NCLAT's Chennai Bench To Commence Functioning From January 25 Through Virtual Mode

Over Ten months after the Central government constituted another Bench of the National Company Law Appellate Tribunal (NCLAT) at Chennai, the same will start its functioning from Monday (25th January 2021) through Virtual Mode. A notification issued in this behalf states that the filing of Fresh Appeals against the orders of the Benches of the National Company Law Tribunal...

Inauguration Of NCLAT, Chennai Bench By Union Minister Smt. Nirmala Sitharaman [25th January 2021]

The National Company Law Appellate Tribunal is inaugurating the NCLAT, Chennai Bench through Virtual Inaugural CeremonyThe details are as follows: Date: 25th January 2021(Monday) Time: 12:15 PM For the Event Link, click here Event ID: 158 769 5485 Password:...

Minimum Threshold For Homebuyers' Insolvency Process Against Builder Shields Frivolous & Avoidable Applications : Supreme Court

The Supreme Court has upheld the threshold limit on homebuyers - introduced by way of Insolvency and Bankruptcy Code(Amendment) Act 2020 - as an attempt to "shield the corporate debtor(builder) from avoidable and frivolous applications".A bench comprising Justices R F Nariman, Navin Sinha and KM Joseph upheld Section 3 of the IBC(Amendment) Act 2020 which introduced provisos to Section 7 of...

NCLT Admits ISRO-Arm Antrix's Plea To Wind Up Devas Multimedia; Appoints Provisional Liquidator

The National Company Law Tribunal, Bengaluru, on Tuesday admitted the petition filed by Indian Space Research Organization's commercial arm Antrix Corporation Ltd to wind up Devas Multimedia under Sections 271 and 272 of the Companies Act 2013.Antrix Corporation sought the winding up of Devas Multimedia on the grounds that the Bengaluru-based company's affairs were being have been conducted in...

Supreme Court Upholds Sections 3, 4 & 10 Of IBC Amendment Act 2020

The Supreme Court on Tuesday upheld the constitutional validity of Sections 3, 4 and 10 of the Insolvency and Bankruptcy Code (Amendment) Act 2020.A bench comprising Justices RF Nariman, Navin Sinha and KM Joseph had considered the petitions. Justice KM Joseph authored the judgment delivered in Manish Kumar v Union of India and others and connected cases.While upholding the amendments, the...

Justice (Retd.) Bansi Lal Bhat's Term As Officiating Chairperson Of NCLAT Extended Till He Turns 67 Yrs

The Central Government has extended the term of (Retd.) Justice Bansi Lal Bhat as the officiating Chairperson of the National Company Law Appellate Tribunal (NCLAT), till he attains the age of 67 years, or until further orders, whichever is earlier. The term of Justice AIS Cheema as the Judicial Member of NCLAT has also been extended till he attains the age of 67 years, or until...

Bombay High Court Issues Notice On Plea For Directions To NCLAT For Enabling E-Filing & Doing Away With Physical Filing

The Bombay High Court on Monday issued notice to the National Company Law Appellate Tribunal (NCLAT) and the Ministry of Corporate Affairs on a petition filed by an Advocate seeking directions for doing away with physical filing of proceedings and enabling e-filing before NCLAT instead, so that lawyers outside Delhi are not disadvantaged.Division bench of Justice AA Sayed and Justice...

NCLT Allows Reduction Of Paid Up Share Capital Structure Of Josco Jewellers Pvt. Ltd. From Rs. 120 Crores To 1 Crore At Its Request

The National Company Law Tribunal, Kochi Bench allowed a company petition filed by Josco Jewellers Pvt. Ltd. for reduction of its share capital from Rs. 120 crores to Rs. 1 crore after an agreement was entered into by the petitioner company for selling and transferring business to one of its flagship companies, Josco Bullion Traders Pvt. Ltd. The decision came in the wake of...

Suspension Of Insolvency Proceedings And Its Effect On Bilateral Investment Treaties

Recently, the Government extended suspension of insolvency proceedings till 31st March, 2021. On 24th September, 2020, Rajya Sabha passed The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 by way of which it extended the suspension of Sections 7, 9 & 10 with a view to provide further relaxation period to companies adversely affected by COVID-19. The same was originally introduced by the government during March suspending the initiation of Corporate Insolvency Resolution...

Is Financier With Hypothecation Charge Over Vehicle A 'Financial Creditor' Under IBC? Supreme Court To Examine

The Supreme Court on Thursday issued notice on an appeal filed against an NCLAT verdict which held that a financier cannot claim the status of 'financial creditor' under the Insolvency and Bankruptcy Code (IBC) if the hypothecation charge in respect of a vehicle is not registered as per the Companies Act, 2013.A bench comprising Justices DY Chandrachud, Indira Banerjee and Sanjiv Khanna...

Centre Extends Suspension Of Insolvency Proceedings By Another 3 Months Till March 25, 2021 - Read Notification

The Ministry of Corporate Affairs on Tuesday(December 22) issued a notification to extend the suspension of insolvency proceedings by another three months with effect from December 25 till March 25, 2021.The new notification comes ahead of the end of the present suspension period which is set to end on December 25.In June, the Centre had suspended IBC proceedings for a period of six months...

Kerala High Court Stays NCLT Order Which Held That March 24 Notification Raising IBC Threshold As Rs One Crore Will Apply Only Prospectively

The Kerala High Court on Friday stayed the order of the National Company Law Tribunal (NCLT) Kochi bench which held that the March 24 notification raising the threshold limit for insolvency proceedings as Rupees One Crore will apply only prospectively.In the case M/s Tharakan Web Innovations Pvt Ltd vs Cyriac Njavally, the NCLT held that the March 24 Notification which enhanced the...