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NCLT

NCLT rejects approval of Conditional Resolution Plan of Anil Mega Food Park Pvt Ltd

July 17, 2022 3732 Views 0 comment Print

Ramchandra Dalaram Choudhary RP of Anil Mega Food Park Pvt Ltd Vs M2K Developers Pvt. Ltd. (NCLT Ahmedabad) NCLT Ahmedabad rejected approval of Conditional Resolution Plan of Anil Mega Food Park Pvt Ltd Hon’ble National Company Law Tribunal (NCLT), Ahmedabad in IA 843/2021 filed by Ramchandra Dalaram Choudhary RP of Anil Mega Food Park Pvt […]

Investment by Company Director is not an Operational Debt under IBC

July 14, 2022 1053 Views 0 comment Print

Akshat Pandey Vs Avighna Films Private Limited (NCLT Kolkata) As envisaged under section 5(21) of the Code, an Operational Debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the re-payment of dues arising under any law for the time being in force and […]

No protection under IBC against interest claim of a partner

July 10, 2022 1239 Views 0 comment Print

NCLT held that IBC does not protect the interest or claim of a Partner against another Partner or the Partnership Firm.

Corporate Insolvency Process initiated against Trident Sugars LTD

July 8, 2022 1257 Views 0 comment Print

Corporate Insolvency Resolution Process (CIRP) was initiated against Trident Sugars Ltd. and had appointed Mr. Medi Yadaiah as the Interim Resolution Professional (IRP) as the Corporate Debtor had neither paid the balance amount nor raised any dispute in respect of the quantity or the amount at any point of time.

Sale of Corporate Debtor, as a Going Concern’, covers both assets & liabilities

July 7, 2022 5826 Views 0 comment Print

Sale of Corporate Debtor as a Going Concern as is where is basis under Regulation 32 A of the IBBI (Liquidation Process) Regulations, 2016 and the Code means sale of assets as well as liabilities and not assets sans liabilities.

Completion of CIRP against principal debtor doesn’t bar financial creditor against personal guarantor

July 7, 2022 1446 Views 0 comment Print

Held that conclusion of Corporate Insolvency Resolution Plan against principal debtor does not bar Financial Creditor against Personal Guarantor. Accordingly, personal guarantor declared insolvent and insolvency resolution process initiated against him.

Fresh Limitation period starts from the day of acknowledgment of debt in Balance Sheet

July 2, 2022 5871 Views 0 comment Print

UCO Bank Vs GIT Textiles Manufacturing Limited (NCLT Kolkata) Corporate Debtor contended that the instant petition is barred by limitation. It can be seen that the date of default is mentioned to be 30.09.2012 i.e the date on which the account became NPA. Accordingly, the limitation period for filing the application would ordinarily end on […]

Under ‘Right of Subrogation’ Guarantor is entitled to Initiate CIRP against Principal Borrower

July 1, 2022 8379 Views 0 comment Print

NCLT held that if a Guarantor pays the debt on behalf of the Principal Borrower, then it steps into the shoes of the Creditor and can initiate Corporate Insolvency Resolution Process (CIRP) again the principal borrower. 

Refund TDS to Corporate Debtor Undergoing Liquidation: NCLT

July 1, 2022 588 Views 0 comment Print

Explore the NCLT Mumbai order in Divyesh Desai case against DCIT Mumbai, directing the refund of TDS totaling Rs. 93,81,464 to the Corporate Debtor Company.

Claims not forming part of Resolution Plan cannot be made after Approval of Resolution Plan

June 22, 2022 630 Views 0 comment Print

State Bank of India Vs Rohit Ferro Tech Limited (NCLT Kolkata) Once a resolution plan is duly approved by the Adjudicating Authority Under Sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central […]

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