Where CoC, in exercise of its commercial wisdom, rejected all resolution plans and approved liquidation with 100% voting share, NCLT must order liquidation of the Corporate Debtor under Section 33(2) of IBC.
The Interim Resolution Professional should perform all his functions as contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations.
NCLT Ahmedabad held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor [Bhagirath Construction Company Private Limited] admitted as default provide and application filed within limitation period.
NCLT Mumbai held that application u/s. 9 of the Insolvency and Bankruptcy Code admitted as allegation of pre-existing dispute pertaining to quality, quantity and defective nature of goods not proved.
NCLT Mumbai held that Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor [S U Toll Road Private Limited] under section 7 of the Insolvency and Bankruptcy Code admitted as Corporate Debtor defaulted in repayment of financial debt over the minimum threshold of Rs. 1Crore proved.
NCLT Kolkata held that the Corporate Debtor, Shomuk Consultancy Services Private Limited, is ordered to be liquidated in terms of Section 33(1) of the Insolvency and Bankruptcy Code since the statutory period for the CIRP has been exhausted, and no resolution plan has been received.
NCLT Mumbai held that application under section 33(2) of the Insolvency and Bankruptcy Code by Reliance Capital Ltd. for liquidation of Corporate Debtor [Win Trendz Exim Private Limited] allowed as approved by majority of 78.8% of CoC.
NCLT Mumbai held that resolution plan of Corporate Debtor [Shivom Investment and Consultancy Limited] as submitted by Successful Resolution Applicant [Prashantbhai Ghanshyambhai Ukani] stands approved as meets the requirement of section 30(2) of the Insolvency and Bankruptcy Code.
NCLT Delhi held that CIRP application under section 7 of the Insolvency and Bankruptcy Code dismissed as the applicant is primarily seeking to recover its dues, rather than facilitating the resolution of the Corporate Debtor, who is solvent and operational.
NCLT Mumbai held that the claims of electricity department stand settled on distribution of liquidation estate by the liquidator. Hence, withholding of electricity connection due to payment of dues prior to issuance of sale certificate not justified.
