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NCLAT Delhi held that the threshold criteria is applicable at the time of filing Section 7 application under Insolvency and Bankruptcy Code and not subsequently. Accordingly, the present appeal is allowed and order is set aside and remanded back.
The appellate tribunal upheld rejection of a tax claim submitted long after the liquidation deadline. The ruling reiterates that belated claims cannot be entertained once liquidation has progressed.
The Appellate Tribunal held that insolvency proceedings cannot be revived once the entire default amount claimed in Part IV is paid. Disputes limited to pendente lite interest were held insufficient to restart CIRP.
The appellate tribunal upheld rejection of a resolution plan where balance sheets lacked details and assets were valued at NIL. The ruling affirms that plans must be supported by transparent and credible financial disclosures.
The Appellate Tribunal held that delay can be condoned without a formal application if sufficient cause is evident from the record, allowing insolvency proceedings to continue on merits.
The Appellate Tribunal held that once insolvency is initiated by admitting a bank’s default, the suspended director cannot later challenge the validity or limitation of that very claim.
The decision clarifies that the statutory suspension under Section 10A applies only to corporate debtors and does not prevent insolvency proceedings against personal guarantors.
NCLAT Delhi held that repeated application under section 94 of the Insolvency and Bankruptcy Code for taking refuge of moratorium with malafide intention to defeat recovery proceedings initiated under SARFAESI Act is not justifiable. Accordingly, appeal dismissed.
Section 7 application was initiated fraudulently and with malicious intent, in collusion between the Financial Creditor and the Corporate Debtor, for purposes other than genuine insolvency resolution.
NCLAT Delhi held that each and every commercial transaction which has resulted in loss may not be labelled as fraudulent or to have been done to deceive creditors. Accordingly, since ingredients of section 66(2) of IBC is lacking, the transaction cannot be labelled as fraudulent.
