NCLAT

Supreme Court Stay Order in Orchid Pharma Insolvency Case

Company Law - It is, for the matter of reality, that there is no mandate under the I&B Code which provides that whether the Resolution Plan’s value shall be more than the liquidation value of the Corporate Debtor. It is this perplexing issue that the case of Orchid Pharma Insolvency deals with. Th...

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Provision of Section 29A now extends to Section 52 of IBC: NCLAT

Company Law - NCLAT, recently, vide its order dated 18.11.2019 in the matter of State Bank of India v Anuj Bajpai, has held that the disqualified persons under Section 29A of the Insolvency and Bankruptcy Code, 2016 , are completely and irrevocably barred from having access to the assets of the Corporate Debtor. Details of the Order has been discussed ...

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Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016

Company Law - All proceedings under the IBBI Code in respect of Corporate Insolvency are to be adjudicated by the National Company Law Tribunal (NCLT), which has been designed as the ‘Special One Window Forum’ to tackle all aspects of insolvency resolution. The NCLT is referred to as the ‘Adjudicating Authority’....

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Basic Understanding Of NCLT & NCLAT For Students

Company Law - Everyone knows High Court and Supreme Court but few People like CA/CS/Lawyers know NCLT & NCLAT. Lets through light on this topic in very simple language for better understanding of student and Public at Large. Introduction: – NCLT, National Company Law Tribunal is a quasi-judicial body to regulate and resolve Civil Corporate di...

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Procedure for Restoration of Struck off Companies Under Companies Act, 2013

Company Law - CS Vipin Kumar Mittal Keeping in view of the Section 248 to 252 of the Companies Act, 2013 (the Act), as notified by Ministry of Corporate Affairs (MCA) w.e.f. 26th December, 2016 and Rule 87A of the National Company Law Tribunal (NCLT) (Amendment) Rules, 2017 as notified by MCA w.e.f. 5th July, 2017, I have […]...

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NCLAT & NCLT members to stick to time limits to cut delays in insolvency cases

Company Law - Justice Mukhopadhaya raised serious concerns with regard to the constant delays in insolvency proceedings and said that the Members of NCLAT and NCLTs must cut the time period of insolvency proceedings short and focus on quicker disposal of cases. He emphasised that there are only limited grounds to argue at the stage of admission and tha...

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Govt to set up National Company Law Appellate Tribunal Bench in Chennai

Company Law - In pursuance of judgement of Hon’ble Supreme Court, the Government has decided to set up a bench of National Company Law Appellate Tribunal (NCLAT) at Chennai. This was stated by Shri Anurag Singh Thakur, Union Minister for State for Finance &Corporate Affairs, in a written reply to a question in Lok Sabha today....

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Cabinet Approves creation of Additional posts in NCLT

Company Law - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved creation of additional posts of three Judicial Members and three Technical Members in the National Company Law Appellate Tribunal (NCLAT)....

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MCA invite Comments on Draft NCLT related Rules under Companies Act, 2013

Company Law - 283 Sections of the Companies Act, 2013 have already been commenced. Remaining sections related to functioning of NCLT/NCLAT and certain other authorities are yet to be notified. In view of the Supreme Court order dated 14 th May, 2015, the process for constitution of NCLT/NCLAT has been undertaken and these bodies are likely to be set up...

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SC upheld legality of NCLT and NCLAT

Company Law - In a landmark judgment, a five-judge constitution bench of the Supreme Court on Tuesday upheld the legality of the Companies (Second Amendment) Act, 2002, providing for the establishment of the National Company Law Tribunal and National Company Law Appellate Tribunal to deal exclusively with the company cases for their speedy disposal. ...

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NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

Deloitte Haskins & Sells LLP. Vs Union of India (NCLAT) - Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors of the economy and the red signals were raised against the IL&FS by the country and even by the department of economic affairs of the country, therefore, before passing a...

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Adani Gas was liable for penalty for abusing dominant position

Adani Gas Limited Vs Competition Commission of India (NCLAT) - Penalty was leviable on assessee for contravention of provisions of section 4(2)(a)(i) of the Competition Act, 2002 (Act) by imposing unfair conditions upon the buyers under Gas Supply Agreement (GSA) and for abusing dominant position....

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NCLAT cannot enter into commercial wisdom of COC & disturb business decision

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) - Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) The main grievance of the Appellant is that the Operational Creditors have been given only token 2% of their claims admitted while the Financial Creditors are given 100% of their claims. The learned Counsel for the Bank has then relied ...

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IBC: Immovable property Lease rent dues are not Operational Debt

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) - Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20) read with Section 5(21) of the ‘Insolvency and Bankruptcy Co...

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NCLAT : Defaulting company liable to repay FDR amount alongwith interest to its deposit holders

Ateet Bansal Vs Unitech Ltd (NCLAT) - Following the principle of justice and equity, the defaulting company "Unitech" was liable to repay the amount to its deposit holders principal along with the future interest @12.5% per annum from the date of maturity of the respective FDR till receipt thereof alongwith Rs.50000/- each to assessees ...

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Constitution of NCLAT Bench at Chennai

Notification No. S.O. 1060(E) - (13/03/2020) - Central Government hereby constitutes another Bench of the National Company Law Appellate Tribunal (NCLAT) at Chennai to hear the appeals against the orders of the Benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Lak...

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CG delegates powers to appoint Officers/Staff to NCLT/NCALT

[F. No. A-12018/02/2017- Ad-IV/P] - (14/10/2019) - Central Government (CG) delegates its powers and functions under section 418(1) of Companies Act, 2013 to provide officers and other employees to the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCALT) to the President and Chairperson of the said  NCLT and N...

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National Company Law Tribunal (NCLT) Rules, 2016

G.S.R. 716(E) - (21/07/2016) - 1. Short title and commencement.- (1) These rules may be called the National Company Law Tribunal Rules, 2016. (2)They shall come into force on the date of their publication in the Official Gazette....

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National Company Law Appellate Tribunal Rules, 2016

G.S.R..... (E) - (21/07/2016) - 1. Short title and commencement.- (1) These rules may be called the National Company Law Appellate Tribunal Rules, 2016. (2)They shall come into force on the date of their publication in the Official Gazette....

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Criteria for listing of matters before National Company Law Tribunal

Order No. 25/1/2016-NCLT - (29/06/2016) - Consequent to the notification no. S.O. 1935 (E) dated 1.6.2016 issued by the Central Government, Ministry of Company Affairs following criteria has been laid down for listing of the matters before the National Company Law Tribunal, Principal Bench and National Company Law Tribunal, New Delhi Bench....

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Recent Posts in "NCLAT"

NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

Deloitte Haskins & Sells LLP. Vs Union of India (NCLAT)

Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors of the economy and the red signals were raised against the IL&FS by the country and even by the department of economic affairs of the country, therefore, before passing any appropriate order in public interest ...

Read More
Posted Under: Company Law | |

Adani Gas was liable for penalty for abusing dominant position

Adani Gas Limited Vs Competition Commission of India (NCLAT)

Penalty was leviable on assessee for contravention of provisions of section 4(2)(a)(i) of the Competition Act, 2002 (Act) by imposing unfair conditions upon the buyers under Gas Supply Agreement (GSA) and for abusing dominant position....

Read More
Posted Under: Company Law | |

NCLAT cannot enter into commercial wisdom of COC & disturb business decision

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT)

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) The main grievance of the Appellant is that the Operational Creditors have been given only token 2% of their claims admitted while the Financial Creditors are given 100% of their claims. The learned Counsel for the Bank has then relied on Regulation 37 of […]...

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Posted Under: Company Law | |

IBC: Immovable property Lease rent dues are not Operational Debt

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT)

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20) read with Section 5(21) of the ‘Insolvency and Bankruptcy Code, 2016? For an amount to be classified...

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Posted Under: Company Law | |

Constitution of NCLAT Bench at Chennai

Notification No. S.O. 1060(E) (13/03/2020)

Central Government hereby constitutes another Bench of the National Company Law Appellate Tribunal (NCLAT) at Chennai to hear the appeals against the orders of the Benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Lakshadweep and Puducherry....

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NCLAT : Defaulting company liable to repay FDR amount alongwith interest to its deposit holders

Ateet Bansal Vs Unitech Ltd (NCLAT)

Following the principle of justice and equity, the defaulting company "Unitech" was liable to repay the amount to its deposit holders principal along with the future interest @12.5% per annum from the date of maturity of the respective FDR till receipt thereof alongwith Rs.50000/- each to assessees towards cost of litigation, costs etc...

Read More
Posted Under: Company Law | |

NCLAT & NCLT members to stick to time limits to cut delays in insolvency cases

Justice Mukhopadhaya raised serious concerns with regard to the constant delays in insolvency proceedings and said that the Members of NCLAT and NCLTs must cut the time period of insolvency proceedings short and focus on quicker disposal of cases. He emphasised that there are only limited grounds to argue at the stage of admission and tha...

Read More
Posted Under: Company Law |

NCLAT allows Liquidator to hand over records, control etc. to Liberty House Group

Liberty House Group Pte. Ltd. Vs State Bank of India & Ors. (NCLAT Delhi)

Liberty House Group Pte. Ltd. Vs State Bank of India & Ors. (NCLAT Delhi) Mr. Virendra Ganda, learned Senior Counsel for the Appellant(s) submits that the amount in terms of the earlier order dated 21st January, 2020 has been paid. Mr. Joy Saha, learned Senior Counsel appearing on behalf of ‘Committee of Creditors’ has also [&hell...

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Posted Under: Company Law | |

Supreme Court Stay Order in Orchid Pharma Insolvency Case

It is, for the matter of reality, that there is no mandate under the I&B Code which provides that whether the Resolution Plan’s value shall be more than the liquidation value of the Corporate Debtor. It is this perplexing issue that the case of Orchid Pharma Insolvency deals with. Th...

Read More
Posted Under: Company Law |

Cyrus mistry won case against tata sons in NCLAT

Cyrus Investments Pvt. Ltd. Vs Tata Sons Ltd. & Ors. (NCLAT)

The proceedings of the sixth meeting of the Board of Directors of ‘Tata Sons Limited’ held on Monday, 24th October, 2016 so far as it relates to removal and other actions taken against Mr. Cyrus Pallonji Mistry (11th Respondent) is declared illegal and is set aside....

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Posted Under: Company Law | |

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