CIRP Conducted In A "Brazen Manner": IBBI Suspends Insolvency Professional For Three Years

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice dated 08.04.2022 in the matter of Mr. Partha Sarathy Sarkar (Insolvency Professional), has suspended the Insolvency Professional for a period of three years for acting in contravention of the Insolvency and Bankruptcy Code, 2016 ("IBC") and the IBBI...

NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers (India) Ltd.

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 UCO Bank v Vinod Kumar Mittal, has initiated Insolvency Resolution Process against Mr. Vinod Kumar Mittal, who is the Personal Guarantor to the loan sanctioned to Gontermann-Pipers (India)...

IBC Cases Weekly Round Up: 20 June To 26 June, 2022

NCLAT NCLAT Stays The Constitution Of COC In The CIRP Of Bombay Rayon Fashions Ltd. Case Title: Prashant Agarwal v Vikash Parasprampuria Case No.: Company Appeal (AT) (Ins.) No. 690 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Kanthi Narahari (Technical Member), has stayed...

IBBI Suspends Insolvency Professional For Violation Of Code Of Conduct

The Disciplinary Committee of the Insolvency and Bankruptcy Board of India ("IBBI"), while adjudicating a Show Cause Notice in the matter of Mr. Kedarram Ramratan Laddha (Insolvency Professional), has suspended the Insolvency Professional for a period of one year for accepting assignment as an Interim Resolution Professional without having a valid Authorisation for Assignment...

Whether Income Tax Demand And Penalty Extinguished In CIRP ? Delhi High Court Stays Demand Notice

The Delhi High​​ Court bench of Justice Manmohan and Justice Manmeet Pritam Singh stayed an income tax assessment order and consequential demand and notice of penalty, which were assailed on grounds of being in contravention of the order of the National Company Law Tribunal (NCLT). An application filed by the Union of India (through the Ministry of Corporate Affairs) under...

Limitation Is Refreshed Each Year When Corporate Debtor Admits Debt In Its Financial Statements: NCLT Kolkata Initiates CIRP Against GIT Textiles

The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), while adjudicating an application filed in UCO Bank v GIT Textiles Manufacturing Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against GIT Textiles Manufacturing Ltd. for a default that had occurred in...

Claims That Were Not A Part Of The Resolution Plan, Can't Be Claimed After Approval Of The Resolution Plan: NCLT Mumbai Reiterates

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri Rohit Kapoor (Judicial Member) and Shri Harish Chander Suri (Technical Member), while adjudicating an application filed in State Bank of India v Rohit Ferro Tech Limited, has held that claims or reliefs which were not a part of the Resolution Plan, cannot be claimed after the said Resolution Plan is approved by...

Corporate Debtor Cannot Be Dragged Into CIRP Mala Fide For Any Purpose Other Than Resolution Of Insolvency: NCLT Mumbai

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Judicial Member) and Mr. Kapal Kumar Vohra (Technical Member), while adjudicating an application filed in Gateway Offshore Private Limited and Anr. v Runwal Realtors Pvt. Ltd., has held that a written contract cannot be treated as a pre- requisite to prove the existence of a financial debt...

NCLAT Stays The Constitution Of COC In The CIRP Of Bombay Rayon Fashions Ltd.

The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Kanthi Narahari (Technical Member), while adjudicating an appeal filed in Prashant Agarwal v Vikash Parasprampuria, has stayed the constitution of the Committee of Creditors ("CoC") in the Corporate Insolvency Resolution Process ("CIRP") of...

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Mr. Kishore Vemulapalli (Judicial Member) and Mr. Rajesh Sharma (Technical Member), while adjudicating an application in Srei Equipment Finance Ltd. v Nirmal Lifestyle (Kalyan) Pvt. Ltd., has initiated Corporate Insolvency Resolution Process ("CIRP") against Nirmal Lifestyle (Kalyan) Pvt. Ltd. ("Corporate Debtor")...

IBC Cases Weekly Round Up: June 13 To 19 June, 2022

Issuance Of Post Dated Cheques Is Not An Unqualified Admission Of Debt, NCLT Allahabad Dismisses Section 7 ApplicationCase Title: N.C. Goel & Maya Goel v Piyush Infrastructure India Private Limited Case No.: CP (IB) No.453/ALD/2019 The National Company Law Tribunal ("NCLT"), Allahabad Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Virendra Kumar...

Application By Chairman Of Monitoring Committee For CIRP Of Corporate Debtor's Debtor, Maintainable: NCLT Delhi

The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri Abni Ranjan Kumar Sinha (Judicial Member) and Shri Hemant Sarangi (Technical Member), while adjudicating an application in Educomp Infrastructure & School Management Ltd. v Millenium Education Foundation, has held that a Chairman of Monitoring Committee can file and application under IBC for...