IBC News
NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale Consideration
The National Company Law Appellate Tribunal (‘NCLAT), Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain (Judicial Member) and Naresh Salecha (Technical Member) dismissed the appeal filed against the order of the National Company Law Tribunal (‘NCLT’) Kolkata Bench dated 23.02.2023. The Appellate Tribunal held that the Liquidator is required to follow the terms...
NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT
The National Company Law Appellate Tribunal (‘NCLAT’), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member) dismissed the appeal filed by Jitendra Virmani (Appellant) against the National Company Law Tribunal (‘NCLT’) Bangalore order dated 27.11.2019. The Appellate Tribunal held that the grounds not taken on jurisdiction...
NCLT President On Leave, Principal Bench To Have Special Bench From 25th To 27th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 23.10.2023, intimating that the President of NCLT Principal Bench, Hon’ble Chief Justice (Retd.) Shri Sudhakar Ramalingam, is on leave from 25.10.2023 to 27.10.2023.Therefore, the Hon’ble President has deputed Shri Ashok Kumar Bhardwaj (Judicial Member) to perform the functions of the President of NCLT such as...
Weekly Digest Of IBC Cases: 16th To 22nd October 2023
Supreme Court IBC | Doctrine Of Election Can’t Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court Case Title: Tottempudi Salalith v State Bank Of India & Ors. Citation: 2023 LiveLaw (SC) 914 The Supreme Court has held that the ‘Doctrine of Election’ cannot be applied to prevent a Financial Creditor from approaching the...
NCLAT New Delhi: Limitation To File Appeal Commences On The Order Pronouncement Date And Not When Aggrieved Party Becomes Aware Of Its Content
The National Company Law Appellate Tribunal (‘NCLAT), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member), dismissed the two applications filed in Raiyan Hotels and Resorts Pvt. Ltd. vs. Unrivalled Projects Pvt. Ltd. and Aryan Mining & Trading Corpn Pvt. Ltd. vs. Kail Limited and...
NCLT Kochi: No Provision For Liquidator To File Income Return Of Corporate Debtor
The National Company Law Tribunal (‘NCLT’) Kochi comprising Justice (Retd.) T. Krishna Valli. (Judicial Member) and Shri. Shyam Babu Gautam (Technical Member) allowed the application filed in Mr. Vinod Balachandran vs. Bharat Petroleum Corporation Ltd & Anr. The application has been filed by the Liquidator of Albanna Engineering (India) Pvt. Ltd. (Corporate Debtor) to direct...
IBC | Doctrine Of Election Can't Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court
The Supreme Court has held that the 'Doctrine of Election' cannot be applied to prevent a Financial Creditor from approaching the National Company Law Tribunal (NCLT) for initiation of Corporate Insolvency Resolution Process (“CIRP”) against a Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016 (IBC).The Doctrine of Election is embodied in the law of evidence, which...
NCLT Mumbai Approves Resolution Plan For Topworth Steel & Power Pvt. Ltd., A Topworth Group Company
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice V.G. Bisht (Retd.) (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating a petition filed in State Bank of India v Topworth Steel and Power Private Ltd., has approved the Resolution Plan submitted by Amalgam Steel and Power Ltd. for Topworth Steel and Power Pvt....
NCLAT New Delhi Suspends Finolex Cable Order Post Supreme Court Directs NCLT Delhi Chairperson To Conduct Inquiry
The National Company Law Appellate Tribunal (‘NCLAT’) Principal Bench, New Delhi comprising Justice Rakesh Kumar (Judicial Member) and Dr. Alok Srivastava (Technical Member), suspended its order dated 13.10.2023 in the matter of Deepak Kishan Chhabria & Anr. vs. Orbit Electricals Pvt. Ltd. & Ors. due to the disclosure of the result of the Annual General Meeting of the...
NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs
The National Company Law Tribunal (‘NCLT’) Kolkata Bench comprising Bidisha Banerjee (Judicial Member) and D. Arvind (Technical Member) allowed the application filed in Radhasiriya Properties Pvt. Ltd. vs. Jai Narayan Gupta Liquidator of Barcle Enterprises Ltd.. The application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’)...
NCLAT Chennai: Transfer Of Shares Not An Act Of Oppression And Mismanagement | SEBI Is The Competent Forum To Decide Disputes Of Transfer Of Shares And Not NCLT
The National Company Law Appellate Tribunal (‘NCLAT’), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member) dismissed the appeal filed in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated...
NCLAT Chennai: Mere Irregularity Not A Ground For Oppression And Mismanagement
The National Company Law Appellate Tribunal (‘NCLAT’), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member) dismissed the appeal filed in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated...