NCLT Delhi held that seeking of same reliefs in two parallel applications against the same party is barred by doctrine of Res Sub judice. Accordingly the applicant penalized with cost of Rs. 1 Lakhs for multiplicity of proceedings and wastage of precious judicial time.
NCLT held that all past liabilities arising out of any levies/tax dues to any government authorities, etc. which are not part of Resolution Plan and pertaining to Corporate Insolvency Process period shall stand extinguished from the date of approval of Resolution Plan.
NCLAT Chandigarh held that as there was no gratuity fund created by the Corporate Debtor the Resolution Professional direct to pay gratuity to employee Additionally the salary and leave encashment of employees during CIRP period falls within the definition of insolvency resolution process cost.
NCLT Amaravati held that no notice is required to be given to the Personal Guarantor at the stage of appointment of Interim Resolution Professional (IRP).
NCLT Ahmedabad held that Committee of Creditors (CoC) has power to take commercial decision to undertake or not to undertake related party transaction during CIPR of Corporate Debtors. If in commercial wisdom the CoC has rejected the resolution for payment of salary to the Applicants, the question of reversing the decision cannot be considered.
Jones Lang Lasalle Building Operations Pvt Ltd Vs Celebration City Projects Pvt Ltd (NCLT Delhi) This is an application filed by the real estate allottee to the Corporate Debtor, whose claim was rejected by the Resolution Professional on the ground that she ceases to be a real estate allottee on account of an arbitral award […]
IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor and also, an application based upon over future contingencies or apprehensions was unsustainable.
NCLT Mumbai approved the resolution plan submitted by AM Mining India Pvt. Ltd. for Uttam Galva Steel Limited as the same is not contrary to provisions of section 29A of IBC Code and is in accordance with law
Whether the ‘Operational Creditor’ can change the ‘date of default’ by confining the invoices to a later period, when the Demand Notice under section 8 includes all the invoices from the date of default and the ‘debt amount’ is crystallized based on the invoices.
NCLT Mumbai held that obligations under the Undertaking do not attract the definition of financial debt. A fortiori, an indemnity of the obligations under the Agreement will equally not constitute a financial debt under Section 5(8) of the Code.
