NCLT Bengaluru Admits Café Coffee Day’s Parent Company Into Insolvency

The National Company Law Tribunal (“NCLT”), Bengaluru Bench, comprising of Justice (Retd.) T Krishnavalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition filed in Indus Ind Bank Limited v M/s Coffee Day Global Limited, has initiated Corporate Insolvency Resolution Process against M/s Coffee Day Global Ltd., which is the parent company...

NCLT New Delhi Admits ‘Brij Gopal Construction Co.’ Into Insolvency

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), while adjudicating a petition filed in M/s Geocon Infra Pvt. Ltd. v M/S. Brij Gopal Construction Company Pvt. Ltd., has initiated Corporate Insolvency Resolution Process (CIRP) against Brij Gopal Construction...

Weekly Digest Of IBC Cases: 24 To 30 July 2023

NCLATThere Can’t Be Discrimination Between One Class Of Creditors’; NCLAT Delhi Directs Modification Of Resolution Plan Case Title: Akashganga Processors Pvt. Ltd. v Shri Ravindra Kumar Goyal & Ors. Case No.: Company Appeal (AT) (Insolvency) No.1148 of 2022 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok...

NCLT Kochi Imposes Rs. 50,000/- Cost On GST Department For Raiding Corporate Debtor During Moratorium

The National Company Law Tribunal (“NCLT”), Kochi Bench, comprising of Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating a petition filed in Kosamattam Finance Ltd. v Mangomeadows Agriculture Pleasure Land Pvt. Ltd. has imposed a cost of Rs. 50,000/- on the Goods and Services Tax Department (GST) for raiding the...

IBC | Sending Demand Notice Under Rule 7(1) To Personal Guarantor Cannot Be Termed As Arbitrary: Delhi High Court

The Delhi High Court Bench comprising of Justice Purushaindra Kumar Kaurav, while adjudicating a petition filed in Vineet Saraf v Rural Electrification Corporation Ltd., has declined to quash a Demand Notice sent to a personal guarantor under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors...

IBC | No Writ Can’t Be Issued To Creditor, Free To Proceed Against Personal Guarantor Under IBC : Delhi High Court

The Delhi High Court Bench comprising of Justice Purushaindra Kumar Kaurav, while adjudicating a petition filed in Vineet Saraf v Rural Electrification Corporation Ltd., has refused to issue a Writ of Prohibition to prevent the creditor from approaching the NCLT under Section 95 of IBC against the personal guarantor. On the issue of whether a writ of prohibition can be issued to...

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (President) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed by Go Airlines (India) Limited, has permitted Go Airlines to operate the leased aircrafts in order to maintain the company’s status as a going concern. Background Facts M/s Go...

Go Airlines | NCLT Delhi Imposes Moratorium On Leased Aircrafts, Categorize Them As ‘Property’ U/S 3(27) Of IBC

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (President) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed by Go Airlines (India) Limited, has held the aircrafts leased to Go Airlines (India) Ltd. by Lessors come within the definition of ‘Property’ under Section 3(27) of IBC and thus...

Weekly Digest Of IBC Cases: 18 To 23 July 2023

Supreme Court IBC Overrides Electricity Act; Dues To Secured Creditors At Higher Footing Than Electricity Dues : Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw (SC) 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238...

NCLAT Delhi Stays Insolvency Proceedings Of Container Corporation Of India Ltd., A Navratna Enterprise

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Container Corporation of India Ltd. (CONCOR) v Roadwings International Pvt. Ltd. & Anr., has stayed the insolvency proceedings against Container Corporation of India Ltd., which is...

There Can’t Be Discrimination Between One Class Of Creditors’; NCLAT Delhi Directs Modification Of Resolution Plan

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Akashganga Processors Pvt. Ltd. v Shri Ravindra Kumar Goyal & Ors., has directed the Successful Resolution Applicant to allocate funds to Operational Creditors in the Resolution...

NCLT Mumbai Approves Resolution Plan For Lavasa Corporation; Homebuyers Can Opt For Completed Units

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in the matter of Raj Infrastructure Development India Pvt. Ltd. v Lavasa Corporation Limited, has approved the resolution plan of Darwin Platform Infrastructure Limited for...