Liquidator To Fix The Reserve Price Based On Average Of Two Valuation Reports Received In The CIRP Process. 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 Amit Ahirrao v Anagha Anasingharaju & Anr., has held that the Liquidator while auctioning the assets has to fix the reserve price based on average of two valuation reports received in...

S.220 IBC | Prima Facie Disciplinary Committee Can Consist Only Of Whole Time Members: Bombay High Court Stays Insolvency Professional's Suspension

The Bombay High Court has stayed the suspension of registration of Insolvency Professional (IP) Kairav Anil Trivedi, who is accused of misrepresentation and entering into unauthorised agreement in a Corporate Insolvency Resolution Process (CIRP).A division bench of Justice BP Colabawalla and Justice MM Sathaye observed that prima facie, the order against Trivedi was passed by the Chairperson...

NCLT Approves Resolution Plan For D S Kulkarni Developers, Homebuyers Will Get Flats Against Their Claims: NCLT Mumbai

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in Bank of Maharashtra v D.S. Kulkarni Developers Limited, has approved the Resolution Plan submitted by a consortium of Ashdan Properties Pvt. Ltd., Classic Promoters and Builders Pvt. Ltd. and...

Is Resolution Professional A 'Public Servant' Under Prevention Of Corruption Act? Supreme Court To Examine

The Supreme Court, on Wednesday, issued notice in a plea challenging the ruling of the Jharkhand High Court that a Resolution Professional (RP) will be considered a ‘public servant’ under Section 2(c)(v) and Section 2(c)(viii) of the Prevention of Corruption Act, 1988 (PC Act). A vacation Bench comprising Justice AS Bopanna and Justice Prashant Kumar Mishra issued notice to the...

Google Appeals To Supreme Court Against NCLAT Order Upholding Rs. 1337.76 Crores Penalty Imposed By CCI

The tech giant Google has filed an appeal before the Supreme Court, challenging the order dated 29.03.2023 passed by the National Company Law appellate Tribunal (“NCLAT”), New Delhi, whereby the imposition of Rs. 1337.76 Crores penalty on Google by the Competition Commission of India (“CCI”) was upheld. Google has been penalized for abusing its dominant position in the Android OS...

Are Dissenting Financial Creditors Adequately Protected Under Section 30(2)(e) Of The Insolvency And Bankruptcy Code (IBC)?

When a Resolution Applicant (RA) submits a Resolution Plan to the Committee of Creditors [“CoC”], the CoC engages in extensive discussions to decide whether to approve or reject the plan. If the plan is rejected and brought before the National Company Law Tribunal (NCLT), the NCLT initiates the liquidation process as per Section 33(1) of the Insolvency and Bankruptcy Code (IBC). However, if the plan is approved by at least 66% of the CoC members and presented to the NCLT, it undergoes two...

SRA Can Pursue Avoidance Application Post Completion Of CIRP, If Plan Contains A Clause To That Effect: 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 Kapil Wadhawan v Piramal Capital & Housing Finance Ltd. & Ors., has held that avoidance application(s) can be pursued by the Successful Resolution Applicant (“SRA”)...

Weekly Digest Of IBC Cases: 19 To 26 June 2023

NCLATSince CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT DelhiCase Title: Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors.Case No.: Company Appeal (AT) (Insolvency) No. 634-636 of 2023The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and...

Resolution Professional Empowered To Keep Claims In Abeyance: 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 Anheuser Busch Inbev India Limited v Mr. Pradeep Kumar Sravanam, has held that it is within the power of the Resolution Professional to keep the claim(s) submitted by the creditors...

Avoidance Application(S) Can Continue Post Completion Of CIRP: 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 Kapil Wadhawan v Piramal Capital & Housing Finance Ltd. & Ors., has held that avoidance application(s) can continue even after completion of CIRP. The Bench placed reliance on Section...

IBC | Sec. 9 Petition For Implementation Of Arbitral Award Is Not Maintainable : NCLAT Chennai

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Chairperson) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in M/s. KK Ropeways Limited v M/s. Billion Smiles Hospitality, has upheld that a petition filed under Section 9 of IBC for implementation of an Arbitral Award is not maintainable and not in...

NCLT Approves Plan For Galada Power And Telecommunications Ltd.: NCLT Hyderabad

The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Shri Dr. N. V. Rama Krishna Badarinath (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating a petition filed in Stressed Assets Stabilisation Fund, Mumbai vs. M/s. Galada Power and Telecommunications Ltd., has approved the Resolution Plan submitted by M/s. Amrutha Constructions...