ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) A ‘Government Company’ as defined under Section 2(45) of the Companies Act, 2013 is covered under the definition of a ‘Company’ as defined under Section 2(20) of Companies Act 2013. Since the Corporate Debtor, has not been performing any Governmental Functions or the […]
Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT Kolkata) 1. The Court convened via video conferencing. 2. This is an application filed by the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2(zk) of the Insolvency and Bankruptcy Code, 2016 (in short “IBC”) for initiations of Corporate Insolvency Resolution […]
Om Logistics Limited & Anr. Vs M/s Ryder India Pvt. Ltd. (National Company Law Tribunal) In case the Sole Member/ Operational Creditor of the CoC was not interested in pursuing the CIR Process, the appropriate course could have been to file a withdrawal application under Section 12A of IBC, 2016. In the case Operational Creditor […]
Vishwanath Sharma Vs Pawan Kumar Singal (NCLT Delhi) In relation to repeated assertion made by Senior Counsel Mr. Ganda that without disposing of the Application filed by Dhankalash Distributors Pvt. Ltd in IA-2116/2021 and IA-2184/2021 challenging the constitution of the voting share percentage of the Homebuyers, which will have a significant impact on the voting […]
R. Subramaniakumar Vs Committee of Creditors (NCLT) The present Interlocutory application is filed by Mr. R. Subramaniakumar the Applicant, Administrator of Dewan Housing Finance Corporation Limited, for the Corporate Debtor by submitting a resolution plan under section 30(6) and section 31 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) read with Regulation 39(4) of […]
Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) Whether opportunity of hearing to the affected parties is to be given before taking such action? It is a legitimate expectation, both in equity and in law that person who is going to be punished or again whom some adverse action is being […]
Kripa Cashew Exports Vs Royals International Trade And Allied Products Pvt. Ltd. (NCLT) In the present case, the first point which arises for consideration is whether the debt falls within the purview of Operational Debt under Section 5 (21) of the I&B Code,2016? To arrive at a decision, this Tribunal has gone through the judgement […]
Sunteck Realty Limited Vs Goodwill Theatres Private Limited (NCLT Mumbai) This Petition is filed under Section 9 of I&B Code, 2016 by Sunteck Realty Limited against Goodwill Theatres Private Limited for initiating corporate insolvency resolution process is admitted. NCLT held that the advance paid by a real-estate developer to a property owner for a re-development […]
Notification dated 24.03.2020 does not save the Applicant/ Corporate Debtor from the initiation of insolvency especially in cases where defaults towards creditors have taken place before the COVID pandemic and the resultant financial crisis. Such an interpretation would be contrary to the intention of the executive in exercise of its power of delegated legislation. If the intention was to provide for a blanket protection to Corporate Debtors from being dragged to the NCLT irrespective of when or what extent a default has taken place, it would necessarily require a legislative amendment, and that a mere issuance of the notification would not suffice.
From the report there does not appear any request of the Resolution Professional for issuance of the instructions for the purpose of conducting negotiations between the debtor and creditors for arriving at the repayment plan. Therefore, based on the reasons recorded in the report submitted by the Resolution Professional
