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NCLAT

Whether CIRP Initiated can be Against A Company Strike off by ROC?

November 21, 2021 4335 Views 0 comment Print

Initiation of Corporate Insolvency Resolution Process (CIRP) under section 7 and 9 of the Insolvency and Bankruptcy Code, 2016 can be maintained even if Company’s name has been struck off by the Registrar of Companies (ROC).

NCLAT: Revision of GST assessment is beyond jurisdiction of RP, not sustainable in law

October 13, 2021 2286 Views 0 comment Print

NCLAT remarked that the revision of the GST assessment order was beyond the jurisdiction of the RP and the RP was not having the adjudicatory power given by the GST Law

Liquidator at liberty to apply & enforce amended Clause 12 of Schedule I of Liquidation Regulations

October 2, 2021 1530 Views 0 comment Print

In re Mr. Sundaresh Bhat Liquidator of ABG Shipyard Limited (NCLAT Delhi) When in an auction somebody has given a higher bid, if instead of 15 days, the person gets a breathing time of 90 days to make a payment, no other person gets affected. We have seen the Discussion Paper referred to by the […]

Success Fees’ is Contingent & Speculative in Nature & Not form Part of IBC: NCLAT

October 2, 2021 852 Views 0 comment Print

Jayesh N. Sanghrajka Vs The Monitoring Agency nominated by the Committee of Creditors of Ariisto Developers Pvt. Ltd. (NCLAT Delhi) Appellant claiming that he had done excessively well to deserve Rs. 3 Crores of success fees, the Adjudicating Authority had made comments as to what was the scenario when it was supervising the CIRP. We […]

IBC not prevents closure of Liquidation Process in case ‘Corporate Debtor’ is sold as a going concern

September 23, 2021 5664 Views 0 comment Print

In this case, the NCLAT set aside an order of the NCLT where the NCLT rejected an application by the liquidator seeking closure of the liquidation process as the corporate debtor was being sold as a going concern under the Insolvency and Bankruptcy Board of India (Liquidation process) Regulations, 2016

NCLAT set aside unsavoury observations/comments in NCLT order

August 10, 2021 795 Views 0 comment Print

Chalasani Udaya Sankar Vs Lexus Technologies Pvt. Ltd. (NCLAT Chennai) It is to be pointed out that the ‘Lockdown’ period during COVID is an extraordinary situation. Furthermore, this ‘Appellate Tribunal’ is of the considered opinion that in every ‘order’ passed by the ‘Tribunal’ ‘sobriety’, ‘calm composure’, ‘poise’ cool like ‘cucumber’ attitude and ‘functional humbleness’ is […]

NCLAT refuses to stay Piramal Group’s DHFL resolution plan

July 23, 2021 1497 Views 0 comment Print

63 Moons Technologies Ltd. Vs The Administrator of Dewan Housing Finance Corporation Ltd. (NCLAT Delhi) 1. Company Appeal (AT) (Insolvency) No.454 of 2021 has been filed against impugned order dated 7th June, 2021 passed in IA 623/2021 in IA 449/MB/C-II/2021 in CP (IB) 4258/MB/C-II/2019. By the impugned order, the Interlocutory Application of the Appellant seeking […]

Statutory dues cannot be claimed if not exists in company’s approved RP for DHFL

July 12, 2021 1566 Views 0 comment Print

All the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the Company’s approved resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date the Adjudicating Authority was granting its approval under Section 31 could be continued.

Liquidation should be the last resort after proper evaluation & calibration

July 8, 2021 2538 Views 0 comment Print

In present facts of the case, the Hon’ble Appellate Tribunal held that Liquidation is the last resort and this programme of homebuyers needs some calibration and proper evaluation.

NCLAT has power to grant case withdrawal under Rule 11 of NCLT Rules

July 7, 2021 11835 Views 0 comment Print

In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival

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