Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT

The National Company Law Appellate Tribunal, Principal Bench, New Delhi (NCLAT) comprising of Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member Technical) and Arun Baroka (Member (Technical) disposed an appeal filed by a majority shareholder of the corporate debtor stating that the Section 7 application filed by financial creditors was fraudulently filed in collusion with...

IBC Weekly Round-Up [3rd March To 9th March, 2025]

Nominal Index: Shri Krishan V. H.S Oberoi Buildtech Private Ltd.,Company Appeal (AT) (Insolvency) No. 128 of 2025 Mr. Shailendra Singh, Resolution Professional of Foxdom Technologies Pvt Ltd vs. Directorate Of Enforcement & Anr., ΙΑ NO. 4689 OF 2023 IN IB-102(ND)/2022 Himanshu Singh, Suspended Director of Kriti Prakashan Private Limited Versus HDFC Bank Limited and...

For Initiating Proceedings U/S 7 Of IBC, Existence Of Financial Debt And Corresponding Default Is A Sine Qua Non: NCLAT

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising of Justice Ashok Bhushan (Chairperson) and Arun Baroka (Member (Technical), dismissed a Section 7 petition filed by the Appellant (M/s Santoshi Finlease Private Limited) and upholding the decision of Adjudicating authority, stating that the petition was filed with malicious...

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Member (Technical) and Arun Baroka (Member (Technical), dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights...

IBC Monthly Digest [February 2025]

Nominal Index: Damodar Valley Corporation vs. Mackeil Ispat & Forging Ltd. & Anr., Company Appeal (AT) (Insolvency) No. 1663 of 2023 M/s Power Mech Projects Ltd. Versus Essar Power (Jharkhand) Ltd. and Anr., Company Appeal (AT) (Insolvency) No.106 of 2025 Ankur Kumar Versus Sustainable Agro-Commercial Financial Ltd., Company Appeal (AT) (Insolvency) No. 484...

Promoter Undergoing CIRP Can Be Permitted To Complete Project For Benefit Of Homebuyer: NCLAT

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising of Justice Ashok Bhushan] Chairperson, Barun Mitra (Member (Technical) and Arun Baroka (Member (Technical), dismissed an appeal filed by the suspended directors of the Supertech Township Projects Ltd stating that the resolution plan of the corporate debtor must proceed strictly as per the...

NCLT Doesn't Have Jurisdiction To Direct ED To Defreeze Corporate Debtor's Account Frozen Under PMLA: NCLT

The National Company Law Tribunal (NCLT), New Delhi bench comprising Justice Bachu Venkat Balaram Das (Judicial Member) and Atul Chaturvedi (Technical Member) has held that the NCLT, which is the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC/ the Code) does not have the power to issue directions to the Directorate of Enforcement (ED) to defreeze the account...

No Straight Jacket Formula Can Be Laid Down For Adjudication Of Application U/S 12A Of IBC & Objections Therein: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that no straight jacket formula can be laid down for adjudication by the Adjudicating Authority of a 12A application and the objections filed therein. It further observed that the...

Timely Implementation Of Resolution Plan Is The Underlying Objective Of The IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) Principal Bench, New Delhi in the case of Darwin Platform Infrastructure Limited vs Union Bank of India, recently dismissed the appeal filed by Darwin Platform, upholding an order passed by the National Company Law Tribunal (NCLT), Mumbai, which had reinstated the Corporate Insolvency Resolution Process (CIRP). The case arose from...

Payments From Corporate Debtor's Account Post-CIRP Commencement Without IRP Approval Is Breach Of Moratorium: NCLT Mumbai Directs Refund

The National Company Law Tribunal, Mumbai bench comprising Prabhat Kumar (Technical Member) and Justice V. G. Bisht (Judicial Member) have held that any payments made from the Corporate Debtor's account after the commencement of the Corporate Insolvency Resolution Process (CIRP) without the Interim Resolution Professional's (IRP) approval are in contravention of the moratorium...

IBC Weekly Round Up [24th February - 2nd March 2025]

Nominal Index: ASHOK HARRY POTHEN Vs. THE AUTHORISED OFFICER, M/S. INDIAN BANK, W.P (C) No.4147/2025 M/s. Stesalit Limited Vs Union of India & Ors, WPA 532 of 2025 State Bank of India Versus Mr. Deepak Kumar Singhania, Company Appeal (AT) (Insolvency) No.191 of 2025 DKY Finance Pvt. Ltd. and Ors. Versus Mr. Sanjay Garg and Anr., Company Appeal (AT) (Insolvency) No....

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) that Resolution Plan approved by the Adjudicating Authority cannot be questioned by the Operational Creditors when they were provided more than the liquidation value under the Plan as per section 30(2)...