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...

SC Grants One More Opportunity To ArcelorMittal, NuMetal To Bid For Essar Steel [Read Judgment]

The Supreme Court Thursday granted one more opportunity to mining major ArcelorMittal and Russia's VTB Capital-backed NuMetal to bid for Essar Steel if they clear their Non-Performing Asset (NPA) dues in two weeks.A bench comprising Justices R F Nariman and Indu Malhotra held that both the firms were ineligible under amended Insolvency and Bankruptcy Code to bid for the firm but granted them...

[ArcelorMittal Vs Numetal] Lender Banks Cannot Be Left Hanging For Forever: SC

"Lenders cannot be left hanging for forever", the Supreme Court today observed and made it clear that the Insolvency and Bankruptcy Code (IBC) was brought to ensure that the dues of the companies, declared non-performing assets (NPAs), are recovered by the banks.A bench of Justices R F Nariman and Indu Malhotra also asked the counsel for ArcelorMittal and NuMetal, involved in legal fight...

ArcelorMittal Vs Numetal :Opinion Of CoC On Disqualification Of A Resolution Applicant Under S.29A Of IBC Is Only Prima facie One, NCLT Is The Statutory Authority To Decide It: Nariman.J

As the war between ArcelorMittal and NuMetal over Essar Steels spills into its third day before the Supreme Court, Justice Rohinton Nariman on Tuesday remarked that the opinion of the Committee of Creditors (COC) as to the disqualification of a resolution applicant under section 29A of the Insolvency and Bankruptcy Code of 2017 was only a prima facie one and that NCLT is the statutory...

Recruitment Notification: Law Research Associates in NCLT

The National Company Law Tribunal (NCLT) has invited applications from Indian nationals to work as Law Research Associate in NCLT, purely on a contractual assignment.Essential Qualifications: Law Graduates (fresh or experienced) who have passed final year L.L.B examination with a minimum aggregate of 50% marks from a recognized university. The candidate should be enrolled with any Bar Council. The age of the candidate shall not be above 30 years as on last date of receipt of applications. The...

Challenge Against RBI Circular On Stressed Assets By Power Companies: SC Transfers All Pending Matters Before HCs To Itself, Orders Status quo [Read Order]

The Supreme Court Bench comprising Justice RF Nariman and Justice Indu Malhotra on Tuesday directed that twelve cases pertaining to the Insolvency Proceedings under the new RBI circular pending before High Courts of Madras, Gujarat, Allahabad, and Delhi be transferred to the Apex Court. Directing status quo to be maintained, the Court directed the listing of the petitions for final disposal on...

Allahabad HC Refuses Interim Relief To Power Projects From RBI Circular On Revised Framework For Resolution Of Stressed Assets [Read Judgment]

The Allahabad High Court on Monday refused to grant interim relief to private power companies from the circular issued by the Reserve Bank of India (RBI) which gives borrowers 180 days' time to clear their dues— a deadline that ended on Monday.The Bench comprising Chief Justice DB Bhosale and Justice Yashwant Varma ruled, "In the ultimate analysis, I have been unable to persuade myself to...