NCLAT Directs Modification Of Resolution Plan On Ground Of Discrimination Between Similarly Situated Financial Creditors

Although the Appellate Tribunal found the resolution plan to be in contravention of provisions of the IBC, it did not set aside the plan. An opportunity was given to the resolution applicant to remove the discrimination by providing similar treatment, as was provided to other similarly situated financial creditors.

Imposition Of Pre CIRP Moratorium: Icing On The Cake

Pre CIRP moratorium will prevent corporate debtors from taking advantage of delay in admitting insolvency applications.

IBC Proceedings Maintainable Even If Company's Name Struck Off From The Register Of Companies: NCLAT

The NCLAT has reiterated that an application under Sections 7 and 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for the initiation of 'Corporate Insolvency Resolution Process' (CIRP) is maintainable even if the name of the Company has been struck-off by the Registrar of Companies. The Appellate Bench was hearing an appeal filed by Elektrans Shipping Pvt....

Non Payment Of Debt After Issuance Of Recovery Certificate Not A 'Continuing Wrong' : SC [Read Order]

The Supreme Court has held that non-payment of debt after the issuance of recovery certificate cannot be regarded as a continuing wrong so as to give rise to a continuing cause of action under the Limitation Act.The bench of Justices R F Nariman and Surya Kant held so while allowing an appeal against an order of NCLAT which allowed the admission of an insolvency petition with respect to...

SC Stays Liquidation Of Amtek Auto Passed By NCLAT

The Supreme Court has issued notice in a civil appeal filed by the 'Committee Of Creditors' (CoC) of 'Amtek Auto Limited' and stayed the liquidation order passed by the NCLAT. Since the liquidation of Amtek was approved by NCLAT, the CoC of Amtek approached SC by way of an appeal. Solicitor General Tushar Mehta appeared on behalf of the CoC, before the SC Bench comprising of Justices...

NCLAT Clears Ambiguity Over NCLT's Power To Dispense With The Meetings Of Shareholders & Creditors In A Scheme Of Arrangement/ Amalgamations [Read Judgment]

Case Title: DLF Phase-IV Commercial Developers Limited & Others, Company Appeal (AT) No. 180 of 2019, Judgement Dated: 19th August 2019.In a landmark Judgement, the National Company Law Appellate Tribunal (NCLAT) set aside the order of National Company Law Tribunal (NCLT), Chandigarh Bench, as being per incuriam. This was because it declined the dispensation of certain meetings of shareholders and creditors of Applicant Companies while holding that such dispensations are not permissible...

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections

In the absence of any material irregularity in exercising the powers by the RP during the CIRP, or regarding provision for payment of insolvency resolution costs in the resolution plan, the appeal was found to be not maintainable by the NCLAT, and was dismissed.

SC Seeks NBCC Response On Completing Stalled Jaypee Group Projects

The Supreme Court on Tuesday sought response from the NBCC on whether it is willing to give a revised proposal to complete the stalled projects of Jaypee group.A bench of justices A M Khanwilkar and Dinesh Maheshwari issued notice to the National Buildings Construction Corporation Limited (NBCC) and sought its reply by Thursday.Additional Solicitor General Madhavi Divan, appearing for the...

Rs 60,000 Crores Have Been Realized Through Successful Resolution Plans Under IBC : Justice S K Kaul

The central promise of the IBC has been to guarantee a time bound resolution of bad debt, said Justice Sanjay Kishan Kaul, judge of the Supreme Court of India, while giving a talk at the Symposium on 'Recovery and Resolution- Emerging Challenges before Recovery Tribunals & NCLTs' on Saturday at Chennai."The central promise of the IBC has been to guarantee a time bound resolution of bad...

NCLAT Dismisses Government's Plea For Recovery From Videocon Industries During Moratorium

The NCLAT agreed with the view taken by NCLT, Mumbai that during the period of 'Moratorium', the Government could neither recover any amount nor issue demand notice to the Videocon through its Resolution Professional.

NCLAT Allows Appeal Filed By ICICI Against RP Of Ruchi Soya Industries; Dismisses Claim Of Preferential Transactions

The NCLAT has allowed an appeal filed by ICICI Bank against the Resolution Professional of Ruchi Soya Industries, setting aside the NCLT order that had upheld the RP's claim of preferential treatment of its claims being done by the Corporate Debtor.The Resolution Professional (RP) of Ruchi Soya Industries had moved an application at NCLT Mumbai under section 43(1) of the Insolvency and...

NCLT Initiates Insolvency Proceedings On Homebuyer's Plea Against Builder For Defaulting Payment Of Refund [Read Judgment]

The Tribunal held that the plea cannot be regarded as one for recovery of debt.