Weekly Digest Of IBC Cases: 20th To 26th May 2024

High Court Resolution Professional Not To Be Hauled Up In Criminal Case Against Company: Kerala High Court Stays ED Notice To RP Case Title: M/s Kerala Chamber Of Commerce And Industry vs. Directorate of Enforcement Case Number: CRL.MC No. 3605 of 2024 The Kerala High Court stated that prima facie, a Resolution Professional appointed under the Insolvency and Bankruptcy ('IB') Code for carrying the Corporate Insolvency Resolution Process ('CIRP') of the Company cannot be hauled up in a criminal proceeding initiated against the Company. Winding Up Proceedings On Nascent Stage, To Be Transferred To NCLT: Delhi High Court Case Title: Arabian Oilfield Suppliers & Services vs Greka Drilling (India) Limited Case No.: CO.PET. 88/2016 & CO.APPL. 381/2016, CO.APPL. 382/2016, CO.APPL. 1514/2018 The Delhi High Court bench of Justice Dharmesh Sharma held that winding up proceedings pending before High Courts, which are at a nascent stage and have not progressed to an advanced stage, ought to be transferred to the NCLT. Party Must Be Provided With All Requisite Documents That Form Basis Of Show Cause Notice: Delhi High Court Case Title: Shantanu Prakash vs State Bank Of India & Ors Case No.: W.P.(C) 1730/2024, CM APPL. 7177/2024 & CM APPL. 11269/2024 The Delhi High Court bench of Justice Mini Pushkarna held that the concerned party must be provided with all requisite documents that form the basis of Show Cause Notices ('SCNs') by the banks. It held that this enables the party to submit a proper reply and address all allegations effectively. Without access to these underlying documents, the procedure of issuing an SCN and filing a response would be rendered meaningless. NCLAT NCLAT Delhi: Adjudicating Authority Has No Right To Substitute Its Own Assumption With CoC's Commercial Wisdom, Sets Aside Order On Violation Of Natural Justice Case Title: Sarda Energy and Minerals Limited vs. Ashish Arjunkumar Rathi & Ors. Case No.: Company Appeal (AT) (Insolvency) No. 1395 – 1397 of 2023 The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson) and Mr. Arun Baroka (Technical Member) sets aside an order on violation of natural justice holding that the Adjudicating Authority (NCLT Mumbai) has no right to substitute its own assumption over the commercial wisdom of Committee of Creditors (CoC). NCLAT Seeks Google's Response On Appeals Against Play Store Billing Policy Case Title: People Interactive India Pvt. Ltd. vs. Competition Commission of India & Ors. Case No.: Competition App. (AT) No. 7 of 2024 The National Company Law Appellate Tribunal (NCLAT), New Delhi bench of Justice Yogesh Khanna (Judicial Member) and Ajai Das Mehrotra (Technical Member) admitted appeals filed by several prominent entities, including Kuku FM, Shaadi.com, Indian Broadcasting and Digital Foundation (IBDF), and People Interactive India Pvt. Ltd. This move follows their dissatisfaction with the Competition Commission of India's (CCI) decision to deny interim relief from complying with Google's contentious billing policies. NCLAT Delhi: Corporate Debtor Can't Escape Liability By Contending To Be Merely An Agent Of Principal Case Title: Mukund Rajhans (Suspended Director of Topaki Media Private Limited) vs. Rajasthan Patrika Private Limited & Anr. Case No.: Company Appeal (AT) (Ins.) No. 1398 of 2023 The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that the Corporate Debtor cannot escape liability by contending that it is merely an agent and by taking recourse under Section 230 of the Indian Contract Act, 1872. NCLAT Delhi: Issuance Of Demand Notice U/S 8 Of IBC Is Fulfilled By Documentary Evidence Including Postal Receipt Case Title: Mukund Rajhans (Suspended Director of Topaki Media Private Limited) vs. Rajasthan Patrika Private Limited & Anr. Case No.: Company Appeal (AT) (Ins.) No. 1398 of 2023 The National Company Law Appellate Tribunal ('NCLAT') Delhi, comprising Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member) held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand Notice under Section 8 of Insolvency and Bankruptcy Code (IBC). NCLT NCLT Hyderabad Holds Port Authority Officers Guilty Of Contempt Of Court, Imposes Month Imprisonment And Fine Case Title: Mr. Sanjay Gupta Liquidator of Lanco Babandh Power Limited vs. Mr. Tarun Kumar Panda & Ors. Case No.: Contempt Petition No.16 of 2023 in IA No.939 of 2020 in CP (IB) No.296/7/HDB/2018 The National Company Law Tribunal ('NCLT') Hyderabad, comprising Justice Rajeev Bhardwaj (Judicial...

Weekly Digest Of IBC Cases: 20th To 26th May 2024

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Weekly Digest Of IBC Cases: 20th To 26th May 2024

Sachika Vij

This is a premium content Available exclusively to Our subscribers

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