NCLAT Delhi held that striking off of the companies name due to default in submitting of a statutory record because of some internal disputes among the shareholders and management is unsustainable in law.
NCLAT Delhi held that regulation 33 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the operational credit (i.e. the person filing CIRP application) is liable to bear the expense/ fees of Interim Resolution Professional.
NCLAT Delhi held that the dues of income tax department are Government dues and they are secured creditors.
NCLAT Chennai refused to condone the delay in filing of an appeal as in the presentation of the Appeal there was delay of 2 days, after 45 days, and the same is beyond a period of limitation.
NCLAT Delhi held that withdrawal application under section 12A of the Insolvency & Bankruptcy Code, 2016 unsustainable once CoC (Committee of Creditors) approves a resolution plan.
NCLAT held that the Landowners who have not invested any money and are the collaborators in the development agreements cannot be termed as a financial creditor and the said transaction cannot be considered as disbursement against the time value of money.
NCLAT, Delhi held that adjudicating authority being the appointing authority of IRP/RP has due jurisdiction to pass an order for removal of the Resolution Professional.
NCLAT Delhi held that an application by the Resolution Professional under section 60(5) of IBC, 2016, to direct the tenant to vacant the property of Corporate Debtor, permissible for carrying out the duties entrusted to the IRP under Section 18 of the Code.
NCLAT Delhi held that impugned order is liable to be set aside as resolution professional didn’t took reasonable step to get the Corporate Debtor as going concern which is mandated as per Section 25(2)(h) of the Insolvency & Bankruptcy Code, 2016.
Only question to be looked in Section 9 Application is as to whether the objection raised by the Corporate Debtor opposing claim of the Operational Creditor is not a moonshine defense.
