IBC News
NCLAT New Delhi Sets Aside NCLT Order : Liability Of Interest Accrued During Section 10A Period Not To Be Excluded Aside
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), allowed the appeal filed in Beetel Teletech Ltd. vs. Arcelia IT Services Pvt. Ltd. by Beetel Teletech Ltd, (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (“CIRP”) against...
IBBI Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations
The Insolvency and Bankruptcy Board of India (“IBBI”) has released a circular dated 28.09.2023, clarifying the interpretation and computation of the Liquidators’ fee under Regulation 4(2)(b) of IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Regulations”). Brief background Regulation 4 of Liquidation Regulations provides for Liquidator’s fee. Regulation...
Special Bench At NCLT New Delhi From 3rd To 13th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 26.09.2023, intimating the constitution of Special Bench in NCLT New Delhi for the period of 03.10.2023 to 13.10.2023, since Dr. Binod Kumar Sinha (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri M.S.S. Sundaram (Judicial Member) and Dr. Binod...
When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Engineering Mazdoor Parishad Devas Through Its General Secretary v Teena Saraswat Pandey, has held that a Claimant is obliged to substantiate its claim, failing which, the...
Special Bench At NCLT Mumbai From 3rd To 20th October 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 20.09.2023, intimating the constitution of Special Bench in NCLT Mumbai for the period of 03.10.2023 to 20.10.2023, since Smt. Madhu Sinha (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Ms. Reeta Kohli (Judicial Member) and Smt. Madhu Sinha...
NCLT Jaipur: Persons To Whom The Flats Are Sold After Completion, Shall Be Counted For Threshold Limit
The National Company Law Tribunal (“NCLT”), Jaipur Bench comprising of Shri Deep Chandra Joshi (Judicial Member) and Atul Chaturvedi (Technical Member), allowed the application filed in Gajraj Jain & Ors. vs. Shiv Gyan Developers Pvt. Ltd. seeking impleadment of additional Financial Creditors to initiate Corporate Insolvency Resolution Process (“CIRP”) of Shiv Gyan...
IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (“IP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 20.09.2023 the IBBI issued a Press Release, summarizing the amendments....
NCLT Mumbai: Operational Creditors Must File GST Liability Claims Under CIRP On Time As No Claim Can Be Admitted After Resolution Plan Approved By CoC
The National Company Law Tribunal (“NCLT”), Mumbai Bench comprising of Kuldip Kumar Kareer (Judicial Member) and Shyam Babu Gautam (Technical Member), dismissed an application filed in Abnco Vie Win Ent Pvt. Ltd. vs. Steamline Industries Ltd. by Abnco Vie Win Ent Pvt. Ltd. (Applicant), an operational creditor, seeking directions against the Resolution Professional (“RP”) of...
Weekly Digest Of IBC Cases: 18th To 24th September 2023
NCLAT Resolution Professional Not Obligated To Share All Information With Shareholders Of Corporate Debtor: NCLAT Delhi Case Title: M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal Case No.: Company Appeal (AT) Insolvency No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan...
RP Can’t Obtain MSME Certificate Just To Enable Back-Door Entry Of Promoter/Suspended Management Of Corporate Debtor: 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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that neither Section 25 nor Section 28 of IBC empowers the Resolution Professional or CoC to obtain an...
RP Can Obtain MSME Certificate For The Corporate Debtor Only To Avail Business Advantage Available Under MSMED Act, 2006: 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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that a Resolution Professional can obtain a Micro, Small and Medium Enterprises (MSME) certificate for the...
If MSME Certificate Obtained Post Initiation Of CIRP, Promoter/Suspended Management Of Corporate Debtor Ineligible To Submit 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 M/s Hi-Tech Resource Management Limited v M/s Overnite Express Limited, has held that if the Suspended Management/Promoter obtains a MSME certificate for the Corporate Debtor post initiation...