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Details of Judicial and Technical Members assigned to NCLT benches across India as per the latest order issued by the Ministry of Corporate Affairs.
NCLT Delhi rejects bankrupt’s discharge plea under IBC 138(1), stating only the Bankruptcy Trustee can file. Decision highlights process concerns.
NCLT Delhi dismisses Transline Technologies’ insolvency petition against Experio Tech, citing a joint venture relationship, not operational debt.
Key IBC case law updates from Oct-Dec 2024, covering Supreme Court and High Court decisions on CoC powers, resolution plans, related party transactions, and more.
It was held that CoC in the legislative scheme was empowered to take decision to liquidate the Corporate Debtor, any time after its constitution and before confirmation of the resolution plan.
NCLT Kolkata held that unsuccessful resolution applicant has no locus to assail resolution plan once the resolution plan has been approved by the Committee of Creditors [CoC] unanimously.
NCLT Delhi dismissed Akshay Kumar Bhatia’s insolvency plea against Cue Learn Pvt. Ltd., citing the claim did not qualify as operational debt under IBC.
As per the said Statement of Accounts, there was an outstanding amount of Rs 1,85,25,373/- (Rupees One Crore Eighty-Five Lakh Twenty-Five Thousand Three Hundred and Seventy-Three only) which was due and payable by the Corporate Debtor as on 31.03.2024.
NCLT Mumbai held that sale of property of personal guarantors by financial creditor under SARFAESI Act during protection of moratorium under section 96 of the IBC is invalid sale as protection of moratorium under section 96 is far greater than of section 14.
Since the Resolution Plan was duly approved by the NCLAT and there being no progress worth the name, there was no other option but to invoke our jurisdiction under Article 142 of the Constitution and direct that the Corporate Debtor be taken in Liquidation.
