NCLT Have The Power To Replace Liquidator Under Insolvency And Bankruptcy Code, 2016: NCLT Chennai

National Company Law Tribunal, Chennai (NCLT) comprising of Justice S Ramathilagam and Mr. Anil B Kumar held that the NCLT have the power to replace the liquidator during the liquidation process of a Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. (IBC/Code) NCLT initiated the Corporate Insolvency Resolution Process (CIRP) of Jeypore Sugar Company Limited (Jeypore...

NCLAT Delhi Stays 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. & Anr., has stayed the...

Suspended Management Must Be Provided With A Copy Of The Resolution Plan: NCLT Indore Reiterates

The National Company Law Tribunal, Indore Bench, comprising of Shri Madan B. Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application filed in Chandraudai Automobiles Pvt. Ltd. v Rajpal Abhikaran Pvt. Ltd., has held that a copy of the Resolution Plan must be provided to the Suspended Management of the Corporate Debtor and has...

Bankruptcy Code Dilemma and Challenges

It Is Time For The Stakeholders And Authorities To Go Back And Analise And Not To Change The Board Recent detailed order of June 13, 2022 of NCLT Allahabad in the matter of Rathi Graphic Technologies Limited Vs Rajkumar Rathi and Others, has tried to open up debate on appropriateness of the law introduced through the provisions of the Insolvency and Bankruptcy Code, 2016, in India, by observing that "we have departed from socialistic approach to capitalistic approach. Even the ...

Shri.Jayanti Prasad Takes Charge As Whole-Time Member Of IBBI

The Insolvency and Bankruptcy Board of India ("IBBI") on 05.07.2022 has issued a press release stating that Shri.Jayanti Prasad has taken charge as whole-time Member of Insolvency and Bankruptcy Board of India in New Delhi. He belongs to 1986 batch Indian Audit and Accounts Service officer, superannuated as Deputy Comptroller & Auditor General (Human Resources and...

On Recusal From Hearing, Members Can't Transfer Case To Another Bench In Another Place : NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT") Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Sonia Khosla & Anr. v Montreaux Resorts (P) Ltd. & Ors., has held if Members of NCLT Bench recuse from hearing a case, they cannot...

IBBI Notifies Amendments To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") vide a notification dated 04.07.2022 in the Gazette of India (Extraordinary) has notified amendments to the IBBI (Insolvency Professionals) Regulations, 2016. These amendments have come into force on 04.07.2022. The following clauses have been inserted in the Insolvency Professional Regulations: Clause 8B: Insolvency...

NCLAT Upholds Eligibility Of NTPC As A Resolution Applicant For Jhabua Power Ltd. : NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Mr. Naresh Salecha (Technical Member), while adjudicating an appeal filed in Avantha Holdings Limited v Mr. Abhilash Lal, has upheld the eligibility of NTPC Ltd. under Section 29A of the IBC to submit Resolution Plan for...

NCLAT Holds Lease Rental As Operational Debt Under The Insolvency And Bankruptcy Code, 2016

A five judge bench of National Company Law Appellate Tribunal comprising of Justice Ashok bhushan, Justice Rakesh Kumar, Justice Rakesh Jain, Mr. Naresh Salecha and Mr. Barun Mitra held that the lease rental qualifies as an operational debt under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) The five judge bench was constituted after a three judge bench of...

Bid For Corporate Debtor As 'Going Concern' To Be Given Preference Over The Standalone Bid; NCLT Ahmedabad

The National Company Law Tribunal, Ahmedabad Bench, comprising of Madan B. Gosavi (Judicial Member) Kaushalendra Kumar Singh (Technical Member), while adjudicating an application filed in Arrhum Tradelink Private Limited v Vineeta Maheshwari & Ors., has held that when two equal bids are received in an auction, then Corporate Debtor must be sold to the bidder who purchases it as a...

Resolution Professional Is Only Authorized To Operate Accounts Of Corporate Debtor : NCLAT Chennai

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), while adjudicating an appeal filed in Beauty Etiole Pvt. Ltd. v C. Sanjeevi & Ors, has held that the Resolution Professional is only authorized in law to exercise control over Bank Accounts operated by the Corporate Debtor and...

IBC Cases Weekly Round-Up: 27 June To 3 July 2022

NCLT NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers(India) Ltd. Case Title: UCO Bank v Vinod Kumar Mittal Case No.: C.P.(IB)/24(KB)2021 The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), has initiated Insolvency...