NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company

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 in a petition filed in State Bank of India v M/s Gayatri Projects Limited, has initiated Corporate Insolvency Resolution Process (CIRP) against Gayatri Projects Ltd., which is a part of...

NCLT Mumbai Initiates Insolvency Process Against M/S S Kumars Ltd.

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 Edelweiss Asset Reconstruction Co. Ltd. v M/s. S. Kumars Limited, had initiated Corporate Insolvency Resolution Process ("CIRP") against the textile manufacturing company M/s S Kumars...

IBC Cases Weekly Round-Up: 14 November To 20 November 2022

NCLAT Advance Paid Towards Service Is Operational Debt: NCLAT Delhi Case Title: Chipsan Aviation Private Limited v Punj Llyod Aviation Limited Case No.: Company Appeal (AT) (Insolvency) No. 261 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has held that...

NCLAT Delhi Stays Insolvency Process Against BPTP LTD., As Parties Enter Settlement

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Sudhanshu Tripathi v M/s RBCL Projects Pvt. Ltd. & Anr., has stayed the initiation of Corporate Insolvency Resolution Process ("CIRP")...

Award In Favour Of Financial Creditor Already In Execution, Section 7 Petition Must Be Rejected: 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 Shaikh Mohammed Tariq v Aegis Forging Ltd., has held that when an arbitral award has been passed in favour of Financial Creditor for the...

Nine Members Took Oath In National Company Law Tribunal, Strength Rises To 37

Nine new members take oath as the members of the National Company law Tribunal on 18.11.2022. The oath was administered to the newly appointed members by Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT at Principal Bench, NCLT, New Delhi. Following members took oath as the Member (Judicial) of NCLT Mr. Kuldeep Singh Kareer Ms. Bidisha...

NCLT Delhi Initiates Insolvency Process Against Ansal Properties & Infrastructure Ltd.

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 Bibhuti Bhushan Biswas & Ors. v M/s Ansal Properties and Infrastructure Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against Ansal Properties and Infrastructure Ltd....

Disputes Pertaining To Contractual Issues Not To Be Resolved In Section 9 IBC 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 a'XYKno Capital Services Pvt. Ltd. v Rattan India Power Ltd., has held that disputes pertaining to contractual issues are not to be resolved in proceedings under Section 9 of...

Advance Paid Towards Service Is Operational Debt: 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 Chipsan Aviation Private Limited v Punj Llyod Aviation Limited, has held that an advance paid towards a service falls within definition of operational debt, even if there was no...

IBC Cases Weekly Round-Up: 7 November To 13 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...

Coc Initiates Liquidation, Appeal Against Initiation Of CIRP Becomes Infructuous: NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Mr. Rakshit Dhirajlal Doshi v IDBI Bank Limited, has held that an appeal challenging the order initiating CIRP becomes infructuous if the Committee of Creditors decided...

AA Cannot Enquire Into Justness Of Rejection Of Resolution Plan By COC: NCLAT Chennai

The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Dr. C. Bharath Chandran v Ms. Sabine Hospital and Research Centre & Ors., has held that the Adjudicating Authority has no authority to enquire into the 'justness' of Committee...