IBC Cases Weekly Round-Up: 5th T0 12th December 2022

NCLAT Objections Raised By Corporate Debtor To Oppose Section 9 Petition Not To Be A Moonshine Defence: NCLAT Delhi Case Title: Krishna Hi-Tech Infrastructure Pvt. Ltd. v Bengal Shelter Housing Development Ltd. Case No.: Company Appeal (AT) (Insolvency) No.1375 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 the only question to be looked in Section 9 petition is whether the objection raised by the Corporate Debtor opposing claim of the Operational Creditor is not a moonshine defense. The Bench observed that contracts provide for dispute resolution mechanism for contractual disputes arising between the Parties during the contract period. The dispute between the parties are not supposed to be decided, examined and adjudicated in IBC proceeding. No Fetter, Embargo Or Legal Impediment For A Trust To Be A Resolution Applicant: NCLAT Chennai Case Title: M/s. Aswathi Agencies v Bijoy Prabhakaran Pulipra & Ors. Case No.: Company Appeal (AT) (CH) (Ins.) No. 179 of 2021 The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), has held that there is no fetter, embargo or any legal impediment for a Trust to become a Resolution Applicant. "To put it precisely, the word `Person', is defined as per Section 3 (23) (d) of the I & B Code, 2016, which includes a `Trust', therefore, there is no `Fetter' / `Embargo' or a `Legal Impediment', for a `Trust', to be a `Resolution Applicant', in submitting a `Resolution Plan' (in the present case), the candid fact, is that the `Successful Resolution Applicant' / `Lessie Medical Institutions', being a `Registered Charitable Trust', under the `Indian Trust Act, 1882'), in `Corporate Insolvency Resolution Process', in the cocksure earnest opinion of this `Tribunal'." NCLT NCLT New Delhi, Mumbai, Hyderabad & Kolkata Benches Re-Constituted W.E.F 5th December 2022 File No.: 10/03/02/2022-NCLT The Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 03.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective from 05.12.2022 is subject to modification as and when other Members join. The matters shall be heard through physical mode, except for Benches where Members are presiding from different Benches or as per permission taken from Judicial Member. It has been further clarified that the part heard matters and specially ordered matters will continue to be heard by the same Bench till disposal. NCLT New Delhi, Court Room No. 2 (Full Day) Shri Ashok Kumar Bharadwaj (Judicial Member) Shri L.N. Gupta (Technical Member) NCLT New Delhi, Court Room No. 3 (First Half) Shri Bachu Venkat Balaram Das (Judicial Member) Shri Atul Chaturvedi (Technical Member) NCLT New Delhi, Court Room No. 5 (First Half) Shri Patibandla Satyanarayana Prasad (Judicial Member) Dr. Binod Kumar Sinha (Technical Member) NCLT New Delhi, Court Room No. 6 (Second Half) Shri Bachu Venkat Balaram Das (Judicial Member) Shri Rahul Prasad Bhatnagar (Technical Member) Hyderabad Bench NCLT Hyderabad, Court Room No. 1 (First Half) Dr. VRB Nandula (Judicial Member) Shri Charan Singh (Technical Member) NCLT Hyderabad, Court Room No. 2 (Second Half) Justice (Retd.) Telaprolu Rajani (Judicial Member) Shri Charan Singh (Technical Member) Kolkata Bench NCLT Kolkata, Court Room No. 2 (Second Half) Smt. Bidisha Banerjee (Judicial Member) Shri Balraj Joshi (Technical Member) Mumbai Bench NCLT Mumbai, Court Room No. 4 (Full Day) Shri Kishor Vemulapalli (Judicial Member) Shri Prabhat Kumar (Technical Member) NCLT Mumbai Benches Re-Constituted W.E.F 7th December 2022 File No.: 10/03/2022-NCLT The Mumbai Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 06.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective from 07.12.2022 is subject to modification as and when other Members join. The matters shall be heard through physical mode, except for Benches where Members are presiding from different Benches or as per permission taken from Judicial Member. It has been further clarified that the part heard matters and ...

IBC Cases Weekly Round-Up: 5th T0 12th December 2022

Pallavi Mishra

Tags