No Conflict Between The Prohibition Of Benami Property Transaction Act, 1998 and IBC, 2016 Concerning Attachment Of Property: NCLT, Chennai Bench

The NCLT, Chennai Bench comprising of Justice (Retd.) S. Ramathilangam, Judicial Member and B. Anil Kumar, Technical Member in Shri. Mudapallur Varieth Gangadharan v. The Deputy Commissioner of Income Tax has held that there is no conflict between the Prohibition of Benami Property Transaction Act, 1988 and the Insolvency and Bankruptcy Code, 2016 concerning the attachment of property,...

NCLAT Nod To Roma Unicon Designex Consortium As The Successful Resolution Applicant Of Earth Infrastructure Ltd.

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), recently adjudicated an appeal filed by a Financial Creditor in Bipin Sharma v Earth Infrastructure Ltd. & Anr., challenging the eligibility of the Successful Resolution...

Decision Of Homebuyers As A Class Is Binding On Every Homebuyer: NCLAT, Delhi

National Company Law Appellate Tribunal (NCLAT), Principal Bench New Delhi in a recent case of Sandeep Kumar Jain versus Anil Tayal held that decision taken by the homebuyers as a class is binding on every single homebuyer. The bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla was hearing the appeal filed by two homebuyers against the order of NCLT New Delhi...

NCLT Mumbai Grants Time To Future Retail Ltd. To File Reply In Insolvency Plea

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while hearing a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), titled Bank of India v Future Retail Ltd., has granted time to Future Retail Ltd. for filing a reply to the petition. The next...

Monthly Digest Of IBC Cases: April 2022

Supreme Court Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court Case title: Sunil Kumar Jain v Sundaresh Bhatt, Civil Appeal No. 5910 of 2019. A Supreme Court division bench comprising of Justice M.R. Shah and Justice Aniruddha Bose has held that the dues towards the wages/salaries of only...

NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited

The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Finquest Financial Solutions Pvt. Ltd. v Anuj Jain (Erstwhile RP of Ballarpur Industries Ltd.) & Ors., has set aside the order dated 25.01.2022 passed by NCLT Mumbai...

Weekly Digest Of IBC Cases: 25th April To 1st May, 2022

Supreme Court1. Insolvency and Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court ReiteratesCase Title: Invest Asset Securitisation and Reconstruction Pvt. Ltd. v Girnar Fibres Ltd.Case No.: 2022 LiveLaw (SC) 423 The Supreme Court bench comprising of Justice Dinesh Maheshwari and Justice Aniruddha Bose reiterated that the provisions of Insolvency and...

Supreme Court Keeps CIRP In Abeyance And Permitted Promoter To Complete The Housing Project

The Supreme Court bench comprising of Justice L Nageshwara Rao and B R Gavai in the case of Anand Murti versus Soni Infratech Private Limited directed to keep the Corporate Insolvency Resolution Process in abeyance and permitted the erstwhile promoter of corporate debtor to complete the construction of real estate housing project within the stipulated time period. Suspended Director...

Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati

The National Company Law Tribunal ("NCLT"), Amravati Bench, comprising of Justice Telaprolu Rajani (Judicial Member), while adjudicating a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC") in the matter of M/s Pridhvi Asset Reconstruction and Securitisation Company Ltd. v M/s Andhra Cement Ltd., has initiated Corporate Insolvency Resolution Process...

Corporate Insolvency Resolution Process Can Be Resume On Failure Of Settlement Agreement: NCLAT Chennai

NCLAT Chennai bench comprising of Justice M Venugopal and Mr. Kanthi Narahari in the case of ICICI Bank versus OPTO Circuits (India) limited held that Corporate Insolvency Resolution Process (CIRP) can be revive/resume in case of failure of settlement agreement between the parties. ICICI Bank filed an appeal before NCLAT Chennai under Section 61 of the Insolvency & Bankruptcy...

IBC - Moratorium Applies Only To Corporate Debtor ; Natural Persons Like Its Director Would Continue To Be Liable U/s 138 NI Act : Supreme Court

The Supreme Court reiterated that the moratorium provisions contained in Section 14 of the Insolvency and Bankruptcy Code, 2016 would apply only to the corporate debtor The natural persons mentioned in Section 141 of the Negotiable Instruments Act would continue to be statutorily liable under the provisions of the Act, the bench comprising Justices UU Lalit, S. Ravindra Bhat and PS...

NCLT Kolkata Invokes Penal Provisions Under IBC Against Tax Haven Based Resolution Applicant

The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rajasekhar V.K. (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an interim application filed in Beni Gopal Singhi v EMC Ltd., has proceeded against a tax haven based Successful Resolution Applicant ("SRA") under Section 74(3) of the Insolvency and Bankruptcy Code, 2016 ("IBC")...