NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC

NCLT Chennai has ordered for dissolution of M/s Boss Profiles Limited (“Corporate Debtor”) under section 54 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor filed a petition before NCLT Chennai through its Liquidator for Dissolution of the Corporate Debtor The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution...

Allegation That IRP/RP Did Not Conduct CIRP As Per Law, Not A Ground To Challenge Resolution Plan: NCLAT Delhi

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 Brijesh Singh Bhadauriya v Pinakin Shah, has held that the order approving the Resolution Plan cannot be interfered with on a mere allegation that the IRP or the Resolution...

IBC | Date Of Order Pronouncement & Time Taken To Provide Certified Copy Excluded From Limitation Period For Appeal To NCLAT : Supreme Court

The Supreme Court has held that for the purpose of computing limitation for filing of appeal under Section 61(2) of the Insolvency and Bankruptcy Code, 2016, the time taken by Tribunal for providing certified copy of order to be challenged ought to be excluded from computation of limitation.The Bench comprising Chief Justice of India Dr. Dhananjaya Y Chandrachud and Justice J B Pardiwala,...

Weekly Digest Of IBC Cases: 1 May To 7 May 2023

Supreme Court IBC| Principle Of Commercial Wisdom Not Validate A Decision Taken By CoC In Contravention Of Law: Supreme Court Case Title: M.K. Rajagopalan v Dr. Periasamy Palani Gounder Citation: 2023 LiveLaw (SC) 403 The Supreme Court Bench comprising of Justice Dinesh Maheshwari and Justice Vikram Nath, has held that the principle of ‘Commercial Wisdom’ of...

NCLT Mumbai Initiates Insolvency Process Against Future Lifestyle Fashions, A Future Group Enterprise

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in Bank of India v Future Lifestyle Fashions Limited, has initiated Corporate Insolvency Resolution Process (“CIRP”) against Future Lifestyle Fashions Ltd., which is a Future...

IBC| Principle Of Commercial Wisdom Not Validate A Decision Taken By CoC In Contravention Of Law : Supreme Court

The Supreme Court has held that the principle of ‘Commercial Wisdom’ of the Committee of Creditors (“CoC”) cannot brush aside the shortcomings of the CoC in cases where decision making was done in contravention to a law which is in force for the time being. The Bench comprising of Justice Dinesh Maheshwari and Justice Vikram Nath, while adjudicating an appeal filed in...

IBC| Ineligibility Of Resolution Applicant As Per S.164(2)(b) Companies Act Can't Be Presumed Unless Competent Authority Declares Disqualification: Supreme Court

The Supreme Court has held that a resolution applicant cannot be rendered ineligible to submit a resolution plan under the Insolvency and Bankruptcy Code, 2016 (“IBC”), by assuming his/her disqualification under Section 164(2)(b) of the Companies Act, 2013, unless a categorical order disqualifying him/her to act as a director of any company is passed by...

CoC Resolution With 66% Voting Share Not A Pre-Condition For Liquidation When No Resolution Plan Received By The AA: 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 33(1) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in State Bank of India vs Suryajyothi Spinning Mills Ltd has held that a resolution by the CoC with 66% voting share for Liquidation...

NCLT Constitutes Vacation Benches; Matters To Be Heard Through VC And Registry To Remain Functional

The National Company Law Tribunal (“NCLT”) has issued a circular dated 04.05.2023 notifying the constitution of the Vacation Bench for the NCLT benches having vacation in the month of May 2023. Further, only urgent matters would be heard during the vacation period, subject to the availability of the Hon’ble Member(s) and as per the convenience of the concerned...

NCLAT Delhi Admits YEIDA’s Appeal Against Jaypee Infratech Resolution Plan On Additional Compensation To Farmers

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 Yamuna Expressway Industrial Development Authority v Monitoring Committee of Jaypee Infratech Ltd. & Ors., has admitted the appeal filed by the Yamuna Expressway Industrial...

Interest Can Be Added To Reach 1 Crore Threshold Only If Provided In The Agreement : NCLT New Delhi Reiterates

The National Company Law Tribunal, New Delhi Bench, comprising Shri Bachu Venkat Balram Das (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s Bhotika Trade and Services Pvt. Ltd. vs M/s. Avinash EM Projects Pvt. Ltd. has reiterated that interest can be charged...

Merely Sending Of Summons By DLSA Can’t Be Considered A Proceeding: NCLT New Delhi

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 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Supernova Tech Craft Engineering Overseas Limited vs Valtrom Technologies Private Limited has held that merely sending summons...