NCLAT Chennai dismisses appeal as infructuous but raises concerns over the process followed by NCLT in passing the original order.
The Adjudicating Authority by the impugned order rejected MA No.03 of 2023. The Adjudicating Authority held that non-compliance by the Appellant of Regulation 21A, sub-regulation (2), the assets of Haldia Unit has become the Liquidation Estate of the CD.
NCLAT Delhi held that as per section 33(2) of the Insolvency and Bankruptcy Code, CoC is empowered to take decision to liquidate the Corporate Debtor thus resolution passed with 100% vote share directing for liquidation of Corporate Debtor [Go Airlines] justified.
NCLAT Delhi held that in absence of both disbursements directly to Corporate Debtor and default, attempt to invoke proceedings u/s. 7 of IBC unsustainable. Thus, since CIRP was fraudulent and malicious, dismissal u/s. 65 of IBC upheld.
NCLAT Delhi held that demand notice issued u/s. 95(4) of the Insolvency and Bankruptcy Code, 2016 [IBC] when sent to last known address as stipulated in Guarantee Deed is valid service of notice under established legal principles. Accordingly, appeals dismissed.
NCLAT rules allottee who cancelled unit by request cannot be financial creditor. Order directs payment of settled bank loan.
NCLAT Delhi held that failure of reconciliation of accounts qualifies as pre-existing dispute. Thus, order admitting application u/s. 9 of Insolvency and Bankruptcy Code, 2016 ignoring pre-existing dispute is not justified. Hence, order is set aside.
NCLAT Delhi allows the appeal of Essar Oil & Gas, setting aside the NCLT Ahmedabad order admitting Section 9 application filed by Greeka Greens Solution.
On an application filed u/s. 9 of the Insolvency and Bankruptcy Code, 2016, the Corporate Debtor – Lavasa Corporation Limited was admitted to insolvency resolution process by order dated 30.08.2018.
NCLAT Delhi held that post approval of resolution plan both by CoC and the adjudicating authority, it cannot be reopened on the basis of claims being belatedly agitated by the appellant. Thus, admission of claim rightly rejected by adjudicating authority.
