Jupiter Wagons Ltd (JWL) receives approval from Kolkata National Company Law Tribunal (NCLT) for its resolution plan to acquire a controlling stake in Stone India.
On the date of approval of Resolution Plan by Adjudicating Authority, all such claims which are not a part of Resolution Plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim which is not a part of the Resolution Plan.
Law is well-settled that with the finalization of insolvency resolution plan and the approval thereof by the NCLT, all dues of creditors, Corporate, Statutory and others stand extinguished and no demand can be raised for the period prior to the specified date.
NCLT Mumbai held that as per section 33(5) of the Insolvency and Bankruptcy Code (Code) company under Liquidation is disbarred from initiating any legal proceedings without seeking the prior approval of the Adjudicating Authority. Accordingly, the Liquidator was not competent to initiate proceedings u/s. 7 of the Code.
Explore the NCLT Delhi judgment in Ajit Kaur Gill vs. Raheja Developers case, a detailed analysis of the operational debt dispute, and why the claim was dismissed.
NCLT Indore directed appointment of a forensic auditor to conduct audit on irregularities related to assets of corporate debtor in case of Motel Rahans Pvt Ltd Vs JSM Devcons Pvt Ltd.
NCLT conclude that in Section 10 proceedings, though there is no mandatory requirement of issuing notice to the Creditor(s) at the pre-admission stage, rather giving notice to the Creditor(s) is a matter of discretion to be exercised on a case-to-case basis on valid grounds.
NCLT Mumbai held that as date of default is beyond 25th March 2020, the default as alleged by Operational Creditor falls under the purview of Section 10A of the IBC, 2016 and hence application seeking initiation of CIRP rejected.
Provisions of Section 9 of IBC mandates Operational creditor to file CIRP application against Corporate Debtor after expiry of 10 days from date of receipt of demand notice by Corporate Debtor,
NCLT Mumbai while dealing with Company Petition filed u/s. 9 of the Insolvency & Bankruptcy Code, 2016 held that debts arising from different work order(s) can be clubbed to satisfy the minimum threshold limit.
