IBC 2016 - Page 3

Resolution Applicant in CIRP Can Object Approval of Resolution Plan: NCLAT Delhi

Prio S.A. Vs Pravin R. Navandar (NCLAT Delhi)

NCLAT Delhi rules that participants in CIRP have the right to object to the approval of a Resolution Plan, setting a precedent for future insolvency cases....

Posted Under: Corporate Law | |

Report on Framework for Use of Mediation under IBC, 2016

Press Release No. IBBI/PR/2024/08 14/02/2024

Explore the recommendations of the IBBI Expert Committee on introducing a voluntary mediation framework for dispute resolution under the Insolvency and Bankruptcy Code, 2016....

Income Tax Dues Not in Resolution Plan extinct upon Plan Approval: ITAT Nagpur

Murli Industries Ltd Vs DCIT (ITAT Nagpur)

Nagpur ITAT reaffirms that ITR claims not in resolution plans are extinguished upon approval, guiding taxpayers through corporate insolvency proceedings....

NCLAT Calls Out NCLT’s Non-speaking Order as Violative of Natural Justice

Parikshit Madanmohan Sharma Vs M.S. Gopikrishnan & Ors. (NCLAT Delhi)

NCLAT orders NCLT to review compliance with Section 7(1) in a dispute over the number of allottees before admitting CIRP against K.D. Lite Developers....

Posted Under: Corporate Law | |

NCLAT Denies Kotak Mahindra’s Late Claim Post approval of Resolution Plan

Kotak Mahindra Bank Ltd. Vs Sandeep Goel RP (NCLAT Delhi)

NCLAT upholds the rejection of Kotak Mahindra Bank's claim filed 738 days late after the approval of a resolution plan. Discover the implications....

Posted Under: Corporate Law | |

IBBI Circular on Voluntary Liquidation of Financial Service Providers

Circulars No. No. IBBI/LIQ/67/2024 13/02/2024

Explore IBBIs latest circular on voluntary liquidation, addressing compliance issues for financial service providers. Reporting requirements and key directives outlined....

Managing Unclaimed Dividends in Voluntary Liquidation: IBBI Guidelines

Circular No. No. IBBI/LIQ/68/2024 13/02/2024

Learn how IBBI regulates the handling of unclaimed dividends and undistributed proceeds in voluntary liquidation processes for stakeholders....

NCLT Approves Resolution Plan for NSL Mining Resources

Essar Construction India Limited Vs NSL Mining Resources Private Limited (NCLT Hyderabad)

NCLT Hyderabad approves B&B Global Enterprises' resolution plan for NSL Mining Resources, emphasizing compliance with IBC regulations and stakeholders' benefits....

Posted Under: Corporate Law |

Financial debt not barred by limitation: NCLT Delhi

CFM Asset Reconstruction Private Limited Vs M.G. Finvest Private Limited (NCLT Delhi)

NCLT Delhi held that ‘financial debt’ is not barred by limitation. Accordingly, application filed by the CFM Asset Reconstruction Private Limited, the Financial Creditor, u/s. 7 of the Code for initiating CIRP against M.G. Finvest Private Limited, the Corporate Debtor, stands admitted....

Posted Under: Corporate Law | |

Application claiming reliefs by successful bidder must be in consonance with process document

Sauria Construction Vs Kohinoor Pulp & Paper Private Limited (NCLT Kolkata)

NCLT Kolkata held that successful bidder of the Corporate Debtor is allowed to file application before Adjudicating Authority claiming reliefs and concessions, however, such reliefs and concessions cannot be too elaborate and general and must be in consonance with process document in the liquidation proceedings....

Posted Under: Corporate Law | |

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