IBC News
IBC - Liquidator Can't Cancel Valid Auction On Mere Expectation Of Fetching Higher Price; No Unfettered Discretion : Supreme Court
The Supreme Court on Wednesday held that even though the highest bidder in an auction sale under the Insolvency and Bankruptcy Code 2016 has no indefeasible right to demand acceptance of his bid, the liquidator, if such a bid is rejected must furnish reasons for the same in the rejection order. A division bench of Justice B V Nagarathna and Justice Ujjal Bhuyan held that the mere expectation...
NCLT Chandigarh: New Management Of The Corporate Debtor Not Responsible For Non-Compliance Of MCA Filing Before The Insolvency Commencement Date
The National Company Law Tribunal (“NCLT”), Chandigarh Bench, comprising of Mr. Harnam Singh Thakur (Judicial Member) and Mr. Subrata Kumar Dash (Technical Member), allowed an application filed in Skyhigh Infraland Private Limited vs. Monitoring Committee of Corporate Debtor. Skyhigh Infraland Private Limited (Applicant) had moved the application as it faced difficulty in making...
IBBI Extends Facility Of CIRP Form Submission To Insolvency Professional Entities ( IPE) Acting As IP , No Fee Applicable Till 30th September 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 01.09.2023, intimating that the facility for submitting the CIRP Forms has been extended to Insolvency Professional Entities (IPE), acting as Insolvency Professionals (IP). To facilitate submission of forms for all assignments handled by these IPEs through the facility being introduced now, CIRP...
Shri Arun Baroka Takes Oath As A Technical Member In NCLAT
On 01.09.2023, Shri Arun Baroka has taken oath as a Technical Member in the National Company Law Appellate Tribunal (“NCLAT”), Delhi. Mr. Baroka is an IAS officer who recently retired from the post of the Secretary, Department of Chemicals & Petro-chemicals, Government of India. He is an Electrical Engineering graduate from IIT, Delhi and has done MBA (Marketing and...
NCLT Chandigarh: Suspended Directors Have No Vested Right In The Removal Of Liquidator
The National Company Law Tribunal (NCLT), Chandigarh comprising of Mr. Harnam Singh Thakur (Judicial Member) and Mr. Subrata Kumar Dash (Technical Member) dismissed an application filed by Kulwinder Singh Makhni (Applicant) for the removal of Mr. Sanjay Kumar Aggarwal (Liquidator) and for appointment of a new Liquidator of the Corporate Debtor. It held that the suspended director...
NCLT Delhi: Financial Creditor Cannot Invoke CIRP Against Corporate Debtor To Recover Debt From Homebuyer
The National Company Law Tribunal (“NCLT”), New Delhi Court – III comprising of Mr. Bachu Venkat Balaram Das (Judicial Member) and Mr. Atul Chaturvedi (Technical Member) adjudicating a petition filed in South Indian Bank Limited vs. Magic Info Solutions Private Limited dismissed the petition to initiate Corporate Insolvency Resolution Process (CIRP) against Magic Info...
IBC Cases Weekly Round Up: 28th August To 3rd September 2023
Supreme Court EPFO Employees Must Comply With IBC Timeline For Filing Claims; Default Officers Must Face Action: Supreme Court Case Title: Employees Provident Fund Organization V. Fanendra Harakchand Munot Citation: 2023 LiveLaw (SC) 734 | CIVIL APPEAL NO. OF 2023 The Supreme Court Bench comprising Justice Sanjiv Khanna and Justice SV Bhatti, has held that the Commissioner...
NCLT Ahmedabad Admits CIRP Petition Against Rasna Pvt. Ltd.
The National Company Law Tribunal (“NCLT”), Ahmedabad comprising of Mr. Shammi Khan (Judicial Member) and Mr. Sameer Kakar (Technical Member) adjudicating a petition filed in Bharat Road Carrier Pvt Ltd. v. Rasna Pvt Ltd. admitted the petition to initiate Corporate Insolvency Resolution Process (CIRP) against Rasna Pvt Ltd. (Corporate Debtor). It held that the Corporate...
NCLT Delhi Admits Imperia Structures Ltd. Into Insolvency
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed in Chirag Jain & Ors. v Imperia Structures Ltd., has initiated Corporate Insolvency Resolution Process (“CIRP”) against Imperia Structures Ltd., which launched a real estate...
NCLT Mumbai Initiates Insolvency Process Against Sahara India Medical Institute Ltd., A Sahara Group Company
The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Mr. Kishore Vemulapalli (Judicial Member) and Mr. Prabhat Kumar (Technical Member), while adjudicating a petition filed in Aprn Enterprises Private Limited v Sahara India medical Institute Limited, has initiated Corporate Insolvency Resolution Process (“CIRP”) against Sahara India Medical Institute Limited, which is...
Date Of Default To Be Assessed For Each Invoice For At Least 3 Years Preceding The Filing Date; NCLT Mumbai
The National Company Law Tribunal (“NCLT”), Mumbai Bench-IV comprising of Mr. Prabhat Kumar (Technical Member) and Mr. Kishore Vemulapalli (Judicial Member) adjudicating a petition filed in Laxmi Trading Corporation v. Hindustan Construction Company Ltd. dismissed the petition to initiate Corporate Insolvency Resolution Process (CIRP) against Hindustan Construction Company...
Monthly Digest Of IBC Cases: August 2023
Supreme Court EPFO Employees Must Comply With IBC Timeline For Filing Claims; Default Officers Must Face Action: Supreme Court Case Title: Employees Provident Fund Organization V. Fanendra Harakchand Munot Citation: 2023 LiveLaw (SC) 734 | CIVIL APPEAL NO. OF 2023 The Supreme Court Bench comprising Justice Sanjiv Khanna and Justice SV Bhatti, has held that the Commissioner...