IBC News
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...
NCLT Ahmedabad & Indore Benches Re-Constituted W.E.F 3rd May 2023, Matters To Be Heard Through VC
The National Company Law Tribunal, Ahmedabad and Indore Benches, have been re-constituted vide a Circular dated 02.05.2023 issued by NCLT. The re-constituted Benches shall comprise of: NCLT Ahmedabad NCLT Ahmedabad Court Room No. I (Monday, Tuesday & Wednesday) (First Half) Shri Shammi Khan (Judicial Member)Shri K.K. Singh (Technical Member) NCLT Ahmedabad...
Go First Airlines Insolvency : NCLT Delhi Allows Urgent Listing; To Hear Tomorrow
NCLT, Delhi Principal Bench comprising Justice Ramalingam Sudhakar, President and L.N. Gupta , Member allowed the mentioning plea for urgent listing of the petition filed for the insolvency of Go First airline and directed to list the matter on 04.05.2023 at 10.30.am, as the first item . An application for voluntary Resolution proceedings was filed by Go First Airlines before...
New Claims Cannot Be Admitted When Resolution Plan Is Approved By The CoC And Is Pending Before The AA For Approval: NCLT Mumbai Reiterates
The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Shri Shyam Babu Gautum (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Bank of Maharashtra vs DS Kulkarni Developers Ltd. has reiterated that new claims cannot be admitted when the resolution plan...
Attempt To Convert Operational Debt Into Financial Debt; NCLT Chennai Rejects Section 7 Petition.
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 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Step Stones Infras Private Limited vs Yes and Yes Infracon (P) Ltd has held that transfer of the same work by a subsequent MOU would not...
Approval Of Resolution Does Not Absolve Guarantor; NCLT Mumbai Reiterates
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 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Anchor Leasing Private Limited vs Sejal Realty and Infrastructure Limited has reiterated that the liability of the...
Sec. 126 Of ICA, 1872 Can’t Be Interpreted To Mean That Co-Borrower And Guarantor Can’t Be The Same Person: 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 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Pegasus Assets Reconstruction Private Limited vs M/s. Whiz Enterprise Private Limited has held that Section 126 of...
Monthly Digest Of IBC Cases: April 2023
Supreme Court IBC | Section 9 Petition Not To Be Dismissed If Few Invoices Are Time Barred But Remaining Invoices Are Not; Supreme Court Case Title: M/S Next Education India Pvt. Ltd. v M/S K12 Techno Services Pvt. Ltd. Citation: 2023 LiveLaw (SC) 270 The Supreme Court Bench comprising of Justice M.R. Shah and Justice C.T. Ravikumar, has held that when a petition under Section...