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NCLAT Delhi held that post approval of resolution plan Non-Fund Based [NFB] agreement has to be read in a manner to give effect to the resolution plan and not to make any clause of resolution plan otiose and unworkable.
Where secured creditor failed to pay the liquidation costs within 90 days after its intention to realize the security interest, the security interest should stand relinquished under Regulation 21A(3) of the Liquidation Regulations, 2016.
NCLT Mumbai held that sale of property of personal guarantors by financial creditor under SARFAESI Act during protection of moratorium under section 96 of the IBC is invalid sale as protection of moratorium under section 96 is far greater than of section 14.
This appeal arises from an order dated 09.01.2024 by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The Appellant, Mr. Puneet P. Bhatia, a suspended director of Barracks Retail India Pvt. Ltd.
In a recent ruling, the Delhi bench (NCLAT) while dismissing the appeal of the bank have held that Once the CIRP was initiated, the amount lying in the “No Lien Account”, is an asset of the Corporate Debtor if OTS did not materialize.
RP could not be blamed for having breached the IBC for the CoC to have approved the resolution plan of Parth with requisite majority share which action was taken by the CoC in the exercise of its commercial wisdom.
This is an Appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 against the dismissal of the Company Petition by which the Adjudicating Authority has dismissed the Section 7 Petition.
NCLT Delhi held that admissible of application under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) not justified since invoices covered under section 10A has to be excluded and accordingly amount claimed will be less than threshold limit of Rs. 1 Crore.
IBBI disposes of RTI appeal seeking details on the appointment of a Resolution Professional. Information exempted under fiduciary and commercial confidentiality clauses.
Since the Resolution Plan was duly approved by the NCLAT and there being no progress worth the name, there was no other option but to invoke our jurisdiction under Article 142 of the Constitution and direct that the Corporate Debtor be taken in Liquidation.
