NCLAT Delhi held that application filed under section 43 of the IBC by Liquidator on the basis of Transaction Audit Report for avoidance of preferential transactions tenable in law. Accordingly, appeal dismissed.
NCLAT Delhi held that provisions of section 98 of the IBC enables Financial Creditor to apply for replacement of Resolution Professional. Notably, filing of application by resolution professional is immaterial.
NCLAT Delhi condoned delay of five days in filing of an appeal as sufficient explanation given by the appellant for the condonation. Accordingly, delay condoned in terms of section 61(2) of the Insolvency and Bankruptcy Code, 2016.
Thus, the prayer of the Appellant to exclude the commercial space from the Resolution Plan, could not have been accepted, nor any direction could have been issued for registration of Sale Deed.
NCLAT Delhi held that the amount given as share application money did not constitute a financial debt under Section 5(8) of the Insolvency and Bankruptcy Code 2016 (IBC). Thus, CIRP application u/s. 7 rightly rejected.
The said business transaction was carried out between the period from 11.05.2019 to 13.10.2021, where an amount of Rs. 4,48,30,421 was said to be due to be paid to him.
NCLAT Chennai held that liquidator cannot resort to proceedings under section 61 of Insolvency and Bankruptcy Code for the purposes of the challenging direction issued to the IBBI.
NCLAT Delhi held that issue of closure of the factory to be raised against Industrial Court or Labour Court under the Industrial Disputes Act, 1947 and not against adjudicating authority i.e. National Company Law Tribunal. Thus, appeal dismissed.
NCLAT affirms CoC’s authority under IBC Section 33 to liquidate a Corporate Debtor before resolution plan confirmation. CoC’s commercial decisions are non-reviewable.
The Appellant- Operational Creditor had undertaken to provide services for production of Television Commercial, print shoot and digital content for the Respondent -Patanjali Paridhan Private Limited under the terms of proforma invoice dated 17.10.2018.
