NCLAT

Important Judgments related to IBC, 2016 – July- September, 2022

Company Law - Supreme Court Judgments related to IBC, 2016 – July- September, 2022 Vidarbha Industries Power Limited Vs. Axis Bank Limited [Civil Appeal No. 4633 of 2021] The Hon’ble SC made the following observations: When AA is satisfied that a default has occurred and the application of an FC is complete in all respects as per requirements, [&he...

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Can an Insolvent company be classified as a Going Concern entity?

Company Law - A company can run usual operations or as a ‘going concern’ even if it is in the process of being wound up in an administered sale, as per order by Principal bench comprising of two judges, NCLAT in the case of M/s Mohan Gems & Jewels Pvt. Ltd., boosting recovery prospects for lenders that want […]...

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Summary of NCLAT Judgement on IBC 2016 for October 2021

Company Law - It gives us immense pleasure to share our 8th Edition of NCLAT Judgements Compendium for the month of October’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement compendium prepared by us is for the purpose of understanding in short about the Judgements passed by the Hon’ble NCLAT. Our objective to publish [&...

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Summary of NCLAT Judgement on IBC 2016 for September 2021

Company Law - NCLAT JUDGEMENTS COMPENDIUM FOR THE MONTH OF SEPTEMBER’ 2021 ON IBC, 2016 It gives us immense pleasure to share our 7th Edition of NCLAT Judgements Compendium for the month of September’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement compendium prepared by us is for the purpose of understanding in short [...

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Latest Case Law Related to IBC – January to March 2022

Company Law - Supreme Court Devarajan Raman Vs. Bank of India Limited [Civil Appeal No. 3160 of 2020] The AA directed the financial creditor (FC) to pay an amount of 5,00,000/- plus GST towards the fee of the RP On an appeal by RR contending inadequacy of the fee, NCLAT dismissed the appeal and observed that fixation of fee […]...

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NCLAT Checklist for Appeals under Companies Act, 2013 & IBC, 2016

Company Law - NATIONAL COMPANY LAW APPELLATE TRIBUNAL Checklist for Appeals under Companies Act, 2013 & Insolvency and Bankruptcy Code, 2016 Appeals to be in Form NCLAT-1 (in triplicate) along with an affidavit in Form NCLAT-4 of the National Company Law Appellate Tribunal Rules, 2016 (Rules) 1. Language & Format – Appeal stitched togethe...

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NCLAT Checklist for Appeals under Competition Act, 2002

Company Law - NATIONAL COMPANY LAW APPELLATE TRIBUNAL Checklist for Appeals under Competition Act, 2002 Appeals to be in the Form appended to ‘The Competition Appellate Tribunal (Form and Fee for Filing an Appeal and Fee for Filing Compensation Applications) Rules, 2009 (Rules 2009) along with an affidavit’ Refer also Rules 3 & 6 and the Form a...

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FM inaugurates Chennai Bench of NCLAT

Company Law - Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurated the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) through virtual mode here today....

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Revised SOP for Mentioning the matter for hearing through virtual mode before NCLAT

Company Law - National Company Law Appellate Tribunal Revised Standard Operating Procedure for Ld. Advocate/ Authorised Representative/Party-in-Person for Mentioning the matter for hearing through virtual mode. As directed, the following is the revised Standard Operating Procedure for hearing of cases through virtual mode (Cisco Webex Meeting Platform)...

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NCLAT SOP for hearing through virtual mode wef 01.06.2020

Company Law - Standard Operating Procedure for Ld. Advocate/ Authorised Representative/Party-in-Person for Mentioning the matter for hearing through virtual mode In order to contain the spread of Coronavirus (COVID-19), and after considering the various instructions and advisories relating to coronavirus control and lockdown issued by the Government, H...

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No Prohibition for appearance in representing different Company, in separate proceedings u/s 7 IBC: NCLAT

Anand Varma Vs Piyush Periwal & Ors. (NCLAT Delhi) - In present facts of the case, the NCLAT allowed the appeal by expunging all adverse observations made against the Appellant in the impugned Order by observing that appearance for an entity  being a separate company which has initiated separate proceeding under Section 7 against different Corporate ...

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Default during Section 10A Period cannot be clubbed to Meet Threshold Requirement under IBC, 2016

Plus Corporate Ventures Pvt. Ltd Vs Transnational Growth Fund Ltd (NCLAT Delhi) - Plus Corporate Ventures Pvt. Ltd Vs Transnational Growth Fund Ltd (NCLAT Delhi) NCLAT held that When we look into the proviso to Section 10A, the expression is ‘provided that no Application shall ever be filed for initiation of CIRP of a Corporate Debtor for the said default occurring during t...

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Change in COC Composition will not affect costs & fees ratified by earlier CoC

DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi) - DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi) The proviso in Regulation 12(3) of CIRP Regulations, 2016 clearly stipulates that if any decision is taken by the committee (CoC), prior to the reconstitution, which in this case is the ratification of the fees and the expenses, its validit...

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Condonation cannot be granted under Section 61 of IBC as limitation period is 30 days which is extendable to 45 days

Isolux Corsan India Engineering & - In present facts of the case, the NCLAT rejected the application praying condonation of delay as it was filed after 45 days of the passing of the Impugned Order and by virtue of Section 61 of Insolvency and Bankruptcy Code, 2016 the condonation cannot be granted....

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Advance payment is covered within the definition of Operational Debt

Chipsan Aviation Private Limited Vs Punj Llyod Aviation Limited (NCLAT Delhi) - NCLAT Delhi held that rejection of Section 9 application holding that advance payment made by Operational Creditor to the Corporate Debtor does not fall within the four corners of the Operational Debt is unsustainable as it is settled low that advance payment is covered within the definition of Oper...

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Govt appoints Judicial & Technical Members in NCLAT

Notification No. S.O. 3462(E) - (22/07/2022) - Central Government appoints Judicial and Technical Members in National Company Law Appellate Tribunal (NCLAT) for a period of four year...

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Partial temporary relaxation in SOP for filing of Hard-Copies at NCLAT

Notice No. 138/2021 - (06/07/2021) - NCLAT Notice No. 138/2021 – Partial temporary relaxation in the Revised Standard Operating Procedure with regard to the filing of Hard-Copies as given in the Notice No. 112/2021 dated 24th May, 2021 is withdrawn with immediate effect. The Revised Standard Operating Procedure dated January 3, ...

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NCLAT SOP on Preventive Measures to Contain Spread of COVID-19

File No. 10/37/2018-Estt./NCLAT - (27/05/2021) - In view of alarming rise in the COVID-19 cases and considering SOP on Preventive Measures to Contain Spread of COVID-19 in Offices dated 4th June, 2020 and further directions issued by Ministry of Health and Family Welfare from time to time;...

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NCLAT revises SOP to facilitate e filing of documents

Notice No. 112/2021-NCLAT - (24/05/2021) - The Honble Competent Authority, NCLAT has taken note of the present precarious conditions created by COVID-19 situation, and the difficulties of parties in reaching NCLAT for filing hard copies due to the prevailing pandemic situation....

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NCLAT Chennai Bench to function through Virtual Mode wef 25.01.2021

Notice No. 025/2021 - (23/01/2021) - Take notice that the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) will start its functioning from 25.01.2021 through Virtual Mode....

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Recent Posts in "NCLAT"

No Prohibition for appearance in representing different Company, in separate proceedings u/s 7 IBC: NCLAT

Anand Varma Vs Piyush Periwal & Ors. (NCLAT Delhi)

In present facts of the case, the NCLAT allowed the appeal by expunging all adverse observations made against the Appellant in the impugned Order by observing that appearance for an entity  being a separate company which has initiated separate proceeding under Section 7 against different Corporate Debtor and appearance of the Appellant i...

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Posted Under: Corporate Law | |

Default during Section 10A Period cannot be clubbed to Meet Threshold Requirement under IBC, 2016

Plus Corporate Ventures Pvt. Ltd Vs Transnational Growth Fund Ltd (NCLAT Delhi)

Plus Corporate Ventures Pvt. Ltd Vs Transnational Growth Fund Ltd (NCLAT Delhi) NCLAT held that When we look into the proviso to Section 10A, the expression is ‘provided that no Application shall ever be filed for initiation of CIRP of a Corporate Debtor for the said default occurring during the said period’ thus default which...

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Posted Under: Corporate Law | |

Change in COC Composition will not affect costs & fees ratified by earlier CoC

DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi)

DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi) The proviso in Regulation 12(3) of CIRP Regulations, 2016 clearly stipulates that if any decision is taken by the committee (CoC), prior to the reconstitution, which in this case is the ratification of the fees and the expenses, its validity will not be affected. […]...

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Posted Under: Corporate Law | |

Condonation cannot be granted under Section 61 of IBC as limitation period is 30 days which is extendable to 45 days

Isolux Corsan India Engineering &

In present facts of the case, the NCLAT rejected the application praying condonation of delay as it was filed after 45 days of the passing of the Impugned Order and by virtue of Section 61 of Insolvency and Bankruptcy Code, 2016 the condonation cannot be granted....

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Posted Under: Corporate Law | |

Advance payment is covered within the definition of Operational Debt

Chipsan Aviation Private Limited Vs Punj Llyod Aviation Limited (NCLAT Delhi)

NCLAT Delhi held that rejection of Section 9 application holding that advance payment made by Operational Creditor to the Corporate Debtor does not fall within the four corners of the Operational Debt is unsustainable as it is settled low that advance payment is covered within the definition of Operational Debt....

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Posted Under: Corporate Law | |

Important Judgments related to IBC, 2016 – July- September, 2022

Supreme Court Judgments related to IBC, 2016 – July- September, 2022 Vidarbha Industries Power Limited Vs. Axis Bank Limited [Civil Appeal No. 4633 of 2021] The Hon’ble SC made the following observations: When AA is satisfied that a default has occurred and the application of an FC is complete in all respects as per requirements, [&he...

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Posted Under: Corporate Law |

Submission of failed resolution plan results into initiation of liquidation process

Dr. C. Bharath Chandran Vs Ms. Sabine Hospital and Research Centre Pvt. Ltd (NCLAT Chennai)

NCLAT Chennai held that CIRP plan not approved by minimum 66% of the Committee of Creditors is considered to be failed Resolution Plan and on submission of such failed Resolution Plan the Adjudicating Authority will initiate Liquidation Process....

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Posted Under: Corporate Law | |

Application u/s 7 by Financial Creditor against Guarantor maintainable on default of Principal Borrower

Sandeep Kasare Vs IL & FS Financial Services Ltd. (NCLAT Delhi)

NCLAT Delhi held that Financial Creditors can invoke the proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016 against the Guarantor, who on default of Principal Borrower transforms into Corporate Debtor...

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Posted Under: Corporate Law | |

Adjudicating Authority can Replace Liquidator who was arrested by CBI

Subrata Maity Vs Amit C. Poddar (NCLAT Delhi)

Subrata Maity Vs Amit C. Poddar (NCLAT Delhi) The Adjudicating Authority has noted in the order that the Appellant was arrested by the CBI and due to which 116 days was lost due to incapability of the Appellant to act as a Liquidator. Learned Counsel for the Appellant contends that the Appellant was granted bail […]...

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Posted Under: Corporate Law | |

NCLT and NCLAT can review CoC Decision for Liquidation

Sreedhar Tripathy Vs Gujarat State Financial Corporation & Ors. (NCLAT Delhi)

Sreedhar Tripathy Vs Gujarat State Financial Corporation & Ors. (NCLAT Delhi) The grievance of the Appellant is that CoC’s decision is arbitrary decision, it cannot be said to be decision taken in commercial wisdom of the CoC. Section 33 Sub-section (2) of the I&B Code which deals with initiation of liquidation. The Explanation ...

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Posted Under: Corporate Law | |

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