NCLT

Insolvency & Bankruptcy Code-Home buyers: Most outstanding judgement – reduction of voting share

Nikhil Mehta & Sons (HUF) & Ors vs M/s AMR Infrastructure Ltd (NCLT, New Delhi)

In a memorable and consequential judgement, in the matter of Nikhil Mehta & Sons (HUF)&Or’s vs M/s AMR Infrastructure Ltd (CA No. 811(PB/2018 in IB-02(pb)/2017, it has been upheld that the voting threshold in the IBC are merely directory in nature and that preference can be taken to decision taken by the largest percentage in th...

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Posted Under: Corporate Law | |

No legal bar on merger of an Indian LLP with an Indian Company

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI)

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI) Legislative intention behind enacting both the LLP act 2008 and The Companies Act 2013 is to facilitate the ease of doing business and create a desirable business atmosphere for companies and LLPs. For this purpose, both the Acts have provided provisions for...

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Posted Under: Corporate Law | |

Restore Company name when company expresses its willingness to file ROC returns with late fee: NCLT

Ms. Rashmi Rajpal v. Klienz Herbal (P.) Ltd. (National Company Law Tribunal, Hyderabad Bench)

Ms. Rashmi Rajpal v. Klienz Herbal (P.) Ltd. (National Company Law Tribunal, Hyderabad Bench) Where name of a company was struck off because of delay in filing statutory returns, reasons of which was explained, and, company had expressed its willingness to file all returns along with payment of prescribed fee to which ROC had no objecti...

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Posted Under: Corporate Law | |

Merger of Partnership Firms under Companies Act, 2013- Is it possible?

M/s. Kediya Ceramics (NCLT Ahemdabad)

A partnership firm can participate in a scheme of amalgamation only after converting itself into a company under section 366 of the Act. Since the vesting of properties and liabilities of such partnership firm to the company is by operation of law [Section 368 of the Act], the succession is exempt from capital gains tax pursuant to the pr...

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Posted Under: Corporate Law | |

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: Corporate 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: Corporate 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: Corporate 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: Corporate 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: Corporate 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: Corporate Law | |

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