IBC Cases Weekly Round-Up: 14 November To 20 November 2022

NCLAT Advance Paid Towards Service Is Operational Debt: NCLAT Delhi Case Title: Chipsan Aviation Private Limited v Punj Llyod Aviation Limited Case No.: Company Appeal (AT) (Insolvency) No. 261 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has held that an advance paid towards a service falls within definition of operational debt, even if there was no privity of contract between the Parties. Disputes Pertaining To Contractual Issues Not To Be Resolved In Section 9 IBC Proceedings: NCLAT Delhi Case Title: a'XYKno Capital Services Pvt. Ltd. v Rattan India Power Ltd. Case No.: Company Appeal (AT) (Insolvency) No. 913 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has held that disputes pertaining to contractual issues are not to be resolved in proceedings under Section 9 of IBC. Award In Favour Of Financial Creditor Already In Execution, Section 7 Petition Must Be Rejected: NCLAT Delhi Case Title: Shaikh Mohammed Tariq v Aegis Forging Ltd. Case No.: Company Appeal (AT) (Ins.) No. 1342 of 2022 & I.A. No. 4107, 4165 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Mr. Barun Mitra (Technical Member), has held that when an arbitral award has been passed in favour of Financial Creditor for the alleged financial debt and the award has been put in execution, then the same is good enough reason to refuse admission of Section 7 application. NCLAT Delhi Stays Insolvency Process Against BPTP LTD., As Parties Enter Settlement Case Title: Sudhanshu Tripathi v M/s RBCL Projects Pvt. Ltd. Case No.: Comp. App. (AT) (Ins.) No. 1382 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Shri Barun Mitra (Technical Member), has stayed the initiation of Corporate Insolvency Resolution Process ("CIRP") against BPTP Ltd. by the Adjudicating Authority, as Parties have entered settlement. BPTP Ltd. is a renowned real estate company, having several residential and commercial projects at NOIDA, Gurugram and Faridabad. NCLT NCLT Delhi Initiates Insolvency Process Against Ansal Properties & Infrastructure Ltd. Case Title: Bibhuti Bhushan Biswas & Ors. v M/s Ansal Properties and Infrastructure Ltd. Case No.: IB-330(ND)/2021 The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri L.N. Gupta (Technical Member), has initiated Corporate Insolvency Resolution Process ("CIRP") against Ansal Properties and Infrastructure Ltd. on a Section 7 petition filed by homebuyers under IBC. Mr. Ashwani Kumar Singla has been appointed as the Interim Resolution Professional (IRP). Nine Members Took Oath In National Company Law Tribunal, Strength Rises To 37 Nine new members take oath as the members of the National Company law Tribunal on 18.11.2022. The oath was administered to the newly appointed members by Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT at Principal Bench, NCLT, New Delhi. Following members took oath as the Member (Judicial) of NCLT a. Mr. Kuldeep Singh Kareer b. Ms. Bidisha Banerjee c. Mr. Praveen Gupta d. Mr. Arun Kumar Bhardawaj Following members took oath as Member (Technical) of NCLT a. Mr.Atul Chaturvedi b. Ms. Anu Jagmohan Singh c. Mr.Ashish Verma d. Mr.Charan Singh e. Mr. Prabhat Kumar The notification dated 05.11.2022 has notified the appointment of 15 members but today only 9 members were administered oath. The appointment of these members rises the working strength of NCLT to 37 members as against the sanctioned strength of 63 members.

IBC Cases Weekly Round-Up: 14 November To 20 November 2022

Parina Katyal

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