NCLAT Delhi Sets Aside The CIRP Of LA Residentia Developers, As Parties Enter Settlement

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Amrapali LA-Residentia Flat Buyers Welfare Association (ALRFBWA) v LA Residentia Developers Pvt. Ltd. & Ors., has set aside...

NCLT Disallows JSW To Withdraw From Status Of Successful Resolution Applicant Of Ind-Barath Energy

The National Company Law Tribunal, Hyderabad Bench, comprising of Bhaskara Pantula Mohan (Judicial Member) and Dr. Binod Kumar Sinha (Technical Member), while adjudicating an application filed in Bank of Baroda v Ind-Barath Energy (Utkal) Ltd., has held that under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC"), Adjudicating Authority is not empowered to terminate...

NCLAT Sets Aside The Order Of NCLT Rejecting CIRP Initiation, Finds That The Service On The Respondent Was Effected As Per Master Data Details.

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 Sparta Global Projects Pvt. Ltd. v KUGD Services Pvt. Ltd., has directed the Adjudicating Authority to admit a petition under Section 9...

DHL Supply Chain Files Insolvency Plea Against Eicher Motors: NCLT Delhi To Decide The Issue Of Maintainability

The National Company Law Tribunal (NCLT), New Delhi Bench, comprising of Dharminder Singh (Judicial Member) and Sumita Purkayastha (Technical Member), while adjudicating an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC") in DHL Supply Chain Pvt. Ltd. v Eicher Motors Ltd., has directed DHL to convince the Bench on the maintainability of the...

IBC Cases Weekly Round Up: 18 July To 24 July, 2022

SUPREME COURT NCLT Not A Debt Collection Forum ; Operational Creditor's Application To Initiate CIRP Must Be Dismissed If The Debt Is Disputed: Supreme Court Case Title: SS Engineers vs Hindustan Petroleum Corporation Ltd Case No.: 2022 LiveLaw (SC) 617, CA 4583 OF 2022 The Supreme Court Bench comprising of Justices Indira Banerjee and V. Ramasubramanian observed that...

Payment Of Earnest Money Towards Purchase Of Land Is Not A Financial Debt: NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in S. Chandriah v Sunil Kumar Agarwal & Ors., has held that payment of Earnest Money towards purchase of land is a financial liability but not a 'financial debt' as per the...

OTS Proposal Is An 'Acknowledgement Of Debt' Under Section 18 Of Limitation Act: 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 filed in Tejas Khandhar v Bank of Baroda, has held that a One Time Settlement (OTS) proposal falls within the definition of 'acknowledgement of debt' under Section 18 of the Limitation...

NCLT Mumbai Initiates Insolvency Proceedings Against Future Retail Ltd., Rejects Amazon's Intervention Plea

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 India v Future Retail Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against Future Retail Ltd. and has appointed Mr. Vijay Kumar V Iyer as the Interim...

NCLT Not A Debt Collection Forum ; Operational Creditor's Application To Initiate CIRP Must Be Dismissed If The Debt Is Disputed: Supreme Court

The Supreme Court observed that application of the Operational Creditor for initiation of Corporate Insolvency Resolution Process (CIRP) must be dismissed, if the debt is disputed.It is not the object of the IBC that CIRP should be initiated to penalize solvent companies for non-payment of disputed dues claimed by an operational creditor, the bench of Justices Indira Banerjee and...

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

Supreme Court NCLT Has Discretion To Not Admit Financial Creditor's CIRP Application Even If Corporate Debtor Is In Default:Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No.: 2022 LiveLaw (SC) 587, CA 4633 OF 2021 The Supreme Court Bench comprising of Justices Indira Banerjee and JK Maheshwari has observed that it is not mandatory for...

NCLT Hyderabad Initiates Insolvency Process Against Trident Sugars LTD.

The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating an application filed in NSL Krishnaveni Sugars Ltd v Trident Sugars Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against Trident Sugars Ltd. and...

Guarantor Cannot Enjoy 'Right Of Subrogation' Even After CIRP Against Principal Debtor Gets Concluded: NCLT Hyderabad

The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath (Judicial Member) Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating a petition filed in State Bank of India v Shri. Ghanshyam Surajbali Kurmi, has held that a guarantor cannot enjoy a right of subrogation even after the Corporate...