NCLAT

No Prohibition for appearance in representing different Company, in separate proceedings u/s 7 IBC: NCLAT

Anand Varma Vs Piyush Periwal & Ors. (NCLAT Delhi)

In present facts of the case, the NCLAT allowed the appeal by expunging all adverse observations made against the Appellant in the impugned Order by observing that appearance for an entity  being a separate company which has initiated separate proceeding under Section 7 against different Corporate Debtor and appearance of the Appellant i...

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Posted Under: Company Law | |

Default during Section 10A Period cannot be clubbed to Meet Threshold Requirement under IBC, 2016

Plus Corporate Ventures Pvt. Ltd Vs Transnational Growth Fund Ltd (NCLAT Delhi)

Plus Corporate Ventures Pvt. Ltd Vs Transnational Growth Fund Ltd (NCLAT Delhi) NCLAT held that When we look into the proviso to Section 10A, the expression is ‘provided that no Application shall ever be filed for initiation of CIRP of a Corporate Debtor for the said default occurring during the said period’ thus default which...

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Posted Under: Company Law | |

Change in COC Composition will not affect costs & fees ratified by earlier CoC

DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi)

DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi) The proviso in Regulation 12(3) of CIRP Regulations, 2016 clearly stipulates that if any decision is taken by the committee (CoC), prior to the reconstitution, which in this case is the ratification of the fees and the expenses, its validity will not be affected. […]...

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Posted Under: Company Law | |

Condonation cannot be granted under Section 61 of IBC as limitation period is 30 days which is extendable to 45 days

Isolux Corsan India Engineering &

In present facts of the case, the NCLAT rejected the application praying condonation of delay as it was filed after 45 days of the passing of the Impugned Order and by virtue of Section 61 of Insolvency and Bankruptcy Code, 2016 the condonation cannot be granted....

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Posted Under: Company Law | |

Advance payment is covered within the definition of Operational Debt

Chipsan Aviation Private Limited Vs Punj Llyod Aviation Limited (NCLAT Delhi)

NCLAT Delhi held that rejection of Section 9 application holding that advance payment made by Operational Creditor to the Corporate Debtor does not fall within the four corners of the Operational Debt is unsustainable as it is settled low that advance payment is covered within the definition of Operational Debt....

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Posted Under: Company Law | |

Submission of failed resolution plan results into initiation of liquidation process

Dr. C. Bharath Chandran Vs Ms. Sabine Hospital and Research Centre Pvt. Ltd (NCLAT Chennai)

NCLAT Chennai held that CIRP plan not approved by minimum 66% of the Committee of Creditors is considered to be failed Resolution Plan and on submission of such failed Resolution Plan the Adjudicating Authority will initiate Liquidation Process....

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Posted Under: Company Law | |

Application u/s 7 by Financial Creditor against Guarantor maintainable on default of Principal Borrower

Sandeep Kasare Vs IL & FS Financial Services Ltd. (NCLAT Delhi)

NCLAT Delhi held that Financial Creditors can invoke the proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016 against the Guarantor, who on default of Principal Borrower transforms into Corporate Debtor...

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Posted Under: Company Law | |

Adjudicating Authority can Replace Liquidator who was arrested by CBI

Subrata Maity Vs Amit C. Poddar (NCLAT Delhi)

Subrata Maity Vs Amit C. Poddar (NCLAT Delhi) The Adjudicating Authority has noted in the order that the Appellant was arrested by the CBI and due to which 116 days was lost due to incapability of the Appellant to act as a Liquidator. Learned Counsel for the Appellant contends that the Appellant was granted bail […]...

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Posted Under: Company Law | |

NCLT and NCLAT can review CoC Decision for Liquidation

Sreedhar Tripathy Vs Gujarat State Financial Corporation & Ors. (NCLAT Delhi)

Sreedhar Tripathy Vs Gujarat State Financial Corporation & Ors. (NCLAT Delhi) The grievance of the Appellant is that CoC’s decision is arbitrary decision, it cannot be said to be decision taken in commercial wisdom of the CoC. Section 33 Sub-section (2) of the I&B Code which deals with initiation of liquidation. The Explanation ...

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Posted Under: Company Law | |

AA Can consider Application filed by Liquidator or Successful Auction Purchaser

RMY Industries Llp Vs Apple Industries Pvt. Ltd (NCLAT Delhi)

Adjudicating Authority is empowered to consider any application filed by the Liquidator or Successful Auction Purchaser, which may arise with regard to terms and conditions of auction sale or sale as going concern as per the Liquidation Regulation...

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Posted Under: Company Law | |

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