IBC News
SBI Files Insolvency Proceedings Against Bajaj Hindusthan Sugar Ltd., A Bajaj Group Enterprise
Bajaj Hindusthan Sugar Ltd. ("BHSL") is a part of the Bajaj Group of Companies and is a leading manufacturer of sugar and ethanol in India. BHSL has 14 sugar manufacturing plants across Uttar Pradesh which have aggregate sugarcane crushing capacity of 136,000 TCD (tonnes crushed per day) and alcohol distillation capacity of 800 KLD (kilolitres per day). Besides, BHSL is also one of...
NCLT Mumbai Initiates Insolvency Against Topworth Urja & Metals, A Topworth Group Enterprise
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 Bank of Baroda v Topworth Urja & Metals Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against Topworth Urja & Metals Ltd. over a default of...
Moratorium Under Section 14 Of Insolvency And Bankruptcy Code, 2016 Is No Bar For Initiation Of Proceedings Under Section 66 Of The Code: NCLAT
The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Ashok Bhushan, Justice N Satyanarayana Murthy and Mr. Barun Mitra held that the moratorium imposed under Section 14 of the Insolvency & Bankruptcy Code, 2016 (Code/IBC) is not a bar for initiation of proceedings against the resolution professional of a company undergoing Corporate...
IBC Cases Weekly Round Up: 8 August To 14 August, 2022
Supreme Court S.7(5)(b) IBC | Provision To Notify Financial Creditor Before Rejecting Claim Extends To Appeals Before NCLAT: Supreme Court Case Name: Kotak Mahindra Bank Limited v. Kew Precision Parts Private Limited & Ors. Case No.: Civil Appeal No. 2176 of 2020, 2022 LiveLaw (SC) 673 The Supreme Court Bench comprising of Justice Indira Banerjee and Justice J.K....
S.7(5)(b) IBC | Provision To Notify Financial Creditor Before Rejecting Claim Extends To Appeals Before NCLAT: Supreme Court
The Supreme Court has that provision of Section 7(5)(b) of the Insolvency and Bankruptcy Code, 2016, which requires the Adjudicating Authority to notify the Financial Creditor before rejection of a claim, would be applicable to appeals as well, since appeal is the continuation of original proceedings(Kotak Mahindra Bank Limited v. Kew Precision Parts Private Limited And Ors). A...
Reagitating The Issue Attained Finality, By NCLT And Supreme Court, Is Abuse of process : NCLAT, Principal Bench
The Principal Bench of the NCLAT consisting of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Barun Mitra (Technical Member) in the case of Vikas Dahiya (Ex-Director of Golden Tobacco Ltd.) Vs. Arrow Engineering Ltd. held that the doctrine of Res Judicata applies to proceedings under the IBC and challenge to the findings in incidental...
NCLT Mumbai Declares Megi Agro Chem Insolvent, Reiterates OTS Proposal Amounts To Acknowledgement Of Debt
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri. H.V. Subba Rao (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating a petition filed in M/s. Pridhvi Asset Reconstruction and Securitisation Company Limited v M/s. Megi Agro Chem Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against Megi Agro...
NCLAT Delhi Directs Tax Authorities To Withdraw Notices For Freezing Accounts Of Corporate Debtor
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 Mr. Hemant Mehta v Asst. Commissioner of State Tax, has held that notices issued by the Tax Authorities to freeze the accounts the...
NCLT Issues Clarification To Spurious Notification Dated 8th August 2022 Regarding Conduct Of Online Hearing
The National Company Law Tribunal ("NCLT") has issued a notification dated 09.08.2022 clarifying that a previous spurious notification dated 08.08.2022, which was being circulated on Whatsapp since yesterday, is inauthentic and neither approved by the President of NCLT nor uploaded on the NCLT official website. Brief Background On 08.08.2022, a fabricated NCLT notification was...
NCLT Will Only Hear Urgent Cases Due To Shortage Of Members
The Benches of National Company Law Tribunal (NCLT) will only hear urgent matters from 08.08.2022 due to the shortage of members. A notification in this regard is issued by the Registrar of NCLT after prior approval of the Justice Ramalingam Sudhakar, President, NCLT. NCLT is currently functioning at its 50% strength owing to the retirement of 15 members in July, 2022 as the...
IBC Cases Weekly Round Up : 1 August To 7August, 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: Supreme Court 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...
CIRP Against Solvent, MSME Company Providing Employment Not Justified : 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 M/s Agarwal Veneers v Fundtonic Service Pvt. Ltd., has upheld the dismissal of a Section 9 petition on the grounds of the Corporate Debtor being a solvent company, operating as...