahabad Bench comprising of Praveen Gupta (Judicial Member) and Mr. Ashish Verma (Technical Member) dismissed the petition. filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). The petition was seeking initiation of a Corporate Insolvency Resolution Process (‘CIRP’) against Ketsaal Retail LLP (Corporate...