IBC News
Standard Of Pre-Existing Dispute Under IBC Is Not Equivalent To Principle Of 'Preponderance Of Probability': Supreme Court
The Supreme Court Bench, comprising of Justice K.M. Joseph and Justice Hrishikesh Roy, while adjudicating an appeal filed in Rajratan Babulal Agarwal v Solartex India Pvt. Ltd. & Ors., has held that the standard with reference to which a case of a pre-existing dispute under the IBC must be employed, cannot be equated with the principle of preponderance of probability, which...
Adjudicating Authority Can Invoke Inherent Powers To Replace The Liquidator: NCLAT
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Subrata Maity v Mr. Amit C. Poddar & Ors., has held that the Adjudicating Authority can invoke its inherent powers to replace the Liquidator and...
Related Party Of Financial Creditor Not Barred U/S 29A To Submit A Resolution Plan: NCLT Cuttack
The National Company Law Tribunal ("NCLT"), Cuttack Bench, comprising of Shri P. Mohan Raj (Judicial Member), while adjudicating an application filed in Trimex Industries Pvt. Ltd. v M/S. Sathavahana Ispat Ltd. & Ors., has held that the IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor. Further, an...
Related Party Of Financial Creditor Not Barred U/S 29A To Submit A Resolution Plan: NCLT Cuttack
The National Company Law Tribunal ("NCLT"), Cuttack Bench, comprising of Shri P. Mohan Raj (Judicial Member), while adjudicating an application filed in Trimex Industries Pvt. Ltd. v M/S. Sathavahana Ispat Ltd. & Ors., has held that the IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor. Further, an...
Homebuyers Are In Default; NCLT Delhi Dismisses Plea For Initiation Of CIRP Against Developer
The National Company Law Tribunal (NCLT), New Delhi, while adjudicating a petition filed by Homebuyers / Allotees against Developer Company / IREO ("Amit Kumar Sinha & Ors. v. Ireo Private Limited"), has rejected the petition under Section 7 Application under Insolvency and Bankruptcy Code, 2016 ("IBC"), holding that if the allottees themselves are in default, the Corporate Debtor...
NCLT Depreciates Filing Of Bulky Applications By Resolution Professional & Liquidator
Recently, the National Company Law Tribunal, Principal Bench comprising of Justice Ramalingam Sudhakar and Mr. Avinash Srivastava expressed it displeasure upon the practise of Resolution Professional/ Liquidators for filing bulky applications even for trivial matters such as extension of liquidation period. The bench was adjudicating an application for extension of time moved by...
Operational Creditor Cannot Change The 'Date Of Default' By Confining The Invoices To A Later Period: NCLT Mumbai Reiterates
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Ms. Anuradha Sanjay Bhatia (Technical Member), while adjudicating a petition filed in M/s Shri Sadguru Traders v M/s Gajalee Coastal Foods Pvt. Ltd., has reiterated that the Operational Creditor cannot change the 'date of default' by confining the invoices to a later...
COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Sreedhar Tripathy v Gujarat State Financial Corporation & Ors., has held that when the Committee of Creditors ("CoC") decides to liquidate...
AA Can Consider Any Application Arising Out Of Sale In Liquidation : NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in RMY Industries LLP v Apple Industries Pvt. Ltd., has held that the Adjudicating Authority is empowered to consider any application filed by...
NCLT Mumbai Approves Arcelormittal Promoted AM Mining's Resolution Plan For Uttam Galva Steels
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Retd.) (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in State Bank of India v Uttam Galva Steels Limited, has approved the resolution plan submitted by ArcelorMittal promoted AM Mining Pvt. Ltd. for Uttam Galva Steels...
IBC Cases Weekly Round-Up: 10 October To 16 October, 2022
NCLAT If Electricity Supply Is Essential To Preserve Corporate Debtor's Value, Dues Must Be Paid During CIRP: NCLAT Delhi Case Title: Shailesh Verma v Maharashtra State Electricity Distribution, Case No.: Company Appeal (AT) (Insolvency) No. 383 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan...
NCLT Hyderabad Benches Re-Constituted W.E.F 20th October 2022, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, Hyderabad Bench, has been re-constituted vide a Circular dated 11.10.2022 and the changes are applicable from 20.10.2022 onwards till further orders. The new NCLT Hyderabad Benches shall comprise of: NCLT Hyderabad, Court Room No. 1 (First Half) Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member)Shri Ajai Das...