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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.
Aggrieved by the impugned order, the present appeal had been filed by the shareholder of the Corporate Debtor. The Corporate Debtor entered into Service Agreement with Sigma Supply Chain Solutions Pvt. Ltd.
IBBI issues a disciplinary order against insolvency professional Kairav Anil Trivedi for violating insolvency regulations during the CIRP of Parenteral Drugs Pvt Ltd.
Government has amended the IBC six times and IBBI made over 100 changes to improve insolvency resolution and asset value maximization.
NCLAT Delhi held that liquidator cannot create sub-lease over properties not owned by the corporate debtor without prior permission of concerned authority. Accordingly, action to sub-lease without specific permission is incorrect and illegal.
