NCLT Mumbai rejects Parekh Aluminex liquidator’s request for private sale of asset significantly below reserve price. Orders Swiss Challenge auction to maximise value. Cites IBC regulations & NCLAT.
NCLT rejects CIRP Initiation as Notice sent to incorrect address, default amounts falling within the Section 10-A period, the incorrect calculation and omission of interest in the demand notice
NCLT Chennai rules that the ₹1 crore threshold for initiating insolvency proceedings against a corporate debtor also applies to their personal guarantors under IBC.
NCLT Mumbai held that imposition of moratorium u/s. 14 of Insolvency and Bankruptcy Code, 2016 for the acquisition of land by Mumbai Metropolitan Region Development Authority [MMRDA] by no stretch of imagination be extended against large public interest.
NCLT Bengaluru held that insufficiently stamped/ unstamped agreements do not present a bar to a Section 7 application under Insolvency and Bankruptcy Code, 2016. Thus, since default in payment of financial debt established, application u/s. 7 admitted.
NCLT Mumbai held that application u/s. 9 of the Insolvency and Bankruptcy Code [IBC] after three years of MSME Council Awards is beyond limitation as per Article 137 of the Limitation Act. Accordingly, application dismissed as barred by limitation.
NCLT Kolkata held that One Time Settlement proposal given by Corporate Debtor to Financial Creditor is a clear acknowledgment of debt and default. Hence, application filed by Financial Creditor u/s. 7 of IBC for initiating CIRP against S R Timber Products Private Limited admitted.
NCLT Mumbai held that invocation of provisions of section 7 of the Insolvency and Bankruptcy Code against corporate guarantor not maintainable as financial creditor not able to establish invocation of corporate guarantee.
NCLT Mumbai held that the private sale has to be conducted by the liquidator in a manner so as to maximize the realizations from the sale of assets. Since strategy to maximize realisation from sale of assets absent.
On pursuits by the resolution professional the earlier notices issued by the Respondent Authority in regard to the Hotel were provided and ascertained the details of the arrears of tax to be paid by the Corporate Debtor.
