Notice Period Of 30 Days Should Be Given For E-Auction, Even Though There Are No Timelines Under Liquidation Regulations: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) a nd Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Naren Seth v Sunrise Industries & Ors, has held that a notice period of thirty days should be given in e-auction to obtain best value, even though Insolvency &...

Whether Appellant Requires ‘Leave To Appeal’ If It Wasn’t A Party Before AA? NCLAT Three Member Bench To Decide

The National Company Law Appellate Tribunal (“NCLAT”) has notified that as per the directions of the Hon’ble Chairperson, the reference bearing Reference (CH) No. 01 of 2023 will be listed before a Three-Member Bench on 10.07.2023 at 10:30 AM, in the Court of Chairperson. The NCLAT would be answering whether an Appellant, who was not a party in the proceedings before...

Section 61(2) | Holidays Can Be Excluded Only From Limitation Period Of 30 Days, Inapplicable To Further 15 Days Period: 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 Sandeep Anand v Gopal Lal Baser, has held that while computing limitation in filing of appeal, the benefit of excluding public holiday or holiday is only available with respect to 30...

Monthly Digest Of IBC Cases: June 2023

SUPREME COURTIs Resolution Professional A 'Public Servant' Under Prevention Of Corruption Act? Supreme Court To ExamineCase Title: Sanjay Kumar Agarwal v. Central Bureau of Investigation Citation: SLP(Crl) No. 7029/2023The Supreme Court Bench comprising Justice AS Bopanna and Justice Prashant Kumar Mishra, has issued notice in a plea challenging the ruling of the Jharkhand High Court that...

No Provision In IBC For Constitution Of COC With A Single Operational Creditor: 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 V. Duraisamy v Jeyapriya Fruits and Vegetables Commission Agent, has held that IBC does not contain any provision for constitution of the Committee of Creditors (CoC) with a...

NCLAT Delhi Terminates Insolvency Proceedings Against ZEE Entertainment Enterprises Ltd., As Parties Enter Settlement

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 Punit Goenka v Indusind Bank Ltd. & Anr., has closed the Corporate Insolvency Resolution Process against Zee Entertainment Enterprises Ltd. The Bank and Zee Entertainment...

Weekly Digest Of IBC Cases: 27 June To 3 July 2023

Supreme Court Is Resolution Professional A 'Public Servant' Under Prevention Of Corruption Act? Supreme Court To Examine Case Title: Sanjay Kumar Agarwal v. Central Bureau of Investigation Citation: SLP(Crl) No. 7029/2023 The Supreme Court Bench comprising Justice AS Bopanna and Justice Prashant Kumar Mishra, has issued notice in a plea challenging the ruling of...

Section 7 IBC | Ruling In ‘Vidarbha Industries’ Inapplicable When Corporate Debtor Admits Due Debt Amount: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Mohan Nathuram Sakpal v State Bank of India, has held that the ruling given in Vidarbha Industries Power Limited v. Axis Bank Limited is inapplicable to proceedings...

File Refund Claims Before Resolution Professional; NCLT Delhi Tells Go First Passengers

The National Company Law Tribunal (“NCLT”) has issued Advisory dated 03.07.2023 in reference to the refund claims of the passengers of Go-Air. The Advisory states that the passengers of Go Air have been contacting the NCLT officials for seeking refund of their booked/cancelled tickets of Go Air airlines. The NCLT has informed the ticket holders (passengers) that Mr....

NCLT New Delhi Bench Re-Constituted W.E.F 3rd July 2023; Timings Of Indore & New Delhi Bench Changed

The National Company Law Tribunal (“NCLT”), has issued a Circular 30.06.2023 whereby the NCLT New Delhi Bench (Court No. V) has been re-constituted with effect from 03.07.2023. Consequently, the timings of the NCLT Indore and New Delhi (Court-IV) benches have been changed. The re-constituted Bench shall comprise of:NCLT NEW DELHINCLT New Delhi, Court Room No. V (Second Half)...

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...