IBC News
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...
Weekly Digest Of IBC Cases: 29 March To 9 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...
NCLAT Delhi Upholds Subsequent Reduction Of Claim By The IRP, Based On An Arbitral Award
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 Intec Capital Ltd. v Uday Kumar Bhaskar Bhat, has upheld the decision of the IRP whereby the claim of financial creditor was reduced after having been once admitted, based on an...
No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: 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 Diwakar Sharma v Anand Sonbhadra, has held that there is no scope for condonation of delay beyond the period of 15 days much less 45 days, as there is no window available...
“IBC Does Not Contemplate Multiplicity Of Applications Against The Same Personal Guarantor”: NCLAT Chennai
The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Union Bank of India v Mr. P.K. Balasubramanian, has held that when the Insolvency Resolution Process commences against a Personal Guarantor, the claims of all Creditors are taken...
IBC | Section 9 Petition Not To Be Dismissed If Few Invoices Are Time Barred But Remaining Invoices Are Not ; Supreme Court
The Supreme Court Bench comprising of Justice M.R. Shah and Justice C.T. Ravikumar while adjudicating an appeal filed in M/S Next Education India Pvt. Ltd. v M/S K12 Techno Services Pvt. Ltd., has held that when a petition under Section 9 of IBC is filed based on several invoices and some of the invoices are time barred, then NCLT must consider the remaining invoices which are...
Allocation Of Meagre Amount Cant Be A Ground To Question The 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 Pani Logistics v Vikas G. Jain & Ors., has held that mere allocation of meagre amount cannot be a ground to question the resolution plan. The allocation in the resolution plan to...
In Absence Of A Charge Being Registered For Corporate Guarantee, The Appellant Could Not Be Treated As A Secured Financial Creditor; NCLT Ahemadabad
The National Company Law Tribunal (NCLT), Ahemadabad bench comprising Mr. Kaushalendra Kumar Singh (Technical) and Dr. Madan B. Gosavi (Judicial) dealt with the interpretation of a ‘secured’ financial creditor under the Insolvency and Bankruptcy Code, 2016. The tribunal held that the applicant in the present case, could not be considered as a secured financial creditor of the...
NCLT Urges Petitioners To Comply With Regulation 20(1a) Of Information Utility Regulations
The National Company Law Tribunal (“NCLT”) has released a Circular dated 03.04.2023, requesting the Petitioners in Sections 7 and 9 of IBC proceedings to produce the record of Information Utility (NeSL certificate) for effective hearing of their case and comply with Regulation 20(1A) of Insolvency and Bankruptcy Board of India (Information Utilities) Regulation,...