Benefit U/S 10A Of IBC Can Only Be Claimed When Default Occurs During Prohibited Period: 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 Vishal Agarwal v ICICI Prudential Real Estate AIF-I & Anr., has held that benefit under Section 10A of IBC can only be claimed when there is clear default during the prohibited...

NCLT Prescribes Dress Code For Members, Lawyers, RP, Authorized Representative & Parties In Person

The National Company Law Tribunal (“NCLT”) has issued an order dated 27.01.2023 specifying the dress code for NCLT President, NCLT Members, Legal Practioners, Authorized Representatives, Interim Resolution Professional, Liquidator, Resolution Professional and parties in person. The prescribed dress code is as under: President and Members: Long trousers (White/Black, Black...

Jet Airways Insolvency : Supreme Court Affirms NCLAT Order Directing Successful Bidder To Clear PF, Gratuity Dues Of Employees

The Supreme Court on Monday refused to interfere with the order of the National Company Law Appellate Tribunal which directed the Jalan Fritsch consortium, the successful resolution applicant for Jet Airways Ltd, to clear the gratuity and provident fund dues of the employees.A bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha and Justice JB Pardiwala dismissed...

IBC Cases Weekly Round-Up: 23 January TO 29 JANUARY 2023

NCLATNo Condonation Beyond 45 Days, IBC Overrides Limitation Act : NCLAT ChennaiCase Title: M/s. Platinum Rent A Car (India) Pvt. Ltd. v M/s. Quest Offices Limited Case No.: Comp App (AT) (CH) (Ins) No.448/2022 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms. Shreesha Merla (Technical Member),...

Crown Debt Vs Other Debts – The Legislative Intent

When the Insolvency and Bankruptcy Code,2016 was passed by the Indian Parliament, it created a new precedent by lowering the priority of payment of the Crown Debt or the Statutory Dues to the dues of the Banks/Financial Institutions and other creditors, both secured and unsecured. It was a departure from the long-standing practice set in place by the Britishers from pre-independence times, where the Crown Debts i.e. dues of Income Tax, Excise, Customs, GST etc., enjoyed pre-eminance over...

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order

National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra disposed off the appeal filed by the Reliance Capital Creditor namely Vistra ITCL against the NCLT Mumbai order dated 23.01.2023. Torrent Investment which emerged as the successful bidder for Reliance Capital with a bid of Rs. 8640 Crores filed an application before NCLT...

Withdrawal Application U/S 12a Can’t Be Entertained After Approval Of Resolution Plan By COC: 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 Hem Singh Bharana v M/s Pawan Doot Estate Pvt. Ltd. & Ors., has held that once the Committee of Creditors approve a resolution plan, no withdrawal application under Section 12A...

After Adoption Of Swiss Challenge Method, RA Not Allowed To Submit Revised Plan: 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 Jindal Stainless Ltd. v Mr. Shailendra Ajmera & Anr., has held that after adoption of Swiss Challenge Method to find out the best plan, one Resolution Applicant cannot be...

No Condonation Beyond 45 Days, IBC Overrides Limitation Act : 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/s. Platinum Rent A Car (India) Pvt. Ltd. v M/s. Quest Offices Limited, has held that Section 238 of IBC overrides Section 12 of the Limitation Act, 1963. The Bench declined...

IBC Cases Weekly Round-Up: 16 January To 22 January 2023

NCLAT NCLAT Delhi Upholds Dismissal Of Application Seeking Restraint On Oyo From Proceeding With IPO Case Title: Jagadish v Oyo Hotels & Homes Pvt. Ltd. Case No.: Company Appeal (AT) (Insolvency) No. 1408 of 2022 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun...

Operational Creditors Only Entitled To Minimum Of The Liquidation Value: 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 Dharmindra Constructions Pvt. Ltd. & Anr. v Rajendra Kumar Jain, has held that Operational Creditors are only entitled for minimum of the liquidation...

Landowner In A Development Agreement Not A Financial Creditor: 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 Ashoka Hi-Tech Builders Pvt. Ltd. v Sanjay Kundra & Anr., has held that a landowner in a development agreement is not a financial creditor within the meaning of Section 5(8) of...