In re Mr. Sundaresh Bhat Liquidator of ABG Shipyard Limited (NCLAT Delhi) When in an auction somebody has given a higher bid, if instead of 15 days, the person gets a breathing time of 90 days to make a payment, no other person gets affected. We have seen the Discussion Paper referred to by the […]
Jayesh N. Sanghrajka Vs The Monitoring Agency nominated by the Committee of Creditors of Ariisto Developers Pvt. Ltd. (NCLAT Delhi) Appellant claiming that he had done excessively well to deserve Rs. 3 Crores of success fees, the Adjudicating Authority had made comments as to what was the scenario when it was supervising the CIRP. We […]
In this case, the NCLAT set aside an order of the NCLT where the NCLT rejected an application by the liquidator seeking closure of the liquidation process as the corporate debtor was being sold as a going concern under the Insolvency and Bankruptcy Board of India (Liquidation process) Regulations, 2016
Chalasani Udaya Sankar Vs Lexus Technologies Pvt. Ltd. (NCLAT Chennai) It is to be pointed out that the ‘Lockdown’ period during COVID is an extraordinary situation. Furthermore, this ‘Appellate Tribunal’ is of the considered opinion that in every ‘order’ passed by the ‘Tribunal’ ‘sobriety’, ‘calm composure’, ‘poise’ cool like ‘cucumber’ attitude and ‘functional humbleness’ is […]
63 Moons Technologies Ltd. Vs The Administrator of Dewan Housing Finance Corporation Ltd. (NCLAT Delhi) 1. Company Appeal (AT) (Insolvency) No.454 of 2021 has been filed against impugned order dated 7th June, 2021 passed in IA 623/2021 in IA 449/MB/C-II/2021 in CP (IB) 4258/MB/C-II/2019. By the impugned order, the Interlocutory Application of the Appellant seeking […]
All the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the Company’s approved resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date the Adjudicating Authority was granting its approval under Section 31 could be continued.
In present facts of the case, the Hon’ble Appellate Tribunal held that Liquidation is the last resort and this programme of homebuyers needs some calibration and proper evaluation.
In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival
Martin S.K. Golla Vs Wig Associates Pvt. Ltd. (NCLAT) The Resolution Plan of Mr. Wig who was undisputedly a related party, was accepted on 20.04.2018 in the 4th COC (Annexure – 16 – Page 248). Section 29A hits the eligibility of the persons to submit a Resolution Plan if a person falls in any of […]
Jayanta Banerjee Vs Shashi Agarwal (NCLAT Delhi) In the instant case, we find that the IRP/RP had formed the Committee of Creditors based on the Financial Creditors’ submission of claims even without verification, despite that one of the financial creditors had explicitly requested to defer the e-voting on the resolution of the 5th CoC dated […]
