IBC Weekly Round-Up [25th November To 1st December, 2024]

Nominal Index: Mr. Bhagawant Narayan Naik, Versus Ritesh R. Mahajan and Ors., Company Appeal (AT) (CH) (Ins.) No. 394/2024 (IA Nos. 1072 & 1074/2024 & 1073/2024) Rakesh J Shah & Ors. Vs. Sanjay Kumar Agarwal & Ors., Company Appeal (AT) (Insolvency) No. 1490 of 2024 Mapletree Leather Goods Private Limited v. Savan Godiawala, C/o Deloitte Touche Tohmatsu India LLP, Company Appeal (AT)(CH)(Ins) No.314/2020 (IA No.436/2021) M Ramakanth v. M/s. Nagarjuna Fertiliser and Chemicals Limited, Company Appeal (AT) (CH) (Ins) No.213/2024 Mohit Dewan v. Bank of Maharashtra and Anr., Comp. App. (AT) (Ins) No. 2176 of 2024 & I.A. No. 8129 of 2024 Pakhi Infra and Ors. v. Jabalpur MSW Pvt. Ltd., Comp. App. (AT) (Ins) No. 2175 of 2024 S P Construction v. Narendra Kumar Sharma, Company Appeal (AT) (Insolvency) No. 858 of 2024 Mrs. Supriya Singh Versus M/s Ansal Urban Condominiums Pvt. Ltd. and Ors., Company Appeal (AT) (Insolvency) No. 1974 of 2024 M/s. MURLIDHAR VINCOM PVT. LTD. Versus M/s. SKODA (INDIA) PVT. LTD, Company Appeal (AT) (Insolvency) No. 1334 of 2024 Romi Datta Versus Sigma Supply Chain Solutions Pvt. Ltd and Anr., Company Appeal (AT) (Insolvency) No. 1652 of 2023 Sathya Moorthy Sai Prasad vs Shapoorji Pallonji and Company Pvt. Ltd. & Anr., Company Appeal (AT) (CH) (Ins) No.134/2023 (IA Nos. 449/2023, 446/2023, 447/2023, 448/2023, 450/2023, 889/2023, 161/2024, 999/2024 & 1134/2024) Mr. Suresh Kumar and Anr. Versus Central Bank of India, Company Appeal (AT) (Insolvency) No. 1592 of 2024 M/s. Kashyap lnfraprojects Pvt. Ltd. Versus M/s. Hi-Tech Sweet Water Technologies Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 33 of 2023 Mr. Atul Nathalal Patel Versus Mr. Manish Pardasani and Ors., Company Appeal (AT) (Insolvency) No. 1008 of 2023 Apnaghar Builders Pvt. Ltd. Versus Intense Fitness & Spa Pvt. Ltd. & Ors., Comp. App. (AT) (Ins.) No. 1025 of 2022 & I.A. No. 2964, 2965, 2966 of 2022 Ravi Auto Ltd. Vs. Surana Mercantiles Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 1059 of 2022 & I.A. No. 3090 of 2022 Arkay Logistics Limited Versus Mr. Abhijit Guhathakurta, Company Appeal (AT) (Insolvency) No.836 of 2024 & I.A. No.3021 of 2024 Mrs. Rita Kedia Versus Ashika Global Securities Private Limited and Ors, Company Appeal (AT) (Insolvency) No. 1536 of 2023 Mahan Industries Limited, CP 8 of 2023 (Under Sec 66 of Companies Act, 2013) SREI Equipment Finance Ltd. v. Roadwings International Pvt. Ltd., I.A. (IB) No. 1268/KB/2024 in Company Petition (IB) No. 224/KB/2023 Mr. Ravikant Modi v. Mr. Anshul Gupta (Liquidator), IA No. 929 of 2024 in CP (IB) No. 1088/MB/2020 Mudraksh Investfin Pvt. Ltd. v. Gursev Singh, RCP IB-21/ND/2024 Old No- IB-422/ND/2024 NCLAT Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT Case Title: Mr. Bhagawant Narayan Naik, Versus Ritesh R. Mahajan and Ors. Case Reference:Company Appeal (AT) (CH) (Ins.) No. 394/2024 (IA Nos. 1072 & 1074/2024 & 1073/2024) The NCLAT Chennai bench of Justice Sharad Kumar Sharma (Judicial Member) and Jatindranath Swain (Technical Member) has held that property that is sold which was in possession of the corporate debtor immediately before the judgment in a petition under section 7 of the IBC was reserved cannot be excluded from the purview of the assets of the corporate debtor. NCLT Is Not Right Forum To Decide Whether Closure Of Factory Under Industrial Dispute Act Was As Per Law: NCLAT Case Title: Rakesh J Shah & Ors. Vs. Sanjay Kumar Agarwal & Ors. Case Reference:Company Appeal (AT) (Insolvency) No. 1490 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) has held that the Adjudicating Authority is not the right forum to decide whether closure of the factory was in accordance with law. Such an issue should have been raised before the relevant authority under the Industrial Disputes Act and not before the Adjudicating Authority. Revisiting Resolution Plan After Commencement Of Liquidation Process Is Against Principle Of Procedural Finality: NCLAT Chennai Case Title: Mapletree Leather Goods Private Limited v. Savan Godiawala, C/o Deloitte Touche Tohmatsu India LLP Case Number: Company Appeal (AT)(CH)(Ins) No.314/2020 (IA No.436/2021) The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma, (Member Judicial) and Jatindranath Swain (Member Technical) dismissed two appeals filed by the Corporate Debtor seeking to challenge the order of NCLT, Bangalore by which it was directed to be put into the liquidation process and second to challenge the order of the same tribunal which dismissed the prayer of the Appellant for issue of an appropriate direction to the liquidator to put on hold the auction of the mmovable...

IBC Weekly Round-Up [25th November To 1st December, 2024]

Mohd Malik Chauhan

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