NCLAT Delhi held that penalty as imposed by Competition Commission of India [CCI] on account of bid-rigging in soil testing tenders invited by Development of Agriculture, Government of Utter Pradesh against several companies and directors upheld.
NCLAT Delhi held that order of Adjudicating Authority refusing approval of resolution plan justified since deed claimed by Corporate Debtor is doubtful and questionable and accordingly, asset cannot be treated as asset of Corporate Debtor.
NCLAT Delhi held that order directing vacation of premise granted under leave and licence agreements granted by Corporate Debtor due to CIRP is justifiable. Accordingly, impugned order upheld and additional time grated to vacate the premises.
NCLAT Delhi sets aside NCLT order, ruling that an insolvency petition can be restored upon settlement breach if the NCLT’s initial order granted liberty for revival, regardless of the MoU’s terms.
The subsequent Agreement to Sell and the Tripartite Agreement entered into without the prior leave of the Tribunal, and without informing or involving the majority shareholders or the Board of the Company, suffered from procedural impropriety and lack of authority.
NCLAT Delhi rejected an appeal under IBC Section 61(2), ruling it lacked jurisdiction to condone the 17-day delay, as the statutory limit for condonation is strictly 15 days.
NCLAT Delhi held that application under section 7 of the Insolvency and Bankruptcy Code [IBC] filed by the security Trustee is duly admissible since application was filed after obtaining valid authorisation from the lender. Accordingly, appeal dismissed.
NCLAT Delhi held that termination of concession agreement has no relation with default in repayment of dues of the Financial creditor. Accordingly, application u/s. 7 of IBC rightly admitted against Supreme Manor Wada Bhiwandi Infrastructure Pvt. Ltd. [Corporate Debtor] as debt and default established.
NCLAT Delhi held that demand made by the EPFO on the basis of an inspection report made after initiation of moratorium is not enforceable as Section 14(1) of the IBC prohibits the initiation or continuation of assessment during the moratorium period.
NCLAT Delhi held that claim of wages and salaries after the issuance of the layoff notice rightly rejected since the appellant workmen due to issuance of the layoff notice has not worked after issuance of this layoff notice. Accordingly, appeal dismissed.
