The tribunal approved the resolution plan after the anchor bidder outperformed the challenger during the Swiss Challenge. The ruling sanctions a payout exceeding Rs. 12.80 crore and confirms compliance with IBC requirements.
NCLT Mumbai held that resolution plan of Unijules Life Sciences Limited [Corporate Debtor] as submitted by S.S. Fabricators & Manufacturers P. Ltd. [Successful Resolution Applicant] approved since it is duly approved by CoC and also meets requirement of Section 30(2) of the IBC.
NCLT Delhi admitted a Section 7 application for initiating CIRP against a company for defaulting on a ₹9.97 crore loan. The tribunal appointed an IRP and declared a moratorium on recovery actions.
The Tribunal held that the Corporate Debtor’s silence and lack of dispute confirmed the existence of debt, resulting in CIRP initiation against the company.
NCLT admitted a Section 10 application for CIRP against a company after financial default was established. A moratorium was declared, and an IRP was appointed to manage insolvency proceedings.
NCLT Mumbai held that the Karanja Terminal & Logistics Private Limited [Corporate Debtor] has committed a default in repaying the financial debt to the Financial Creditor for a sum well beyond rupees one crores. Thus, application u/s. 7 of IBC for initiation of CIRP admitted.
NCLT admitted a Section 7 IBC petition after the borrower defaulted on a ₹13.5 crore loan and failed to appear despite multiple notices. The Tribunal held that debt and default were clearly established.
NCLT Indore initiates corporate insolvency proceedings against a private company for default in repayment of ₹10.44 crore, appointing an IRP and declaring moratorium under IBC.
NCLT Mumbai held that mere issuance of debit notes or raising of reconciliation issues at a later stage does not establish a “pre-existing dispute” within the meaning of Section 8(2)(a) of the Code. Accordingly, application u/s. 9 of Insolvency and Bankruptcy Code admitted as debt and default proved.
NCLT Kochi held that proposed reduction of paid-up capital is justified on commercial grounds, duly approved by the shareholders, and does not adversely affect any creditors, employees, or other stakeholders. The reduction is proportionate and lawful u/s. 66 of the Companies Act, 2013.
