Section 17 Of Limitation Act Inapplicable Where Limitation Is Prescribed For Appeal: 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 Maharashtra State Electricity Distribution Company Ltd. v NRC Ltd. & Anr., has held that Section 17(1) of Limitation Act, 1963 deals with period of limitation in the case of any...

‘Filed Only For Recovery Of Balance Interest Amount’: NCLAT Delhi Upholds Dismissal Of Section 9 Petition

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 Permali Wallace Pvt. Ltd. v Narbada Forest Industries Pvt. Ltd., has held upheld the Adjudicating Authority’s dismissal of a Section 9 petition, which was filed merely for...

NCLT Hyderabad Grants A Series Of Concessions/Waivers To The Successful Bidder

The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Sri Satya Ranjan Prasad (Technical Member), while adjudicating a petition filed in State Bank of India v K.R.R Infraprojects Pvt. Ltd., has granted several waivers/concessions to the Successful Bidder including waiver from penalties imposed...

Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC

The Ministry of Corporate Affairs, Government of India, has issued a circular inviting comments from the public on the changes proposed to be made in the Insolvency and Bankruptcy Code, 2016 (“IBC”). The proposed changes relate to the admission of corporate insolvency resolution process (“CIRP”) applications, streamlining the insolvency resolution process, recasting the...

IBC - When Does Limitation Begin To Run? Analysing SC Judgment In "V.Nagarajan vs. SKS Ispat"

V.Nagarajan vs. SKS Ispat[2] is a much-misunderstood case. The National Company Law Appellate Tribunal (NCLAT), while dealing with appeals under the Insolvency & Bankruptcy Code, 2016 (“IBC”), has been dismissing many as being barred by the statute of Limitation. NCLAT cites Nagarajan to conclude it has no power to condone delay for any period over and above 15 days after the expiry of 30 days from the ‘date of the order’ (“Order”) of the Adjudicating Authority (“AA”). Consequently, an...

NCLT Mumbai Approves Promoter’s Resolution Plan For Srithik Ispat Pvt. Ltd.

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition filed in Swastik Coal Corporation Pvt. Ltd. v Srithik Ispat Pvt. Ltd., has approved the resolution plan submitted by the Promoter of the Corporate Debtor (Srithik Ispat Pvt. Ltd.). The...

Avoidance Applications Survive CIRP, Can Be Heard After Approval Of Resolution Plan: Delhi High Court

The Delhi High Court Bench comprising of the Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, while adjudicating an appeal filed in Tata Steel BSL Limited v Venus Recruiter Pvt. Ltd. & Ors., has held that that avoidance applications filed under IBC survive even after approval of the resolution plan, in cases where Resolution Plans are unable to account for...

IBC Cases Weekly Round-Up: 9 January To 15 January 2023

NCLAT AA Obliged To Direct For Liquidation Only If COC’S Decision To Liquidate Is In Accordance With IBC: NCLAT Delhi Case Title: Hero Fincorp Limited v M/s Hema Automotive Private Limited Case No.: Company Appeal (AT) (Insolvency) No.1540 of 2022 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson)...

NCLT Delhi Admits Unibera Developers Into Insolvency

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 an application filed in Mahi Buildhome Pvt. Ltd. v M/s. Unibera Developers Pvt. Ltd., has initiated Corporate Insolvency Resolution Process against Unibera Developers Pvt. Ltd. Mr. Ashok Kumar Jalan has...

NCLAT Delhi Upholds Dismissal Of Application Seeking Restraint On Oyo From Proceeding With IPO

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 Jagadish v Oyo Hotels & Homes Pvt. Ltd., has upheld the Adjudicating Authority’s order rejecting applications filed by Operational Creditor to direct Oyo not to proceed with its...

No Ipso Facto Absolvement Of Guarantor’s Liability Upon Approval Of Resolution Plan: Allahabad High Court

The High Court of Allahabad Bench comprising of Justice Sunita Agarwal and Justice Vipin Chandra Dixit, while adjudicating a petition filed in Narendra Singh Panwar v Pashchimanchal Vidyut Vitran Nigam Limited & Ors., has held that approval of a resolution plan under Section 31 of the IBC, does not ipso facto absolve the surety/guarantor of the Corporate Debtor of his or...

NCLT Mumbai Approves Adani Goodhome’s Resolution Plan For Radius Estates & Developers

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application filed in Beacon Trusteeship Ltd. v Radius Estates and Developers Pvt. Ltd., has approved the Resolution Plan submitted by M/s. Adani Goodhomes Pvt. Ltd. for Radius Estates and...