NCLAT Chennai To Conduct Physical Hearings On Tuesday, Wednesday And Thursday

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, has issued a circular dated 01.04.2023, intimating that cases before NCLAT Chennai will be taken up through only Physical Mode on Tuesday, Wednesday and Thursday. Further, matters would be heard in Virtual Mode every Monday and Friday. In case if any Member of NCLAT Chennai is on leave on a particular day, then...

NCLT Chennai Approves The Resolution Plan Of Adani Port And Sez Ltd. For Karaikal Port Pvt. Ltd.

The National Company Law Tribunal (“NCLT”), Chennai Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri. Sameer Kakkar (Technical Member) while adjudicating a petition in Omkara Assets Reconstruction Pvt. Ltd. v Karaikal Port Pvt. Ltd., has approved the resolution plan submitted by Adani Port and SEZ Ltd. for Karaikal Port Pvt. Ltd. Adani Port and SEZ Ltd. is a...

Monthly Digest Of IBC Cases: March 2023

Supreme Court IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible: Supreme Court Case Title: SREI Multiple Asset Investment Trust Vision India Fund v Deccan Chronicle Marketeers & Ors. Citation: 2023 LiveLaw (SC) 231 The Supreme Court Bench comprising of Justice Ajay Rastogi and Justice Bela M. Trivedi, has held that the declaration made by the NCLT to...

GOOGLE V CCI: NCLAT Delhi Upholds Imposition Of Rs. 1337.76 Crores Penalty On Google, For Abuse Of Dominant Position In Android Market

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Google LLC & Anr. v Competition Commission of India, has dismissed Google’s appeal against CCI order dated 20.10.2022, wherein the Competition Commission of India had imposed...

Financial Creditor Who Does Not Attend Proceedings, Cannot Claim That Cirp Has Been Wrongly Conducted: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Consolidated Finvest & Holdings Ltd. v Subhash Kumar Kundra, has held that a Financial Creditor who does not attend the CIRP proceeding, cannot be heard in saying that CIRP has...

NCLT Shall Not Act As A Recovery Forum: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench (‘NCLT’) comprising of Justice Kishore Vemulapalli, (Judicial Member) and Justice Prabhat Kumar (Member Technical) has rejected the Application under Section 9 of IBC filed against Indian Oil Corporation Limited (‘IOCL’) by Satec Envir Engineering (India) Private Limited (‘SATEC’) on the ground that the tribunal cannot go into adjudication of dispute, whatsoever it may be, under IBC. NCLT made it clear that the Adjudicating Authority defined...

NCLT Kochi Sanctions Scheme Of Amalgamation For Midas Group Of Companies

The National Company Law Tribunal (“NCLT”), Kochi Bench, comprising of Shri P Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating a joint application filed under Sections 230 to 232 of the Companies Act, 2013 by thirteen Midas Group companies seeking sanction of Scheme of Amalgamation between them, has sanctioned the Scheme of...

Replacement Of RP As Per Section 27 Is Complete When The Resolution Is Passed With 66% Voting Share: NCLT Allahabad

The National Company Law Tribunal, Allahabad Bench, comprising of Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member), while adjudicating an application under Section 27 read with Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) in M/s Mahajagdamba Tubes Pvt. Ltd. vs M/s Quality Steels Product Limited has held that replacement of a...

Section 14 Of IBC Would Not Bar A Proceeding Under PMLA: NCLT Ahmedabad Reiterates

The National Company Law Tribunal, Ahmedabad Bench, comprising Dr. Madan B. Gosavi, (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) in Bank of India vs M/s Mayfair Leisures Ltd has held that Section 14 of IBC would not bar a proceeding under the Prevention...

Residuary Jurisdiction Of NCLT U/S 60(5)(c) of IBC , Can't Be Used To Interpret Terms Of An Agreement Relating To A Third-Party Contract: NCLT Ahmedabad

The National Company Law Tribunal, Ahmedabad Bench, comprising of Dr. Madan B. Gosavi (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) filed by the Resolution Professional (“RP”) of JBF Petrochemicals Ltd in IDBI Bank Ltd vs JBF Petrochemicals Ltd. has held that...

Unsuccessful Resolution Applicant Has No Locus Standi To Challenge The Approved Resolution Plan: 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 M.K. Rajagopalan v S. Rajendran & Anr., has held that an Unsuccessful Resolution Applicant has no locus standi to assail a Resolution Plan or its implementation since it is not...

IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible : Supreme Court

The Supreme Court has held that the declaration made by the NCLT to the effect that the trademarks “Deccan Chronicle” and “Andhra Bhoomi”, which originally belonged to Deccan Chronicle Holdings Ltd. (“DCHL/Corporate Debtor”), continues to be under the ownership of DCHL post the approval of resolution plan, would amount to impermissible modification of resolution plan as the same...