NCLT is not conferred with power of review, it inherently possesses the power to recall a judgment on sufficient grounds under Rule 11 of National Company Law Appellate Tribunal Rules, 2016
NCLAT Delhi held that held that the Lenders and Banks are obliged to discharge their obligations as per the Resolution Plan and Resolution Applicant must also perform its obligation as per the Resolution Plan.
NCLAT Delhi held that when Agreement was admittedly executed between the parties, signed by both the parties and acted upon, mere fact that it not being engrossed on stamped papers shall have no adverse consequence on the claim of the Operational Creditor.
IBC requires the prioritized payment of Insolvency Resolution Process and Liquidation costs. Under the IBC, these costs must be given precedence when distributing funds during insolvency proceedings.
NCLAT Delhi held that initiation of proceeding against the Corporate Debtor u/s 7 justifiable as debt and default duly admitted by the Corporate Debtor.
NCLAT Delhi held that the email of 05.05.2017 cannot be viewed as an acknowledgment of liability on the part of the Corporate Debtor and hence cannot help in extending the period of limitation.
NCLAT held that claim before resolution professional/ liquidator has to be based on solid documentary evidence and not based on indirect or circumstantial or secondary evidence.
NCLAT Delhi held that as there exists financial debt and default, application u/s 7 of the Insolvency and Bankruptcy Code (IBC) is duly admissible.
NCLAT Delhi held that liquidator is obliged to consider the average of the value arrived as per Regulation 35 of the CIRP Regulation, 2016.
NCLT held that documents being forged or not cannot be determined by the National Company Law Tribunal as National Company Law Tribunal is not a forum for adjudication of fraud.
