NCLT Mumbai Order Dissolution Of Proterra Investment Advisors Private Limited Under Section 59 Of IBC

NCLT Mumbai has ordered for dissolution of Proterra Investment Advisors Private Limited (“the Company”) under section 59 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016). The Company filed a petition before NCLT Mumbai through its Liquidator for initiation of voluntary liquidation proceedingsThe Company was neither carrying any business and nor earning any profits. The Board of...

Nature Of Decree Depends On The Nature Of Transaction From Which The Decretal Debt Has Arisen: NCLT Mumbai Reiterates

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application filed under section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Mr. J.K Shah and Anr vs Tridhaatu Builders LLP has reiterated that nature of decree depends on the nature of transaction from...

Interest Bearing Refundable Advance Paid Under An MoU Which Has Lost Legal Force Can Still Be Categorized As Financial Debt: NCLT Ahmedabad

The National Company Law Tribunal (NCLT), Ahmedabad bench comprising of Dr. Madan B Gosavi (Judicial Member) and Mr. Ajai Das Mehrotra, (Technical Member) while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Sheth Developers Pvt Ltd & Anr. Vs Dr. Vichitra Narayan Pathak categorized an advance amount which was paid under an MoU...

S. 66 Of IBC: Fraud Includes A Debt Which Debtor Has No Intention To Repay: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Shri Baiju Trading and Investment Private Limited v Mr. Arihant Nenawati & Ors., has held under that ‘fraud’ for the purpose of Section 66 of IBC would consist of debts...

Karnataka High Court Stays Insolvency Proceedings Against Mantri Developers Ltd

The High Court of Karnataka, Bengaluru Bench, comprising of Justice M. Nagaprasanna, while adjudicating a petition filed in Mr. Sushil Mantri v The Registrar (NCLT Bengaluru) & Ors. has stayed the Corporate Insolvency Resolution Process (“CIRP”) initiated against Mantri Developers Pvt. Ltd. by the National Company Law Tribunal, Bengaluru.BACKGROUND FACTSMantri Developers Pvt....

Entries Made In Balance Sheet Amounts To Acknowledgement Of Debt As Per Section 18 Of Limitation Act, 1963: NCLT New Delhi

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das, (Judicial member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating an application filed under section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s SKC Infratech Pvt. Ltd vs M/s EOS Hospitality Pvt. Ltd. has reiterated that entries made in the Balance Sheet...

NCLT Mumbai Rejects Section 9 Application For Initiation Of CIRP Against Elder Projects Limited

The National Company Law Tribunal (NCLT), Mumbai bench comprising Shri Shyam Babu Gautam (Technical Member) and Shri H.V. Subba Rao (Judicial Member), has rejected an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against Elder Projects Limited.The Application was filed by...

NCLT New Delhi Rejects Section 9 Application For Initiation Of CIRP Against G.S.P. Power Systems Private Limited

The National Company Law Tribunal (NCLT), New Delhi bench comprising Shri Rahul Bhatnagar (Technical Member) and Shri P.S.N. Prasad (Judicial Member), has rejected an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against G.S.P. Power Systems Private Limited.Mahindra...

NCLAT Benches And Registry To Remain Closed On 14th April 2023

The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 12.04.2023, intimating that the NCLAT Principal Bench and Chennai Bench shall remain closed on 14th April 2023 on account of Dr. B.R. Ambedkar’s birthday. Further, the Registry of NCLAT Principal Bench and Chennai Bench shall also remain closed on 14.04.2023.The circular has been issued in pursuance...

NCLT Benches And Registry To Remain Closed On 14th April 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 11.04.2023, intimating that the NCLT Principal Bench and Regional Benches shall remain closed on 14th April 2023 on account of Dr. B.R. Ambedkar’s birthday. Further, the Registry of NCLT Benches shall also remain closed on 14.04.2023.The circular has been issued in pursuance of Department of Personnel &...

NCLT Mumbai Bench Re-Constituted W.E.F 10th April 2023

The National Company Law Tribunal (“NCLT”) has released a Circular dated 10.04.2023, notifying that the Bench of Court No. 1 in NCLT Mumbai has been re-constituted with effect from 10.04.2023.The re-constituted NCLT Mumbai Bench shall comprise of:NCLT Mumbai, Court Room No. 1 (First Half)Shri H.V. Subba Rao (Judicial Member)Ms. Anju Jagmohan Singh (Technical Member)File...

Threshold Limit Of Rs. 1 Crore Applicable From The Date Of Filing And Not From Date Of Registration Of Petition: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Kanthi Narahari (Technical Member), while adjudicating an appeal filed in Royal Manpower Services v Faridabad Autocomp System Pvt. Ltd., has held the revised minimum threshold of Rs. 1 Crore is applicable from the date of filing of petition and not from the...