NCLAT

Whether CIRP Initiated can be Against A Company Strike off by ROC?

Elektrans Shipping Pte Ltd. Vs Pierre D’silva (NCLAT Delhi)

Initiation of Corporate Insolvency Resolution Process (CIRP) under section 7 and 9 of the Insolvency and Bankruptcy Code, 2016 can be maintained even if Company’s name has been struck off by the Registrar of Companies (ROC)....

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Posted Under: Corporate Law | |

NCLAT: Revision of GST assessment is beyond jurisdiction of RP, not sustainable in law

Bijoy Prabhakaran Pulipra Vs State Tax Officer, SGST (NCLAT)

NCLAT remarked that the revision of the GST assessment order was beyond the jurisdiction of the RP and the RP was not having the adjudicatory power given by the GST Law...

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Posted Under: Corporate Law | |

Liquidator at liberty to apply & enforce amended Clause 12 of Schedule I of Liquidation Regulations

In re Mr. Sundaresh Bhat Liquidator of ABG Shipyard Limited (NCLAT Delhi)

In re Mr. Sundaresh Bhat Liquidator of ABG Shipyard Limited (NCLAT Delhi) When in an auction somebody has given a higher bid, if instead of 15 days, the person gets a breathing time of 90 days to make a payment, no other person gets affected. We have seen the Discussion Paper referred to by the […]...

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Posted Under: Corporate Law | |

Success Fees’ is Contingent & Speculative in Nature & Not form Part of IBC: NCLAT

Jayesh N. Sanghrajka Vs The Monitoring Agency nominated by the Committee of Creditors of Ariisto Developers Pvt. Ltd. (NCLAT Delhi)

Jayesh N. Sanghrajka Vs The Monitoring Agency nominated by the Committee of Creditors of Ariisto Developers Pvt. Ltd. (NCLAT Delhi) Appellant claiming that he had done excessively well to deserve Rs. 3 Crores of success fees, the Adjudicating Authority had made comments as to what was the scenario when it was supervising the CIRP. We [&he...

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Posted Under: Corporate Law | |

IBC not prevents closure of Liquidation Process in case ‘Corporate Debtor’ is sold as a going concern

Mohan Gems & Jewels Private Limited Vs Vijay Verma (NCLAT Delhi)

In this case, the NCLAT set aside an order of the NCLT where the NCLT rejected an application by the liquidator seeking closure of the liquidation process as the corporate debtor was being sold as a going concern under the Insolvency and Bankruptcy Board of India (Liquidation process) Regulations, 2016...

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Posted Under: Corporate Law | |

NCLAT set aside unsavoury observations/comments in NCLT order

Chalasani Udaya Sankar Vs Lexus Technologies Pvt. Ltd. (NCLAT Chennai)

Chalasani Udaya Sankar Vs Lexus Technologies Pvt. Ltd. (NCLAT Chennai) It is to be pointed out that the ‘Lockdown’ period during COVID is an extraordinary situation. Furthermore, this ‘Appellate Tribunal’ is of the considered opinion that in every ‘order’ passed by the ‘Tribunal’ ‘sobriety’, ‘calm composure’, ‘po...

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Posted Under: Corporate Law | |

NCLAT refuses to stay Piramal Group’s DHFL resolution plan

63 Moons Technologies Ltd. Vs The Administrator of Dewan Housing Finance Corporation Ltd. (NCLAT Delhi)

63 Moons Technologies Ltd. Vs The Administrator of Dewan Housing Finance Corporation Ltd. (NCLAT Delhi) 1. Company Appeal (AT) (Insolvency) No.454 of 2021 has been filed against impugned order dated 7th June, 2021 passed in IA 623/2021 in IA 449/MB/C-II/2021 in CP (IB) 4258/MB/C-II/2019. By the impugned order, the Interlocutory Applicatio...

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Posted Under: Corporate Law | |

Statutory dues cannot be claimed if not exists in company’s approved RP for DHFL

Piramal Capital &

All the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the Company’s approved resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date the Adjudicating Authority was granting its approval under Sect...

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Posted Under: Corporate Law | |

Liquidation should be the last resort after proper evaluation & calibration

Lotus City Plot Buyers Welfare Association Vs Three C Homes Pvt. Ltd &

In present facts of the case, the Hon’ble Appellate Tribunal held that Liquidation is the last resort and this programme of homebuyers needs some calibration and proper evaluation....

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Posted Under: Corporate Law | |

NCLAT has power to grant case withdrawal under Rule 11 of NCLT Rules

Anuj Tejpal Vs Rakesh Yadav (NCLAT Delhi)

In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival...

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Posted Under: Corporate Law | |

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