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’...

Shifting Entire Blame On IRP Not Justified; Creditors Must Also Play Catalytic Role In CIRP: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench comprising of Justice Ashok Bhushan (Judicial Member) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Shri Guru Containers v Jitendra Palande, has held that creditors must not shift the entire blame on the IRP on grounds of non-performance of duty and make him the scapegoat. It...

NCLT Chennai Bench Re-Constituted W.E.F 27th February 2023

The National Company Law Tribunal, Chennai Bench, has been re-constituted vide a Circular dated 24.02.2023 issued by NCLT. The re-constitution has been made in partial modification of order of even number dated 09.02.2023 and is effective from 27.02.2023 until further orders. The re-constituted NCLT Chennai Bench shall comprise of: NCLT Chennai, Court Room No. II...

NCLAT Delhi Upholds Liquidation Of M/S Ajanta Offset And Packaging Limited

NCLAT has disposed of the appeal against the order of the NCLT, Delhi which directed the liquidation of the Corporate Debtor, M/s Ajanta Offset and Packaging Limited. NCLT had also set aside the approval of the Resolution Plan by the Suspended Board of Directors.NCLT held that the Successful Resolution Applicants, being the suspended promoters of the Corporate Debtor, cannot avail...

NCLAT Delhi Sets Aside Rs. 25000 Cost Imposed On Resolution Professional By AA

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 Sanjai Kumar Gupta v Gouri Prasad Goenka, has set aside an order whereby the Adjudicating Authority had imposed a cost of Rs. 25,000/- on Resolution Professional for allegedly filing...