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....

Resolution Professional Responsible For Conducting Section 29A Due Diligence; Can Seek Information, Documents Or Clarification From RA: NCLT Mumbai

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Anu Jagmohan Singh (Technical Member), while adjudicating a petition filed in M/s Blue Frog Media Pvt. Ltd., has held that a Resolution Professional is responsible to conduct due diligence relating to Section 29A of IBC, to identify ineligibility...

Request For Repetitive Adjournments By The Appellant : NCLAT Delhi Dismisses Appeal For Non-Prosecution

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar (Judicial Member) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Amrit Kumar Patel v Phoenix ARC Pvt. Ltd. & Ors., has dismissed an appeal for non-prosecution, since the Appellant’s Counsel had sought adjournments on several continuous...

Central Excise Authority Not A Secured Creditor Under IBC: NCLAT Chennai

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in The Assistant Commissioner of Central Tax v Mr. Sreenivasa Rao Ravinuthala & Anr., has held that Central Excise Authority is not a Secured Creditor under IBC. The Bench...

Special Bench At NCLT Chennai From 21st August To 1st September 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 21.08.2023, intimating the constitution of Special Bench in NCLT Chennai for the period of 21.08.2023 to 01.09.2023, since Shri Ravichandran Ramasamy (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Shri Sanjeev Jain (Judicial Member) and...

MCA Extends Deadline For Submitting Applications For Judicial & Technical Member Vacancies In NCLAT, Last Date To Apply Is 1st September 2023

The Ministry of Corporate Affairs (“MCA”), Government of India, has issued a circular dated 17.08.2023, intimating that the deadline for submitting applications for the post of Judicial Members and Technical Members in the National Company Law Appellate Tribunal (“NCLAT”) has been extended. The Applications can now be submitted online at https://apptrbmembermca.gov.in by...

Weekly Digest Of IBC Cases: 8 To 21 August 2023

NCLAT NCLAT Delhi Upholds Reduction Of Resolution Professional’s Fee By NCLT Case Title: Rohit J. Vora v Religare Finvest Ltd. & Ors. Case No.: Company Appeal (AT)(Insolvency) No. 104 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has upheld...

Go Airlines | NCLAT Delhi Permits Lessor To Conduct Inspection Of Leased Aircraft Engines

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 Engine Lease Finance B.V. v Resolution Professional of Go Airlines (India) Ltd. & Anr., has permitted the lessor of aircraft engines of Go Airlines to conduct inspection of the...

NCLT Notifies Re-Constitution Of All Benches w.e.f. 21st August 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 18.08.2023, intimating the re-constitution of all sixteen NCLT Benches across India. The re-constitution has taken place in view of the Ministry of Corporate Affairs circular dated 16.08.2023, whereby the newly appointed NCLT Members were assigned benches. The reconstitution is effective...

Differential Payments Can Be Made To Assenting And Dissenting Unsecured Financial Creditors: 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 Peter Beck and Partner Vermoegensverwaltung GMBH v Sharon Bio-medicine Limited & Ors., has held that differential payments can be made between the unsecured Financial Creditors...

NCLT Mumbai Refuses To Admit Belated Claim Of EPFO Submitted Post Approval Of Resolution Plan By The CoC

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application filed in Small Industrial Development Bank of India v E & G Global Estates Limited, has refused to admit the claim of Employee Provident Fund Organization (EPFO), which was...