Detailed review of NCLAT judgment in H S Oberoi Buildtech Pvt. Ltd. Vs Inderjit Singh & Anr., highlighting importance of principle of natural justice in passing orders
NCLAT held that NCLT erred in not allowing to vote in other modes other than in person in meeting of secured and unsecured creditors of Transferee company as permitted as per Companies Act, 2013 and rules made thereunder.
NCLAT Delhi held that the NCLT has no jurisdiction to decide the validity or otherwise of the `Gift Deed’ more so when `fraud’ and `coercion’ is alleged.
NCLAT Delhi held that role of company as well as the appellant in providing inputs for arriving at rigged pricing is somehow or the other proved. Accordingly, imposition of penalty by the Commission cannot be faulted.
NCLT is not conferred with power of review, it inherently possesses the power to recall a judgment on sufficient grounds under Rule 11 of National Company Law Appellate Tribunal Rules, 2016
NCLAT Delhi held that held that the Lenders and Banks are obliged to discharge their obligations as per the Resolution Plan and Resolution Applicant must also perform its obligation as per the Resolution Plan.
NCLAT Delhi held that when Agreement was admittedly executed between the parties, signed by both the parties and acted upon, mere fact that it not being engrossed on stamped papers shall have no adverse consequence on the claim of the Operational Creditor.
IBC requires the prioritized payment of Insolvency Resolution Process and Liquidation costs. Under the IBC, these costs must be given precedence when distributing funds during insolvency proceedings.
NCLAT Delhi held that initiation of proceeding against the Corporate Debtor u/s 7 justifiable as debt and default duly admitted by the Corporate Debtor.
NCLAT Delhi held that the email of 05.05.2017 cannot be viewed as an acknowledgment of liability on the part of the Corporate Debtor and hence cannot help in extending the period of limitation.
