IBC Cases Weekly Round-Up: 21 November To 27 November 2022

NCLAT Tribunal Not To Enter Into Evidence And Record Findings Like A Civil Court: NCLAT Delhi Case Title: Avneet Goyal v Radha Kishan Gobind Ram Ltd. Case No.: Company Appeal (AT) (Insolvency) No.1388 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 Tribunal does have not to enter into evidence and record findings like a Civil Court. NCLT NCLT Mumbai Initiates Insolvency Process Against M/S S Kumars Ltd. Case Title: Edelweiss Asset Reconstruction Co. Ltd. v M/s. S. Kumars Limited Case No.: Company Petition No. (IB) -3707 (MB)/2019 The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member), had initiated Corporate Insolvency Resolution Process ("CIRP") against the textile manufacturing company M/s S Kumars Ltd. M/s S Kumars Ltd. ("Corporate Debtor") is a renowned textile manufacturing company based in Maharashtra, which has been in business for over 70 years. Further, Mr. Anjan Bhattacharya has been appointed as the Interim Resolution Professional. NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company Case Title: State Bank of India v M/s Gayatri Projects Limited Case No.: CP(IB) No. 308/07/HDB/2022 The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), has initiated Corporate Insolvency Resolution Process (CIRP) against Gayatri Projects Ltd., which is a part of the Gayatri Group. Gayatri Projects Ltd. ("Corporate Debtor") is the flagship company of the Gayatri Group that has interests in infrastructure, power, hospitality, real estate and industry. The Corporate Debtor is engaged in the construction of major Civil Works including Concrete/Masonry Dams, Earth Filling Dams, National Highways, Bridges, Canals, Aqueducts, Ports, etc. across India. Mr. Sai Ramesh Kanuparthi has been appointed as the Interim Resolution Professional (IRP). NCLT Hyderabad Recalls Order Initiating CIRP In View Of Concealment of Facts By Financial Creditor Case Title: Canara Bank v Feno Plast Limited Case No.: CP (IB) No. 10/07/HDB/2022 The National Company Law Tribunal ("NCLT"), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, (Judicial Member) and Mr. Satya Ranjan Prasad (Technical Member), has recalled its Order whereby CIRP was initiated against the Corporate Debtor, as the said Order was obtained by the Financial Creditor over misrepresentation before the Adjudicating Authority. Reliance was placed on the Supreme Court judgment in United India Insurance Co. Ltd. v Rajendra Singh, wherein it was held that, "No Court or Tribunal can be regarded as powerless, to recall its own order, if it is convinced that the order was wangled through fraud or misrepresentation of such a dimension as would affect the very basis of the claim". HIGH COURT Refusal To Register As IP Due To Low Cibil Score And NI Act Proceedings, Gujarat High Court Sets Aside Order Case Title: Gundeep Singh Sood v Insolvency Professional Agency Of Institute Of Cost Accountants Of India. Case No.: R/Special Civil Application No.16410 Of 2021. The Gujarat High Court, Ahmedabad Bench, comprising of Justice Biren Vaishnav, , has set aside an order passed by IPA ICAI refusing registration to an applicant on the ground of low CIBIL Score and pending proceedings under Negotiable Instruments Act, 1881. The Bench has directed the IPA ICAI to pass a fresh order, by taking into consideration the fact that Petitioner's CIBIL score was low due to its engagement as a Director in the Companies.

IBC Cases Weekly Round-Up: 21 November To 27 November 2022

Pallavi Mishra

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