IBC Weekly Round-Up: 30th December 2024-5th January 2025

Nominal Index Adroit Pharmaceuticals Pvt. Ltd. Through Its Director Sanjay Kukreja Vs. Amit Poddar Resolution Professional & Ors., Company Appeal (AT) (Insolvency) No. 1274 of 2024 Super Floorings Pvt. Ltd. Vs. Napin Impex Ltd., Company Appeal (AT) (Insolvency) No. 1928 of 2024 & I.A. No.7115 of 2024 Mr. Tajinder Singh Bhathal vs. MRF Limited & Ors., Company Appeal (AT) (CH) No. 94/2023 (IA No.1191/2023) MOHAMMED ENTERPRISES (TANZANIA) LTD. VERSUS FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. 48/2025 (and connected cases), 2025 LiveLaw (SC) 19 CSA Corporation Pvt. Ltd Versus Mr. Rajiv Bhatnagar, Company Appeal (AT) (Insolvency) No. 1497 of 2024 Amit Dineshchandra Patel, Vrindavan Versus State Bank of India and Anr., Company Appeal (AT) (Insolvency) No. 1826 Employees Provident Fund Organization Regional Office Versus Jaykumar Pesumal Arlani and Anr., Company Appeal (AT) (Insolvency) No.1062 and 1065 of 2024 Tata Capital Financial Services Limited vs. Arjun Agarwal, I.A.(IB) 1670/KB/2024 in C.P.(IB) 51/KB/2024 Mandava Holdings Pvt. Ltd. Vs. PTC India Financial Services Limited, WRIT PETITION No.20620 OF 2024 Supreme Court 'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRP Case Title: MOHAMMED ENTERPRISES (TANZANIA) LTD. VERSUS FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. 48/2025 (and connected cases) Citation : 2025 LiveLaw (SC) 19 Disapproving a High Court's order interdicting a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), the Supreme Court recently observed that the IBC is a complete code in itself, having sufficient checks and balances, and thus, the exercise of supervisory and judicial review powers by High Courts demands rigorous scrutiny and judicious application. High Court Sole Financial Creditor Can't Entertain Request For One-Time Settlement Once CIRP Proceedings Have Commenced: Telangana High Court Case Title: Mandava Holdings Pvt. Ltd. Vs. PTC India Financial Services Limited Case Number: WRIT PETITION No.20620 OF 2024 Telangana High Court has dismissed a Writ petition filed by Mandava Holdings Private Limited challenging the rejection of the one-time settlement (OTS) proposal offer made to PTC India Financial Services Limited so as to stop CIRP proceedings without considering the RBI framework for compromise settlement and technical write-offs. The petitioner contended that PTC India Financial Services Limited was wrong in approving the resolution plan without considering the settlement offer and prayed that the rejection letter issued in 2023 be set aside and consequently reconsider the proposal of OTS. NCLAT Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT Case Title: Adroit Pharmaceuticals Pvt. Ltd. Through Its Director Sanjay Kukreja Vs. Amit Poddar Resolution Professional & Ors. Case Number: Company Appeal (AT) (Insolvency) No. 1274 of 2024 The NCLAT New Delhi Bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that once resolution plan including revised plan submitted by the resolution applicant is disapproved by the CoC, a fresh plan can be submitted by the same resolution applicant in a freshly issued invitation to expression of interest. Last Payment Made By Corporate Debtor Within Period Of Limitation Amounts To Acknowledgment U/S 19 Of Limitation Act: NCLAT Case Title: Super Floorings Pvt. Ltd. Vs. Napin Impex Ltd. Case Number: Company Appeal (AT) (Insolvency) No. 1928 of 2024 & I.A. No.7115 of 2024 The NCLAT New Delhi Bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that when there is clear acknowledgment by the corporate debtor of last payment made which payment was within the period of three years, the operational creditor was clearly entitled for the benefit of extension of limitation under Section 19 of the Limitation Act and both the conditions which are required to be fulfilled under Section 19 were fulfilled. NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution Case Title: Mr. Tajinder Singh Bhathal vs. MRF Limited & Ors. Case No.: Company Appeal (AT) (CH) No. 94/2023 (IA No.1191/2023) The NCLAT Chennai bench of Justice Sharad Kumar Sharma (Judicial Member) and Jatindranath Swain (Technical Member), considering the peculiar situation where the civil suit was dismissed as withdrawn three days after the company petition under section 59 of the Companies Act was dismissed, directed the revival of company petition. The Tribunal observed that Article 21 of the Constitution of India safeguards the right to judicial remedies, which includes the right to...

IBC Weekly Round-Up: 30th December 2024-5th January 2025

Mohd Malik Chauhan

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