Mobilization Advance Is An Operational Debt: 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 Athena Demwe Power Ltd. v Abir Infrastructure Private Limited & Ors., has held that a mobilization advance given for mobilization...

IBC Cases Weekly Round-Up: 15 August To 21 August 2022

NCLAT Banker's Certificate Not Mandatorily Required To Trigger CIRP Under Section 9 Of IBC: NCLAT Delhi Case Title: M/s Quippo Infrastructure Limited v M.R. Nirman Private Limited Case No.: Company Appeal (AT) (Insolvency) No. 1516 of 2019. The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and...

Time Barred Appeal Against Decree Does Not Amount Pre -Existing Dispute Under Insolvency And Bankruptcy Code, 2016: NCLAT

The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar and Dr. Alok Srivastava held that a time barred appeal against the decree filed after the issuance of demand notice under Section 8 of the Insolvency & Bankruptcy Code, 2016 (IBC/Code) will not amount to a pre-existing dispute. NCLT, Kolkata dismissed the application filed by the...

Claims Arising Out Of Grant Of Licence/Permission For Use Of Intellectual Property Rights Is An Operational Debt: NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Somesh Choudhary v Knight Riders Sports Private Limited & Ors., has held that claims arising out of grant of an exclusive right and license to use intellectual property...

Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Rakesh Kumar (Judicial Member) and Dr. Ashok Kumar Mishra (Technical Member), while adjudicating an appeal filed in Sudhir Kumar Goel & Ors. v M/s Shashi Oils and Fats Pvt. Ltd. & Ors, has held that once the liquidation process is complete and an application is filed by the liquidator...

NCLAT Reprimands Haryana Excise And Taxation Department For Its Casual Attitude

The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Jain and Dr Alok Srivastava expressed its displeasure towards the casual attitude of the Haryana Excise and Taxation Department in pursuing the case before the NCLAT. The Bench remarked that the excise and taxation department is claiming an amount of Rupees 62.87 Crores in the appeal...

Banker's Certificate Not Mandatorily Required To Trigger CIRP Under Section 9 Of IBC: NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal in M/s Quippo Infrastructure Limited v M.R. Nirman Private Ltd., has held that a Banker's Certificate is not mandatorily required to trigger Corporate Insolvency Resolution Process...

Explainer: What Are PUFE Transactions Under The IBC, 2016?

The Insolvency and Bankruptcy Code, 2016, reckoned to be a landmark legislation is a significant departure from previous insolvency regimes with the loss of defaulter's paradise and resurrection of economy's rightful position. However, certain challenges have come to the fore in the wake of vulnerable transactions entered into by the corporate debtor (CD) during the timeline of the pre-insolvency twilight period. The UNICITRAL Legislative Guide defines such transactions as "provisions ...

Only Creditors Who Triggered Insolvency Resolution Process Can Be Impleaded As A Party: 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 application filed in V. Venkata Sivakumar v IDBI Bank Ltd., has held that the Insolvency and Bankruptcy Code, 2016 ("IBC") has no provision to implead creditors other than the ones which triggered...

Section 14 Of IBC Does Not Differentiate Between Assessment, Quasi-Judicial Or Judicial Proceedings: 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 an application filed in M/S Ravi Infrastructure & Projects v KSS Petron Private Limited, has held that Section 14 of the Insolvency and Bankruptcy Code, 2016 ("IBC") does not differentiate between...

NCLT Can Reject The Resolution Plan Due To Non Serious & Casual Conduct Of Resolution Applicant: NCLAT

The National Company Law Appellate tribunal principal bench comprising of Justice Ashok Bhushan, Justice M Satyanarayana murthy, Mr Barun Mitra held that non serious and casual conduct of a resolution applicant is a sufficient ground to reject the resolution plan filed by such resolution applicant and approved by the committee of creditors of the Corporate Debtor. . Brief Facts...

Certified Copy Preparation Period Can Be Excluded For Limitation Under Section 61 Of The Insolvency & Bankruptcy Code, 2016.

The National Company Law Appellate Tribunal, Principal Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra recently held that the time taken for preparation of the certified copy of the order/judgment will be excluded for computation of limitation under Section 61 of the Insolvency and Bankruptcy Code, 2016. The Bench was hearing an appeal filed by the Appellant against...