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NCLAT

NCLT has jurisdiction to remit resolution plan for reconsidering amendments requested by successful resolution applicant

August 31, 2023 483 Views 0 comment Print

NCLAT Delhi held that there is NCLT (National Company Law Tribunal) has jurisdiction to remit the plan for reconsidering the amendment which the Successful Resolution Applicant himself was requesting to be carried out.

Fees of Resolution Professional rightly reduced for non-completion of CIRP in time bound manner

August 31, 2023 864 Views 0 comment Print

NCLAT Delhi held that adjudicating authority rightly reduced fees payable to Resolution Professional on failure in complying with his responsibilities of completing CIRP in a time bound manner.

Operational creditor can initiate CIRP against Corporate Debtor only in clear cases

August 31, 2023 783 Views 0 comment Print

NCLAT Delhi held that operational creditor can initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor only in clear cases where no real dispute exists between the two parties.

Suspension of initiation of CIRP applies to date of default

August 31, 2023 552 Views 0 comment Print

NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10A of the Insolvency and Bankruptcy Code, 2016 applies to date of default i.e. 31.03.2020.

Tata Power’s Service Connection Application to be Considered Without Arrear Payment: NCLAT

August 30, 2023 393 Views 0 comment Print

NCLAT rules in favor of Tata Power, stating no arrears payment needed before the date of Resolution Plan approval against Jagannath Sponge Pvt Ltd.

NCLAT Dismisses Kotak Mahindra’s Appeal: Scope Limited After ‘Approval of Resolution Plan

August 30, 2023 570 Views 0 comment Print

NCLAT Chennai dismisses Kotak Mahindra Bank’s appeal in the Orchid Pharma case, affirming limited authority post approval of resolution plan. Analysis and conclusion provided.

Minority Shareholder cannot challenge Director Induction if not attended Board Meetings

August 30, 2023 675 Views 0 comment Print

A deep dive into NCLAT Chennai judgment on minority shareholder rights & Board Meetings in case of Radhakrishnan Babu Nirmala Vs Precise Limbus Eye Care.

Emails Aren’t Valid Notices As Per NCLT Rules: NCLAT

August 29, 2023 1734 Views 0 comment Print

NCLAT Delhi rules in Suniel Dhandhania & Anr Vs Vichitra Narayan Pathak that an email doesn’t qualify as a valid notice under NCLT guidelines.

Initiation of CIRP u/s 9 unsustainable as dispute existed prior to issue of demand notice

August 28, 2023 612 Views 0 comment Print

NCLAT Delhi held that initiation of CIRP under section 9 of the Insolvency Bankruptcy Code, 2016 unsustainable as dispute regarding credit/refund of the service tax amount existed prior to the issue of demand notice under section 8.

Settlement for foreclosure of concession agreement re Kiratpur – Ner Chowk Project is as per resolution framework

August 21, 2023 891 Views 0 comment Print

NCLAT Delhi held that the settlement entered into by KNCEL (Kiratpur Ner Chowk Expressway Limited) and NHAI (National Highways Authority of India) for foreclosure of the Concession Agreement relating to Kiratpur – Ner Chowk Project under the MoRTH Guidelines is in accordance with the approved Resolution Framework

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