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")...

'Indian Judicial Processes Cannot Be Taken For A Ride': NCLT Kolkata

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 held that the affidavit filed by the Successful Resolution Applicant (incorporated in Cayman Islands) was impudent and seems to assume that the...

Chairman Of Monitoring Committee Has Locus Standi To File Application For Fresh CIRP: NCLT Kolkata

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 held that the Chairman of Monitoring Committee has the locus to file an application before the Adjudicating Authority to give a fresh lease of life...

Resolution Professional Can Submit An Additional Report Under Section 99 Of Insolvency And Bankruptcy Code, 2016: NCLAT

NCLAT principal bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava & Ms. Shreesha Merla in the case of Ramesh Chander Agarwala versus State Bank of India held that the Resolution Professional can submit an additional report under Section 99 of the Insolvency & Bankruptcy Code, 2016. Personal Guarantors of a corporate debtor filed an appeal under Section 61 of the...

Even If Credit Facility Agreement Is Unstamped, Section 7 Petition Is Maintainable, On Proving Financial Debt : NCLAT Principal Bench

The National Company Law Appellate Tribunal ("NCLAT") Principal Bench comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Technical Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Aashish Kadam & Anr. v Nagpur Nagarik Sahakari Bank Ltd. & Anr., has held that if a credit facility agreement is unstamped, then petition...

Resolution Professional Is Not Entitled To Fees During Stay On Insolvency Proceedings: NCLAT

NCLAT principal bench comprising of Justice Ashok Bhushan & Ms. Shreesha Merla in the case of IndusInd Bank Ltd. versus Mr. Rajendra K Bhuta held that the Resolution Professional is not entitled for any professional fees during the period of stay on the corporate insolvency resolution process. IndusInd Bank filed an appeal under Section 61 of the Insolvency and Bankruptcy Code,...

Insolvency And Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates

The Supreme Court bench comprising of Justice Dinesh Maheshwari and Justice Aniruddha Bose in the case of Invest Asset Securitisation and Reconstruction Pvt. Ltd. versus Girnar Fibres Ltd. reiterates that the provisions of insolvency and bankruptcy code are essentially intended to bring the corporate debtor to its feet and are not of money recovery proceedings as such. Invest...

Yes Bank Initiates Insolvency Proceeding Against Zee Learn Ltd, An Essel Group Company: NCLT Mumbai

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri K.K. Vohra (Technical Member), has issued notice to Zee Learn Limited in a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), titled Yes Bank Ltd. v Zee Learn Ltd. The order was passed on 12.04.2022. Zee Learn Ltd. is an Essel...

Interest Free Security Deposit Is An Operational Debt: NCLAT

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla in the case of Vibrus Homes Pvt. Ltd. versus Ashimara Housing Pvt. Ltd. held that an interest free security deposit towards advance license fee will qualifies as an operational debt under the Insolvency &...

Insolvency Proceedings Initiated Against GVK Industries Ltd. At The Instance Of J&K Bank: NCLT, Hyderabad

The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Shri Bhaskara Pantula Mohan (Judicial Member) and Shri Veera Brahma Rao Arekapudi (Technical Member), while adjudicating a petition under Section 7 of the Insolvency and Bankruptcy Act, 2016 ("IBC") filed in M/s Jammu and Kashmir Bank Ltd. v GVK Industries Ltd. has initiated Corporate Insolvency...

Territorial Jurisdiction Of NCLT Cannot Be Taken Away By Agreement Between The Parties: NCLAT

The National Company Law Appellate Tribunal (NCLAT) Principal bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla in the case of Anil Kumar Malhotra v. M/s Mahindra & Mahindra Financial Services Ltd. held that the territorial jurisdiction of NCLT to decide case under Insolvency and Bankruptcy Code, 2016 cannot be taken away by the agreement between the...

Merely Because An Application Under Section 7 Of IBC Is Filed, It Is Not An Embargo On The Court Exercising Jurisdiction Under Section 11 Of The A&C Act: Bombay High Court

The High Court of Bombay has held that merely because an application under S.7 of IBC is filed before the adjudicating authority which is pending consideration does not oust the jurisdiction of the High Court to entertain an application filed under S. 11 of the A&C Act. The Single Bench of Justice G.S. Kulkarni has held that an application filed under S.7 of the IBC creates an...