IBC Weekly Round-Up [7th April-13th April 2025]

Nominal Index: Blossom Zest Flat Buyers Welfare Association v. Greater Noida Industrial Development Authority and Ors. State Bank of India v. S R Timber Products Private, CP (IB) No. 27/KB/2024 Horizon Commtrade Limited v. Jasmine Commodities Private Limited, Company Petition (IB) No. 271/KB/2024 M/s Embassy Services Private Limited v. Redwoods Infrastructure Private Limited, CP (IB) No. 65/BB/2024 HDFC Bank Ltd Versus Atul Kumar Kansal & Ors.,Company Appeal (AT) (Insolvency) No. 549 of 2025 Ajay Singal v. Mr. Ranjan Chakraborti & Anr., Company Appeal (AT) (Insolvency) No. 1285 and 1272 of 2024 Rajan Rawat, RP Future Supply Chain Solutions Ltd. Versus Kishanlal Shivramji Sharma, Company Appeal (AT) (Insolvency) No. 167 of 2025 & I.A. No. 657 of 2025 Gogia Leasing Ltd. Versus Sunanda Polymers LLP, Company Appeal (AT) (Insolvency) No. 405 of 2025 REGIONAL PROVIDENT FUND COMMISSIONER Versus MR. JAYESH SANGHAJKA, Company Appeal (AT) (Insolvency) No. 2100 of 2024 Somangsu Biswas Versus the Calcutta Cricket & Football Club, COMPANY APPEAL (AT) NO.56 OF 2024 Subh Laxmi Investment Advisory Pvt. Ltd. Versus Committee of Creditors of Sintex Plastics Technology Ltd. & Ors., Company Appeal (AT) (Ins) No. 1104 of 2024 & I.A. No. 3977 of 2024 IQBAL JUMABHOY V SHRI MANOJ KUMAR ANAND and Anr., Company Appeal (AT) (CH) (Ins) No. 29/2025 IA No. 115/2025 Rohit Suri (suspended director of corporate debtor) Versus Rajasthan Financial Corporation and Anr., Company Appeal (AT) (Ins) No. 1125 of 2024 & I.A. No. 4037, 4038, 4039 of 2024 Vinod Kumar Versus Omkara Asset Reconstruction Pvt. Ltd. & Anr, Company Appeal (AT) (Insolvency) No.2265 of 2024 Starlog Enterprises Ltd. v. Pulkit Gupta, Company Appeal (AT) (Insolvency) No. 558 of 2025 Jai Narain Fabtech Pvt. Ltd. v. Cheema Spintex Ltd., Company Appeal (AT) (Insolvency) No. 1515 of 2023 & I.A. No. 5453 of 2023 Prakash Ambure & Ors. Versus Invent Bio-Med Pvt. Ltd., I.A. No. 1680 of 2024 In Company Appeal (AT) (Insolvency) No. 582 of 2024 Suresh Atlani Atlani Villa Versus Omkara Asset Reconstruction Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 200 of 2025 Akhilesh Kumar Versus Bank of Baroda and Anr., Company Appeal (AT) (Insolvency) No. 512 of 2025 & I.A. No. 1946 of 2025 IDBI Bank Limited Versus Zee Entertainment Enterprises Limited, Company Appeal (AT) (Insolvency) No. 939 of 2023 Supreme Court Homebuyers File Review Petition Against Supreme Court Judgment Holding Greater Noida Industrial Authority A 'Secured Creditor' Under IBC Case Title: Blossom Zest Flat Buyers Welfare Association v. Greater Noida Industrial Development Authority and Ors. A plea has been filed before the Supreme Court seeking review of its judgment dated February 12, 2024 which classified Greater Noida Industrial Development Authority as a 'secured creditor' for the purposes of Corporate Insolvency Resolution Processes under the Insolvency and Bankruptcy Code (IBC). Filed by a homebuyers' association, the plea states that the impugned judgment has led the National Company Law Tribunal to send back many resolution plans to the Committee of Creditors for reconsideration on the ground that the same do not treat Noida/Greater Noida as 'secured creditor'. NCLAT Petition U/S Section 7 Of IBC Cannot Be Entertained Based On Guarantee Invoked During Prohibited Period U/S 10A Of IBC: NCLAT Case Title: IDBI Bank Limited Versus Zee Entertainment Enterprises Limited Case Number:Company Appeal (AT) (Insolvency) No. 939 of 2023 The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that the liability of the guarantor arises only when the guarantee executed by them in favor of the creditor is invoked. If such guarantee was invoked during the period prohibited under Section 10A of the Insolvency and Bankruptcy Code, 2016 (the Code), an application under Section 7 of the Code cannot be maintained. Service Of Notice On Email Provided In Section 7 Petition Constitutes Sufficient Compliance With Rule 38(1) Of NCLT Rules: NCLAT Case Title:Akhilesh Kumar Versus Bank of Baroda and Anr. Case Number:Company Appeal (AT) (Insolvency) No. 512 of 2025 & I.A. No. 1946 of 2025 The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that service of notice on the email address provided in the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) constitutes sufficient compliance with Rule 38(1) of the NCLT Rules. Ten-Day Time Period U/S 99 Of IBC For Submission Of Report By Resolution Professional Is Directory, Not Mandatory: NCLAT Case Title: Suresh Atlani Atlani Villa Versus Omkara Asset Reconstruction...

IBC Weekly Round-Up [7th April-13th April 2025]

Mohd Malik Chauhan

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