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...

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi

The National Company Law Tribunal (NCLT), Principal Bench, comprising of Chief Justice (Retd.) Ramalingam Sudhakar(President) and Shri Avinash K Srivastava (Technical Member), while adjudicating a petition filed in the matter ofM/s. Dhankalash Distributors Pvt. Ltd. v Arena Superstructures Pvt. Ltd.,has held that a co-joint reading of Sections 52, 53 and 30(2)(b) of IBC reveals that...

Homebuyers of 'Lotus Aren 1' Noida Are Given Flats In Lieu Of Their Claims, Approves Resolution Plan: NCLAT Delhi

The National Company Law Tribunal (NCLT), Principal Bench, comprising of Chief Justice (Retd.) Ramalingam Sudhakar (President) and Shri Avinash K Srivastava (Technical Member), while adjudicating a petition filed in the matter of M/s. Dhankalash Distributors Pvt. Ltd. v Arena Superstructures Pvt. Ltd.,has approved the resolution plan of M/s. Purvanchal Projects Pvt. Ltd. for...

Special Bench At NCLT Bengaluru From 24th To 28th July 2023; Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 20.07.2023, intimating the constitution of Special Bench in NCLT Bengaluru for the period of 24.07.2023 to 28.07.2023, sinceMr. Manoj Kumar Dubey (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Justice (Retd.) T Krishna Valli (Judicial Member) and...

Payment Of Performance Linked Incentive Fee By COC Is Discretionary, NCLT Or NCLAT Can’t Interfere With COC’s Decision: NCLAT Delhi

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 Ravindra Kumar Goyal v Committee of Creditors of Yashasvi Yarns Limited & Anr., has held that the payment of performance linked incentive fee to the IRP/RP under Regulation 34B...