No Bar On Sale Of Corporate Debtor As A Going Concern After First Auction, Permission Of AA not required: NCLT Delhi

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in Mr. Surinder Manchanda v Nolsar International Limited, has held that there is no bar on the sale of Corporate Debtor as a going concern even after the first auction has taken place and...

Weekly Digest Of IBC Cases: 27 February To 6 March 2023

NCLAT Defences Of ‘Pre-Existing Dispute’ Or ‘No Amount Due’ Can Be Raised Directly In Reply To Section 9 Application: NCLAT Delhi Case Title: Greymatter Entertainment Pvt. Ltd. v Pro Sportify Pvt. Ltd. Case No.: COMPANY APPEAL (AT) (INSOLVENCY) NO. 1043 of 2021 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok...

Debt Arising Out Of Different Work Orders Can Be Clubbed To Meet Minimum Thershold Of Rs. 1 Crore: NCLT Mumbai Reiterates

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating a petition filed in A J Buildcon Private Limited v Patel Engineering Limited, has reiterated that debts arising from different work order(s) can be clubbed to satisfy the minimum threshold limit of Rs....

Whether Proceedings Under NI Act Become Infructuous If Creditor Opts IBC?: Delhi High Court Issues Notice

The Delhi High Court Bench comprising of Justice Jasmeet Singh, while adjudicating a petition filed in Ashwani Arya & Anr. v Rajat Mitra Proprietor of M/s. Caldron Graphics, has issued notice in the petition filed under Section 482 of CrPC, wherein quashing of summons issued in a proceeding under Section 138 of Negotiable Instruments Act has been sought by the Director...

NCLT Delhi Approves Resolution Plan Of Suraksha Realty & Lakshdeep Investments & Finance For Jaypee Infratech LTD.

The National Company Law Tribunal (“NCLT”), Special Bench (New Delhi), comprising of Justice Ramalingam Sudhakar (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in IDBI Bank Limited v Jaypee Infratech Limited, has approved the Resolution Plan submitted by Consortium of M/s. Suraksha Realty Ltd. and M/s. Lakshdeep Investments &...

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

The National Company Law Tribunal, Principal Bench, New Delhi comprising of Justice Ramalingam Sudhaka (President) and Shri Avinash K. Srivastava (Technical Member) has approved the Resolution Plan filed by the Resolution Professional, Amit Agarwal in the matter of Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One.Background Facts: In...

Excessive Amount Mistakenly Paid Can’t Be Operational Debt, It’s Quasi Contract: NCLT Hyderabad

The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), while adjudicating a petition filed in M/s. Sandvik Mining & Construction Tools AB v M/s TA Hydraulics Pvt. Ltd., has held that if an Operational Creditor mistakenly pays excess sum to the...

Shareholders Have No Locus To Challenge The Initiation Of CIRP Against Corporate Debtor: NCLAT Chennai

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Nirej Vadakkedathu Paul v Sunstar Hotels and Estates Private Limited, has held that shareholders of Corporate Debtor have no locus to challenge the initiation of CIRP against...

Special Bench At NCLT Kochi & Cuttack; Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has constituted Special Bench for NCLT Cuttack and NCLT Kochi, vide a Circular dated 01.02.2023 issued by NCLT. Shri P. Mohan Raj (Judicial Member) is on leave from 02.03.2023 to 07.03.2023. Therefore, a Special Bench is being constituted to take up the matters listed before Shri P. Mohan Raj (Judicial Member) and Shri Satya...

Monthly Digest Of IBC Cases: February 2023

NCLAT Nature Of Financial Debt Doesn’t Change Upon Breach Of Consent Terms: NCLAT Delhi Case Title: Priyal Kantilal Patel v IREP Credit Capital Pvt. Ltd. & Anr. Case No.: Company Appeal (AT) (Insolvency) No. 1423 of 2022 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun...

NCLT Mumbai Initiates Insolvency Proceedings Against Reliance Broadcast Network Limited

The National Company Law Tribunal (‘NCLT’), Mumbai bench comprising of Mr. Kuldip Kumar Kareer (Judicial Member) and Ms. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application filed by IDBI Trusteeship Services Limited, has initiated Corporate Insolvency Resolution Process (“CIRP”) against Reliance Broadcast Network Limited [“Corporate Debtor”]. ...

Defences Of ‘Pre-Existing Dispute’ Or ‘No Amount Due’ Can Be Raised Directly In Reply To Section 9 Application: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Greymatter Entertainment Pvt. Ltd. v Pro Sportify Pvt. Ltd., has held that IBC does not prevent the Corporate Debtor from establishing defences of ‘Pre-existing dispute’...