IBBI Amends Its Regulations On Information Utilities

The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 ("Information Utility Regulations") vide a notification dated 14.06.2022, bearing No. IBBI/2022-23/GN/REG085, in order to improve the availability of information. These amendments have come into...

NCLT Mumbai Initiates Insolvency Process Against Bombay Rayon Fashions 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 filed in Vikash Parasprampuria v Bombay Rayon Fashions Limited, has initiated Corporate Insolvency Resolution Process ("CIRP") against Bombay Rayon Fashions Ltd. The order was...

Issuance Of Post Dated Cheques Is Not An Unqualified Admission Of Debt, NCLT Allahabad Dismisses Section 7 Application

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 N.C. Goel & Maya Goel v Piyush Infrastructure India Pvt. Ltd., has held that issuance of post dated cheques cannot be taken to be unqualified admission of debt, because...

IBC Cases Weekly Round-Up : June 6 To June 12, 2022

NCLAT NCLT Has Power To Recall Its Order: NCLAT Case Title: Printland Digital (India) Pvt. Ltd. v Nirmal Trading Company Case No.: Company Appeal (AT) (Insolvency) No. 504 of 2022 The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Alok Srivastva (Technical Member) recently held that the National...

NCLAT Limits Supertech's Insolvency Process To One Project

The National Company Law Appellate Tribunal (NCLAT) principal bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha has modified its stay order on constitution of Committee of Creditors of Supertech Ltd. (Supertech) and limited the Corporate Insolvency Resolution Process of Supertech to one project i.e., Eco Village II. Earlier, the NCLAT vide its order dated 12.04.2022...

NCLT Closes The Right To File Reply Due To Delay, NCLAT Delhi Allows Appeal And Directs To Take Reply On Record

The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Ashok Kumar Mishra (Technical Member), while adjudicating an appeal in Samyak Metals Pvt. Ltd. v Ugro Capital Ltd., has permitted taking on record of a Reply, which was allegedly lying with the Registry for over 50 days for curing of defects and...

Wave Megacity Projects, NCLT Dismisses Wave's Insolvency Plea With A Cost Of One Crore

The National Company Law Tribunal (NCLT), Principal bench comprising of Bhaskara Pantula Mohan (Member Judicial) and Mr. Hemant Kumar Sarangi (Member Technical) dismissed the insolvency petition filed by Wave Megacity Centre Private Limited (Wave) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Bench also imposed a cost of INR One Crore on Wave for filing...

NCLT Chennai Restraints Liquidator From Dealing With Assets Of Jeypore Sugar Co. Ltd.

The National Company Law Tribunal ("NCLT"), Chennai Bench, comprising of Justice S. Ramathilagam (Judicial Member) and Shri Anil Kumar B (Technical Member), while adjudicating an application filed in IDBI Bank v Jeypore Sugar Company Ltd., has restrained the liquidator from dealing with the assets of Jeypore Sugar Company Ltd. ("Corporate Debtor") till the pendency of the...

Ansal Properties Pays The Dues Lately, NCLT Delhi Dismisses Insolvency Petition Imposing A Cost Of Rs. 1 Lakh On Ansal

The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri. Abni Ranjan Kumar Sinha (Judicial Member) and Shri. L. N. Gupta (Technical Member), in M/s. Dalmia Family Office Trust v M/s. Ansal Properties and Infrastructure Ltd., has dismissed the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), seeking initiation of the...

NCLT Has Power To Recall Its Order: NCLAT

The National Company Law Appellate Tribunal (NCLAT) bench comprising of Justice Rakesh Kumar Jain and Mr. Alok Srivastva recently held that the National Company Law Tribunal has the power to recall its order of closing the right to file reply. Brief Background NCLT New Delhi vide its order dated 22.07.2021 closed the right to file reply of the Corporate Debtor. Appellant filed...

NCLAT Set Asides Insolvency Process Against HCL

The National Company Law Appellate Tribunal (NCLAT) Principal Bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha recently allowed the appeal filed by the suspended director of HCL Technologies (HCL) and set aside the Corporate Insolvency Resolution Process (CIRP) initiated against the HCL. NCLT Bench-II, New Delhi on 17.01.2022 admitted the...

IBC Cases Weekly Round-Up: 30 May To 5 June, 2022

Supreme Court Recovery Certificate Holder Can Initiate CIRP As Financial Creditor Under IBC: Supreme Court Case Title: Kotak Mahindra Bank Limited v A. Balakrishna & Anr. Case No.: 2022 LiveLaw (SC) 534, Civil Appeal No. 689 of 2021 The Supreme Court bench, comprising of Justices L. Nageswara Rao, B.R. Gavai and A.S. Bopanna, has held that a liability in respect of a...