NCLT

Moratorium under Section 14 of IBC is not applicable on properties under unlawful Possession: NCLT

State Bank of India Vs Meenakshi Energy Ltd (NCLT Hyderabad)

In present facts of the case, the Hon’ble NCLT while taking into consideration the Interlocutory Application u/s. 60(5) of Insolvency and Bankruptcy Code, 2016, have observed that moratorium under Section 14 would not be applicable to the properties wherein the possession of the Corporate Debtor is unlawful...

Read More
Posted Under: Corporate Law | |

Breach of Settlement Agreement terms Not A Ground to Trigger CIRP

Bajaj Rubber Company Private Limited Vs Saraswati Timber Private Limited (NCLT Delhi)

NCLT held that breach of the terms and conditions of payment according to a Settlement Agreement does not come under the purview of the Operational Debt as defined under the IBC, 2016 and it cannot be a ground to trigger CIRP against the Corporate Debtor....

Read More
Posted Under: Corporate Law | |

IBC: Minimum Threshold of Rs. 1 Crore is to be Seen from the date of Filing the Petition

Udit Jain (Sole Proprietor of M/s U.J. Trading Co.) Vs Apace Builders and Contractors Pvt. Ltd (NCLT Delhi)

Udit Jain (Sole Proprietor of M/s U.J. Trading Co.) Vs Apace Builders and Contractors Pvt. Ltd (NCLT Delhi) HC held that  in application filed under section 9 of IBC, 2016 only the date of filing needs to be considered and not the date of sending the Demand Notice. It is seen that notification of MCA dated […]...

Read More
Posted Under: Corporate Law | |

No reason to entertain Bid Submitted After scheduled Time: NCLT

Chinar Steel Segments Private Limited Vs Deepika Bhugra Prasad, Liquidator of ESS DEE Aluminium Limited (NCLT Kolkata)

Time lines are fixed with a definite purpose & bidding process should conclude at scheduled time. Applicant cannot complain after failing to submit EMD within time....

Read More
Posted Under: Corporate Law | |

Suspended directors running business of corporate debtor in fraudulent manner is liable u/s 66 of IBC

Concord Infrastructure Private Limited Vs Shubhkamna Buildtech Private Limited (NCLT Delhi)

NCLT Held that suspended board of directors were involved in running the business of corporate debtor in a fraudulent & wrongful manner, therefore, responsible & liable under provision of Section 66 of IBC, 2016...

Read More
Posted Under: Corporate Law | |

Liquidator Empowered to Decide Mode of Sale: NCLT

Sauria Corporation Vs Kohinoor Pulp & Paper Private Limited (NCLT Kolkata)

NCLT held that it is the Liquidator who has to take call on what mode of sale is in the best in the interest of maximization of value of assets....

Read More
Posted Under: Corporate Law | |

No resolution plan could be approved which favoured selectively particular Creditors

Ravindra Kumar Goyal Vs Jatin Prakash Gupta (NCLT Ahmedabad)

The Resolution Plan of the Successful Resolution Applicant  could not be approved as it had breached the waterfall mechanism of payments as given under Section 53 of IBC and selectively favoured certain creditors  without according any reason for the same and the Plan ineffectively dealt with the interests of all stakeholders of the Cor...

Read More
Posted Under: Corporate Law | |

Entity Issuing ‘Letter of Comfort’ cannot be treated as Corporate Debtor or Guarantor under IBC

Shapoorji Pallonji And Company Pvt. Ltd. Vs ASF Insignia SEZ Pvt. Ltd. (NCLT Delhi)

NCLT held that entity issuing 'Letter of Comfort' cannot be treated as 'Corporate Debtor/Corporate Guarantor' under IBC, 2016...

Read More
Posted Under: Corporate Law | |

Debt converted into equity cannot be treated as Debt – NCLT is a summary court

Anup Jhunjhunwala Vs Adea Powerquips Private Limited (NCLT Kolkata)

NCLT is a summary court and hence, we cannot venture into a detailed proceeding, the main points in a section 7 petition is to check whether there is a debt and default with the aid of the documents annexed with the pleadings. In the present case, the debt as been converted into equity shares, hence there is no debt at the present....

Read More
Posted Under: Corporate Law | |

Financial Debt cannot be claimed Without Proof of Disbursement

Sudhir T Deshpande Vs Dhanada Corporation Limited (NCLT Mumbai)

Without proof of disbursement an amount cannot be claimed as financial debt, as disbursement is a sine qua non for any debt to fall within the ambit of financial debt...

Read More
Posted Under: Corporate Law | |

Browse All Categories

CA, CS, CMA (6,143)
Company Law (8,556)
Corporate Law (10,694)
Custom Duty (9,446)
DGFT (4,854)
Excise Duty (4,842)
Fema / RBI (5,311)
Finance (5,698)
Income Tax (42,513)
SEBI (4,590)
Service Tax (4,041)

Search Posts by Date

October 2022
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31