IBC News
NCLT New Delhi Benches Re-Constituted And Timings Changed, Matters To Be Heard Through Video Conferencing
The National Company Law Tribunal, New Delhi Bench, has been re-constituted vide a Circular dated 11.10.2022 and timings of courts have been changed accordingly. The changes are applicable from 18.10.2022 onwards till further orders. The new NCLT New Delhi Benches shall comprise of: NCLT New Delhi, Court Room No. 4 (Second Half) Dr. P.S.N. Prasad (Judicial Member)Dr. Binod Kumar...
Indemnity Of Obligations Under An Agreement Is Not A 'Financial Debt' Under IBC: NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Retd.) (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating an application filed in Reserve Bank of India v Reliance Capital Limited, has held that indemnity of the obligations under the Agreement is not a 'financial debt' under Section 5(8) of...
If Electricity Supply Is Essential To Preserve Corporate Debtor's Value, Dues Must Be Paid During CIRP: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Shailesh Verma v Maharashtra State Electricity Distribution, has held that if electricity supply service is critical to preserve the value...
PF Dept.Attachment Of CD's Bank Account Before CIRP, Can't Continue During Moratorium: 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 Mr. B. Parameshwara Udpa v Assistant PF Commissioner & Anr., has held that an order issued by Employees' Provident Fund Organization for attachment of bank account of Corporate...
On Approval Of Plan By MSME Directors, They Will Be Treated As New Owners: 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 Aries Agro Pvt. Ltd. v ETCO Industries Pvt. Ltd., has held that once the resolution plan submitted by MSME Corporate Debtor's promoters/directors is approved by the Adjudicating Authority,...
Amount Paid Towards One Time Settlement Is An Asset Of The Corporate Debtor: NCLAT Delhi
The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Anant Bijay Singh and Ms. Shreesha Merla held that the amount deposited towards the One-time settlement (OTS) by the Corporate Debtor will be an asset of the Corporate Debtor and the Resolution Professional is entitled to take custody of the same. Actif Corporation Limited proposed a OTS with Bank of...
IBC Cases Weekly Round-Up: 3 October To 9 October, 2022
SUPREME COURT Discretion Of NCLT Under Section 7(5)IBC - Observations In 'Vidarbha Industries' Made In Context Of Case: Supreme Court Refuses Review Case 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...
NCLT Mumbai Initiates Insolvency Process Against First Flight Couriers
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition filed in Srinidhi Comprint Private Limited v First Flight Couriers Limited, has initiated Corporate Insolvency Resolution Process (CIRP) against First Flight Couriers Ltd. and Mr. Indrajit...
NCLAT Delhi Sets Aside Unreasoned Order Passed By AA For Not Satisfying "Requirements Of An Order"
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice M. Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Gandhar Oil Refinery (India) Ltd. v City Oil Pvt. Ltd., has set aside an order passed by Adjudicating Authority dismissing a petition under Section 9 of IBC, for not...
NCLT Rules 43 Only Empowers AA To Seek Production Of A Document, Not Parties : NCLT Hyderabad
The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating an application filed in Ind Barath Power Infra Ltd. v India Infrastructure Finance Co. Ltd., has held that Rule 43 of the NCLT Rules 2016 only empowers the Adjudicating Authority...
Withdrawal Of Resolution Plan Will Have Disastrous Effect: NCLAT
The National Company Law Appellate Tribunal (NCLAT)bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra dismissed the appeal filed by the Resolution Applicant seeking permission to withdraw its resolution plan and held that allowing withdrawal of a resolution plan will have serious disastrous effect on the whole purpose of the Insolvency & Bankruptcy...