Continuation Of RP Till Appointment Of Liquidator Doesn't Contravene IBC: NCLT Chandigarh

The National Company Law Tribunal ("NCLT"), Chandigarh Bench, comprising of Shri Harnam Singh Thakur (Judicial Member) and Shri Subrata Kumar Dash (Technical Member), while adjudicating a petition filed in Brij Lal Ashok Kumar v Tara Chand Rice Mills Pvt. Ltd., has held that in absence of any order from the Adjudicating Authority appointing a liquidator, the Resolution...

Past Tax Liabilities That Are Not Part Of Resolution Plan Shall Stand Extinguished: NCLT Mumbai

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in Subodh Kumar Agrawal v Taguda Pte. Limited, has held that all past liabilities arising out of any levies/tax dues to any government authorities, etc., which accrued during CIRP period and...

Change In Composition Of COC Will Not Affect Its Prior Decisions: NCLAT New Delhi

The National Company Law Appellate Tribunal bench comprising of Justice Anant Bijay Singh and Ms. Shreesha Merla held that the change in composition of the Committee of Creditors (COC) of the Corporate Debtor will not affect its previous decision and the same will be binding on the newly included members of the COC. Previously, NCLT New Delhi directed the DBS Bank to pay Rs. 10.20...

Monthly Digest Of IBC Cases: October 2022

Supreme CourtDiscretion Of NCLT Under Section 7(5) IBC - Observations In 'Vidarbha Industries' Made In Context Of Case: Supreme Court Refuses ReviewCase Title : Axis Bank Ltd versus Vidarbha Industries Power Ltd Case No.: 2022 LiveLaw (SC) 817, RP (Civil) 1043/2022 The Supreme Court Bench comprising of Justices Indira Banerjee and JK Maheshwari held that there is no ground to...

No Notice Is Required For Personal Guarantor At The Stage Of Appointment Of IRP: NCLT Amravati

The National Company Law Tribunal ("NCLT"), Amravati Bench, comprising of Justice Telaprolu Rajani (Judicial Member), while adjudicating a petition filed in Central Bank of India v Mr. Kothapatti Raju, has held that in terms of Section 97 and Section 100 of IBC, no notice or right of audience can be given to the Personal Guarantor at a stage before appointing the...

IBC Cases Weekly Round-Up: 24th To 30th October, 2022

NCLAT NCLAT Issues Directions For Computation Of Limitation In Filing Of Appeals F.No.10/37/2018-NCLAT The National Company Law Appellate Tribunal ("NCLAT") vide an Order dated 21.10.2022 has issued directions for computation of limitation for filing of appeals before NCLAT. The period of limitation shall be computed from the date of presentation of Appeal as per Rule 22 of the...

Can't Interfere With COC'S Decision Not To Pay Suspended Directors For Their Services During CIRP: NCLT Ahmedabad

The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Dr. Deepti Mukesh (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating a petition filed in Indian Overseas Bank v AMW Autocomponent Ltd., has held that promoters and persons associated with the management of the Corporate Debtor are statutorily obligated to extend all assistance...

All India IBC Cases Half Yearly Digest: January To June 2022

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

Decree Of Civil Court Will Not Alter The Basic Nature Of Transaction: NCLT Delhi

The National Company Law Tribunal ("NCLT"), Principal Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri Avinash Kumar Srivastava (Technical Member), while adjudicating an application filed in M/s Jones Lang Lasalle Building Operations Pvt. Ltd. v M/s Celebration City Projects Pvt. Ltd., has held that the decree of a civil court will not alter the basic nature of...

NCLAT Issues Directions For Computation Of Limitation In Filing Of Appeals

The National Company Law Appellate Tribunal ("NCLAT") vide an Order dated 21.10.2022 has issued directions for computation of limitation for filing of appeals before NCLAT. The period of limitation shall be computed from the date of presentation of Appeal as per Rule 22 of the NCLT Rules, 2016. The directions shall be effective from 01.11.2022 onwards. Background The Rule 22 of...

IBC Cases Weekly Round-Up: 17 October To 23 October, 2022

Supreme Court 1. Standard Of Pre-Existing Dispute Under IBC Is Not Equivalent To Principle Of 'Preponderance Of Probability':Supreme Court Case Title: Rajratan Babulal Agarwal v Solartex India Pvt. Ltd. & Ors. Case No.: Civil Appeal No. 2199 of 2021 The Supreme Court Bench, comprising of Justice K.M. Joseph and Justice Hrishikesh Roy, has held that the standard...

NCLAT Delhi Restores PNB's Original Claim, in Jet Airways CIRP

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 Punjab National Bank v Mr. Ashish Chhawchharia & Ors., has held that the Resolution Professional had incorrectly reduced the Punjab National Bank's admitted claim of Rs. 956 Crores to...