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