IBC News
NCLAT Terminates The CIRP Of Kanoria Sugar & General Manufacturing Co. Ltd., As Parties Enter Settlement
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal in Kanoria Sugar and General Manufacturing Co. Ltd. v Punjab National Bank, has terminated the Corporate Insolvency Resolution Process ("CIRP") of Kanoria Sugar and General Manufacturing Co....
NCLAT Stays Insolvency Proceedings Against RHC Holdings Pvt. Ltd.
The National Company Law Appellate Tribunal (NCLAT) Principal Bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha stays the Corporate Insolvency Resolution Process of RHC Holdings Pvt Ltd. initiated by NCLT Principal Bench, New Delhi on 13.05.2022. RHC Holdings Pvt. Ltd. (RHC) is the company through which Singh Brothers namely Malvinder Singh and Shivinder Singh sold...
Preferential, Fraudulent Or Avoidable Transaction, Material Facts To Be Pleaded : NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising Mr. Rohit Kapoor (Judicial Member) and Mr. Harish Chander Suri (Technical Member), while adjudicating the matter of Star India Pvt. Ltd. v Advance Multisystem Broadband Communications Ltd., has held that a transaction cannot be alleged to be preferential, fraudulent or avoidable by the Resolution Professional, unless...
Belated Claims Of Homebuyers, If Reflected In The Records Of Corporate Debtor Shall Be Included In Information Memorandum By Resolution Professional: NCLAT
The National Company Law Appellate Tribunal (NCLAT) Principal bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla, Mr. Naresh Salecha in the case of Puneet Kaur versus K V Developers Private Limited has held that the claims of those homebuyers who could not file their claims within stipulated time but the same were reflected in the record of the Corporate Debtor ought to...
NCLAT Terminates The CIRP Of National Textile Corporation Ltd. As Parties Enter Settlement
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Shri Naresh Salecha (Technical Member), while adjudicating a petition filed in National Textile Corporation Ltd. v Hero Solar Energy Pvt. Ltd., has terminated the Corporate Insolvency Resolution Process ("CIRP") against...
Monthly Digest Of IBC Cases: May 2022
Supreme CourtSupreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No.: Civil Appeal No. 2222 of 2021 The Supreme Court Bench comprising of Justice KM Joseph and Justice Hrishikesh Roy has upheld the NCLAT judgment wherein it was held that...
NCLAT To Hear Appeals On Resolution Plan Of Jet Airways On 5th July, 2022
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), while hearing a batch of appeals filed against the resolution plan of Jet Airways (India) Ltd. by aggrieved employees and workmen of Jet Airways; Punjab National Bank; TLD MEAI FZE; Jet Aircraft Maintenance Engineers...
NCLAT Stays The CIRP Of National Textile Corporation Ltd., A Public Sector Enterprise
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Shri Naresh Salecha (Technical Member), while adjudicating a petition filed in National Textile Corporation Ltd. v Hero Solar Energy Pvt. Ltd., has stayed the Corporate Insolvency Resolution Process ("CIRP") against...
Temporary Unavailability Of A Member To Sign The Order Not A Ground For Fresh Hearing, If Order Was Passed With Consent Of Such Member: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Shri. Naresh Salecha (Technical Member), while adjudicating an appeal in Ashish Chandravandan Patel v Axis Bank Ltd. & Anr, has held that an order passed with the consent of both Members of an NCLT Bench but signed by...
Recovery Certificate Holder Can Initiate CIRP As Financial Creditor Under IBC : Supreme Court
The Supreme Court, on Monday, held that a liability in respect of a claim arising out of a Recovery Certificate under the Recovery of Debts and Bankruptcy Act, 1993 would be a "financial debt" within the meaning of Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC) and a holder of such Recovery Certificate would be a "financial creditor" under Section 5(7) of the IBC....
Weekly Digest Of IBC Cases: 23rd May To 29th May, 2022
NCLAT 1. NCLAT Urges Central Government And IBBI To Consider Legislative Change For Payment To Operational Creditor Under Resolution Plan Case Title: Damodar Valley Corporation v Dimension Steel and Alloys Case No.: Company Appeal (AT) (Insolvency) No. 62 of 2022 The National Company law Appellate Tribunal (NCLAT) bench comprising of Justice Ashok Bhushan and Ms....
NCLAT Urges IBBI To Amend CIRP Regulations To Include Claim Which Are Not Filed But Reflecting In Book/Record Of Corporate Debtor
The National Company Law Appellate Tribunal (NCLAT) principal bench comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha in the case of Employees Provident Fund Organisation versus Subodh Kumar Agarwal urges the IBBI to consider an amendment to the IBBI (Insolvency Process for Corporate Persons) Regulations in order to include claims in information which though...