Weekly Digest Of IBC Cases: October 7th To October 13th, 2024

Nominal Index Mr. Vikash Gautamchand Jain RP of Kethos Tiles Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 1173 of 2024 & I.A. No. 4190, 4191 of 2024 with Company Appeal (AT) (Insolvency) No. 1323 of 2024 Vantage Point Asset Management Pte. vs. Ashish Arjunkumar Rathi & Anr., Company Appeal (AT) (Insolvency) No. 1619 & 1620 of 2024 with Company Appeal (AT) (Insolvency) No. 1621 & 1622 of 2024 with Company Appeal (AT) (Insolvency) No. 1696 & 1697 of 2024 Mr. Paresh Parekh v. Alchemist Asset Reconstruction Co. Ltd. and Anr., Company Appeal (AT) (Insolvency) No. 1204 of 2024 with Company Appeal (AT) (Insolvency) No. 1205 of 2024 Tummala Sri Ganesh Vs. State Bank of India and Anr, Company Appeal (AT) (CH) (Ins) No.315/2024 Shree Ganapati Power and Transformers. v. Vijeta Projects and Infrastructure Ltd. and Ors, Company Appeal (AT) (Ins.) No. 811 of 2022 & I.A. No. 5695 of 2023 Nikhil Jain and Ors.v. Anil Goel (Liquidator) and Anr., Company Appeal (AT) No. 148 of 2024 Vantage Point Asset Pte. Ltd.v.Gaurav Misra (RP), Company Appeal (AT) (Insolvency) No. 1495 of 2024 Shantech International Pvt. Ltd. vs. Devendra Singh, Company Appeal (AT) (Insolvency) No. 1520 of 2024 Navin Chandra Mishra (Suspended Director of CMR Lifesciences Pvt. Ltd.) vs. Nand Kishore Palaha & Ors., Company Appeal (AT) (Insolvency) No. 1851 of 2024 Southern Power Distribution Company of Telangana Ltd. Vs. Kalvakolanu Murali Krishna Prasad RP for Vaksh Steels Pvt. Ltd. and Ors, Company Appeal (AT) (CH) (Ins) No.177 /2021(IA Nos. 360 & 362 / 2021) Amogh Industrial Products Vs. Mirchi Developers Pvt. Ltd, CP(IB) No. 103/9/HDB/2024 u/s. 9 of IBC, 2016 Greenshift Initiatives Pvt. Ltd.v.Sonu Gupta (RP), I.A. 331 of 2024 in C.P.(IB) No. 1122/MB/2021 Rajendra Kedia (J.M. Steels) vs. Nirav Metals Pvt. Ltd., CP (IB) No. 186/MB/2024 Janus GBAC Ltd. v. Beloorbayir Biotech Ltd., CP (IB) No.114/BB/2023 Mr. Ram Ratan Kanoongo v. Mr. Pramod Goenka and Ors., M.A. 1548 of 2019 in T.P. (IB) 600/MB/2017 JSK Estate Pvt. Ltd. v. Mr. Sundaresh Bhat (Liquidator) and Anr., I.A. No. 5330/2023 in CP(IB) No. 2849(MB)/2018 Pratham Expofab Pvt. Ltd. and Anr. v. Anil Matta (RP) and Anr., I.A. – 188/2024 in C.P.(IB)-995 of 2018 Sudha Apparels Ltd. v. Mr. Ravi Sethia (RP), Interlocutory Application No. 4147 of 2023 and Intervention Petition No. 27 of 2024 in CP(IB) No. 959(MB)/2022 Meja Urja Nigam Pvt. Ltd. v. Mr. Sutanu Sinha (Liquidator), YES Bank Ltd. v. Mrs. Sakshi Jiwarajka, CP (IB) No. 906/MB/2022 and I.A. No. 3244 of 2024 and I.A. No.550 of 2021 in C.P. (IB) No. 294/7/HDB/2017 YES Bank Ltd. v. Mrs. Sakshi Jiwarajka, CP (IB) No. 906/MB/2022 and I.A. No. 3244 of 2024 Sunstar Industries Vs. Syska Led Lights Pvt. Ltd, CP (IB)/96/MB/2024 NCLATAdjudicating Authority Can Extend Time Limit Of PPIRP Beyond 120 Days: NCLAT New DelhiCase Title: Mr. Vikash Gautamchand Jain RP of Kethos Tiles Pvt. Ltd.Case Reference: Company Appeal (AT) (Insolvency) No. 1173 of 2024 & I.A. No. 4190, 4191 of 2024 with Company Appeal (AT) (Insolvency) No. 1323 of 2024The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), held that expiration of 120 days does not lead to automatic termination of Pre Packaged Insolvency Resolution Process (PPIRP) if sufficient cause is shown. In this case, PPIRP of the corporate debtor was initiated by M/s. Kethos Tiles Pvt. Ltd., an MSME, under section 54C of the Insolvency and Bankruptcy Code (IBC) and the National Company Law Tribunal (NCLT) had terminated the PPIRP when time period within which the entire process had to be completed, expired.Resolution Applicants Can't Revise Offers Post Approval, CoC's 'Commercial Wisdom' Can't Be Faulted: NCLATCase Title: Vantage Point Asset Management Pte. vs. Ashish Arjunkumar Rathi & Anr.Case Numbers: Company Appeal (AT) (Insolvency) No. 1619 & 1620 of 2024 with Company Appeal (AT) (Insolvency) No. 1621 & 1622 of 2024 with Company Appeal (AT) (Insolvency) No. 1696 & 1697 of 2024The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) has observed that the 'commercial wisdom' of the Committee of Creditors (CoC), which did not approve a Resolution Plan, which had given the highest money, cannot be questioned. The Tribunal went on to observe that after approval of the Resolution Plan, no Resolution Applicant is entitled to raise its offIt noted clause 4.1.8 which stated, “the CoC is under no obligation to any of the Resolution Applicants … to approve a Resolution Plan which has scored the highest as per the Evaluation Criteria and any Resolution Plan shall be approved solely on the basis of the CoC's commercial wisdom.”Assignee Stepping Into Shoes Of Assignor, Borrower Or Guarantor Cannot Challenge Such Assignment: NCLAT New DelhiCase Title: Mr. Paresh...

Weekly Digest Of IBC Cases: October 7th To October 13th, 2024

Mohd Malik Chauhan