RP Cannot Pursue An Avoidance Application After Approval Of Resolution Plan By The AA: NCLT Mumbai

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in State Bank of India v Ushdev International Limited, has held that the Resolution Professional cannot carry the hat of the "Former Resolution Professional" and pursue an avoidance Application...

Central Government Notifies The Posting Of Newly Appointed NCLT Members

The central government vide its order dated 02.12.2022 notified the posting of newly appointed NCLT Members. The posting of judicial members is as follows;Justice (Retd.) T Krishna Vali- BengaluruKuldeep Kunar Kareer- Mumbai Ashok Kumar Bhardawaj- New DelhiPraveen Gupta- Allahabhad Bidisha Banerjee- Kolkata The Posting of Technical Members is as follows:Prabhat Kumar- Mumbai...

Section 96(1)(B) Of IBC Does Not Stay Any Future Liability Or Obligation: 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 Ashok Mahindru & Anr. v Vivek Parti, has held that Section 96(1)(b) of IBC does not stay any future liability or obligation. The Bench declined to stay proceedings under Section...

Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment

The Gujarat High Court Bench comprising of Justice N.V. Anjaria and Justice Sandeep N. Bhatt, while adjudicating a petition filed in Manorama Kumari v Union of India, has rejected the plea of a former NCLT Member for re-appointment as a Judicial Member of NCLT, after having served a term of 5 years and being retired. The Bench held that re-appointment is not a vested right for...

Monthly Digest Of IBC Cases: November 2022

Supreme Court Can Provisional Attachment Under PMLA Be Passed After Initiation Of CIRP Under IBC? Supreme Court To Consider 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 Chief Justice U.U. Lalit and Justice Bela M. Trivedi, has issued notice in...

Net Worth Of Transferor & Transferee Company Being Highly Positive, Consent Of Secured Creditors Not Required For Amalgamation: NCLAT Delhi

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 Lasa Supergenerics Limited v Harishree Aromatics & Chemicals Pvt. Ltd., has held that in cases where the net worth of the Transferor and Transferee Companies...

NCLAT Chennai Condones Delay Of 147 Days In Filing Appeal,The Time Spent On Bonafide Litigation

The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in M.K. Resely & Ors. v Union Bank of India, has condoned a delay of 147 days in filing of appeal before NCLAT upon equity. The delay had occurred as the Appellant had challenged...

IBC Cases Weekly Round-Up: 21 November To 27 November 2022

NCLAT Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: NCLAT Delhi Case Title: Avneet Goyal v Radha Kishan Gobind Ram Ltd. Case No.: Company Appeal (AT) (Insolvency) No.1388 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and...

Refusal To Register As IP Due To Low Cibil Score And NI Act Proceedings, Gujarat High Court Sets Aside Order

The Gujarat High Court, Ahmedabad Bench, comprising of Justice Biren Vaishnav, while adjudicating a petition filed in Gundeep Singh Sood v Insolvency Professional Agency Of Institute Of Cost Accountants Of India, has set aside an order passed by IPA ICAI refusing registration to an applicant on the ground of low CIBIL Score and pending proceedings under Negotiable Instruments...

Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: 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 Avneet Goyal v Radha Kishan Gobind Ram Ltd., has held that Tribunal does have not to enter into evidence and record findings like a...

NCLT Hyderabad Recalls Order Initiating CIRP In View Of Concealment of Facts By Financial Creditor

The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), while adjudicating an application filed in Canara Bank v Feno Plast Limited, has recalled its Order whereby CIRP was initiated against the Corporate Debtor, as the said Order was obtained by the...

NCLAT Issues Notice In Appeal Filed By OYO Subject To Depositing 10% Of Penalty Amount

The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra issues notice in the appeal filed by Oravel Stays Ltd ("Oyo") against the order of Competition Commission of India wherein CCI imposed a penalty of INR 168.88 Crores on OYO. NCLAT only issued the notice on the appeal filed by OYO subject to the condition of...