No Provision In IBC For Re-Opening Of CIRP, A Petition Can Only Be Restored For Fresh Admission In Case Settlement Fails: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating a petition filed in the matter of Amluckie Investment Company Limited v Skill Infrastructure Limited, has held that the IBC does not contain any provision for restoration of CIRP which has once been closed by...

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court

The Supreme Court on Monday said that admitting claims after the Resolution Plan has been accepted by the Committee of Creditors (COC) under Insolvency and Bankruptcy Code, 2016 (IBC) even though the Adjudicating Authority has yet to approve the plan, would make the Corporate Insolvency Resolution Process (CIRP) an endless process. The Apex Court was considering whether the claim pertaining...

NCLT Mumbai: No Claims To Be Taken After Approval Of Resolution Plan By CoC, Citing Disruption Of Time-Bound Resolution Process

The National Company Law Tribunal (NCLT), Mumbai comprising of Mr. Kuldip Kumar Kareer (Judicial Member) and Mr. Anil Raj Chellan (Technical Member) adjudicating an application filed in Suraksha Realty Limited vs. Mr. Anuj Bajpai dismissed an application filed by Suraksha Realty Limited (Applicant) for consideration of its claim of Rs. 19.93 crores as a financial debt under section 5(8)...

Weekly Digest Of IBC Cases: 4th To 10th September 2023

Supreme Court IBC - Liquidator Can't Cancel Valid Auction On Mere Expectation Of Fetching Higher Price; No Unfettered Discretion: Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No(S). 7906/2021 Citation: 2023 LiveLaw (SC) 753 The Supreme Court Bench comprising Justice B V Nagarathna and Justice Ujjal Bhuyan, has...

NCLT Kolkata: Resolution Professional Deserves Remuneration For Labor And Services As Approved By CoC

The National Company Law Tribunal (“NCLT”), Kolkata comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member) allowed an application filed in Mr. Sanjeev Jhunjhunwala vs. Mr. Bimal Kanti Choudhury against PM Cold Storage Private Limited (“Respondent”) for the payment of Corporate Insolvency Resolution Process (“CIRP”) costs and pass an...

MCA Refuses To Disclose In RTI The List Of Candidates Recommended By Selection Committee For Post Of NCLT Members

The Ministry of Corporate Affairs, Government of India, has declined to disclose under the ‘Right to Information Act, 2005’ the list of candidates recommended by Selection Committee, headed by Chief Justice of India, for the post of Judicial Member and Technical Member in the National Company Law Tribunal (“NCLT”), as against vacancy circular dated 12.07.2022. The reason...

NCLT Hyderabad Rejects Section 9 Petition For Incompliance Of Rule 5(2) Of Insolvency And Bankruptcy (Application To Adjudicating Authority) Rules, 2016

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 Tata International Limited v M/s Trident Sugars Ltd., has rejected a petition under Section 9 of IBC since the creditor failed to serve the Demand Notice as per...

Post Occurrence Of Default, Parties Entered Into MoU And Re-Scheduled Payments: NCLT Hyderabad Declines To Initiate CIRP

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 Tata International Limited v M/s Trident Sugars Ltd., has rejected a petition filed under Section 9 of IBC based upon a default post which the Parties entered into...

Proceedings Under Section 13 Of Companies Act, 2013 Can’t Be Questioned In Proceedings Under Section 7 Of IBC: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), while adjudicating an appeal filed in Ishan Singh v Spaze Towers Pvt. Ltd., has held that orders passed in the proceedings under Section 13 of the Companies Act, 2013 cannot be...

NCLAT Chennai: Advances By Property Buyers To Real Estate Developers Are ‘Borrowing’ And Financial Debt

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member), dismissed an application filed in Venkat Rao Marpina vs. Vemuri Ravi Kumar by Venkat Rao Marpina, Suspended director (Applicant) of Bhrighu Infra Private Limited (Corporate Debtor) against Vemuri Ravi Kumar...

While Application For Approval Of Resolution Plan Is Pending Before AA, CoC Can’t Convene Meeting To Consider Other Resolution Plans: 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 Indian Overseas Bank v M/s. Rathi TMT Saria Pvt. Ltd. & Ors., has held that when a Resolution Plan approved by the CoC is pending consideration before the Adjudicating Authority...

Special Bench At NCLT Principal Bench From 11th To 15th September 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 05.09.2023, intimating the constitution of Special Bench for NCLT Principal Bench (New Delhi) from 11.09.2023 to 15.09.2023. Justice Ramalingam Sudhakar (President) is on an official tour in that period. The Special Bench shall attend to the matters listed before Justice Ramalingam Sudhakar (President) and...