Bank Of India Files Insolvency Plea Against Kishore Biyani Led Future Lifestyle Fashions

Future Lifestyle Fashions Ltd. ("FLFL") is the flagship fashion business of the Mr. Kishore Biyani led Future Group of companies, which have dominated the retail sector in India for years. FLFL operates more than 300 stores across India and owns retail fashion chains such as Central and Brand Factory. Recently, the flagship company of Future Group i.e. Future Retail Ltd., which...

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: 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 Edelweiss Asset Reconstruction Co. Ltd. v Octaga Green Power and Sugar Company Ltd., has reiterated that liquidation of the Corporate Debtor is the last resort and has accordingly directed...

NCLT Ahmedabad Rejects Resolution Plan Selectively Favoured Creditors

The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Shri Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating a petition filed in M/s. Sansar Texturisers Pvt. Ltd. v M/s. Polycoat India Pvt. Ltd., has declined to approve the Resolution Plan of the Successful Resolution Applicant that breached...

Creditor Entitled To Claim From Successful Resolution If It's Suit Is Decreed: NCLAT Delhi

The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Ashok Bhushan (Chairperson), Justice N Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating in an appeal filed in Goltens India Pvt. Ltd. v Sudip Bhattacharya, has upheld the Adjudicating Authority's order to earmark Rs. 1 towards a contingent claim arising out of...

Resolution Plan Can't Be Remanded Back To COC Over Hyper-Technical Grounds: 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 Piya Puri & Ors. v Mr. Debhashish Nanda & Ors., has held that remanding a resolution plan back to Committee of Creditors on...

Status Of Debtor, Attained Finality, Can't Be Altered Based On A Subsequent Judgment: 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 Raghavendra G. Kundangar & Ors. v Shashi Agarwal & Anr., applied the Doctrine of Prospective Overruling while observing that...

Section 7 Petition To Be Kept In Abeyance For 6 Months, Hoping Settlement: NCLT Indore

The National Company Law Tribunal ("NCLT"), Indore Bench, comprising of Shri Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating a petition filed in State Bank of India v Krishidhan Seeds Pvt Ltd., has kept a Section 7 petition filed under IBC in abeyance for 6 months despite the all essentials for initiating CIRP being fulfilled....

Once Bidder Accepts Corporate Debtor In Slump Sale, Can't Request For Conversion Of Sale Into Sale As A Going Concern: NCLT Ahmedabad

The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Shri Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating a petition filed in State Bank of India & Anr. v Shirpur Power Pvt. Ltd., has held that once a successful bidder has accepted and purchased the Corporate Debtor in slump sale under IBC,...

Entity Issuing A 'Letter Of Comfort' Is Not A Corporate Debtor Or Guarantor Within Framework Of Law: NCLT Delhi

The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri P.S.N. Prasad (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed in M/s. Shapoorji Pallonji and Company Pvt. Ltd. v M/s. ASF Insignia SEZ Pvt. Ltd., has held that an entity that issues a 'Letter of Comfort' to a party, cannot be treated as Corporate Debtor...

Loan Converted Into Equity - NCLT Procedure Being In Summery In Nature, Can't Initiate CIRP; 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 a petition filed in Anup Jhunjhunwala v ADEA Powerquips Private Limited, has declined to initiate insolvency proceedings with respect to a debt disbursed by Director of the Corporate Debtor, as the loan was...

Non Issuance Of Completion Certificate Amounts To Pre Existing Dispute: NCLAT New Delhi

The National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan, Justice M Satyanarayana Murthy and Mr. Barun Mitra while dismissing an appeal field by the Operational Creditor against the rejected of Section 9 petition held that the non-issuance of the completion certificate amounts to a pre existing dispute between the parties. It was contended on behalf of...

IBC Cases Weekly Round-Up: 22nd August To 29th August 2022

NCLAT Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi Case Title: Sudhir Kumar Goel & Ors. v M/s Shashi Oils and Fats Pvt. Ltd. & Ors. Case No.: Company Appeal (AT) (Ins) No. 676 of 2021 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Rakesh Kumar (Judicial...