It is for the Appellant to take remedies out of the Agreement and it is open for the parties to take legal proceedings as permitted in law. In view of the fact that the payment made was initially towards the advance license fee it was an operational debt, the Adjudicating Authority has rightly admitted the application under Section 9.
NCLAT Delhi dismisses appeal, upholding the jurisdiction of NCLT, Principal Bench at New Delhi, in admitting Section 7 Application under the Insolvency and Bankruptcy Code.
IndusInd Bank Ltd. Vs Rajendra K. Bhuta (NCLAT Delhi) When the Hon’ble Supreme Court by Interim Order dated 26th November, 2018 has stayed the insolvency proceedings which proceedings ultimately were set aside by the final Judgment dated 2nd September, 2019, we are of the view that Resolution Professional is not entitled for any fee after […]
Ramesh Chander Agarwala Vs State Bank of India (NCLAT Delhi) It is true that in Ravi Ajit Kulkarni’s case this Tribunal has in paragraph 44 of the Judgment has laid down that limited notice by the Adjudicating Authority also be given to the Personal Guarantors. In the preset case, although no limited notice as contemplated […]
Aashish Kadam Vs Nagpur Nagarik Sahakari Bank Ltd. (NCLAT Delhi) The submission which has been raised by Shri Shikhil Suri is that the document by which Secured Cash Credit Facility was extended to the Corporate Debtor is not a stamped and on account of document having not been stamped, the said document could not have […]
Once the Plan is approved by the Adjudicating Authority under Sub- Section (1) of Section 31 it shall be binding on the Creditors including the Operational Creditors i.e. the Appellants herein.
Jagbasera Infratech Private Ltd. Vs Rawal Variety Construction Ltd. (NCLAT Delhi) Clause 15 of the Memorandum of Understanding specifies that ‘promoter’ shall be entitled to raise loans in its own name from banks/financial institutions for the project. There shall be no liability on the Developer for repayment of the loans or interest.” A careful perusal […]
SC held that the Sale Certificate is merely the evidence of such title and the Auction Purchaser derives title on confirmation of sale in his favour and a Sale Certificate is issued evidencing such sale and title and no further deed of transfer from the Court is contemplated or required.
Mukul Agarwal Vs Royale Resinex Pvt. Ltd. (NCLAT Delhi) Facts- The Operational Creditor supplied poly propylene to the Corporate Debtor as per the demand raised by the Corporate Debtor. Invoices were raised in the name of the Corporate Debtor. The Operational Creditor filed a Civil Suit No.149 of 2015 against the Corporate Debtor for recovery […]
A ‘going concern sale’ on an ‘as is where basis’ does not dissolve the corporate debtor, rather, it forms a part of the liquidation estate wherein the entire business, including assets and liabilities, including all contracts, licences, concessions, agreements, benefits, privileges, rights, or interests, is transferred to the purchaser. Therefore, it was concluded that the sale of a company as a ‘going concern’ means sale of both its assets and liabilities if it is stated on ‘as is where is basis’.
