IBC Does Not Prohibit An Assignee From Continuing Pending Section 7 Proceedings: 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 Siti Networks Ltd. v Assets Care and Reconstruction Enterprises Ltd. & Anr., has held that there is no prohibition in the IBC or any of the Regulations from continuing the proceeding by...

Section 66 Of IBC Does Not Provide For Any Look Back Period For Fraudulent Transactions: 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 Mr. Thomas George v K. Easwara Pillai & Ors., has held that the Section 66 of IBC does not provide for any look back period as far as fraudulent transactions...

Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Bankey Bihari Infrahomes Pvt. Ltd. v Mr. Alok Kumar Kuchchal & Anr., has upheld the Adjudicating Authority's decision to proceed with liquidation...

NCLT Allahabad Bench Re-Constituted W.E.F 12th December 2022

The Allahabad Bench of National Company Law Tribunal, has been re-constituted vide a Circular dated 07.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective...

Gujarat High Court Stays IBBI Order Directing IP To Undergo 4 Months Of Probation

The High Court of Gujarat Bench comprising of Justice Biren Vaishnav while adjudicating a petition filed in Sunil Kumar Agarwal S/O. Kishan Lal Agarwal Versus Insolvency and Bankruptcy Board of India (IBBI), has stayed the operation of an order passed by Disciplinary Committee of IBBI, directing an Insolvency Professional to undergo 4 months of probation under other experienced...

IBC Cases Weekly Round-Up: 5th T0 12th December 2022

NCLAT Objections Raised By Corporate Debtor To Oppose Section 9 Petition Not To Be A Moonshine Defence: NCLAT Delhi Case Title: Krishna Hi-Tech Infrastructure Pvt. Ltd. v Bengal Shelter Housing Development Ltd. Case No.: Company Appeal (AT) (Insolvency) No.1375 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok...

No Fetter, Embargo Or Legal Impediment For A Trust To Be A Resolution Applicant: NCLAT Chennai

The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), while adjudicating an appeal filed in M/s. Aswathi Agencies v Bijoy Prabhakaran Pulipra & Ors., has held that there is no fetter, embargo or any legal impediment for a Trust to become a Resolution...

Objections Raised By Corporate Debtor To Oppose Section 9 Petition Not To Be A Moonshine Defence: NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Krishna Hi-Tech Infrastructure Pvt. Ltd. v Bengal Shelter Housing Development Ltd., has held that the only question to be looked in Section 9 petition...

NCLT Mumbai Benches Re-Constituted W.E.F 7th December 2022

The Mumbai Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 06.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective...

IBC Cases Weekly Round-Up: 28 November To 4December 2022

NCLATNCLAT Chennai Condones Delay Of 147 Days In Filing Appeal,The Time Spent On Bona fide LitigationCase Title: M.K. Resely & Ors. v Union Bank of India Case No.: Company Appeal (AT)(CH)(Ins) No.337/2022 The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member),...

NCLT New Delhi, Mumbai, Hyderabad & Kolkata Benches Re-Constituted W.E.F 5th December 2022

The Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 03.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective from 05.12.2022...

NCLAT Approves Sugar Farmers As Separate Creditors Group In The Sugar Industry Resolution Plan

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Excel Engineering & Ors. v Mr. Vivek Murlidhar Dabhade & Anr., has urged the Government and the IBBI to examine some minimum entitlement to Operational Creditors based on...