NCLAT

Promoter not eligible to file application for Compromise and Arrangement, while he is ineligible U/s. 29A of I&B Code to submit a ‘Resolution Plan’

Jindal Steel and Power Limited Vs Arun Kumar Jagatramka (National Company Law Appellate Tribunal Delhi)

Promoter, if ineligible under Section 29A cannot make an application for Compromise and Arrangement for taking back the immovable and movable property or actionable claims of the ‘Corporate Debtor’....

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Posted Under: Corporate Law | |

Single member cannot pass order on matter heard by two Members: NCLAT

Raj Singh Gehlot, Director of Ambience Pvt. Ltd. Vs Vistra ITCL (India) Ltd. & Anr.(NCLAT, Delhi)

The order of ‘admission’ is challenged on the ground that the matter having been heard by two Hon’ble Members and the final order could not have been passed by Hon’ble Member (Judicial)....

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Posted Under: Corporate Law | |

NCLAT allows extension of Time to Complete Insolvency resolution process

M/s. Alpha Corp Development Pvt. Ltd. Vs M/s. Earth Infrastructure Ltd. (NCLAT, Delhi)

M/s. Alpha Corp Development Pvt. Ltd. Vs M/s. Earth Infrastructure Ltd. (NCALT) In terms of third proviso of sub-section (3) of Section 12, as we find that the ‘Corporate Insolvency Resolution Process’ of the ‘Corporate Debtor’ is pending and has not been completed within the period referred to in the second proviso, we hold that ...

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Posted Under: Corporate Law | |

NCLT cannot direct probe by SFIO into affairs of Company of defrauding creditors & others

Mr. Lagadapati Ramesh Vs Mrs. Ramanathan Bhuvaneshwari (NCLAT Delhi)

Mr. Lagadapati Ramesh Vs Mrs. Ramanathan Bhuvaneshwari (NCLAT Delhi) Section 212 does not empower the National Company Law Tribunal or the Adjudicating Authority to refer the matter to the Central Government for investigation by the ‘Serious Fraud Investigation Office’ even if it notices the affairs of the Company of defrauding the cr...

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Posted Under: Corporate Law | |

Group Insolvency of real-estate companies for a consolidated Resolution Plan allowed by NCLAT

Edelweiss Asset Reconstruction Company Limited Vs Sachet Infrastructure Pvt. Ltd. (NCLAT)

Edelweiss Asset Reconstruction Company Limited Vs Sachet Infrastructure Pvt. Ltd. (National Anti-Profiteering Authority) In these appeals as common order dated 7th March, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Special Bench, New Delhi, is under challenge and common question of law is involved, they were...

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Posted Under: Corporate Law | |

NCLAT clarifies NCLT’s Power to Dispense with Meetings of Shareholders & Creditors

DLF Phase–IV Commercial Developers Limited & Others (National Company Law Appellate Tribunal)

DLF Phase–IV Commercial Developers Limited & Others (National Company Law Appellate Tribunal) Indisputably, the proposed scheme of amalgamation between the Holding Company and its Subsidiaries is regulated by provisions of Chapter XV of the Act, Section 230 whereof provides for passing of an order by the Tribunal directing convening...

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Posted Under: Corporate Law | |

Liquidation order of Amtek Auto Limited- Need to review provisions of IBC 2016

Committee of Creditors of Amtek Auto Ltd. Vs Mr. Dinkar T.Venkatasubramanian & Ors. (NCLAT Delhi)

Recently the Delhi bench of National Company Law Appellate Tribunal (NCLAT) has passed an order for liquidation in the case of Amtek Auto Limited. The two-judge Bench headed by Justice S J Mukhopadhya, stated in its order 'As we have noted that more than 270 days have been completed much earlier and no case is made to exclude any period, ...

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Posted Under: Corporate Law | |

IBC: Claim not barred by limitation if appellant approaches appropriate forum in time

Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT)

Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT) If the Appellant had Approached Appropriate Forum for Appropriate Remedy in Time With Continuous Cause of Action, Then The Claim is Not Barred by Limitation FACTS In this case a winding up petition was filed before the Madras High Court as the Appellant had […]...

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Posted Under: Corporate Law | |

‘Operational Creditors’ having disputed claim can avail remedy U/s. 60(6) of I&B Code

Standard Chartered Bank Vs Satish Kumar Gupta R.P. of Essar Steel Ltd. & Ors (National Company Law Appellate Tribunal)

During the submissions, Mr. Harish Salve, learned Senior Counsel appearing on behalf of ‘ArcelorMittal India Pvt. Ltd.’ submitted that once a ‘Resolution Plan’ is approved then under Section 31 of the ‘I&B Code’, it is binding on the ‘Corporate Debtor’ and its employees, members, creditors, guarantors and other stakeholder...

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Posted Under: Corporate Law | |

Not to count Voting % of absent Financial Creditors to count voting shares: NCLAT

IDBI Bank Limited Vs Mr. Anuj Jain (National Company Law Appellate Tribunal)

IDBI Bank Limited Vs Mr. Anuj Jain (National Company Law Appellate Tribunal) As the voting is on, which is likely to be completed today by 5.00 p.m., we are not inclined to pass any specific order in the present I.A. No. 1857 of 2019 filed by the ‘IDBI Bank Limited’. After voting the decision if […]...

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