IBC Weekly Digest: 4th November To 10th November 2024

NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. 5918-5919 OF 2022, 2024 LiveLaw (SC) 858STATE BANK OF INDIA AND ORS. Versus THE CONSORTIUM OF MR. MURARI LAL JALAN AND MR. FLORIAN FRITSCH AND ANR.| C.A. No. 5023-5024/2024 and Connected, 2024 LiveLaw (SC) 866Pratham Expofab Private Limited v. Mr. Anil Matta, Resolution Professional and Ors., Company Appeal (AT) (Insolvency) No. 1803 of 2024 Sandip Narendrakumar Patel (Promotor/ExDirector) Yours Ethnic Foods Pvt. Ltd. vs. Svakarma Finance Pvt. Ltd. & Anr., Comp. App. (AT) (Ins) No. 1419 of 2023Telecom Regulatory Authority of India v. Reliance Communication Ltd. & Ors., Company Appeal (AT) (Insolvency) No.355 of 2024SUDIP DUTTA @ SUDIP BIJOY DUTTA v. PRASHANT JAIN, Company Appeal (AT) (Insolvency) No. 1494 of 2024 & I.A. No. 5389 of 2024Hari Vitthal Mission vs. Ravi Sethia & Ors., Company Appeal (Ins) No. 1206 of 2022 & I.A. No. 3657, 3658, 3659 of 2022 & 4766 of 2023JUBIN KISHORE THAKKAR V. PHOENIX ARC PRIVATE LIMITED, Company Appeal (AT) (Insolvency) No. 1931 of 2024Dhiren Shantilal Shah RP of High Ground Enterprise Ltd. v. Swastik Productions Pvt. Ltd, Company Appeal (AT) (Insolvency) No. 360 of 2024 & Interlocutory Application Nos.1223 of 2024Sandeep Behl v. Nirmal Trading Company and Ors., Company Appeal (AT) (Insolvency) No. 36 of 2024COROB INDIA PVT. LTD. v. MR. BIRENDRA KUMAR AGRAWAL and Anr., Company Appeal (AT) (Insolvency) No. 749 of 2024Alok Tripathi, Suspended Director v. Mohit K Gupta, Liquidator, Company Appeal (AT) (Insolvency) No. 1817 of 2024Mr. Vinay Rai (Personal Guarantor) v. Technology Development Board and Ors., Company Appeal (AT) (Insolvency) No. 1891 of 2024Kundan Minerals and Metals Limited v. (National Stock Exchange of India Limited, Mumbai, I.A. (IB) No. 1720/KB/2024 Supreme Court 'IBC Prevails Over SEZ Act', Supreme Court Rejects Noida SEZ's Claim Case Title: Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. 5918-5919 OF 2022 Citation : 2024 LiveLaw (SC) 858 The Supreme Court dismissed the Noida Special Economic Zone's (NSEZ) plea challenging the NCLAT's decision to approve a resolution plan that granted Rs. 50 Lacs against NSEZ's admitted claim of about Rs. 6 Crore. The NCLAT reduced the claim amount, partly due to penalties related to the renewal of the sub-lease and transfer charges. The bench comprising Justices Abhay S. Oka and Augustine George Masih ruled that the Insolvency and Bankruptcy Code (IBC) prevails over the SEZ Act due to Section 238 of IBC's overriding effect, rejecting NSEZ's argument for exemptions from such payments. Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan Case Details : STATE BANK OF INDIA AND ORS. Versus THE CONSORTIUM OF MR. MURARI LAL JALAN AND MR. FLORIAN FRITSCH AND ANR.| C.A. No. 5023-5024/2024 and Connected Citation : 2024 LiveLaw (SC) 866 The Supreme Court invoked its extraordinary powers under Article 142 of the Constitution to order the liquidation of Jet Airways in view of the "peculiar and alarming" circumstance that the resolution plan has not been implemented for five years. The Court set aside the NCLAT Order which allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant (SRA) without complete payment in accordance with the resolution plan. 'No Political Appointments' : Supreme Court Decries Poor Functioning Of NCLTs/NCLAT, Says Members Often Lack Domain Knowledge Case Details : STATE BANK OF INDIA AND ORS. Versus THE CONSORTIUM OF MR. MURARI LAL JALAN AND MR. FLORIAN FRITSCH AND ANR.| C.A. No. 5023-5024/2024 and Connected Citation : 2024 LiveLaw (SC) 866 In the judgment ordering the liquidation of Jet Airways, the Supreme Court made several critical remarks against the abysmal functioning of the National Company Law Tribunals and the National Company Law Appellate Tribunal benches. Slamming the "growing tendency" of the NCLT and NCLAT members to ignore the orders of the Supreme Court, the Court stated that only persons of impeccable integrity should be appointed as the Tribunal Members. There should be no political appointment, the Court categorically stated. NCLAT Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT Case Title: Pratham Expofab Private Limited v. Mr. Anil Matta, Resolution Professional and Ors. Citation: Company Appeal (AT) (Insolvency) No. 1803 of 2024 The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra affirmed that a settlement proposal under Section 12A of the IBC cannot be put before the CoC after the CoC has approved the resolution plan. The tribunal further observed that with the approval of the resolution plan by the CoC, the plan becomes inter se...

IBC Weekly Digest: 4th November To 10th November 2024

Mohd Malik Chauhan

Tags