The NCLT held that consent letters alone were insufficient for dispensing with the secured creditors’ meeting. It directed the meeting to be convened while granting dispensation for other stakeholder meetings where affidavit-based consents were available.
The NCLT admitted a Section 7 insolvency application after finding that the Corporate Debtor had acknowledged its liability under the corporate guarantee. The Tribunal held that financial debt and default were established, leading to initiation of CIRP.
The NCLT held that an investment made under a film production and revenue-sharing agreement did not constitute an Operational Debt. As no goods or services were provided, the Section 9 IBC petition was dismissed as not maintainable.
Where a composite scheme of arrangement satisfies the procedural requirements of sections 230 to 232 of the Companies Act, 2013 and the requisite stakeholder consents are available, the Tribunal may dispense with meetings of the concerned classes, direct compliance with statutory notice requirements and permit the scheme to proceed to the second motion stage for final sanction.
NCLT Mumbai compounded the offence for failure to hold the AGM within the time prescribed under Section 96 of the Companies Act, 2013. The Tribunal directed payment of a compounding fee after finding a continuing statutory default.
NCLT Mumbai dispensed with meetings of shareholders and certain creditors after noting that the transferor company was a wholly owned subsidiary of the transferee company. The Tribunal held that no shares were required to be issued under the proposed amalgamation.
The NCLT Kochi held that a loan cannot be treated as secured financial debt during CIRP where the security interest exists only over the promoters’ personal assets. It directed reclassification of the claim as unsecured financial debt and ordered reconstitution of the Committee of Creditors, if required.
The NCLT Ahmedabad refused to condone a 4,215-day delay in filing an appeal for restoration of a struck-off company. The Tribunal held that the delay was not satisfactorily explained and the alleged subsisting bank charge no longer existed, leaving no sufficient cause for condonation.
The NCLT Mumbai held that participation and voting in the first creditors’ meeting did not amount to relinquishment of a secured creditor’s security interest. It ruled that the bank remained entitled to enforce its security under the SARFAESI Act.
The NCLT Bengaluru directed the bank to hand over the original title deeds after finding that the successful resolution applicant had paid the entire amount under the approved resolution plan. It held that pending litigation over interest did not justify withholding the documents.
