Operational Creditor cannot be paid through partly paid ‘Redeemable Preference Shares’ as the distribution of the amount to the Operational Creditor (other than Government Departments) was clearly contrary to provisions of Section 30 (2)(b)(ii).
Analysis of Ashok Kumar Gulla vs State Bank of India case on payment of liquidator fees under Regulation 4(2)(b) of Liquidation Process Regulations by NCLAT Delhi.
In the case of Shweta Sharma Vs SREI Equipment Finance Ltd., NCLAT Delhi upholds Section 7 application, proving debt and default, despite objections regarding arbitral award validity.
NCLAT Delhi ruling on Adisri Commercial Pvt. Ltd. Vs RBI & Ors. : Recall applications filed by Appellant are nothing but application to review judgment on merits which power is not vested with Adjudicating Authority.
NCLAT decision bars new applicants from participating in CIRP without fresh Form G issuance, impacting Mamta Binani case. Full judgment analysis here.
NCLAT Delhi rejects SRA’s plea for substitution in resolution plan after CoC and NCLT approval. Analysis of UV Asset Reconstruction Company Ltd. & Anr. vs Aircel Ltd. case.
NCLAT held that rights of allottees are safeguarded in CIRP, with RP empowered to make decisions regarding business operations. Details of the judgment provided.
In a case between D S Kulkarni & Associates and Manoj Kumar Aggarwal, NCLAT Delhi ruled that mere MoU & Ledger Extract are inadequate to claim financial debt, rejecting the appeal.
Naman Infradevelopers Pvt. Ltd. vs Metcalfe Properties Pvt. Ltd.: NCLAT rules advance payment by speculative buyer in real estate not financial debt under IBC.
In Shaji Purushothaman vs. Union Bank of India, the CoC can evaluate an applicant’s settlement proposal under Section 12A against the approved resolution plan.
