IBC News
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...
Newly Appointed NCLT Members Take Oath
The National Company Law Tribunal (“NCLT”) had issued a circular dated 18.07.2023, intimating that the oath taking ceremony of newly appointed NCLT Members will take place on 19.07.2023. In a ceremony held on 19.07.2023, the following newly appointed NCLT Members have taken oath: JUDICIAL MEMBERS Mrs. Lakshmi GurungManni Sankariah Shanmuga SundaramKR Saji...
Weekly Digest Of IBC Cases: 10 To 17 July 2023
NCLAT NCLAT Delhi Stays Insolvency Proceedings Against DB Realty Ltd., Grants Opportunity To Deposit Ots Amount Case Title: Imtiyaz Javed Siddiqui v Bank of India & Anr. Case No.: Company Appeal (AT)(Insolvency) No. 819 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun...
Management Dispute In Dainik Jagran Group; NCLT Allahabd Issues Notice
The National Company Law Tribunal (NCLT), Allahabad Bench, comprising of Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member), while adjudicating a petition filed in the matter of Mahendra Mohan Gupta & Ors. v Devendra Mohan Gupta & Ors., has issued notice in a company petition filed by the Director (Mr. Mahender Mohan Gupta) of Jagran Media...
When CD Didn’t Open Separate Account For PF, Even IRP/RP/Liquidator Cannot Provide For IT Except Under Sec. 53 Of IBC: NCLT Mumbai
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 a petition filed in the matter of Rani Agro Private Limited v S & H Gears Private Limited, has held that if the Corporate Debtor had not opened a separate Bank Account for the `Provident Fund', then...
Lien Created On CD’S Account Prior To CIRP Cannot Continue After Moratorium Is Imposed U/S 14 Of IBC: NCLT Mumbai
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 a petition filed in the matter of Rani Agro Private Limited v S & H Gears Private Limited, has held that the lien created on the Corporate Debtor’s account prior to initiation of CIRP...
Jharkhand High Court Rejects ESL Steel’s ITC Claim Prior To The Approval Of The Resolution Plan By NCLT
The Jharkhand High Court rejected ESL Steel’s Input Tax Credit (ITC) claim prior to the approval of the resolution plan by the National Company Law Tribunal (NCLT).The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that the liability of the earlier management may not be shifted to the current management, but at the same time, the credit available to the...
NCLAT Delhi Stays Insolvency Proceedings Against DB Realty Ltd., Grants Opportunity To Deposit Ots Amount
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 Imtiyaz Javed Siddiqui v Bank of India & Anr., has stayed the Corporate Insolvency Resolution Process (“CIRP”) proceedings initiated against DB Realty Ltd. The Bench has...