NCLAT Delhi held that once One Time Settlement is failed and CIRP is initiated, the amount lying in the no lien account belongs to the Corporate Debtor.
NCLAT held that in event the submission of Appellant is accepted that due to financial difficulty he is unable to implement Resolution plan and he be permitting to go back from the commitments made in the Resolution Plan, it shall have disastrous effect on the entire process undertaken.
NCLAT held that when judgment is pronounced without reasoning, it is not a judgment in the eye of law for the reason that the requirement of reasoning either by Original Court or Appellate Authority is to convey the mind of the judge while deciding such an issue before the Tribunal.
NCLAT Delhi held that default of instalment of Settlement Agreement does not come within the definition of operational debt as it does not fall within the definition of additional debt as per Section 5(21) of the IBC.
SGA Fashion Pvt. Ltd. Vs CMA Sandeep Kumar Bhatt (NCLAT Delhi) The documentary evidence on record establishes that the Appellant herein contended before the Learned Adjudicating Authority that pre-bidding qualification will not bind the bidders and sought for relief to be granted under the eligibility criteria at Clause 1.15 of the tender document. Having sought […]
Held that the voting share in the CoC is extremely relevant and important element in the CIRP. Resolution Professional needs to verify and scrutinize the documents submitted with Form C before admitting/ accepting claim of financial creditors.
Adjudicating Authority has only given an opportunity to the Corporate Debtor to deposit the entire defaulted amount for which Section 7 Application was filed, within 45 days with liberty reserve to the Financial Creditor to revive the Section 7 Application in event the amount is not deposited.
Sabita A. Biswas Vs Vinodkumar Pukhraj Ambavat (NCLAT Delhi) Appellant sought direction to Resolution Professional to accept the claim. Appellant has filed claim in Form-C along with the claim, Appellant has also filed photocopy of unregistered sale deed engrossed on Rs. 100/- and stamp paper allegedly executed before the Notary on 13.01.2015. The Adjudicating Authority […]
NCLAT Delhi, in Amit Jain v. Siemens Financial Services Pvt. Ltd held that Section 10A of IBC, 2016 is applicable only to corporate debtor & not to personal guarantor of corporate debtor
Held that initiation of CIRP under I&B code cannot be nullified by any order passed by SEBI nor can be a ground to reject an application.
