NCLAT Delhi held that trusteeship deeds are generally signed between the trust on behalf of the lenders and the personal/ corporate guarantor of the principal borrower and Creditors are the true beneficiaries of such deed of guarantee.
NCLAT upholds rejection of IBC Section 9 application against HUL, citing pre-existing disputes and claims below the Rs. 1 crore threshold. Appeal dismissed.
NCLAT Delhi upheld the CoC’s decision to extend CIRP and withdraw liquidation, rejecting the appeal against the Resolution Professional and time extension.
NCLAT Delhi held that CoC decision to liquidate the Corporate Debtor is acceptable as corporate debtor has no assets and thus CIRP Period only implies zero returns. Thus, adjudicating authority order accepting liquidation upheld.
NCLAT Delhi held that distribution of liquidation proceeds has to be in proportion to the admitted claim of secured creditors as per section 53(1) of the Insolvency and Bankruptcy Code and the same cannot be on the basis of security interest of different secured creditors.
The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application ought to have been filed before the DRT was not valid.
NCLAT Delhi held that as per expressed provisions of section 101(1) of the Insolvency and Bankruptcy Code, 2016 moratorium period cannot be extended beyond 180 days. Accordingly, appeal dismissed.
NCLAT Delhi dismisses Kotak Mahindra Bank’s appeal, ruling that delays beyond 15 days under Section 61(2) of IBC cannot be condoned.
NCLAT rules that Central Excise claims under Section 11E are not secured debts, upholding the resolution plan for Cengres Tiles Ltd.
The matter was heard by the Adjudicating Authority on which date the impugned order was passed recalling the order and restoring the Company Petition and the two IAs.
