IBC Weekly Round Up [21st April-28th April 2025]

Nominal Index: Electrosteel Steel Limited (Now M/S ESL Steel Limited) vs Ispat Carrier Private Limited, 2025 LiveLaw (SC) 491 Anup Kumar Singh Vs Union of India & others., WPA 4585 of 2023 Arrhum Tradelink Pvt. Ltd. v. Manoj Khattar (Liquidator), Company Appeal (AT) (Insolvency) No. 1944 of 2024 Maneesh Ramakant Sapte Vs Export Import Bank of India & Ors, Company Appeal (AT) (Insolvency) No.1954 of 2024 Sangeeta Jatinder Mehta & Anr. V. Kailash Shah RP of New Empire Textile Processor Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 104 of 2024 Syed Sirajis Salikin Khadri v. Edelweiss Asset Reconstruction Co. Ltd. & Anr., Company Appeal (AT) (Insolvency) No. 455 of 2025 Avni Jain Versus Manoj Kulshrestha, IRP for Rajesh Projects (India) Pvt. Ltd.,Company Appeal (AT) (Insolvency) No.2288 of 2024 Aarti Singal Vs. State Bank of India & Anr., Company Appeal (AT) (Insolvency) No. 2121 of 2024 M/s. Star Maxx Properties Through its Authorised Representative Mr. Nakul Goel Versus Arunava Sikhdar and Ors., Company Appeal (AT) (Insolvency) No. 338 of 2024 Om Sai Moulds & Plactics Versus Pllastomax Engineering Private Limited And Anr., Company Appeal (AT) (Insolvency) No. 261 of 2025 Sh. Ashish Chaturvedi and Ors. Versus Sh. Sanjay Garg and Ors., Company Appeal (AT) (Insolvency) No. 432 of 2025 Fabtech Projects and Engineers Pvt. Ltd. (Formerly Fabtech Projects and Engineers Ltd.) Versus Hindustan Petroleum Corporation Ltd., Company Appeal (AT) (Insolvency) No. 373 of 2025 Riju Ravindran Suspended director and Promoter of Think & Learn Pt ltd V. Pankaj Srivastava, IRP of Think and Learn Pvt. Ltd. & 3 Ors, Company Appeal (AT) (CH) (Ins) No. 89 of 2025 IA Nos. 250, 251 & 390/2025 Sachin Malde v. Hemant Nanji Chheda & Anr., Company Appeal (AT) (Insolvency) No. 123 of 2024 Pan Oceanic Seed Solutions Private Limited v Camson Seeds Limited, CP (IB) No. 163/BB/2024 Harji Engineering Works Pvt. Ltd. V/s M/s Enerture Technlogies Pvt. Ltd., CP (IB) No. 63 (ND)/ 2025 Supreme Court Arbitral Award For Claims Not Included In IBC Resolution Plan Can't Be Enforced: Supreme Court Case Title – Electrosteel Steel Limited (Now M/S ESL Steel Limited) vs Ispat Carrier Private Limited Citation : 2025 LiveLaw (SC) 491 The Supreme Court recently allowed an appeal challenging the enforcement of an arbitral award passed by the Micro and Small Enterprises Facilitation Council (MSEFC) against Electrosteel Steels Ltd., holding that the award was non-executable in view of the resolution plan approved under Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016. “we have no hesitation to hold that upon approval of the resolution plan by the NCLT, the claim of the respondent being outside the purview of the resolution plan stood extinguished. Therefore, the award dated 06.07.2018 is incapable of being executed”, the Court said. High Court Proceedings U/S 37 A Of FEMA Can't Be Continued During Moratorium U/S 33(5) Of IBC: Calcutta High Court Case Title: Anup Kumar Singh Vs Union of India & others. Case Number: WPA 4585 of 2023 The Calcutta High Court bench of Justice Jay Sengupta has held that once a liquidation order against the Corporate Debtor is passed, all proceedings including those pending at the time of such order under the Foreign Exchange Management Act, 1999 (FEMA) cannot be continued, nor can any new proceedings be initiated, in view of the bar under Section 33(5) of the Insolvency and Bankruptcy Code, 2016 (Code). This is further reinforced by the non obstante clause under Section 238 of the Code, which gives the Code overriding effect over conflicting provisions, including those of FEMA. NCLAT Adjudicating Authority Cannot Declare Sale Of Going Concern As Void Without Any Challenge: NCLAT New Delhi Case Title: Arrhum Tradelink Pvt. Ltd. v. Manoj Khattar (Liquidator) Case Number: Company Appeal (AT) (Insolvency) No. 1944 of 2024 The Principal Bench of NCLAT, New Delhi, consisting of Justice Ashok Bhushan (Chairperson) and Arun Baroka (Member-Technical), set aside the NCLT, Ahmedabad Bench's order and held that a sale of the corporate debtor as a going concern cannot be declared null and void suo moto by the Adjudicating Authority in the absence of any challenge to such sale. The Adjudicating Authority had earlier nullified the sale and imposed penalties on the liquidator. Financial Creditors Proceeding With Application U/S 7 Only As A Recovery Measure Is Not The Objective Of IBC: NCLAT Case Title: Maneesh Ramakant Sapte Vs Export Import Bank of India & Ors Case Number: Company Appeal (AT) (Insolvency) No.1954 of 2024 The National Company Law Appellate Tribunal, Principal Bench, New Delhi (NCLAT) comprising of Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member Technical) dismissed and appeal filed by a suspended...

IBC Weekly Round Up [21st April-28th April 2025]

Mohd Malik Chauhan

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