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Corporate Law : The First Appellate Authority directed the CPIO to dispose of the RTI application after finding it was not decided within the 30-d...
Corporate Law : The Disciplinary Committee found that the Resolution Professional delayed admission of a financial creditor's claim and failed to ...
Corporate Law : The Disciplinary Committee imposed a two-year suspension after finding failures in claim verification, unauthorized financial deci...
NCLT Ahmedabad admitted CIRP application under section 7 of the Insolvency and Bankruptcy Code by Central Bank of India [Financial Creditor] against M/s. Repute Foods Pvt. Ltd. [Corporate Debtor] as debt and default established.
NCLT Kolkata held that financial creditors can file simultaneously two application under section 7 of the Insolvency and Bankruptcy Code, 2016 against the principal borrower and corporate guarantor. Accordingly, CIRP application against corporate debtor allowed as debt and default proved.
The IBBI Disciplinary Committee suspended an Insolvency Professional for one year for improperly forfeiting an Earnest Money Deposit, exceeding the stipulated conditions.
NCLT Chennai held that application u/s. 7 of IBC against Corporate Debtor [Ran India Steels Private Limited] for initiation of CIRP admitted as financial debt is proved by the Financial Creditor and the ‘default’ having been committed by the Corporate Debtor.
NCLT Mumbai held that application u/s. 123 of the Insolvency and Bankruptcy Code for initiation of Bankruptcy Process against Personal Guarantor admitted as all the requirements of section 123 complied. Accordingly, Kapil Wadhawan [personal guarantor of DHFL] is declared Bankrupt.
NCLT Ahmedabad held that application u/s. 7(2) of Insolvency and Bankruptcy Code [IBC] for initiation of corporate insolvency resolution process [CIRP] against Corporate Guarantor admitted as default duly proved.
NCLT Chandigarh held that application u/s. 33(2) of the Insolvency and Bankruptcy Code for the initiation of the liquidation process of the Corporate Debtor [Hoshiar Nirvair Tractors Private Limited] stands approved as no resolution plan was received even after publication of Form G twice.
Held that the liability of the corporate guarantor is co-extensive with the principal borrower, and accordingly, both the principal borrower and corporate guarantor are equally liable for the default. Accordingly, CIRP application u/s. 7 of IBC allowed.
NCLT had no discretion to appoint an IRP other than the one proposed by the applicant, unless disciplinary proceedings were pending. As the NCLT’s order substituting the recommended IRP lacked statutory support, it was quashed and the matter remitted for fresh consideration.
Consequently, the petition was admitted, moratorium under Section 14 of the IBC was declared and Interim Resolution Professional was appointed to conduct the Corporate Insolvency Resolution Process of corporate debtor.
