IBC Weekly Round Up [6th January-12th January 2025]

NOMINAL INDEX: Harpal Singh Chawla v. Vivek Khanna & Ors., Civil Appeal No. 14708/2024 Drish Shoes Workers Union Versus Drish Shoes Ltd., Company Appeal (AT) (Insolvency) No.2281 of 2024 & I.A. No.8501 of 2024 Nabard Consultancy Services Pvt. Ltd Versus Dharmendra Kumar, (Official Liquidator for IAP Company Pvt. Ltd.), Company Appeal (AT) (Insolvency) No.2196 of 2024 Indospirit Distribution Limited Vs Kristal Spirits India Pvt Ltd, COMPANY APPEAL (AT)(Ins) No.503 of 2024 Sumati Suresh Hegde & Ors. Versus Anand Sonbhadra, Comp. App. (AT) (Ins) No. 884 of 2024 SREI EQUIPMENT FINANCE LIMITED Versus VARUTHA DEVELOPERS PRIVATE LIMITED, I.A. (IB) No. 2409/KB/2024 And I.A. (IB) (Plan) No. 21/KB/2024 In Company Petition (IB) No. 26/KB/2023 Rahat Hussain Versus Divyesh Desai & Ors., Company Appeal (AT) (Insolvency) No. 2373 of 2024 & I.A. No. 8905 of 2024 M/s Uttarakhand Power Corporation Limited (UPCL), Versus M/s. Shyam Baba Developers & Builders Pvt. Ltd. and Anr., Company Appeal (AT) (Insolvency) No. 346 of 2023 State Bank of India Versus Gourishankar Poddar and Anr., Company Appeal (AT) (Ins.) No. 689 of 2024 R.A.J. KRISHNA CONSTRUCTION COMPANY PRIVATE LIMITED Versus NEWERA SOLUTIONS PRIVATE LIMITED, Company Appeal (AT) (Insolvency) No. 83 of 2024 Supreme Court Supreme Court Dismisses Builder's Plea To Confine Insolvency Process To Single Real Estate Project Case Title – Harpal Singh Chawla v. Vivek Khanna & Ors. Case no. – Civil Appeal No. 14708/2024 The Supreme Court recently dismissed an appeal seeking to confine Corporate Insolvency Resolution Process (CIRP) of Spaze Towers Pvt. Ltd. (Corporate Debtor) to a single real estate project of the company located in Gurugram. A bench of Justice Abhay Oka and Justice Augustine George Masih dismissed an appeal against the decision of National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi rejecting an application to confine the CIRP of the corporate debtor to a single project. NCLAT Workers' Claims For Layoff Period Dues Under Industrial Disputes Act Cannot Be Decided By Adjudicating Authority: NCLAT Case Title: Drish Shoes Workers Union Versus Drish Shoes Ltd. Case Number:Company Appeal (AT) (Insolvency) No.2281 of 2024 & I.A. No.8501 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that non-computation of salary after lay off by the Resolution Professional cannot be faulted with since the Resolution Professional has no adjudicatory jurisdiction and the Adjudicating Authority has rightly observed that whether the Workers are entitled to claim their dues for the layoff period under provisions of Industrial Dispute Act is not in the domain of the Adjudicating Authority. Adjudicating Authority While Dismissing Appeal For Non-Prosecution Cannot Add Direction To Dismiss It On Merits As Well: NCLAT Case Title: Nabard Consultancy Services Pvt. Ltd Versus Dharmendra Kumar, (Official Liquidator for IAP Company Pvt. Ltd.) Case Number: Company Appeal (AT) (Insolvency) No.2196 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that when the appeal is dismissed on the ground of non-prosecution, it cannot be said to be dismissed on merits as well. In this case, the NCLT while dismissing the appeal for non-prosecution added a direction that the appeal is dismissed on merits as well. Period From 15.03.2020 To 28.02.2022 Shall Stand Excluded As Per SC Judgment In 'Re:Cognizance For Extension Of Limitation': NCLAT Case Title: Indospirit Distribution Limited Vs Kristal Spirits India Pvt Ltd Case Number: COMPANY APPEAL (AT)(Ins) No.503 of 2024 The NCLAT New Delhi bench of Justice Yogesh Khanna (Judicial Member) and Mr. Ajai Das Mehrotra (Technical Member) has held that period from 15.03.2020 to 28.02.2022 shall stand excluded in light of the Supreme Court judgment in In Re: Cognizance for Extension of Limitation for the purpose of calculating the limitation period while filing an application under section 9 of the code. Eviction Of Tenant From Corporate Debtor's Property Can Be Sought Under Tenancy Law, Not U/S 60(5) Of IBC: NCLAT Case Title: Sumati Suresh Hegde & Ors. Versus Anand Sonbhadra Case Number: Comp. App. (AT) (Ins) No. 884 of 2024 The NCLAT New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) has held that eviction of tenant from the property of corporate debtor can only be sought under the Act in which tenancy was created and such power of eviction cannot be exercised by the Adjudicating Authority under Section 60(5) of the Code. No Title To Immovable Property Can Be Transferred ...

IBC Weekly Round Up [6th January-12th January 2025]

Mohd Malik Chauhan

Tags