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NCLT

Application u/s. 95 of I&B Code dismissed as demand notice not served on correct address: NCLT Amravati

August 16, 2024 450 Views 0 comment Print

NCLT Amravati held that application filed by SBI (creditor) u/s. 95 of the Insolvency and Bankruptcy Code, 2016 for initiation of insolvency procedure dismissed as demand notice not served to Personal Guarantor on correct address.

IPE can be appointed as IP to carry out duties & functions under IBC: NCLT Mumbai

August 14, 2024 573 Views 0 comment Print

NCLT Mumbai rules in favor of Piramal Capital, allowing Insolvency Professional Entities to be appointed as Resolution Professionals in the case of Notion Real Estate.

Claims filed after approval of resolution plan cannot be allowed: NCLT Bengaluru

August 13, 2024 267 Views 0 comment Print

NCLT Bengaluru held that claims filed at a belated stage after approval of resolution plan by the Committee of Creditors (CoC) cannot be allowed. Thus, resolution professional rightly rejected such belated claims.

Corporate Debtor not liable for offences prior to commencement of CIRP: NCLT Mumbai

August 8, 2024 231 Views 0 comment Print

NCLT Mumbai held that as per section 32A of the Insolvency Bankruptcy Code, 2016, the Corporate Debtor shall not be held liable for offences prior to the commencement of Corporate Insolvency Resolution Process (CIRP).

Commercial aspects cannot be ventured by Adjudicating Authority when resolution plan is approved by CoC: NCLT Chennai

July 27, 2024 486 Views 0 comment Print

NCLT Chennai held that once the resolution plan is approved by Committee of Creditors, only limited judicial review is available for the Adjudicating Authority u/s. 30(2) and Section 31 of IBC, 2016 and this Adjudicating Authority cannot venture into the commercial aspects of the decisions taken by the Committee of Creditors.

Right fees payable to BCCI by BYJU is operational debt: NCLT Bengaluru

July 24, 2024 285 Views 0 comment Print

NCLT Bengaluru held that ‘right fees’ for which operational creditor (BCCI) is liable to be paid by Corporate Debtor (BYJU’s) falls within the definition of ‘operational debt’ within section 5(21) of the Code. Hence, petition filed u/s 9 to initiate CIRP accepted.

Transfer by Corporate Debtor resulting into value enhancement outside ambit of section 43 of IBC: NCLT Mumbai

July 24, 2024 285 Views 0 comment Print

ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got prepared audited report of an independent auditor.

NCLT Cannot Interfere with CoC’s Commercial Decisions: Indian Bank Case Analysis

July 20, 2024 414 Views 0 comment Print

NCLT case of Indian Bank vs. Nimitya Hotel & Resorts Pvt. Ltd., where court deliberates on CoC’s freedom to decide on settlement proposals under Section 12A of I&B Code.

CA Barred for Five Years by NCLT for Failing Duties as Statutory Auditor

July 16, 2024 3660 Views 0 comment Print

Read the full NCLT judgment/order on Union of India Vs CA. Ramaiah Nataraja. Bengaluru CA barred from statutory auditor role for colluding with company’s fraudulent activities.

NCLT rejects CIRP application as default by Corporate Debtor not proved

July 14, 2024 678 Views 0 comment Print

Detailed analysis of the NCLT Mumbai judgment in SBI vs Navjeevan Tyres, addressing issues of loan recall notice and corporate guarantor demand.

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