NCLT Cannot Decide Legality Of A Foreign Decree, Rules NCLAT [Read Judgment]

The National Company Law Appellate Tribunal has held that NCLT, the 'adjudicating authority' under the Insolvency and Bankruptcy Code, was not a 'court' or a 'tribunal' and hence cannot decide the legality of a foreign decree."we hold that the Adjudicating Authority not being a Court or 'Tribunal' and 'Insolvency Resolution Process' not being a litigation, it has no jurisdiction to decide...

IBC: Pendency Of Case U/S 138 & 141 NI Act Amounts To Admission Of Debt, Not Existence Of Dispute: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has held that pendency of proceedings under Section 138/441 of the Negotiable Instruments Act, 1881 cannot be considered as a dispute pending before a court of law, and hence, cannot be used as a reason for rejection of an application under Section 9 of the Insolvency and Bankruptcy Code.A bench comprising Justice S.J. Mukhopadhaya...

Implications Of Binani Ruling For IBC

On 14 November 2018, the National Company Law Appellate Tribunal (NCLAT) pronounced its ruling in the case of Rajputana Properties Pvt. Ltd. v Ultratech Cement Ltd. & Ors. along with other connected matters, upholding the revised resolution plan submitted by UltraTech Cement Limited (UltraTech) for Binani Cements Limited (Binani Cements). Vide the said order, the resolution plan submitted by the rival contender viz Dalmia Bharat led Rajputana Properties Private Limited (Rajputana), was held...

Corporate Debtor Cannot Maintain Appeal Under Insolvency & Bankruptcy Code : NCLAT [Read Order]

Holding that corporate debtor cannot maintain appeal under the Insolvency and Bankruptcy Code, the National Company Law Appellate Tribunal dismissed an appeal.The appeal was filed by M/s Radius Infratel Pvt Ltd, which challenged an order passed by Adjudicating Authority admitting an application under Section 7 of the IBC moved by a financial creditor.The Tribunal noted that the Supreme Court...

NCLAT Okays UltraTech Cement's Revised Resolution Plan For Binani Cement [Read Judgment]

The National Company Law Appellate Tribunal (NCLAT) on Wednesday approved the revised resolution plan submitted by Ultratech Cement for debt-ridden Binani Cement.The NCLAT bench comprising NCLAT Chairperson, Justice SJ Mukhopadhaya, and Judicial Member, Justice Bansi Lal Bhat accepted Ultratech's plan, while ruling that the plan submitted by the rival Dalmia Bharat group firm Rajputana...

IBC Not Intended To Be Substitute To A Recovery Forum: SC Reiterates [Read Judgment]

'Whenever there is existence of real dispute, the IBC provisions cannot be invoked.'While setting an order of National Company Law Appellate Tribunal (NCLAT), the Supreme Court has reiterated that existence of an undisputed debt is sine qua non of initiating corporate insolvency resolution process (CIRP).Equipment Conductors and Cables Limited had filed a petition under Section 9 of...

Financial Service Providers Outside The Purview Of Insolvency And Bankruptcy Code: NCLAT [Read Judgment]

The National Company Law Appellate Tribunal (NCLAT) has held that financial service providers such as non-banking financial companies are outside the purview of the Insolvency and Bankruptcy (I&B) Code.The order was issued by Justice SJ Mukhopadhaya (Chairperson) and Justice Bansi Lal Bhat (Judicial Member), in Randhiraj Thakur, Director, Mayfair Capital Private Ltd versus Jindal...

NCLT, New Delhi To Allow E-Filing; NIC Presentation For Stakeholders On October 23

The National Company Law Tribunal (NCLT), New Delhi is now ready to start e-filing of applications, petitions, appeals, replies, etc.In this regard, concerned Advocates, Chartered Accountants, Company Secretaries, Cost Accountants and other stakeholders have been requested to attend a presentation on e-filing by officers of the NIC on October 23.The presentation will be held at 4 pm at...

Corporate Insolvency Law Practicum: Training Of Trainers At NLUD [14th – 15th Nov 2018]

The Centre for Transnational Commercial Law (CTCL) at National Law University, Delhi (NLUD), in association with the Insolvency and Bankruptcy Board of India (IBBI), INSOL India and Society of Insolvency Professionals of India (SIPI), is organising a Corporate Insolvency Law Practicum at NLU Delhi on the 14th and 15th of November this year. The event is being organised under the aegis of the National Academy of Law Teachers (NALT) and Internal Quality Assurance Cell (IQAC) at NLUD.The 'Corporate...

NCLT Empowered To Decide Issues Relating To Allotment Of Share Capital, Alteration And Rectification Of The Register Of Members: Delhi HC [Read Judgment]

'The non-compliance of any conditions contained in Section 62 of the 2013 Act also constitutes mismanagement of the company, inasmuch as under Section 241 of the 2013 Act, the conduct of affairs of the company "in a manner prejudicial" to any member or "in a manner prejudicial to the interest of the company", would be governed by the same. The jurisdiction to go into these allegations, vests...

Breaking: Limitation Act Applicable To Applications Filed Under Sections 7 and 9 Of Insolvency and Bankruptcy Code From The Inception Of The Code: SC [Read Judgment]

In a significant Judgment the Supreme Court on Thursday held that the Limitation Act is applicable to applications filed under Sections 7 and 9 of Insolvency and Bankruptcy Code From the inception of the Code.The two Judge Bench of Justices RF Nariman and Navin Sinha was examining the question 'whether the Limitation Act, 1963 will apply to applications that are made under Section 7...

Stage Of Ineligibility Attaches When The Resolution Plan Is Submitted By A Resolution Applicant; 270 Days Time Limit For Completion Of Insolvency Resolution Process Mandatory: SC

The Supreme Court, interpreting Section 29A(c) of the Insolvency and Bankruptcy Code, 2016, has observed the stage of ineligibility attaches when the resolution plan is submitted by a resolution applicant and not any anterior stage.The bench comprising Justice Rohinton Fali Nariman and Justice Indu Malhotra in Arcelormittal India Private Limited vs. Satish Kumar Gupta also held that the...