Oriental Bank of Commerce Vs. M/s. Yamuna Infradevelopers Private Limited (NCLT Delhi) NCLT New Delhi Bench II set aside the termination of a contract that was terminated on account of non-payment of dues during CIRP period The Hon’ble National Company Law Tribunal, New Delhi Special Bench-II vide its judgement dated 04.03.2022 in IA No. 5484/2021 […]
It is an admitted position that the Corporate Debtor hypothecated its assets in favour of indirect lenders under the DoH to secure the loans disbursed by them to the RCOM entities.
Shapoorji Pallonji Finance Private Limited Vs Rekha Singh (NCLT Jaipur) Facts- The Company Petition No. (IB)- 27/95/JPR/2021 has been filed by Shapoorji Pallonji Finance Private Limited, the Financial Creditor, under Section 95 of IBC, 2016 to initiate insolvency resolution process in the case of Shri Ajay Singh (Personal Guarantor / Applicant) under Section 60 & […]
Bank of Baroda Vs Divya Jalan (NCLT Kolkata) When a section 95 application is filed the assets of the Personal Guarantor is hit by moratorium and if we put the legal heirs of the deceased Personal Guarantor into the shoes of the Personal Guarantor then their personal assets will also get automatically hit by moratorium, […]
Ekambareswara Rao Manne Vs Mr. Gonugunta Madhusudhan Rao (NCLT Hyderabad) It may be stated that in terms of Clause 4 Schedule-I of IBBI Liquidation Process Regulations, 2016, the Liquidator is entitled to reduce the reserve price up to 25% whenever the auction fails. The record placed before us viz. minutes of the Stakeholders Consultation Committee […]
The Solapur Dist. Central Co – Operative Bank Limited Vs Sangola Taluka Sahakari Sakhar Karkhana Limited (NCLT Mumbai) Bench is of considered view that the Corporate Debtor who is a Co-Operative Society registered/incorporated under the Maharashtra State Co-Operative Societies Act, 1960, does not come under the purview of the Code and therefore the CIRP cannot […]
Alchemist Asset Reconstructions Company Vs Deepak Puri (NCLT Delhi) We have considered the report and the provision of law as projected by the Ld. Counsel for the RP, we concur with the reasoning given by the RP that the Personal Guarantor in this case is an individual, who stood guarantee to the Corporate Debtor and […]
Thaniyulla Parambath Jahafar Vs Relax Zone Tourism Private Limited (NCLT Kochi) One of the crucial rights which Companies Act, 2013 gives to the shareholders is the right to remove the Directors of the Company, if they are not acting in consonance with the Articles of Association of the Company, but only utilizing their powers for […]
NCLT dismisses IBC petition by Anil Vora HUF against Kavya Build-Con. Retirement claim not maintainable under Insolvency & Bankruptcy Code.
Ashimara Housing Private limited Vs Vibrus Homes Private Limited (NCLT Delhi) Facts- An amount of Rs. 32,43,000/- was paid as an advance to the Corporate Debtor by the Operational Creditor. This deposit is towards the advance licence fee. By filing this application, the Petitioner has claimed that since the amount was not refunded, therefore, there […]
