NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath (Judicial Member) Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating a petition filed in L&T Finance Limited v Tikkavarapu Venkaram Reddy, has initiated insolvency resolution process against Mr. Tikkavarapu Venkatarami Reddy, who is the Personal Guarantor...

NCLT Chennai Bench Re-Constituted, Matters To Be Heard Through Video Conferencing

The National Company Law Tribunal, Chennai Bench, has been re-constituted vide a Circular dated 01.07.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new NCLT Chennai Bench shall comprise of: NCLT Chennai Court Room No. 1 (Second Half) Justice (Retd.) S. Ramathilagam (Judicial Member)Shri Sameer Kakar (Technical Member) NCLT Chennai Court Room No....

NCLT Kochi Bench Re-Constituted, Matters To Be Heard Through Video Conferencing

The National Company Law Tribunal, Kochi Bench, has been re-constituted vide a Circular dated 01.07.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new Kochi Bench shall comprise of: Dr. Deepti Mukesh (Judicial Member)Shri Ajai Das Mehrotra (Technical Member) The reconstituted Bench shall first take up matters of the NCLT Ahmedabad (Court No. 2)...

NCLT Allahabad Bench Re-Constituted, Matters To Be Heard Through Video Conferencing

The National Company Law Tribunal, Allahabad Bench, has been re-constituted vide a Circular dated 01.07.2022, issued by NCLT as per Section 419(3) of the Companies Act, 2013. The new Bench shall comprise of: Shri Harnam Singh Thakur (Judicial Member)Shri Subrata Kumar Dash (Technical Member) The reconstituted Bench shall first take up matters of the NCLT Chandigarh...

Sale Of Corporate Debtor As A 'Going Concern' Includes Both Assets And Liabilities: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Subba Rao (Judicial Member) and Shri Chandra Bhan Singh (Technical Member), while adjudicating an interim application filed in Harsh Vinimay Pvt. Ltd. v Gajanan Industries Ltd., has held that when a Corporate Debtor is sold as a 'going concern', then such sale shall include both assets and liabilities and not...

IBC Proceedings Can't Dilute Rights Of The Income Tax Department To Reopen Assessment: Madras High Court

The Madras High Court has ruled that proceedings under the Insolvency and Bankruptcy Code (IBC), 2016 cannot dilute the rights of the Income Tax Department to reopen the assessment under Section 148 of the Income Tax Act, 1961. The Court noted that the Resolution Plan submitted by the assessee did not contemplate any concession from the Income Tax Department, even though notice under...

Fifteen NCLT Members To Retire On 3rd July, NCLT Benches To Suffer From Shortage Of Members

The National Company Law Tribunal Benches across the country are set to undergo shortage of Members as fifteen Members are retiring on 03.07.2022 and no extension has been granted to their tenure till now. The NCLT benches have been re-constituted with the remaining Members vide circulars dated 01.07.2022. Background The Ministry of Corporate Affairs ("MCA") vide a notification...

Monthly Digest Of IBC Cases: June 2022

NCLAT Belated Claims Of Homebuyers, If Reflected In The Records Of Corporate Debtor Shall Be Included In Information Memorandum By Resolution Professional: NCLAT Case Title: Puneet Kaur v K V Developers Private Limited Case No.: Company Appeal (AT) (Insolvency) No. 390 of 2022 The National Company Law Appellate Tribunal (NCLAT), Principal Bench, comprising of Justice...

"IBC Does Not Protect The Interest Or Claim Of A Partner Against Another Partner Or The Firm": NCLT Mumbai

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Judicial Member) and Shri Kapal Kumar Vohra (Technical Member), while adjudicating a petition filed in Parul A Vora v Kavya Buildcon Pvt. Ltd., has held that the Insolvency and Bankruptcy Code, 2016 ("IBC") does not protect the interest or claim of a Partner against another Partner or...

Bank Of India V Future Retail: NCLT Mumbai Reserves Order On Amazon's Intervention Application

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 intervention application filed by Amazon in Bank of India v Future Retail Ltd., has vide an order dated 27.06.2022 reserved the matter for orders on the intervention...

Cannot Invoke Article 226 If An Effective And Statutory Remedy Exists Before NCLAT: Madras High Court

The High Court of Madras Bench comprising of Justice T. Raja and Justice K. Kumaresh Babu, while adjudicating a writ petition filed in Sunku Vasundhara v State Bank of India, has held that when an effective and statutory remedy lies before the Appellate Authority i.e. National Company Law Appellate Tribunal (NCLAT), aggrieved parties cannot invoke Article 226 of the Constitution of...

Under 'Right Of Subrogation' Guarantor Is Entitled To Initiate CIRP Against Principal Borrower: NCLT Kolkata

The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), while adjudicating a petition filed in Orbit Towers Pvt. Ltd. v Sampurna Suppliers Pvt. Ltd., has held that if a Guarantor pays the debt on behalf of the Principal Borrower, then it steps into the shoes of the Creditor and...