Held that the voting share in the CoC is extremely relevant and important element in the CIRP. Resolution Professional needs to verify and scrutinize the documents submitted with Form C before admitting/ accepting claim of financial creditors.
Adjudicating Authority has only given an opportunity to the Corporate Debtor to deposit the entire defaulted amount for which Section 7 Application was filed, within 45 days with liberty reserve to the Financial Creditor to revive the Section 7 Application in event the amount is not deposited.
Sabita A. Biswas Vs Vinodkumar Pukhraj Ambavat (NCLAT Delhi) Appellant sought direction to Resolution Professional to accept the claim. Appellant has filed claim in Form-C along with the claim, Appellant has also filed photocopy of unregistered sale deed engrossed on Rs. 100/- and stamp paper allegedly executed before the Notary on 13.01.2015. The Adjudicating Authority […]
NCLAT Delhi, in Amit Jain v. Siemens Financial Services Pvt. Ltd held that Section 10A of IBC, 2016 is applicable only to corporate debtor & not to personal guarantor of corporate debtor
Held that initiation of CIRP under I&B code cannot be nullified by any order passed by SEBI nor can be a ground to reject an application.
Section 203 of Companies Act, 2013 states that every listed company and every other public company having a paid-up share capital of ten crore rupees shall have the CFO as whole-time key managerial personnel.
Limitation is to be counted not from the date of delivery of the certified copy but from the date of preparation of certified copy: NCLAT
Adjudicating Authority under Rule 43 of NCLT Rules, 2016, can call for any information or evidence as it may consider necessary in its discretion
Dinesh Mehta Vs Amit Kumar Mehta (NCLAT Delhi) This Appeal has been filed with 197 days delay in refiling the Appeal. Learned counsel for the Appellant submits that a document was to be filed alongwith the Appeal which has foreign origin – Sharjah, United Arab Emirates. He submits that time was taken to obtain translated […]
Since remanding of a resolution plan back to Committee of Creditors (COC) on the grounds of the procedural deviations raised by a dissenting minority in class of creditors, would render the CIRP a never ending process and was against the time bound resolution objective of the IBC.
