NCLAT New Delhi: CIRP Cannot Be Initiated For Defaults During The Excluded Timeline Under Section 10A Of IBC

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Anant Bijay Singh (Judicial Member) and Mr. Ajai Das Mehrotra (Technical Member), dismissed an appeal filed in Vikram Kumar, Proprietor, Sourya Containers Leasing Company vs. Aranca (Mumbai) Pvt. Ltd. against the National Company Law Tribunal (“NCLT”) Mumbai’s order by...

NCLT Bangalore: Interest And Cost Imposed By Commercial Court Post Initiation Of CIRP Not To Be Admitted

The National Company Law Tribunal (“NCLT”), Bangalore Bench comprising of Justice (Retd) T. Krishnavalli (Judicial Member) and Shri. Manoj Kumar Dubey (Technical Member), dismissed an application filed under under Section 60(5)(a) of the Insolvency and Bankruptcy Code, 2016 (“Code”). The application in SourcePro Service vs. Mr. Vinay Mruthyunjaya, Resolution Professional of...

NCLAT New Delhi: Time Taken For Restoration And Withdrawl Can’t Be Excluded, Delay Beyond Condonable Limit

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra Dash (Technical Member), dismissed an application filed in Harish Kumar vs. Solitaire Infomedia Pvt. Ltd. & Anr. by Harish Kumar (Applicant) seeking condonation of delay in filing the appeal under Section 61 of the...

NCLT Hyderabad: Asset Becomes Part Of Liquidation Asset If The Secured Creditor Fails To Comply With Regulation 21A

The National Company Law Tribunal (“NCLT”), Hyderabad Bench comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Sh. Charan Singh (Technical Member), dismissed an application filed in ICICI Bank vs. MBS Impex Pvt Ltd. by ICICI Bank (Applicant) seeking an extension of time for the sale of the secured asset. The Tribunal held that when the secured...

NCLT Bangalore Reiterates Individual Homebuyers Or Associates Cannot Challenge Resolution Plan, After Approval By CoC

The National Company Law Tribunal (“NCLT”), Bangalore Bench comprising of Justice (Retd) T. Krishnavalli (Judicial Member) and Shri. Manoj Kumar Dubey (Technical Member), dismissed an application filed under under Section 60(5)(a) of the Insolvency and Bankruptcy Code, 2016 (“Code”) in S. Viswanathan vs. Mr. Vinay Mruthyunjaya, Resolution Professional of Metrik Infraprojects...

KYC And Aadhaar Related Service Provider ‘Karvy Data Management Services Ltd.’ Admitted Into Insolvency: 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), while adjudicating a petition filed in M/s Allied Hi-Tech Industries Private Ltd. v Karvy Data Management Services Limited, has initiated Corporate Insolvency Resolution Process (“CIRP”) against...

IBBI Amends ‘Model Bye Laws of Insolvency Professional Agencies 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 (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The amendments are effective from 18.09.2023. The key changes are as under: An individual or an Insolvency...

IBC Not A Debt Recovery Mechanism, NCLAT Chennai Reiterates

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member), dismissed an appeal filed in Mr. Maulik Kirtibhai Shah vs. United Telecom Limited. against the order of the National Company Law Tribunal (“NCLT”) Bangalore Bench which had dismissed the application under Section 9 of...

IBBI Introduces Amendments To CIRP 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 Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 19.09.2023 the IBBI issued a Press Release, summarizing...

IBC | Bombay High Court Issues Notice To Attorney General Of India In Petition Challenging Provisions On Resolution Professional

The Bombay High Court recently issued notice to the Attorney General of India R Venkataramani in a writ petition challenging the constitutionality of Sections 7(5), 9(5) and other sections of the Insolvency and Bankruptcy Code, 2016.Sections 7 and 9 deal with application of corporate insolvency resolution process (CIRP) by a financial creditor and an operational creditor respectively. As...

Rule 43 Of NCLT Rules | NCLT Can Call For Information/Evidence From Parties Including Resolution Professional: 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 M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal, has held that under Rule 43 of the NCLT Rules, 2016, the NCLT is empowered to call information or evidence from the...

Resolution Professional Not Obligated To Share All Information With Shareholders 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 M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required to be shared...