NCLT Chennai directs initiation of liquidation proceedings under section 33 of the Insolvency and Bankruptcy Code of the Corporate Debtor due to failure of implementing the resolution plan. Thus, the present application is allowed.
NCLAT Chennai held that application under section 244 of the Companies Act, 2013 seeking waiver by the non-members cannot be allowed. Accordingly, order quashed and appeal stands allowed.
NCLT Mumbai held that resolution plan submitted by M/s. Priyam Projects (I) Pvt. Ltd. [Successful Resolution Applicant] for M/s. Steadfast Shipping Private Limited [Corporate Debtor] meeting requirements of Section 30(2) of IBC and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations stands approved.
NCLT Jaipur held that conduct of the present Resolution Professional in CIRP proceeding of the Corporate Debtor [M/s U. N. Automobile Private Limited] seems to be non-transparent and in clear violation of the core objectives and principles of the Code.
The Honble Apex Court further held that the discretion of the Adjudicating Authority is circumscribed by Section 31 of the Code and is limited to scrutiny of the Resolution Plan as approved by the requisite percent of voting share of financial creditors.
NCLT Mumbai held that resolution plan submitted by M/s. Amphitrite Subsea Pvt. Ltd. for Dunnimaa Engineers and Divers Enterprises Pvt. Ltd., (Corporate Debtor) meeting requirements of section 30(2) of IBC and Regulations 37, 38, 38(1A) and 39(4) of the CIRP Regulations stands approved.
NCLT Cuttack held that application u/s. 33 of Insolvency and Bankruptcy Code for liquidation of Grid Steel and Alloys Limited deserves to be allowed. Accordingly, liquidator of the Corporate Debtor also appointed.
NCLT Kochi approved the resolution plan submitted by M/s. Shubhlaxmi Investment Advisory Pvt. Ltd. for RCF Building Products Limited since the same is in accordance with section 30 and 31 of the Insolvency and Bankruptcy Code.
NCLT Mumbai held that resolution plan submitted by Micro Capital Pvt. Ltd. for Pifiniti Movies Pvt. Ltd. [Corporate Debtor] meeting the requirements of Section 30(2) of the Insolvency and Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations is approved.
NCLT Mumbai held that resolution plan for M/s. Thwink Big Content Private Limited [Corporate Debtor] as submitted by M/s. Micro Capitals Private Limited meeting the requirements of Section 30(2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations is approved.
