NCLAT Delhi held that State Tax Department is secured creditor under section 53 of the Insolvency and Bankruptcy Code [IBC] hence resolution plan approved without considering the same is in violation of statutory provision.
NCLAT Delhi held that rejection of resolution plan on the ground of valuation of assets of Corporate Debtor not sustainable since no objection to the valuation conducted of the Corporate Debtor was raised by any stakeholders.
NCLAT Delhi held that filing of application u/s. 7 of the IBC even after agreeing on restructuring of loan by majority of lenders is justifiable since all Lenders have their independent rights to take such measures as per their Bank’s policy.
NCLT can also exercise inherent jurisdiction under Rule 11 in a case where NCLT is of the view that copy of the order need to be forwarded to the relevant statutory authorities, it can forward the copy for doing needful.
NCLAT Delhi affirms Corporate Debtor’s insolvency, ruling alleged coal quality dispute an afterthought after demand notice lacked timely response.
Hon’ble Supreme Court in Consolidated Construction Consortium Ltd. vs Hitro Energy Solutions Pvt (2022) 7 SCC 164 has held that with respect to the fact that receiver of goods who has paid advances is also an Operational Creditor.
NCLAT Delhi held that statutory provisions of section 43 of the Insolvency and Bankruptcy Code [IBC] empowers resolution professional to file application for avoidance of preferential transactions. Hence, application filed by homebuyers rightly not entertained.
NCLAT Delhi held that the communication of Section 8 Demand Notice via registered email address of Corporate Debtor is valid service of demand notice. Accordingly, admission of application under section 9 of the Insolvency and Bankruptcy Code justifiable.
NCLAT Chennai held that delayed filing of scheme of compromise u/s. 230 of the Companies Act cannot be condoned since there was no procedural flaw in conducting the auction till the stage it was finalized by the issuance of the sale certificate.
NCLAT Delhi held that rejection of approved resolution plan on account of alleged fraud without giving an opportunity to resolution applicant to explain its position is against the principle of natural justice. Accordingly, matter remanded back.
