NCLAT Principal Bench To Resume Physical Hearing From 1st August

The National Company Law Appellate Tribunal, New Delhi, has released a Standard Operating Procedure (SOP) dated 15.07.2022 for conduct of physical hearing before the NCLAT Principal Bench, New Delhi from 01.08.2022 onwards. The SOP has been released exclusively for the hearings before NCLAT Principal Bench, New Delhi and the decision to resume physical hearing has been taken in light...

NCLT Mumbai Initiates Insolvency Proceedings Against Sahara Hospitality, Owner Of Hotel Sahara Star

The National Company Law Tribunal's (NCLT) Mumbai bench has initiated insolvency proceedings against Sahara Hospitality Limited, that owns Hotel Sahara Star, for an alleged default of around Rs 50 crore. Judicial Member Justice P.N. Deshmukh (retd) and Technical Member Shyam Babu Gautam admitted a Company Petition (CP) under Section 9 of the Insolvency & Bankruptcy Code,...

National E-Assessment Centre Acted Thick Skinned: Gujarat High Court

The Gujarat High Court held that it was pandemic time when the department should have adopted a liberal approach in refusing the request for time for filing objections to the draft assessment order and finally passing the assessment order. The department acted thick-skinned. The division bench of Justice N.V. Anjaria and Justice Bharghav D. Karia has observed that the...

NCLT Ahmedabad Denies Approval Of Resolution Plan For Being Unimplementable

The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Justice Madan B. Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application filed in IFCI Ltd. v Anil Mega Food Park Pvt. Ltd., has declined to approve the Resolution Plan submitted by M2K Developers Pvt. Ltd. for Anil Mega Food Park Pvt. Ltd., for not...

NCLAT Chennai Rejects Claim Of PF Department For Delay Of 936 Days

The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Kanthi Narahari (Technical Member), while adjudicating an appeal filed in The Regional Provident Fund Commissioner v Mr. Vasudevan, has dismissed a claim filed by the Provident Fund Commissioner after a delay of 936 days and held that no indulgence or...

NCLT Mumbai Directs Income Tax Authority To Refund TDS To Corporate Debtor Undergoing Liquidation

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Retd.) (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating an application filed in Asset Reconstruction Company (India) Ltd. v Precision Fasteners Ltd., has directed the Deputy Commissioner of Income Tax to refund the TDS charged from the Corporate Debtor when...

Arbitrarily Rejection Of Resolution Plan Is Void , NCLT Allahabad Declares The COC's Action As Void

The National Company Law Tribunal ("NCLT"), Allahabad Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Virendra Kumar Gupta (Technical Member), while adjudicating an application filed in Exim Scrips Dealers Pvt. Ltd v Rathi Graphic Technologies Limited, has held that principles of natural justice are applicable to proceedings under the Insolvency and...

NCLT Has Discretion To Not Admit Financial Creditor's CIRP Application Even If Corporate Debtor Is In Default : Supreme Court

The Supreme Court observed that it is not mandatory for the Adjudicating Authority to admit an application to initiate Corporate Insolvency Resolution Process even if a debt existed and the Corporate debtor is in default.However, such discretionary power cannot be exercised arbitrarily or capriciously, the bench comprising Justices Indira Banerjee and JK Maheshwari cautioned.The court...

A Report Under Section 99 Of IBC Cannot Be Filed By Resolution Professional Without The Adjudicating Authority's Directions: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao (Judicial Member) Shri Chandra Bhan Singh (Technical Member), while adjudicating a petition filed in Bank of Baroda Limited v Mr. Pawan V Kikavat, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 ("IBC") for recommending...

IBC Cases Weekly Round-Up: 4 July To 10 July,2022

NCLAT Resolution Professional Is Only Authorized To Operate Accounts Of Corporate Debtor : NCLAT Chennai Case Title: Beauty Etiole Pvt. Ltd. v C. Sanjeevi & Ors. Case No.: Company Appeal (AT) (CH) (Ins.) No. 316/2021 The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member),...

Even Though Limitation Is Not Set Up As Defence, Tribunal Should Examine: NCLT Chennai

The National Company Law Tribunal (NCLT), Chennai Bench, comprising of Justice (Retd.) S. Ramathilagam (Judicial Member) and Shri Anil Kumar B (Technical Member), while adjudicating an application filed in Bank of Baroda v Rajiv Rai, has held that limitation applies to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 ("IBC") for initiating...

Information Memorandum Should Reflect Creditors Claim , If It Finds Place In Balance Sheet : 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 an application filed in Bank of Baroda v Divya Jyoti Industries Ltd., has held that if a claim of a creditor appears in the audited balance sheet of the Corporate Debtor, then it is the duty of...