NCLAT

NCLAT directs Liquidator’ to proceed in accordance with law

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT)

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT) Learned counsel appearing on behalf of the ‘Liquidator’, on instructions from the ‘Liquidator’, who is present, submits that the ‘Liquidator’ will ensure that both the companies remain going concern and if so necessary, he will take appropriate orders from the Adjudicating Authorit...

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Posted Under: Company Law | |

Statutory Dues including Income Tax, VAT etc. are Operational Debts under IBC

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT)

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT) Conclusion – All statutory dues including ‘Income Tax’, ‘Value Added Tax’ etc. come within the meaning of ‘Operational Debt’ under the Insolvency and Bankruptcy Code 2016. Facts – According to appellant, the ‘...

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Posted Under: Company Law | |

Statutory dues for taxes is Operational Debt: NCLAT

Pr. Director General of Income Tax Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi)

Pr. DGIT Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) ‘Operational Debt’ in normal course means a debt arising during the operation of the Company (‘Corporate Debtor’). The ‘goods’ and ‘services’ including employment are required to keep the Company (‘Corporate Debtor’) operational as a going conc...

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Posted Under: Company Law | |

NCLT Not a ‘Court’ or a ‘Tribunal’ Cannot Decide Legality of a Foreign Decree

Usha Holdings LL.C. & Anr. Vs Francorp Advisors Pvt. Ltd. (NCLAT Delhi)

National Company Law Appellate Tribunal concluded that the National Company Law Tribunal (NCLT) is not a ‘Court’ or a ‘Tribunal’ and hence cannot decide legality of a foreign degree. NCLAT held that deciding the legality or illegality of a foreign degree is outside the jurisdiction of NCLT....

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Posted Under: Company Law | |

NCLAT rejects Tata plea against late Liberty bid for Bhushan Power

Tata Steel Limited Vs Liberty House Group Pte. Ltd. & Ors. (NCLAT)

NCLAT held that appeal preferred by ‘Tata Steel Limited’ is premature, uncalled for, in absence of any final decision taken by the Adjudicating Authority under Section 31, this appeal is also not maintainable....

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Posted Under: Company Law | |

Corporate Debtor Cannot Maintain Appeal Under IBC : NCLAT

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT)

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT) when the matter was taken up one Mr. Ankit, representative of the Corporate Debtor submits that the lawyer is appearing before the Debts Recovery Tribunal. However, we are not adjourning the case as even on appearance of the counsel we cannot entertain the appeal preferred […...

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Posted Under: Company Law | |

NCLAT approves Revised Resolution Plan for Binani Cement by UltraTech Cement

Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi)

Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi) In exercise of powers conferred by Section 31 of the ‘I&B Code’ read with order of remand by the Hon’ble Supreme Court, we have gone through the records, revised ‘Resolution Plan’ submitted by ‘Ultratech Cement Limited, gist of which noticed earlier and ...

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Posted Under: Company Law | |

Corporate Debtor Cannot Maintain Appeal Under IBC, 2016: NCLAT

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT Delhi)

National Company Law Appellate Tribunal (NCLAT) held that Corporate debtor cannot maintain appeal under the Insolvency and Bankruptcy Code (IBC), 2016....

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Posted Under: Company Law | |

NCLAT upheld Rs 6,700 cr CCI penalty for cartelisation on cement-makers’

Ambuja Cements Limited Vs Competition Commission of India & Ors. (NCLAT Delhi)

Ambuja Cements Limited Vs CCI & Ors. (NCLAT Delhi) The ‘Builders Association of India’ filed information under Section 19(1) (a) of the Competition Act, 2002, alleging anti-competitive agreement against the ‘Cement Manufactures’ Association’ (hereinafter referred to as “CMA”- the ‘Opposi...

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Posted Under: Company Law | |

Authorized Representative to File Petition under ‘I&B Code’

Palogix Infrastructure Private Limited Vs. ICICI Bank Limited (NCLAT Delhi)

National Company Law Appellate Tribunal in the matter of Palogix Infrastructure Private Limited Vs. ICICI Bank Limited has promulgated that an Authorized Representative can file petition under Insolvency and Bankruptcy Code, 2016...

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Posted Under: Company Law | |

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