TDS Payments Do Not Amount To An Acknowledgement Of Debt: NCLT

The Mumbai Bench of the National Company Law Tribunal (NCLT) has ruled that TDS (tax deducted at source) payments do not amount to an acknowledgment of debt.The two-member bench of Justice P.N. Deshmukh (Judicial Member) and Shyam Babu Gautam (Technical Member) has relied on the decision of NCLAT in the case of P.M. Cold Store Pvt. Ltd. v. Goouksheer Farm Fresh Pvt. Ltd. & Anr., in which...

The IBC VS. SEBI: Critical Analysis Of Moratorium Under IBC

Section 28A of the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) mentions about the recovery of proceeds from debtors in the form of attachment of immovable and movable property, attachment of bank accounts, etc. in order to make good the penalty imposed or to ensure the compliance with the regulations and the directions of the SEBI. However, this provision of SEBI cannot be read in isolation and without interpreting it along with section 14 and section 238 of Insolvency ...

Assets Of Subsidiary Company Cannot Be Dealt With In CIRP Of Holding Company: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Greater Noida Industrial Development Authority (GNIDA) v Roma Unicon Designex Consortium, has held that the assets of the Subsidiary Company...

Weekly Digest Of IBC Cases: 30 January To 5 February 2023

Supreme Court Jet Airways Insolvency: Supreme Court Affirms NCLAT Order Directing Successful Bidder To Clear PF, Gratuity Dues Of Employees Case Title: Jalan Fritsch Consortium v Regional Provident Fund Commissioner and Anr. Case No.: C.A. No. 407/2023 The Supreme Court Bench comprising of Justice of India DY Chandrachud, Justice PS Narasimha and Justice JB Pardiwala, refused...

NCLAT Delhi Sets Aside The Order Of Private Sale Of Bhuvee Stenovate Private Limited

In a major Judgement, the National Company Law Appellate Tribunal set aside the order of the National Company Law Tribunal, Kolkata which had permitted a private sale of Bhuvee Stenovate Private Limited for an amount of Rs.61.05 Crores, even though the request for Private Sale had been made by the Intervener purchaser Laser Solar LLP. The order and consequent sale was set aside by...

No Simultaneous CIRP Proceedings Against Same Corporate Debtor: NCLT Ahmedabad

The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, comprising of Dr. Deepti Mukesh (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating a petition filed in Vrundavan Residency Pvt. Ltd. v Mars Remedies Pvt. Ltd., has held that there cannot be simultaneous CIRP proceedings against the same Corporate Debtor. The Bench declined to initiate...

Nature Of Financial Debt Doesn’t Change Upon Breach Of Consent Terms: 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 Priyal Kantilal Patel v IREP Credit Capital Pvt. Ltd. & Anr., has held the nature of financial debt would not change on account of breach of the consent terms. The Bench has...

Monthly Digest Of IBC Cases: January 2023

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. Case No.: CIVIL APPEAL NO.9062/2022 The Supreme Court Bench comprising of Justice Sanjay Kishan Kaul and Justice Abhay S. Oka while adjudicating an appeal has set...

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),...