IBC News
Issue Of CIRP Cost To Be Decided In COC MEETING, Not By Adjudicating Authority : 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 Bharat Hotels Ltd. v Tapan Chakraborty, has held that question of item wise CIRP cost and its approval lays in the domain of the CoC and the latter may ratify, modify or set aside the...
CIRP Can Be Initiated Against Corporate Guarantor Without Proceeding Against Principal Borrower: Supreme Court
The Supreme Court held that Corporate Insolvency Resolution Process (CIRP) can be initiated against the Corporate Guarantor without proceeding against the principal borrower.The liability of the guarantor is co-extensive with that of the Principal Borrower, the bench comprising Justices Indira Banerjee and JK Maheshwari observed.In this case, the Adjudicating Authority (NCLT) admitted...
NCLAT Delhi Allows Appeal Re-Filed After 197 Days Of Delay, Subject To Cost Of Rs.10,000 Payable To Respondent
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 Dinesh Mehta v Amit Kumar Mehta & Anr., has allowed an appeal which was re-filed after 197 days of delay by the Appellant, subject...
Limitation To Be Counted From The Date Of Preparation Of Certified Copy, Not Delivery : NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Wadhwa Rubber v Bandex Packaging Pvt. Ltd., has dismissed the appeal for being time barred while observing that limitation is to be counted from the date of preparation of...
IBC Cases Weekly Round-Up: 28 August To 3 September, 2022
NCLAT Status Of Debtor, Attained Finality, Can't Be Altered Based On A Subsequent Judgment: NCLAT Delhi Case Title: Raghavendra G. Kundangar & Ors. v Shashi Agarwal & Anr. Case No.: Company Appeal (AT) (Ins.) No. 886 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M....
Liquidator Empowered To Decide The Mode Of Sale, Not Bound By Recommendations Of Stakeholders Committee: NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor ("Judicial Member") and Shri Balraj Joshi (Technical Member), while adjudicating an application filed in Sauria Corporation v Kohinoor Pulp & Paper Private Limited, has held that a Liquidator is empowered to decide the mode of sale of Corporate Debtor which is in best interest for...
NCLT Empowered Under Rule 43 Of NCLT Rules To Call For Any Information Or Evidence In Its Discretion: 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 Trident Fabricators Pvt. Ltd. v Hiranmayee Energy Ltd., has held that the Adjudicating Authority under Rule 43 of NCLT Rules, 2016, has...
IBC Cases Monthly Round Up: August 2022
Supreme Court Entries In Book Of Accounts/Balance Sheet Of Corporate Debtor Can Be Treated As Acknowledgment Of Liability Of Debt Payable To Financial Creditor: SupremeCourt Case Title: Asset Reconstruction Company (India) Limited v Tulip Star Hotels Limited Case No.: 2022 LiveLaw (SC) 648, CA 84-85 OF 2020 The Supreme Court Bench comprising of Justice Indira Banerjee...
OTS Being Under Consideration Does Not Invalidate An Order For Liquidation: 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 Ram Bhaj Jain v Tarun Batra & Anr., has held that mere fact that the Corporate Debtor's One Time Settlement was under consideration,...
Refiling After Removal Of Defects Is Not A Fresh Filing: NCLAT New Delhi
A five judge bench of the National Company Law Appellate Tribunal (NCLAT) comprising of Justice Ashok Bhushan, Justice Rakesh Kunar, Justice M Satyanarayana Murthy, Ms. Shresha Merla and Mr. Kanthi Narahari held that refiling of an appeal after curing the defects beyond the period of seven days will amount to a fresh filing and any delay even beyond the period prescribed under Section...
Without Proof Of Disbursement No Financial Debt Can Be Claimed: NCLT Mumbai Reiterates
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 Sudhir T Deshpande v Dhanada Corporation Limited, has rejected a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 ("IBC") as there was no proof of disbursement of debt....