NCLT Hyderabad Initiates Insolvency Proceedings Against Trichy-Thanjavur Expressways Limited

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 IDBI Bank Limited v M/s. Trichy-Thanjavur Expressways Limited, has initiated Corporate Insolvency Resolution Process (“CIRP”) against M/s....

NCLT Can’t Adjudicate Avoidance Application Pursued By Third Party To Whom Debt Was Assigned U/S 43, 45, 50 And 66 Of IBC: 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 Ritu Tandon v M/s Rain Automotive India Private Limited, has held that in terms of Section 60(5) of IBC, the NCLT has no jurisdiction to adjudicate an Avoidance/PUFE application pursued by...

NCLT Issues ‘Mandatory Pre-Requisite’ For Filing, Effective From 4th September 2023

The National Company Law Tribunal (“NCLT”) has introduced instructions named as ‘Mandatory Pre-Requisite’ for filing before NCLT. The NCLT has issued a Circular dated 29.08.2023, requesting the Litigants/Advocates/Parties to follow the ‘Mandatory Pre-Requisite’ on formatting, book marking of pleadings, use of electronic signatures, retention of originals etc., at the time...

EPFO Employees Must Comply With IBC Timeline For Filing Claims; Default Officers Must Face Action : Supreme Court

The Supreme Court recently held that the Commissioner and employees of the Employees Provident Fund Organization (EPFO) must ensure that they comply with the timelines under the Insolvency and Bankruptcy Code, 2016. The Apex Court also stated that in case of failure to comply with the timelines, action must be taken against erring employees. "..we are of the view that the Commissioner...

NCLAT Delhi Reverses The Decision Of NCLT, Upholds CoC’s Decision To Accept Relinquishment Of Personal Guarantee On Payment

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 SVA Family Welfare Trust & Anr. v Ujaas Energy Ltd. & Ors., has upheld the decision of Committee of Creditors (CoC) to accept a value for relinquishment of personal...

NCLT Jaipur Rejects Application Filed By RP Seeking Recovery Of Amount From Corporate Debtor’s Debtor

The National Company Law Tribunal (“NCLT”), Jaipur Bench, comprising of Shri Deep Chandra Joshi (Judicial Member) and Shri Atul Chaturvedi (Technical Member), while adjudicating a petition filed in M/S Indus Container Lines Pvt. Ltd. V Jadoun International Pvt. Ltd., has rejected an application filed by the Resolution Professional seeking a direction to one of the debtors of...

Liquidator Assigns ‘Not Readily Realizable Assets’ Of Rs. 26 Crores For Rs. 50,000 During Pendency Of Avoidance Applications: NCLT Delhi Invalidates Assignment

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 Ritu Tandon v M/s Rain Automotive India Private Limited, has held that a Resolution Professional or Liquidator cannot assign a debt or Not Readily Realizable Assets (“NRRA”),...

While Approving A Plan, Shall Not Waive Off Statutory Obligations Of The Corporate Debtor: NCLT Mumbai

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Ms. Anu Jagmohan Singh (Technical Member), while adjudicating a petition filed in Corporation Bank v General Composite Pvt. Ltd., has approved a resolution plan and directed that such approval shall not waive off any of the statutory obligations/liabilities of the...

NCLT Delhi Approves Resolution Plan For Net 4 India Limited

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed in Edelweiss Asset Reconstruction Company Limited v Net4 India Limited, has approved the Resolution Plan of Open Platforms Pvt. Ltd. for Net4 India...

Special Bench At NCLT Kolkata From 28th August To 13th September 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 24.08.2023, intimating the constitution of Special Bench in NCLT Kolkata for the period of 28.08.2023 to 13.09.2023, since Shri Arvind Devanathan (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Ms. Bidisha Banerjee (Judicial Member) and Shri...

Weekly Digest Of IBC Cases: 22nd To 27th August 2023

NCLAT Central Excise Authority Not A Secured Creditor Under IBC: NCLAT Chennai Case Title: The Assistant Commissioner of Central Tax v Mr. Sreenivasa Rao Ravinuthala & Anr. Case No.: COMPANY APPEAL (AT) (CH) (INS.) NO. 346/2021 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms. Shreesha...

Shri Ajai Das Mehrotra Takes Oath As A Technical Member In NCLAT

On 21.08.2023, Shri Ajai Das Mehrotra has taken oath as a Technical Member in the National Company Law Appellate Tribunal (“NCLAT”), Delhi. Mr. Mehrotra had retired from the Indian Revenue Services as a Principal Chief Commissioner of Income Tax. Thereafter, he served as a Technical/Administrative Member in the Appellate Tribunal of Real Estate Regulatory Authority in Gandhinagar....