The NCLT Mumbai dismissed belated employee claims for salary and PF submitted after the CoC approved two resolution plans. Timely claim submission under the IBC is mandatory to avoid obstructing CIRP.
The Tribunal held that the SARFAESI notice constituted a valid invocation of the guarantee and admitted the insolvency process. It ruled that the arbitral award refreshed limitation and objections on maintainability could not stand.
The Tribunal noted non-payment of significant dues, including EDC payable to ADA and tax liabilities, and admitted the Section 10 application, commencing CIRP and appointing an IRP.
The Tribunal admitted the insolvency petition after finding that the loan amount and default were undisputed. The ruling emphasizes that proven debt and default require admission under Section 7.
NCLT Mumbai held that an operational creditor, cannot be converted into a financial creditor by way of a Settlement with the corporate debtor. Accordingly, application for classification of claim as financial creditor dismissed.
The Tribunal admitted a Section 7 insolvency petition after finding default exceeding ₹1 crore and noting the debtor’s non-appearance. Key takeaway: uncontroverted financial debt and default mandate CIRP admission.
NCLT Delhi held that application under section 33(2) of the Insolvency and Bankruptcy Code for liquidation of Corporate Debtor [M/s. VHV Beverages Private Limited] is allowed as decided by Committee of Creditor [CoC]. Accordingly, the present application is allowed.
The tribunal approved the resolution plan after the anchor bidder outperformed the challenger during the Swiss Challenge. The ruling sanctions a payout exceeding Rs. 12.80 crore and confirms compliance with IBC requirements.
NCLT Mumbai held that resolution plan of Unijules Life Sciences Limited [Corporate Debtor] as submitted by S.S. Fabricators & Manufacturers P. Ltd. [Successful Resolution Applicant] approved since it is duly approved by CoC and also meets requirement of Section 30(2) of the IBC.
NCLT Delhi admitted a Section 7 application for initiating CIRP against a company for defaulting on a ₹9.97 crore loan. The tribunal appointed an IRP and declared a moratorium on recovery actions.
