NCLT

NCLT imposes Rs. 10 Lakh Cost for seeking transfer of cases on minor excuses

Cyrus Investment & Anr Vs. Tata Sons Ltd. & Ors. (National Company Law Tribunal)

Cyrus Investment & Anr Vs. Tata Sons Ltd. & Ors. (National Company Law Tribunal) A perusal of the aforesaid prayer does not leave any manner of doubt that the prayer was made for entrusting the Company Petition No. 82/2016 to such Bench of the NCLT as may be appropriate for hearing the same on the […]...

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Posted Under: Company Law | |

NCLT Order levy of compounding fee of Rs. 3.39 Lakh for Non Appointment of CS

Re. Atyati Technologies Private Limited (National Company Law Tribunal Bangalore)

If a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every director and key managerial personnel of the company who is in default shall be punishable with fine which may extend to fifty thousand rupees an...

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Posted Under: Company Law | |

Whether dispute raised by OC is bar for acceptance of petition under IBC

Anil Steels V. A.D. Electro Steel Co. (P.) Ltd (NCLT Kolkata Bench)

Whether Corporate Debtor can bar the NCLT to accept the petition of Operational Creditor by raising a dispute on the Demand Notice...

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Posted Under: Company Law | |

Whether Insolvency Proceedings can be initiated against Guarantor

IDBI Bank Ltd. V. BCC Estate (P.) Ltd (NCLT Ahmedabad)

Whether Creditor can file application against Corporate Guarantor in case of default by Principle Debtor and petition against principle debtor has already been admitted under the Insolvency & Bankruptcy Code, 2016....

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Posted Under: Company Law | |

Withdrawn of Application- After Admission – NCLT – INSOLVENCY CODE

Parker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata)

NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....

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Posted Under: Company Law | |

Petition under IBC 2016 cannot be withdrawn by mutual settlement: NCLT

Re. Parker Hannifin India Private Limited (NCLT Kolkata)

After admission of Petition under IBC 2016, the nature of petition changes to representative suit and the lis does not remain only between Operational Creditor and Operational Debtor. Therefore, Operational Creditor and Operational Debtor alone have no right to withdraw the Petition after admission....

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Posted Under: Company Law | |

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