IBC News
NCLT Delhi Approves Ace Infracity’s Resolution Plan For Three C Homes; Development Work Of ‘Lotus City’ To Conclude Within 24 Months
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), while adjudicating a petition filed in Mr. Arun Kumar Sinha v M/s Three C Homes Pvt. Ltd., has approved the resolution plan of M/s. Ace Infracity Developers Pvt. Ltd. for Three C Homes Pvt. Ltd. The Resolution Plan is valued...
Since CoC Is Re-Constituted Post Approval Of Plan, It Must Be Again Examined By The New CoC: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Dauphin Cables Pvt. Ltd. v Praveen Bansal Resolution Professional & Ors., has held that when the Committee of Creditors (CoC) is re-constituted post approval of a resolution plan, due...
Weekly Digest Of IBC Cases:13th To 18th June 2023
NCLTGo Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate DebtorCase Title: Go Airlines (India) LimitedCase No.: Company Petition No. (IB)-264(PB)/2023The National Company Law Tribunal (“NCLT”), Special Bench, comprising of Shri Mahendra Khandelwal (President) and Shri Rahul Bhatnagar (Technical Member), has directed the Resolution Professional to protect the assets...
Go Airlines | NCLT Directs RP To Protect Assets Under Control Of Corporate Debtor
The National Company Law Tribunal (“NCLT”), Special Bench, comprising of Shri Mahendra Khandelwal (President) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed by Go Airlines (India) Limited, has directed the Resolution Professional to protect the assets in possession and control of Go Airlines (India) Ltd. in terms of Section 25(1) of IBC. The direction...
NCLT Hyderabad Rejects Resolution Plan For Being Incompliant With Regulation 36B 4(A) Of CIRP Regulations:
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in Asset Reconstruction Company (India) Limited v Viceroy Hotels Limited, has rejected the Resolution Plan submitted for Viceroy Hotels for being incompliant with Regulation...
NCLT Chennai To Have Special Bench From 19th To 28th June 2023
The National Company Law Tribunal (“NCLT”) has issued a circular dated 14.06.2023, intimating the constitution of Special Bench for NCLT Chennai Bench (Court No. 1) for the period of 19.06.2023 to 28.06.2023. The Special Bench shall attend to the matters listed before Justice Ramalingam Sudhakar (President) and Shri Sameer Kakkar (Technical Member). The matters are to be heard in...
MCA Notification: Moratorium Inapplicable To Contracts Entered Into By The CD Under Oilfields (Regulation And Development) Act
The Ministry of Corporate Affairs, Government of India, has issued a notification dated 14.06.2023, notifying that Section 14(1) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) would be inapplicable to agreements/transactions/arrangements entered into by the Corporate Debtor under the Oilfields (Regulation and Development) Act, 1948. The notification has been published in...
NCLT Re-Notifies Vacation Bench For NCLT Delhi; Matters To Be Heard Through VC
The National Company Law Tribunal (“NCLT”) has issued a circular dated 09.06.2023, in partial modification to its previous circular dated 18.05.2023, re-notifying the Vacation Bench for NCLT Delhi Bench for the period of 19.06.2023 to 23.06.2023. The previous circular dated 18.05.2023 shall remain effective for all other benches listed therein. The re-notified Vacation Bench shall...
IBC: NCLAT Five Member Bench Lays Down Grounds For Recall Of Judgment
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice Rakesh Kumar (Judicial Member), Justice Rakesh Kumar Jain (Judicial Member), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar...
IBC: NCLAT Has No Power To Review Its Judgment, Rules NCLAT Five Member Bench
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice Rakesh Kumar (Judicial Member), Justice Rakesh Kumar Jain (Judicial Member), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar...
Micro, Small And Medium Enterprises- The Heart Of Indian Economy
Out of the current estimated GDP of India, which stands at 273.08 Lakh Crore Rupees, roughly 30 to 32% is contributed by the Micro, Small and Medium Enterprises (MSME); the share of MSME in manufacturing sector of our country is about 37%, in exports it is about 50%, and cater to roughly about 11.10 Crore jobs in the country.[1] Clearly, they are one of the main pillars the Indian economy. As per law (Micro, Small and Medium Enterprises Act, 2006), any incorporated entity would fall...
IICA And NALSAR Launch ‘LL.M In Insolvency & Bankruptcy Laws’ Programme: MCA Issues Press Release
On 8th June 2023, the Ministry of Corporate Affairs (“MCA”), Government of India has issued a Press Release intimating that the Indian Institute of Corporate Affairs (IICA) in association with NALSAR University of Law, Hyderabad, has launched LL.M programme in Insolvency and Bankruptcy Laws in an event held in New Delhi. Interested students can apply online at www.nalsar.ac.in...