NCLT

Notification raising IBC threshold to Rs. 1 Crore will apply prospectively

M/s Tharakan Web Innovations Pvt. Ltd. Vs Cyriac Njavally (NCLT Kerala)

Notification dated 24.03.2020 does not save the Applicant/ Corporate Debtor from the initiation of insolvency especially in cases where defaults towards creditors have taken place before the COVID pandemic and the resultant financial crisis. Such an interpretation would be contrary to the intention of the executive in exercise of its powe...

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Posted Under: Corporate Law | |

NCLT admits plea for insolvency process initiation against personal guarantor

In re Anil Syal (NCLT)

From the report there does not appear any request of the Resolution Professional for issuance of the instructions for the purpose of conducting negotiations between the debtor and creditors for arriving at the repayment plan. Therefore, based on the reasons recorded in the report submitted by the Resolution Professional...

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Posted Under: Corporate Law | |

NCLT dismisses CIRP filed by Neesa Infrastructure Limited

M/s. Neesa Infrastructure Limited vs State Bank of India (NCLT)

M/s. Neesa Infrastructure Limited vs State Bank of India (NCLT) Advocate, Mr. Nipun Singhvi appeared on behalf of the Respondent. The order is pronounced in the open court, vide separate sheet. 1. Sanjay Gupta, claiming himself to be the authorised signatory, on behalf of M/s. Neesa Infrastructure Limited filed this Petition under Section...

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Posted Under: Corporate Law | |

Corporate Debtor liability not extinguished upon Insolvency Resolution Plan Approval

State Bank of India Vs Anil Dhirajlal Ambani (NCLT Mumbai)

whether the liability of a guarantor of a debt of a corporate debtor stands reduced/extinguished upon an Insolvency Resolution Plan in respect of the corporate debtor, being approved under the Insolvency and Bankruptcy Code, 2016?”...

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Posted Under: Corporate Law | |

NCLT relaxes timeline of implemented resolution plan

M/s Fincast Founders and Engineers Pvt. Ltd. Vs Shri Rajat Mukherjee RP for Shaifali Foils (NCLT Ahemdabad)

M/s Fincast Founders and Engineers Pvt. Ltd. Vs Shri Rajat Mukherjee (NCLAT Ahemdabad) 1) The instant application is filed under section 60 (5) of the IB Code r.w. Rule 11 of the NCLT Rules, 2016 seeking appropriate direction in Resolution Plan dated 25.05.2019, with following prayer: a. to enable the applicant to comply with the [&hellip...

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Posted Under: Corporate Law | |

IBC, 2016 Vs. Arbitration and Conciliation Act, 1996

Indus Biotech Private Limited Vs Kotak India Venture Fund-I (National Company Law Tribunal)

Indus Biotech Private Limited Vs Kotak India Venture Fund-I (National Company Law Tribunal) FACTUAL BACKGROUND In the present case, the Indus Biotech Pvt. Ltd. (Corporate Debtor) has filed a Interlocutory application under Section 8 of the Arbitration and Conciliation Act, 1996 (Arbitration Act, 1996) where in the underlying Insolvency pe...

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Posted Under: Corporate Law | |

Prospective Application of Notification raising IBC threshold for CIRP

Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal)

The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the Appellate Tribunal under Section 61 of the ...

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Posted Under: Corporate Law | |

Increase in threshold for initiating CIRP is prospective in effect

Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata)

Whether increase in threshold by CG through notification  for initiating CIRP is prospective or retrospective in effect?...

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Posted Under: Corporate Law | |

Restore e-way facility for filing of GST returns: NCLT

Abhijit Guhathakurta R.P. for the 13 Videocon Group Companies Vs Central Goods & Services Department (National Company Law Tribunal)

NCLT directs the GST Department to (a) To restore the e-way facility for filing of the GST returns in respect of Corporate Debtors all Companies including Techno Electronics Limited currently under Corporate Insolvency Resolution Proceedings....

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Posted Under: Corporate Law | |

IBC Act overrides GST Act- Liability to Pay GST after initiation of CIRP

T. R. Ravichandran Vs The Asst. Commissioner (ST) (NCLT)

T. R. Ravichandran, RP Vs The Asst. Commissioner (ST) (NCLT) As to provisions of GST Act, since Section 238 of the Insolvency and Bankruptcy Code having categorically mentioned that IBC will have over riding effect on all other laws which are in contravention to the provisions of the IBC, RI cannot raise an objection saying […]...

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Posted Under: Corporate Law | |

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