IBC News
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...
Weekly Digest Of IBC Cases: 24 To 30 April 2023
NCLAT Subsequently Modified OTS Proposal Would Further Refresh The Limitation Period: NCLAT Chennai Case Title: M/s. State Bank of India v M/s. Hackbridge Hewittic and Easun Limited Case No.: Company Appeal (AT) (CH) (Ins.) No. 05 of 2021 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri...
NCLAT Chennai To Hear Urgent Matters Through VC During Vacations; Registry & E-Filing To Remain Functional
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, has issued a notice dated 28.04.2023, notifying the manner in which the Tribunal would function during the annual vacation commencing from 05.05.2023 to 31.05.2023. The Registry of NCLAT Chennai and the facility of E-filing of cases shall be operational during the said vacation period. Urgent matters to be...
IBC-Corporate Debtor Cannot Take Advantage Of Its Own Default And Set Up A Plea Of Absence Of Permission Of RBI; NCLT Delhi
The National Company Law Tribunal, New Delhi Bench, comprising Shri P.S.N Prasad (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Punjab National Bank (International) Limited vs M/s Superior Industries Limited has held that a Corporate Guarantee is not void only...
NCLT Chennai Orders Dissolution Of M/S Pillar Industries India Private Limited Under Section 59 Of IBC
The NCLT Chennai bench comprising of Ashok Kumar Bharadwaj (Judicial Member) and Sameer Kakar (Technical Member) has ordered for dissolution of M/s Pillar Industries India Private Limited (“the Company”) under section 59 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016). The Company filed a petition before NCLT Chennai through its Liquidator for initiation of voluntary...