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On 21.04.2017, a Share Purchase Agreement was executed, wherein the erstwhile Directors sold their equity in favour of Accord Mediplus Pvt. Ltd. Respondent Nos.6 to 12 also resigned from the Trust on 01.09.2017.
According to the appellant, Respondent Nos. 1 through 26 were creditors in the class of the Project Spaze Arrow, and in order to start a CIRP against the CD, they filed an application under Section 7 that only pertained to the Project Spaze Arrow.
NCLAT Delhi held that a Decree Holder falls within the purview of the Financial Creditor under the Code, if the decree is based on a financial debt. Accordingly, dismissal of petition u/s. 7 of IBC not justified.
NCLAT Delhi held that admitting application under section 7 of Insolvency and Bankruptcy Code, 2016 for initiation of CIRP for default in not completing project and handing over units within time justified.
NCLAT Delhi held that imposition of 5% penalty on average turnover/ receipt related to EWS by Competition Commission of India [CCI] under section 27 of the Competition Act, 2002 cannot be termed as unreasonable or excessive.
CIRP against the Corporate Debtor commenced vide order dated 09.04.2024. On 17.04.2024, Resolution Professional issued public announcement calling upon creditors to submit their claims.
NCLAT Delhi held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does in no manner either shall suspend the default committed by the Corporate Debtor or preclude the Financial Creditor to proceed with Section 7 application.
NCLAT dismisses Hero Exports’ appeal against CIRP approval, stating that IBC Section 61 time limits cannot be extended under the Limitation Act.
NCLAT Delhi held that post approval of resolution plan Non-Fund Based [NFB] agreement has to be read in a manner to give effect to the resolution plan and not to make any clause of resolution plan otiose and unworkable.
Where secured creditor failed to pay the liquidation costs within 90 days after its intention to realize the security interest, the security interest should stand relinquished under Regulation 21A(3) of the Liquidation Regulations, 2016.
