The NCLAT, Mumbai, ruled that the Limitation Act applies to CIRP applications, affirming that an application for a time-barred debt cannot be entertained.
NCLAT Delhi held that dismissal of section 9 application under the Insolvency and Bankruptcy Code upheld a case of pre-existing dispute arises out of termination of contract. Accordingly, appeal rejected and order of adjudicating authority upheld.
NCLAT Delhi rejects Vir Jai Khosla’s request to video record appeal proceedings, citing no special reasons despite fraud allegations in Essar Steel resolution plan dispute.
NCLAT Delhi rejects a plea to recall its order dismissing appeals in Paritosh Jain Vs Manoj Kulshrestha, citing the Supreme Court’s limited grounds for recall.
The NCLAT dismisses an appeal by promoters and personal guarantors of Sharon Bio Medicine Ltd., clarifying that personal guarantees are independent contracts and not discharged by a resolution plan under the IBC.
NCLAT Delhi held that it is not justified to start entire process from stage of Information Memorandum since CIRP period has already came to an end and Adjudicating Authority has remitted matter to CoC for fresh consideration of resolution plan.
The above statutory provision makes it clear that in event the Applicant, fails to comply with the second Proviso to modify the application within thirty days from the date of amendment, deeming provision of law shall come into play and the application shall be deemed to have been withdrawn.
The NCLAT Delhi rules on the Puneet Resutra vs. J&K Bank case, clarifying that a one-time settlement with a guarantor does not extinguish the principal borrowers debt. The court upheld the initiation of insolvency proceedings.
NCLAT dismissed Liquidator’s appeal as premature, urging NCLT Ahmedabad to decide pending IAs by the successful auction purchaser without delay.
NCLAT Delhi held that possession of unit by virtue of section 53A of the Transfer of Property Act is not admissible in case the agreement to sell is unregistered. Accordingly, sale consideration paid is directed to be refunded.
