NCLT Mumbai held that entertaining objection raised by the applicant after the sale is confirmed unjustified as there is no allegation of fraud. Accordingly, application filed u/s. 60(5) of the IBC dismissed.
NCLT Mumbai dismissed the petition as not maintainable since debt in question is not undisputed debt. Accordingly, since there exists pre-existing dispute and tribunal cannot adjudicate upon such dispute.
The Applicant is a Personal Guarantor to M/s Indian Clothing League Private Limited (the Corporate Debtor) for the cash credit facilities to the tune of Rs. 20 crore and Rs. 15 crore from the Punjab National Bank and Allahabad Bank, respectively.
NCLT Hyderabad held that partnership firm are not included under the definition of personal guarantor covered under section 5(22) of the IBC, 2016. Accordingly, insolvency proceedings u/s. 95 of IBC against partnership firm cannot be initiated.
Shri Shyam Industries Private Limited Vs Prosperity Steels Limited (NCLT Kolkata) In the case of Shri Shyam Industries Private Limited –vs.- Propserity Steels Ltd. [CP (IB) No. 998/KB/2018, Kol dated 18-02-2021], the Resolution Applicant sought various reliefs and concessions. In response to the same, NCLT has held as under: – With respect to waiver of […]
NCLT allows conversion of a company limited by shares to a company limited by guarantee without share capital. Key provisions of the Companies Act cited in the case.
NCLT Mumbai held that the object of the Insolvency and Bankruptcy Code, 2016 [IBC] is not to admit a Corporate Debtor [CD] into Corporate Insolvency Resolution Process [CIRP] when there is pre-existing dispute between the parties.
Delayed submission by one day of the Resolution Plan by the Applicant should be condoned as it had not caused any delayed or prejudice to the interests of any of the parties or has affected the timelines of CIRP.
NCLT Amravati held that the approach of the creditor in filing the proof of due service of the demand notice straightway before Adjudicating Authority, without placing the same before the resolution professional, is improper.
NCLT Chandigarh approves the resolution plan for Suman Villas Pvt Ltd, submitted by Max Heights Infrastructure Ltd. Key details of the process and decision.
