IBC-NCLT Chennai Approves Resolution Plan For Hindustan Photo Films Mfg. Co. Ltd.

The NCLT Chennai bench comprising of Shri Ramalingam Sudhakar (Judicial Member) and Shri Sameer Kakar (Technical Member) has approved a Rs. 105.30 crore resolution plan of Mr. M.K. Rajagopalan for Hindustan Photo Films Mfg. Co. Ltd. (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into...

IBC-NCLT Chandigarh Approves Resolution Plan For Haryana Telecom Limited

The NCLT Chandigarh bench comprising of Shri Harnam Singh Thakur (Judicial Member) and Shri Subrata Kumar Dash (Technical Member) has approved a 25 crore resolution plan of Mr. Abhimanyu Singh Mehlawat for Haryana Telecom Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into...

IBC-Gujarat High Court Stays The Order Of IBBI Disciplinary Committee

The Gujarat High Court Bench, comprising of Justice Vaibhavi D. Nanavati, while adjudicating a petition filed in Bhupendra Singh Rajput v Insolvency and Bankruptcy Board of India (IBBI), has stayed the order passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (“IBBI”), whereby the registration of an Insolvency Professional was suspended...

NCLAT Delhi Upholds Rejection Of ‘Discovery & Inspection’ Application Filed By Corporate Debtor In Section 9 Petition

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Judicial Member) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Baba Baidnath Spinners Pvt. Ltd. v Textile Solutions, has upheld the rejection of an application for discovery and inspection of documents field by the Corporate Debtor in...

Subsequently Modified OTS Proposal Would Further Refresh The Limitation Period: NCLAT Chennai

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in M/s. State Bank of India v M/s. Hackbridge Hewittic and Easun Limited, has held that submission of a One Time Settlement (“OTS”) proposal is acknowledgement of debt in terms...

Weekly Digest Of IBC Cases: 17 April To 23 April 2023

NCLAT Creditor Who Don’t Submit Claim Or Raises Issues In CIRP, Has No Right To Challenge Resolution Plan: NCLAT Delhi Case Title: Madhya Pradesh Paschim Kshetra Vidyut Vitaran Co. Ltd. v Jagdish Kumar & Anr. Case No.: Company Appeal (AT) (Ins) No. 1113 of 2020 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Rakesh...

Financial Creditors As Minority Debenture Holder Entitled To Initiate CIRP Irrespective Of Presence Of Debenture Trustee: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Smt. Madhu Sinha (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Clearwater Capital Partners Singapore Fund IV Private Limited and Anr vs Rajesh Estates and Nirman Private Limited has held the...

Different Work Orders Can Be Clubbed To Satisfy The Minimum Threshold Under IBC: NCLT Mumbai Reiterates

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 S. V. R Enterprises vs Netizen Engineering Private Limited has reiterated that debts arising from different work orders can be...

Poaching Of Employees By The Operational Creditor Does Not Fall Within The Ambit Of Pre-Existing Dispute: NCLT Kolkata

The National Company Law Tribunal, Kolkata Bench, comprising Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in India Medtronic Private Limited vs Healthcare Associates Private Limited has refused to term poaching of employees by...

NCLT Mumbai Approves M/S Steel Line’s Resolution Plan For J-Marks Exim (India) Private Limited

NCLT Mumbai has approved a 8.91 crore Resolution Plan of M/s Steel Line (India) Private Limited for J-Marks Exim (India) Private Limited (“Corporate Debtor”) under section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 25.05.2020. The...

NCLT Mumbai Approves Resolution Plan Of ARCIL Lead Consortium For Unimark Remedies Limited

NCLT Mumbai has approved a 127 crore resolution plan of ARCIL, Intas Pharmaceuticals Ltd & Shamrock Pharmachemi (P) Ltd as consortium for Unimark Remedies Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order...

NCLT New Delhi Orders Liquidation Of Samtex Desinz Private Limited Under Section 33 Of IBC

NCLT New Delhi has ordered for Liquidation of Samtex Desinz Private Limited (“Corporate Debtor”) under section 33 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 02.09.2021. Public announcements for inviting claims were made and the Committee of Creditors...