Financiers Discounting Invoices Of The Corporate Debtor To Become Operational Creditors: NCLT Bengaluru Reiterates

The National Company Law Tribunal, Bengaluru Bench, comprising Justice (Retd.) T. Krishnavalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Invoice Discounters of BNH Infra Projects (India) Private Limited vs BNH Infra Projects (India) Private Limited has...

NCLT Hyderabad Approves The Resolution Plan Of Jindal Saw Ltd. For Sathavahana Ispat Ltd.

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 M/s Thirumala Logistics v M/s Sathavahana Ispat Limited, has approved the resolution plan of Jindal Saw Limited for Sathavahana Ispat Limited. The approved...

Section 9 Petition Is Not Maintainable If Demand Notice Was Not In Prescribed Format: NCLT Hyderabad

The National Company Law Tribunal, Hyderabad Bench, comprising Smt. Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s. Ven Infra Projects vs M/s. Valentis Laboratories Private Limited has held that mandate of Section 8 IBC, 2016 need to be...

Section 9 Petition Is Not Maintainable If Affidavit Under Section 9(3)(B) Is Not Filed: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s Welcome Steel vs Kavish International Trading Private Limited has held that Affidavit under Section 9(3)(b) of IBC, 2016...

NCLT Kochi Orders Liquidation Of Samson And Sons Builders And Developers Under Section 33 Of IBC

The NCLT Kochi bench comprising of Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member) has ordered for Liquidation of Samson and Sons builders and Developers Pvt. Ltd. (“Corporate Debtor”) under section 33(1) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Corporate Debtor filed an Application before NCLT Kochi through its...

NCLT Allahabad Approves Dwiti Construction Pvt. Ltd’s Resolution Plan For M/S Vaishali Real Estate Private Limited

The NCLT Allahabad bench comprising of Shri Praveen Gupta (Judicial Member) and Shri Subrata Ashish Verma (Technical Member) has approved a 3.91 crore resolution plan of Dwiti Construction Pvt. Ltd for M/S Vaishali Real Estate Private Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted...

NCLT Indore Permits Forensic Audit Of Corporate Debtor On An Application Made By Financial Creditor

The National Company Law Tribunal (“NCLT”), Indore Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating a petition filed in Motel Rahans Pvt Ltd. v JSM Devcons Pvt Ltd., has allowed an application filed by a secured Financial Creditor of the Corporate Debtor wherein transaction audit of the...

IBC | NCLT Has To Admit Sec 7 Petition If Debt Is Due; Decision In 'Vidarbha Industries' Based On Its Facts : Supreme Court

The Supreme Court has held that if the existence of a financial debt and its default on the part of Corporate Debtor has been proved, then the National Company Law Tribunal (“NCLT”) is left with no option apart from admitting the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”). The only ground on which a petition under Section 7 of IBC can be rejected is...

NCLT Delhi Admits Go Airlines Into Insolvency, Directs IRP To Ensure Employees Are Not Retrenched

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed by Go Airlines (India) Limited, has admitted Go Airlines (India) Limited into Corporate Insolvency Resolution Process (“CIRP”) and Mr. Abhilash Lal has been appointed as the Interim...

Person Who Only Advances An Amount For Supply Of Goods & Services Is Not An “Operational Creditor”: NCLT Chennai

The National Company Law Tribunal, Chennai Bench, comprising Shri Sanjiv Jain (Judicial Member) and Shri Sameer Kakar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Mr.V. Umadevi vs Kumarna Gin & Pressing Pvt. Limited has held that the payment of advance amount to receive the supply of goods...

Claim Of Compensation Cannot Become Part Of Operational Debt Until The Liability Is Adjudicated By A Competent Authority: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Chandrashekhar Export Pvt. Ltd vs Babanraoji Shinde Sugar & Allied Industries Ltd. has held that Operational Debt must...

Flats Sold After Completion Of Construction To Be Included In Computation Of Threshold Limit Under Section 7, IBC: NCLT New Delhi Reiterates

The National Company Law Tribunal, New Delhi Bench, comprising Shri P.S.N Prasad (Judicial Member) and Dr. Binod Kumar Sinha (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Uttam Singhal & Ors vs M/s Anushree Home Developers Ltd.& Anr. has reiterated that the persons to who flats have already...