Held that the Corporate Debtor was permitted to use the trademark of KKR in relation to its licensed products, accordingly, there was temporary transfer/permission to use, constituting provision of service. Hence, due and payable arising out of such service is an operational debt
Held that only creditors who triggered the corporate insolvency resolution process can be impleaded as parties. An Appellant / Plaintiff in a given legal proceeding is the dominus litis.
Held that there was no dispute on the date of filing of the application u/s. 9 of the IBC nor at the stage of notice u/s. 8 of the IBC any dispute was raised. Thus, NCLT has committed error in outrightly rejecting the application under Section 9 of the IBC.
Held that CIRP cannot be allowed to continue for indefinite period. Refusal to approve the resolution plan due to non-serious, casual and non-diligent conduct of the resolution applicant is within the four corners of law.
Held that the mobilization advance given by the Appellant to the Corporate Debtor is clearly an Operational Debt and the Adjudicating Authority committed error in rejecting the claim of the Appellant as an Operational Debt.
Held that minimum threshold limit of INR 1 Crore for maintainability of application for CIRP proceedings u/s 9 of IBC includes both principal debt as well as interest on delayed payment.
Held that contention that during moratorium imposed u/s 14 of IBC, Adjudicating authority shall not pass an order u/s 66 of IBC, is without any merit
Zoom Communications Pvt. Ltd Vs Par Excellence Real Estate Pvt. Ltd (NCLAT Delhi) NCLAT in the present case are considering the initiation of the CIRP, the Adjudicating Authority had sufficient reason to believe that debt itself is doubtful. No error has been committed by the Adjudicating Authority in refusing to initiate the CIRP on such suspicious […]
Held that the residuary jurisdiction of the NCLT under Section 60(5) (c) of the IBC provides it a wide jurisdiction and can be exercised as long as the matter is not dehors the insolvency proceedings.
Held that application to initiate CIRP, against solvent and going concern company, can be denied when creditor is using insolvency as a substitute for debt recovery procedure.
