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...

Discharge Of Liability Of The Principal Burrower Or Guarantor Does Not Automatically Discharge The Other In A Contract Of Guarantee: NCLT Chandigarh

The National Company Law Tribunal, Chandigarh Bench, comprising of Shri Harnam Singh Thakur (Judicial Member) and Shri Subrata Kumar Dash (Technical Member), while adjudicating a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC”) in Jammu Kashmir Bank Limited vs Ace Engineering (India) Pvt Ltd. has held that even if, either the principal borrower or guarantor...

NCLT Ahmedabad Approves GAIL India’s Resolution Plan For JBF Petrochemicals

NCLT Ahmedabad has approved a 2079 crore resolution plan of GAIL (India) Limited (“GAIL”) for JBF Petrochemicals under section 31 (1) of the Insolvency and Bankruptcy Code, 2016 (“IBC”). This is the second instance of a state-owned company acquiring a private sector bankrupt company , with the first being Indian Oil Corporation acquiring Mercator under IBC. JBF Petrochemicals...

Corporate Debtor Not Being A Going Concern, Termination Of Essential Raw Material Supply Doesn’t Erode Value Of Assets: NCLT Ahmedabad

The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Dr. Madan B. Gosavi (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating a petition filed in Sundaresh Bhat v Mangalore Refinery and Petrochemicals Limited, has held that Section 14 of IBC seeks to preserve the ‘going concern’ status ‘if’ the Corporate Debtor is...

Length Of Delay Immaterial, Reason Stated For Condonation Matter: NCLT Hyderabad Reiterates

The National Company Law Tribunal, Hyderabad Bench, comprising Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) by the Deputy Director, Employees State Insurance Corporation in Asset Reconstruction Company (India) Limited...

Section 9 Petition Not Maintainable If Principal Amount Repaid During Pendency Of Petition: NCLT Bengaluru Reiterates

The National Company Law Tribunal, Bengaluru Bench, comprising of Justice (Retd) T. Krishnavalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC”) in Ramesh Kumar Garg vs M/s Buildmet Pvt Ltd. has reiterated that a Section 9 petition is not maintainable if the principal...

Power To Award Interest As Per S. 31 Of Arbitration Act, Applies Only In Absence Of An Agreement: Delhi High Court

The Delhi High Court has ruled that Section 31 (7) (a) of the Arbitration and Conciliation Act, 1996 (A&C Act), which deals with the Arbitrator’s discretion while awarding interest in respect of the pre-reference period, applies only where there is no agreement between the parties with respect to the rate of interest to be awarded. The bench of Justice Chandra Dhari Singh...