IBC Cases Weekly Round-Up: 24th To 30th October, 2022

NCLAT NCLAT Issues Directions For Computation Of Limitation In Filing Of Appeals F.No.10/37/2018-NCLAT The National Company Law Appellate Tribunal ("NCLAT") vide an Order dated 21.10.2022 has issued directions for computation of limitation for filing of appeals before NCLAT. The period of limitation shall be computed from the date of presentation of Appeal as per Rule 22 of the NCLT Rules, 2016. The directions are as follows: The period of limitation shall be computed from the date of presentation of Appeal as per Rule 22 of the NCLAT Rules, 2016. The requirement of filing Appeals by electronic mode shall continue along with mandatory filing of the Appeals as per Rule 22 of the NCLAT Rules, 2016. This order will be effective with effect from 1st November, 2022. All concerned shall ensure that Appeals are presented as per Rule 22 of the NCLAT Rules, 2016 within the period of limitation at the filing counter." NCLT Can't Interfere With COC'S Decision Not To Pay Suspended Directors For Their Services During CIRP: NCLT Ahmedabad Case Title: Overseas Bank v AMW Autocomponent Ltd. Case No.: CP (IB) 185/AHM/2018 The National Company Law Tribunal ("NCLT"), Ahmedabad Bench, comprising of Dr. Deepti Mukesh (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), has held that promoters and persons associated with the management of the Corporate Debtor are statutorily obligated to extend all assistance to the Resolution Professional. The Bench declined to interfere with the CoC's decision to not pay remuneration to the Suspended Directors, for the services rendered by them on the request of Resolution Professional during insolvency process. Decree Of Civil Court Will Not Alter The Basic Nature Of Transaction: NCLT Delhi Case Title: M/s Jones Lang Lasalle Building Operations Pvt. Ltd. v M/s Celebration City Projects Pvt. Ltd. Case No.: IB-652(PB)/ 2019 The National Company Law Tribunal ("NCLT"), Principal Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri Avinash Kumar Srivastava (Technical Member), has held that the decree of a civil court will not alter the basic nature of a transaction. The transaction prima facie has to be considered for the purpose of adjudicating a claim. The Applicant had an Arbitral Award in its favour and had made a claim before the Resolution Professional stating that it is a real estate allottee and its claim should be treated in that class. The Resolution professional rejected the claim and directed the Applicant to file the same as a financial creditor as award was in the form of a decree. The Bench directed the Resolution Professional to admit the claim of Applicant as a real estate allottee/creditor in a class.

IBC Cases Weekly Round-Up: 24th To 30th October, 2022

Pallavi Mishra

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