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...

Debts Arising From 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”) in Wam India Private Limited Vs SN Engineering Services Pvt. Ltd. has held that debts arising from different work order(s) can be clubbed...

AA Duty Bound to Ascertain Facts of Debt and Default, Cannot allow Respondents to take Advantage of Mistakes of Applicants: NCLT Mumbai

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 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) by the Yatra Online Limited (“Corporate Debtor”) in Ezeego One Travel and Tours Limited vs Yatra Online Limited has held that the...

NCLT Delhi Orders Dissolution Of M/S. Rajiv Sachdeva Cargo Agency Private Limited

NCLT Delhi Bench comprising of Shri Bachu Venkat Balram Das (Judicial Member) and Shri Rahul Bhatnagar (Technical Member) has ordered the dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited (‘Company’) under Section 59 of Insolvency and Bankruptcy Code, 2016 read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation...

NCLT Delhi Allows Voluntary Liquidation Of Mehra Bandhu Creations Private Limited

NCLT Delhi Bench comprising of Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash Kumar Srivastava (Technical Member) has allowed the voluntary liquidation of Mehra Bandhu Creations Private Limited (‘Company’) and has ordered the Company to be dissolved under section 59(7) of the Insolvency & Bankruptcy Code, 2016 (‘IBC’) r/w Insolvency and...

NCLT Admedabad Orders Closure Of Liquidation Of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd.

NCLT Admedabad bench comprising of Dr. Madan B. Gosavi (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member) has ordered for closure of liquidation of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd. (‘Corporate Debtor’) under Regulation 44(1), 45(1), and 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016 (‘Liquidation...

NCLT Ahmedabad Order Liquidation Of Tradeohub B2B Limited Under Section 33 Of IBC

NCLT Ahmedabad bench comprising of Dr. Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member) has ordered the liquidation of Tradeohub B2B Limited (‘Corporate Debtor’) under Section 33(1) of Insolvency and Bankruptcy Code, 2016 (‘IBC’). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (‘CIRP’) on 16.11.2021. and...

Section 9 Application Must Stand The Test Laid Down By SC In M/s S.S. Engineers Vs HPCL: NCLT Jaipur

The National Company Law Tribunal, Jaipur Bench, comprising Shri Deep Chandra Joshi (Judicial Member) and Shri Prasanta Kumar Mohanty (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC”) in Narayan Organics Private Limited Vs Prayag Polytech Private Limited has held that an application under Section 9 of IBC must stand...

Weekly Digest Of IBC Cases: 13 March To 19 March 2023

Supreme Court IBC- Resolution Professional Entitled To Take Control Of Corporate Debtor's Rights In Assets Licensed To Third Parties : Supreme Court Case Title: Victory Iron Works Ltd. v Jitendra Lohia & Anr. Citation : 2023 LiveLaw (SC) 193 The Supreme Court Bench comprising of Justice V. Ramasubramanian and Justice Pankaj Mithal, has held that a resolution professional...