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It is observed in the 22nd CoC meeting that, the CoC members requested Mr. Dinkar to conduct a fresh valuation to be able to evaluate the bids being received more accurately given that the existing valuation exercise reflects value of the Corporate Debtor as on CIRP initiation date i.e 24-Jul-17. The DC notes that the […]
Held that the mobilization advance given by the Appellant to the Corporate Debtor is clearly an Operational Debt and the Adjudicating Authority committed error in rejecting the claim of the Appellant as an Operational Debt.
IBBI suspends registration of IP as decision of liquidation was taken without following true spirit of resolving the CD which is a heart and soul of IBC Code and ignoring interest of other creditors.
The DC observes that the agenda for appointment of IRP as RP was first placed for voting before CoC in its 1st meeting dated 07.01.2020. The agenda was not approved as it received only 65.89% votes in its favour which fell short of mandatory 66% required for approval of resolution for appointment of IRP as […]
Held that minimum threshold limit of INR 1 Crore for maintainability of application for CIRP proceedings u/s 9 of IBC includes both principal debt as well as interest on delayed payment.
Held that contention that during moratorium imposed u/s 14 of IBC, Adjudicating authority shall not pass an order u/s 66 of IBC, is without any merit
Zoom Communications Pvt. Ltd Vs Par Excellence Real Estate Pvt. Ltd (NCLAT Delhi) NCLAT in the present case are considering the initiation of the CIRP, the Adjudicating Authority had sufficient reason to believe that debt itself is doubtful. No error has been committed by the Adjudicating Authority in refusing to initiate the CIRP on such suspicious […]
Held that the residuary jurisdiction of the NCLT under Section 60(5) (c) of the IBC provides it a wide jurisdiction and can be exercised as long as the matter is not dehors the insolvency proceedings.
Clause 23B of the Code of Conduct provides that an IP shall not engage or appoint any of his relatives or related parties, for or in connection with any work relating to any of his assignment.
DC notes that regulation 16A(8) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) only provides for fees of Rs. 25,000/- per CoC meeting to be paid to Authorised Representative (AR) of creditors in a class. There is no provision in the Code and its underlying regulations […]
