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Corporate Law : NCLAT Chennai rules against FLSmidth Pvt Ltd, stating liquidator lacks authority to decide matters involving claims and countercla...
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Corporate Law : Read the detailed analysis of the Insolvency and Bankruptcy Board of India's disciplinary action against Ms. Jovita Reema Mathias ...
Corporate Law : Read about the IBBI's disciplinary action against Mr. Venkata Sivakumar, an Interim Resolution Professional, for sharing asset mem...
Once Resolution Plan stands approved, no alterations/modifications are permissible. It is either to be approved or disapproved, but any modification after approval of Resolution Plan by CoC, based on its commercial wisdom, is not open for judicial review unless it is found to be not in conformity with mandate of IBC Code.
NCLT Mumbai held that petition under section 7 of Insolvency and Bankruptcy Code (IBC) duly admissible, as two essential qualification i.e. ‘debt’ and ‘default’ existed.
NCLAT Delhi held that explanation under section 14(1)(d) of the Insolvency and Bankruptcy Code, 2016 (IBC) doesn’t apply to lease premium amount and lease rent.
NCLT Ahmedabad held that residuary jurisdiction of National Company Law Tribunal under section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 is limited. Accordingly, application rejected.
IBBI held that it is evident that there was avoidable delay on the part of Mr. Rajput in filing application under Section 19(2) of the Code for non-cooperation of directors/promoters of CD, in taking control of assets of CD, in appointing registered valuers and in publication of Form G and he did not operate the […]
IBBI observes that procedural contraventions fall in the category of minor procedural deviations, hence IBBI inclined to take a lenient view
The Authority finds that since valuation is more of a subjective exercise, a valuation report must be transparent and set out all the necessary information and assumptions behind the valuation estimate provided by a valuer so as to enable the stakeholders to form a judicious economic opinion on the report. The RV acknowledged that since […]
Victory Iron Works Ltd. Vs Jitendra Lohia (Supreme Court of India) The main ground of attack of the appellants to the impugned orders of the NCLT and NCLAT is that by virtue of the Explanation under Section 18 of the Code and also by virtue of the judicial pronouncements, the disputes between the Corporate Debtor […]
Rajasthan State Mines & Minerals Ltd Vs Parag Sheth & Ors (NCLAT Delhi) It is observed that direction issued by the Adjudicating Authority are final direction allowing an application filed by the RP without issuing notice to the Appellant. Learned Counsel for the Appellant submits that the directions could not have been issued without hearing […]
DC is of the view that two serious contraventions have established beyond doubt. Firstly his non-cooperation to inspecting and investigating authority is in grave violation of Regulation 4(4), Regulation 4(7), Regulation 8 (4) and Regulation 8(8)of the Inspection and Investigation Regulations; Clause 18 and Clause 19 of the Code of Conduct. Furthermore, authority of the […]
