IBC Weekly Round Up [13th January To 19th January, 2025]

Nominal Index Ganesh Chandra Bamrana and Ors. vs. Rukmani Gupta, CRL. M.C. 6170/2022 & CRL. M.A. 24285/2022, CRL.M.C. 6178/2022 & CRL.M.A. 24297/2022 Ashmeet Singh Bhatia Versus Rakesh Verma Authorised Representative and Anr., Company Appeal (AT) (Insolvency) No. 1924 of 2024 & I.A. No. 7124 of 2024 M/s Acute Daily Media Pvt. Ltd. & Ors. Versus M/s Rockman Advertising and Marketing (India) Ltd. & Ors., Company Appeal (AT) (Insolvency) No. 1480 of 2024 Pawan Kumar Versus Central Bank of India & Ors., Company Appeal (AT) (Insolvency) No.1095 of 2024 Amit Yogesh Satwara Versus Incred Financial Services Limited, Company Appeal (AT) (Insolvency) No.1584 of 2024 Mirra & Mirra Industries vs. Mrs. B. Usha Rani & Anr., RA (SA): 165/2018 and RA (SA):178/2018 Anup Kumar Liquidator of Independent TV …Appellant Versus Ministry of Information and Broadcasting & Ors., I.A. No. 6903 of 2024 in Company Appeal (AT) (Insolvency) No. 1913 of 2024 Comet Performance Chemicals Private Limited Versus Aarvee Denims and Exports Limited, Company Appeal (AT) (Insolvency) No. 1878 of 2024 New India Color Company Ltd. Versus Samtex Desinz Pvt. Ltd. (In CIRP) & Anr, Comp. App. (AT) (Ins) No. 1255 of 2022 & I.A. No. 3839 of 2022 UCO Bank Vs Smt. Nishu Goel, IB-355/ND/2024 Fortune Chemicals Limited vs. Ashok Kumar Jaiswal & Anr.,Company Appeal (AT) (Insolvency) No. 1263 of 2022 Nagaraj V. Mylandla & Ors. v. Financial Software and Systems Pvt. Ltd. and Ors., Comp App (AT) (CH) No.84/2024 Canara Bank Versus Sh. Vivek Kumar, Comp. App. (AT) (Ins) No. 390 of 2023 & I.A. No. 1301, 1302 of 2023, 7105, 7610 of 2024 Amit Nehra & Anr. Versus Pawan Kumar Garg Resolution Professional Puma Realtors Pvt. Ltd. & Ors., Company Appeal (AT) (Insolvency) No.1365 of 2023 Delhi High Court Directors Cannot Be Held Liable For Dishonour Of Cheques After Commencement Of CIRP Proceedings: Delhi High Court Case Title: Ganesh Chandra Bamrana and Ors. vs. Rukmani Gupta Case Number: CRL. M.C. 6170/2022 & CRL. M.A. 24285/2022, CRL.M.C. 6178/2022 & CRL.M.A. 24297/2022 The Delhi High Court bench of Justice Amit Mahajan has reiterated that proceedings under Section 138 of the Negotiable Instruments Act, 1881 for dishnonour of cheque cannot continue against individuals once a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC) is in effect. NCLAT Authorised Representative Can Be Replaced By Following Procedure Provided Under Regulation 16(3A) Of CIRP Regulations: NCLAT Case Title: Ashmeet Singh Bhatia Versus Rakesh Verma Authorised Representative and Anr.' Case Number:Company Appeal (AT) (Insolvency) No. 1924 of 2024 & I.A. No. 7124 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mita (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the Authorised Representative can be replaced by following the procedure engrafted under Regulation 16(3A) of the CIRP Regulations therefore the application of an individual homebuyer seeking replacement of the Authorised Representative before the Adjudicating Authority cannot be entertained. Admission Order Of Application U/S 7 Of IBC Can Be Recalled If Fraud Or Malicious Intent Is Proved U/S 65 Of Code: NCLAT Case Title: M/s Acute Daily Media Pvt. Ltd. & Ors. Versus M/s Rockman Advertising and Marketing (India) Ltd. & Ors. Case Number:Company Appeal (AT) (Insolvency) No. 1480 of 2024 The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mita (Technical Member) and Mr. Arun Baroka (Technical Member) has held that when CIRP proceedings are initiated fraudulently or maliciously, the Adjudicating Authority has jurisdiction under the IBC to consider the allegations of fraudulent and malicious initiation of CIRP proceedings in terms of Section 65 and recall the CIRP admission order. Initiation Of Recovery Proceedings Before DRT Does Not Preclude Financial Creditor From Filing Application U/S 7 Of IBC: NCLAT Case Title:Pawan Kumar Versus Central Bank of India & Ors. Case Number: Company Appeal (AT) (Insolvency) No.1095 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 initiation of recovery proceedings before the DRT does not prohibit financial creditors from filing an application under section 7 of the code. When Entire Liability Is Not Discharged After Selling Pledged Shares, Application U/S 7 IBC Can Be Filed To Claim Remaining Amount: NCLAT Case Title: Amit Yogesh Satwara Versus Incred Financial Services Limited Case Number: Company Appeal (AT) (Insolvency) No.1584 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 ...

IBC Weekly Round Up [13th January To 19th January, 2025]

Mohd Malik Chauhan

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