IBC News
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...
NCLT New Delhi To Conduct Virtual Hearings Till Further Orders
The National Company Law Tribunal (“NCLT”) has issued a Circular dated 11.07.2023, intimating that NCLT New Delhi would be conducting hearing through Video Conferencing till further orders. The NCLT New Delhi is awaiting logistic clearance from CPWD in terms of “Fit for Use” for its premises situated at Block III, CGO Complex, Lodhi Road,...
Weekly Digest Of IBC Cases: 4th To 9th July 2023
NCLAT NCLAT Delhi Terminates Insolvency Proceedings Against ZEE Entertainment Enterprises Ltd., As Parties Enter Settlement Case Title: Punit Goenka v Indusind Bank Ltd. & Anr. Case No.: Company Appeal (AT) (Insolvency) No. 232/2023. The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and...
NCLT New Delhi To Resume Proceedings After Receiving “Safe To Use” Certificate By CPWD
The National Company Law Tribunal (“NCLT”) has issued a Circular dated 10.07.2023 intimating that proceedings before the NCLT New Delhi would resume only after CPWD (Electrical Department) issues a “Safe to Use” Certificate in respect of the building/premises where New Delhi Bench operates. Brief background On 09.07.2023, New Delhi witnessed torrential rainfall....
NCLT Hyderabad Approves Resolution Plan For Indu Projects Ltd.
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in Bank of India v Indu Projects Ltd., has approved the Resolution Plan submitted by a consortium of B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. The Resolution Plan...