Resolution plan for Steadfast Shipping Private Limited was approved under Section 31 of the Insolvency and Bankruptcy Code, 2016, after finding that the plan met all requirements under Section 30(2) of the Code and was approved by the Committee of Creditors (CoC) with 100% voting share.
NCLT Mumbai held that application for initiation of Corporate Insolvency Resolution Process [CIRP] admissible since default of debt due and payable is established and default is in excess of minimum amount stipulated under IBC.
NCLT Delhi held that Fixed Deposit Receipts FDRs standing in the name of the Corporate Debtor constitute financial assets and form an integral part of the Corporate Debtors estate. Thus, resolution professional is directed to approach concerned bank and request defreezing of FDRs to ensure control over the same.
NCLT Ahmedabad held that application for initiation of Corporate Insolvency Resolution Process [CIRP] filed by Financial Creditor [SBI] u/s. 7 of IBC against Corporate Debtor [Raninga Paper Mills Private Limited] is admitted as existence of financial debt and default demonstrated.
NCLT Mumbai held that resolution plan of Lokshakti Sugar & Allied Industries Ltd. [Corporate Debtor] as submitted by Geetanjali Sugar Private Limited meeting requirements of section 30(2) of the IBC stands approved.
NCLT Delhi held that the power of the Tribunal to restore the name of a struck off company under Section 252 of the Companies Act, 2013 is not a suo motu power. The restoration application is dismissed due to lack of diligence.
The NCLT Kolkata ruled that a bank guarantee can be invoked during the Corporate Insolvency Resolution Process (CIRP) moratorium, citing the IBC’s Section 14(3)(b) and key precedents.
NCLT Mumbai admits Avendus Finance’s insolvency petition against Acute Retail Infra. The court found debt and default, rejecting the corporate debtor’s objections, including the argument about a lack of specific board resolution.
NCLT Mumbai held that the Corporate Debtor has committed a default in repayment of debt which is due and payable to the Financial Creditor. Accordingly, application u/s. 7 of the Insolvency and Bankruptcy Code admitted for initiation of CIRP against Corporate Debtor.
The NCLT Ahmedabad case of Hitesh Shah & Anr vs. Aquafil Polymers Company Pvt Ltd & Ors examines whether an arbitration clause in a Share Purchase Agreement overrides NCLT’s jurisdiction in oppression and mismanagement petitions.
