Appellant submits that Appellant has served the Notice by email to the Director of the Corporate Debtor and further the observations of the Adjudicating Authority that Applicant has not placed on record the Master Data of the Corporate Debtor is not correct since in the Application itself the Master Data of the Corporate Debtor was filed
Held that the provision under Section 60(1) makes it clear that the residence of Personal Guarantor is not taken into consideration when insolvency resolution proceedings against the Personal Guarantor are initiated.
Chhote Lal Gupta Vs Jai Balaji Jyoti Steels Ltd (NCLAT Delhi) Under Section 61 (2) of IBC Code, the period provided for filing the Appeal is 30 days from the date of Order. The Appellant is entitled to exclude the period for which certified copy was under preparation. Certified Copy was applied on 08th June, […]
Held that the Adjudicating Authority has not erred in passing the Impugned Order rejecting the revised resolution plan due to lapse of stipulated time period of more than 330 days in CIRP.
Held that an unpardonable lackadaisical approach/ attitude of the `Party’ in pursuing a matter before the `Competent Authority’ / `Tribunal’ is not to be accepted. Delay not condoned in such case even if the appellant being statutory organization.
Tejas Khandhar Vs Bank of Baroda (NCLAT Delhi) Section 18 of the Limitation Act gets attracted the moment acknowledgment in writing signed by the party against whom such right to initiate resolution process under Section 7 IBC ensures. Section 18 of the Limitation Act would come into play every time when the principal borrower and/or […]
Held that a Financial Debt is a debt alongwith interest which is disbursed against the consideration for the time value of money. Earnest money doesn’t satisfy the essential condition of financial debt and accordingly categorized as other creditor.
IBC 2016: Resolution Professional, in Law can exercise control over Bank Accounts operated by ‘Corporate Debtor’ only and not otherwise.
Held that conjoint reading of section 33 of IBC with section 16 of the General Clauses Act, 1897 would show that the authority which has power to appoint a person, equally has the power to suspend or dismiss that person.
Jaipur Trade Expocentre Private Limited Vs Metro Jet Airways Training Private Limited (NCLAT Delhi) We have noticed above that Section 3(33) of the Code deals with ‘transaction’. Agreement dated 15.04.2017 is fully covered within the meaning of word ‘transaction’ as defined in Section 3(33). We may also need to look into the meaning of expression […]
