NCLT Kolkata taking recourse to section 65 of the Insolvency and Bankruptcy Code directs closure of CIRP since initiation of CIRP was done fraudulently with malicious intent to escape from government dues and for wrongful gain.
NCLT Kolkata held that application under section 7 of the Insolvency and Bankruptcy Code for initiating Corporate Insolvency Resolution Process [CIRP] against Shivam India Limited [Corporate Debtor] is admitted. Accordingly, writ petition allowed.
NCLT Delhi allowed liquidation of V.S. Matrix Pvt. Ltd. after CIRP expiry under Section 33(1)(a) of IBC. Resolution Professional’s extension application was dismissed.
NCLT Chennai held that as per section 128 of the Indian Contract Act, the liability of guarantor is coextensive with that of the Borrower. Accordingly, application u/s. 7 of Insolvency and Bankruptcy Code against Corporate Guarantor admitted.
NCLT Ahmedabad admitted CIRP application under section 7 of the Insolvency and Bankruptcy Code by Central Bank of India [Financial Creditor] against M/s. Repute Foods Pvt. Ltd. [Corporate Debtor] as debt and default established.
NCLT Kolkata held that financial creditors can file simultaneously two application under section 7 of the Insolvency and Bankruptcy Code, 2016 against the principal borrower and corporate guarantor. Accordingly, CIRP application against corporate debtor allowed as debt and default proved.
NCLT Chennai held that application u/s. 7 of IBC against Corporate Debtor [Ran India Steels Private Limited] for initiation of CIRP admitted as financial debt is proved by the Financial Creditor and the ‘default’ having been committed by the Corporate Debtor.
NCLT Mumbai held that application u/s. 123 of the Insolvency and Bankruptcy Code for initiation of Bankruptcy Process against Personal Guarantor admitted as all the requirements of section 123 complied. Accordingly, Kapil Wadhawan [personal guarantor of DHFL] is declared Bankrupt.
NCLT Ahmedabad held that application u/s. 7(2) of Insolvency and Bankruptcy Code [IBC] for initiation of corporate insolvency resolution process [CIRP] against Corporate Guarantor admitted as default duly proved.
NCLT Chandigarh held that application u/s. 33(2) of the Insolvency and Bankruptcy Code for the initiation of the liquidation process of the Corporate Debtor [Hoshiar Nirvair Tractors Private Limited] stands approved as no resolution plan was received even after publication of Form G twice.
