“Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order

The Supreme Court Bench comprising of Justice Sanjay Kishan Kaul and Justice Abhay S. Oka while adjudicating an appeal filed in Indiabulls Housing Finance Ltd. V Iirf India Realty Xii Ltd. & Ors., has set aside a status quo order passed by NCLAT Delhi which impeded the implementation of an order passed by the Supreme Court. The Bench has deprecated the NCLAT order while...

IBC - Delay In Filing CIRP Application Condonable On Sufficient Reasons : Supreme Court

The Supreme Court observed that delay in initiating Corporate Insolvency Resolution Process (CIRP) is condonable on sufficient grounds.The bench of Justices Ajay Rastogi and C T Ravikumar noted that the Limitation Act, 1963 are applicable to applications filed under Sections 7 and 9 of IBC. It be so, the position is that the period of limitation is three years from the right to apply accrues...

NCLT Delhi Rejects Scheme Of Amalgation For Being Non Compliant Of Section 72A(2) Of Income Tax Act

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in Minda TG Rubber Pvt. Ltd. v Toyoda Gosei Minda India Pvt. Ltd., has rejected the Scheme of Amalgamation proposed by Minda TG Rubber Pvt. Ltd. for being non compliant of Section 72A(2)...

When COC Approves A Resolution Plan, It Is Presumed To Be Viable And Feasible: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Kanthi Narahari (Judicial Member) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Rajesh Kumar & Ors. v Rabindra Kumar Mintri & Anr., has held that when the Committee of Creditors (CoC) approves a Resolution Plan in...

NCLAT Issues Fresh Directions For Computation Of Limitation In Filing Of Appeals, Withdraws Earlier Directions

The National Company Law Appellate Tribunal (“NCLAT”) vide an Order dated 24.12.2022 has issued fresh directions for computation of limitation for filing of appeals before NCLAT. The period of limitation shall be computed from the date of e-filing and hard copy has to be filed within 7 days of e-filing. However, the Competent Authority is at liberty to extend the period of filing...

Monthly Digest Of IBC Cases: December 2022

Supreme Court Provisional Attachment Under PMLA Subsequent To Initiation Of CIRP: Supreme Court To Consider The Issue Case Title: Ashok Kumar Sarawagi v Enforcement Directorate & Anr. Case no.: Special Leave Petition (Civil) Diary No(S). 30092/2022 The Supreme Court Bench comprising of Justice Sanjay Kishan Kaul and Justice Abhay S. Oka, has permitted the CIRP...

NCLT Kochi Initiates Insolvency Process Against Personal Guarantor Of Trivandrum International Health Services Ltd.

The National Company Law Tribunal (“NCLT”), Kochi Bench, comprising of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), while adjudicating an application filed in Dhanalaxmi Bank Ltd. v Dr. Bharath Chandran, has initiated Insolvency Resolution Process against Dr. Bharath Chandran, the personal guarantor and Promoter of M/s. Trivandrum...

IBC Cases Weekly Round-Up: 26 December To 1 January 2023

NCLAT AA Empowered To Remove The Liquidator: NCLAT Chennai Case Title: CA V. Venkata Sivakumar v IDBI Bank Limited & Ors. Case No.: Company Appeal (AT) (CH) (Ins.) No. 269/2022 The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Barun Mitra (Technical Member), has held that...

Simplification Of Voluntary Liquidation In India

Before the introduction of Insolvency and Bankruptcy Code (“IBC”) in 2016, there were multiple overlapping statutes to govern the insolvency proceedings like Sick Industrial Companies, Act, 1985, Provincial Insolvency Act, 1920, Code of Civil Procedure, 1908, and SARFAESI Act, 2002, all these legislations apparently failed to address the bankruptcy issues. So, the Government of India in 2016 introduced IBC to improve the insolvency and bankruptcy process and to alleviate the distressed credit...

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals

SUPREME COURTSupreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016Case title: New Okhla Industrial Development Authority v Anand SonbhadraCase No.: Civil Appeal No. 2222 of 2021The Supreme Court Bench comprising of Justice KM Joseph and Justice Hrishikesh Roy has upheld the NCLAT judgment wherein it was held that the NOIDA is an...

AA Empowered To Remove The Liquidator: NCLAT Chennai

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in CA V. Venkata Sivakumar v IDBI Bank Limited & Ors., has held that the Adjudicating Authority has the power to remove the Liquidator. Background Facts The Jeypore Sugar...

Unregistered Partnership Firm Cannot Initiate Insolvency Proceedings Under IBC: NCLT Kochi

The National Company Law Tribunal (“NCLT”), Kochi Bench, comprising of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), while adjudicating an application filed in The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., has held that an unregistered Partnership Firm cannot institute insolvency proceedings under...