NCLAT

Section 232(6) of Companies Act, 2013 enables companies to choose & state ‘appointed date’ in amalgamation scheme

RHI India Private Limited & Ors. (Appellants) Vs Union of India (NCLAT)

The NCLAT observed that the Ministry of Corporate Affairs, General Circular dated August 21, 2019 has clarified that section 232(6) of Companies Act, 2013 enables the companies in question to choose and state in the scheme an ‘appointed date'. This date may be a specific calendar date or may be tied to the occurrence of an event such as...

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Posted Under: Company Law | |

NCLT must give a reasonable opportunity of hearing: NCLAT

Pankaj Kumar Mishra vs. Registrar of Companies, Mumbai and Ors. (NCLAT)

NCLT must give a reasonable opportunity of making representations and of being heard before passing an order, to the Registrar, the Company and all the persons concerned under Section 252 (1) of the Companies Act, 2013....

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Posted Under: Company Law | |

Interest free loan cannot be treated as financial debut without evidence that loan was disbursed for time value of money

Orator Marketing Pvt. Ltd. Vs Samtex Desinz Pvt. Ltd. (NCLTAT Delhi)

Orator Marketing Pvt. Ltd. Vs Samtex Desinz Pvt. Ltd. (NCLAT Delhi)  Synopsis states and it is argued that it being related party transaction, the money was to be utilized by the Respondent for day to day activities and to develop business, and that same was consideration of time value of money. We are unable to […]...

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Posted Under: Company Law | |

Exclude Period of Judicial Intervention in calculation of CIRP Period: NCLAT

Anil Tayal Vs Committee of Creditors of M/S. Horizon Buildcon Pvt. Ltd. (NCLAT)

We are of the considered opinion that the period of judicial intervention w.e.f 21st October, 2020 till 9th November, 2020 (the period covering the time spent in pursuing the extension application in the first instance) and 12th January, 2021 to 3rd February, 2021...

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Posted Under: Company Law | |

NCLAT directs IT Dept to Refund TDS collected under Section 194IA

Om Prakash Agrawal Liquidator-S.Kumars Nationwide Ltd. Vs CCIT (TDS)

Liquidator of a Company in liquidation under the Code is not required to file Income Tax Return, then there is no question of claiming refund of TDS deducted under Section 194 IA of the IT Act....

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Posted Under: Company Law | |

Application u/s 9 of IBC, 2016 is maintainable irrespective of amount of claim

Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT)

Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT) Brief Facts: An application was filed under Section 9 of IBC and the Adjudicating Authority issued Notice but none appeared for Respondent. The Adjudicating Authority disposed of by directing the Respondent to settle the issue in question within a stipulated peri...

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Posted Under: Company Law | |

An Advocate can issue demand notice on instruction of his client (operational creditor), even though not backed by Board Resolution

Mohit Minerals Ltd Vs. Nidhi Impotrade Pvt Ltd (NCLAT)

Mohit Minerals Ltd Vs. Nidhi Impotrade Pvt Ltd  (NCLAT) An Advocate can issue demand notice on the instruction of his client (the operational creditor), even though not backed by the Board Resolution Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by the Appellant- Operational Creditor an...

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Posted Under: Company Law | |

Refusal to accept delivery of notice is deemed acceptance of delivery & service of notice

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT): Company Appeal (AT) (Insolvency) No. 880 of 2020

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT) Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Respondent- ‘Vaishnovi Infratech Ltd.’ (Corporate Debtor) filed by the Appellant- Operational Creditor was rejected by the Adjudicating Authority (National Company Law Tribunal), Hyde...

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Posted Under: Company Law | |

Operational Creditors not entitled to same treatment as given to Financial & Secured Creditors

Pratap Technocrats P Ltd & Ors Vs. Monitoring Committee of Reliance Infratel Ltd & Anr (NCLAT)

Pratap Technocrats P Ltd & Ors Vs. Monitoring Committee of Reliance Infratel Ltd & Anr (NCLAT) Brief Facts: The version of appellants says that they were kept unaware of the Corporate Insolvency Resolution Process qua the Corporate Debtor, thus being wholly unaware of the progress of Resolution Process with no details provided by ...

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Posted Under: Company Law | |

Mere Balance Sheet entries not amounts to acknowledgment of Debt under Limitation Act

Bishal Jaiswal Vs Asset Reconstruction Company (India) Ltd. & Anr. (NCLAT Delhi)

Section 18 of the Limitation Act, 1963 would have no application to proceedings under I&B Code. Therefore, the issue raised as regards acknowledgement of liability by reflection in the Balance Sheet/ Annual Return would be irrelevant....

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Posted Under: Company Law | |

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