NCLT Mumbai Admits Bagalkot Cement And Industries Ltd. Into Insolvency

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Mrs. Lakshmi Gurung (Judicial Member) and Shri Charanjeet Singh Gulati (Technical Member), while adjudicating a petition filed in Vyshali Energy Private Limited v M/s. Bagalkot Cement and Industries Ltd., has initiated Corporate Insolvency Resolution Process (“CIRP”) against M/s. Bagalkot Cement...

NCLAT Chennai Terminates Insolvency Proceedings Against Café Coffee Day’s Parent Company, Parties Enter Settlement

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mrs. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Malavika Hegde v Indusind Bank Ltd. & Anr., has terminated the Corporate Insolvency Resolution Process (CIRP) of M/s Coffee Day Global Ltd. which was initiated by the...

NCLAT Delhi: CIRP Can’t Be Modified On Project Basis On Request Of Financial Creditor When CIRP Is Against Company

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), dismissed an application filed in Kotak Mahindra Bank Ltd. vs. Resolution Professional of Universal Buildwell Pvt. Ltd. to confine the Corporate Insolvency Resolution Process (“CIRP”) filed by Kotak Mahindra...

NCLAT Chennai And Its Registry To Remain Closed On 18th September 2023 On Account Of ‘Vinayakar Chathurthi’, Matters To Be Heard On Next Day

The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 15.09.2023, intimating that the NCLAT, Chennai Bench would remain closed on 18.09.2023 (Monday) on account of ‘Vinayakar Chathurthi’ or Ganesh Chaturthi. The Registry of NCLAT Chennai would also remain closed. On 31.08.2023, the Government of Tamil Nadu had issued an Order bearing G.O.(Ms.) No.528,...

NCLT Indore: Regional Provident Fund Commissioner Prohibited From Taking Actions During Moratorium Under Section 14 Of IBC

The National Company Law Tribunal (NCLT), Indore comprising of Mr. P. Mohan Raj (Judicial Member) and Mr. Kaushalendra Kumar Singh (Technical Member) adjudicating a petition filed by the Liquidator of Shirani Automotive Pvt Ltd (Corporate Debtor) issued notice to the Regional Provident Fund Commissioner. It observed that during the Moratorium period under Section 14 of the Insolvency...

NCLT Proceeded Ex-Parte Against CD On First Hearing After Notice, NCLAT Delhi Says Sufficient Opportunity Not Given As Per Rule 37(2) Of NCLT Rules

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), while adjudicating an appeal filed in Ami Ashutosh Majumdar v Omkara Assets Reconstruction Pvt. Ltd. & Anr., has set aside an ex-parte order initiating CIRP against the...

NCLT Hyderabad: NCLT Cannot Exercise Inherent Powers To Condone Delay Under Section 42 Of IBC When There Is A Clear Statutory Bar

The National Company Law Tribunal (“NCLT”), Hyderabad comprising of Justice Smt. Telaprolu Rajani (Judicial Member) and Sri Charan Singh, Member (Technical Member) dismissed an application filed in IFCI Limited. vs. BS Limited. (In liquidation) by IFCI Limited (Applicant) seeking condonation of the delay of 184 days in approaching the NCLT for filing an appeal under Section 42 of...

No Provision In IBC For Re-Opening Of CIRP, A Petition Can Only Be Restored For Fresh Admission In Case Settlement Fails: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating a petition filed in the matter of Amluckie Investment Company Limited v Skill Infrastructure Limited, has held that the IBC does not contain any provision for restoration of CIRP which has once been closed by...

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court

The Supreme Court on Monday said that admitting claims after the Resolution Plan has been accepted by the Committee of Creditors (COC) under Insolvency and Bankruptcy Code, 2016 (IBC) even though the Adjudicating Authority has yet to approve the plan, would make the Corporate Insolvency Resolution Process (CIRP) an endless process. The Apex Court was considering whether the claim pertaining...

NCLT Mumbai: No Claims To Be Taken After Approval Of Resolution Plan By CoC, Citing Disruption Of Time-Bound Resolution Process

The National Company Law Tribunal (NCLT), Mumbai comprising of Mr. Kuldip Kumar Kareer (Judicial Member) and Mr. Anil Raj Chellan (Technical Member) adjudicating an application filed in Suraksha Realty Limited vs. Mr. Anuj Bajpai dismissed an application filed by Suraksha Realty Limited (Applicant) for consideration of its claim of Rs. 19.93 crores as a financial debt under section 5(8)...

Weekly Digest Of IBC Cases: 4th To 10th September 2023

Supreme Court IBC - Liquidator Can't Cancel Valid Auction On Mere Expectation Of Fetching Higher Price; No Unfettered Discretion: Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No(S). 7906/2021 Citation: 2023 LiveLaw (SC) 753 The Supreme Court Bench comprising Justice B V Nagarathna and Justice Ujjal Bhuyan, has...

NCLT Kolkata: Resolution Professional Deserves Remuneration For Labor And Services As Approved By CoC

The National Company Law Tribunal (“NCLT”), Kolkata comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member) allowed an application filed in Mr. Sanjeev Jhunjhunwala vs. Mr. Bimal Kanti Choudhury against PM Cold Storage Private Limited (“Respondent”) for the payment of Corporate Insolvency Resolution Process (“CIRP”) costs and pass an...