Corporate 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...
Read MoreCorporate Law - Delhi High Court held that inter se disputes between partners of an LLP are required to be tried as a commercial suit in terms of the Commercial Courts Act, 2015 and the National Company Law Tribunal (NCLT) is not the appropriate forum for deciding such disputes....
Read MoreCorporate Law - The present article attempts to find answer to the question whether NCLT or DRT is the appropriate adjudicating authority as far as application for insolvency resolution of the personal guarantors to the corporate debtors is concerned....
Read MoreCorporate 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 […]...
Read MoreCorporate Law - Supreme Court M/s. Jai Balaji Industries Vs. D.K. Mohanty & Anr. [Civil Appeal No. 5899 of 2021 with 5904 of 2021] The Supreme Court (SC) observed that an operational creditor (OC) cannot use the Code for extraneous considerations or as a substitute for debt enforcement procedures; and the object of the Code is to allow […]...
Read MoreCorporate Law - Central Bureau of Investigation has arrested an Interim Resolution Professional (IRP), National Law Tribunal (NCLT), Mumbai and two private persons including Proprietor of Mumbai based firm in a bribery case of Rs. Two Lakh....
Read MoreCorporate Law - Over the years, for violations under the Companies Act, 2013 the government had been filing criminal cases as per the provisions of the Act. Out of more than 40,000 cases filed under the Companies Act, 1956 and Companies Act, 2013, almost 39,000 cases (more than 97 per cent) did not involve lapses of serious nature....
Read MoreCorporate Law - Due to the various ground realties the corporates have not been able to take benefit of the scheme. Therefore in these difficult times the extension of CFSS, 2020 is imperative and paying such hefty penalties & fines will not be in best interest of all stakeholders. Thus we request your good office to extend the CFSS, 2020 and other r...
Read MoreCorporate Law - As on 31st July, 2020, total 19,844 cases were pending before National Company Law Tribunal (NCLT), including 12,438 cases under Insolvency and Bankruptcy Code (IBC)....
Read MoreCorporate Law - National Company Law Tribunal 6th Floor, Block-3, CGO Complex, Lodhi Road New Delhi-110003 Dated: 24.3.2020 NOTICE 1.With regard to Limitation,it is clear that the order dated 23.3.2020 passed by Hon’ble Supreme Court in suo motu WP-03/2020 is binding on everyone in India,for further clarification,it is hereby clarified that the lit...
Read MoreTaguda Pte. Limited Vs Subodh Kumar Agrawal (NCLT Mumbai) - NCLT held that all past liabilities arising out of any levies/tax dues to any government authorities, etc. which are not part of Resolution Plan and pertaining to Corporate Insolvency Process period shall stand extinguished from the date of approval of Resolution Plan....
Read MoreSmall Industries Development Bank of India (SIDBI) Vs International Mega Food Park Limited (NCLT Chandigarh) - NCLAT Chandigarh held that as there was no gratuity fund created by the Corporate Debtor the Resolution Professional direct to pay gratuity to employee Additionally the salary and leave encashment of employees during CIRP period falls within the definition of insolvency resolution process cost....
Read MoreCentral Bank of India Vs Kothapatti Raju (NCLT Amaravati) - NCLT Amaravati held that no notice is required to be given to the Personal Guarantor at the stage of appointment of Interim Resolution Professional (IRP)....
Read MoreBabubhai Shrimali Vs Committee of Creditors (NCLT Ahmedabad) - NCLT Ahmedabad held that Committee of Creditors (CoC) has power to take commercial decision to undertake or not to undertake related party transaction during CIPR of Corporate Debtors. If in commercial wisdom the CoC has rejected the resolution for payment of salary to the Applicants, the question o...
Read MoreJones Lang Lasalle Building Operations Pvt Ltd Vs Celebration City Projects Pvt Ltd (NCLT Delhi) - Jones Lang Lasalle Building Operations Pvt Ltd Vs Celebration City Projects Pvt Ltd (NCLT Delhi) This is an application filed by the real estate allottee to the Corporate Debtor, whose claim was rejected by the Resolution Professional on the ground that she ceases to be a real estate allottee on acc...
Read MoreInstruction No. 1083/04/2022-CX9 - (23/05/2022) - A timeline Of 90 days from the insolvency commencement date is available for filing of claims. However, it has been observed that there is an inordinate delay in filing of claims by Customs and GST authorities. T...
Read MoreNotification No. S.O. 815(E), S.O. 816(E), S.O. 817(E) - (22/02/2022) - Appointment of Chairperson in National Company Law Tribunal, Appointment of Members in National Company Law Tribunal and Appointment of President in National Company Law Tribunal Appointment of Members in National Company Law Tribunal MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 22nd Fe...
Read MoreCircular No. 2/1/2022-Estt./NCLAT - (21/02/2022) - Filling up of the posts in the National Company Law Appellate Tribunal on deputation basis. The National Company Law Appellate Tribunal invites applications for filling up of the following posts on deputation basis: -...
Read MoreFile No. 10/03/2022-NCLT - (15/01/2022) - The present mode of virtual hearing and e-filing will continue as per the earlier notification dated 31.12.2021 and 09.01.2022. Now based on the suggestion given by the Members, Officers/staff of the Registry and Members of the legal fraternity Pan India the hearing of cases will be limited to urgen...
Read MoreFile No. 10/03/2021-NCLT - (18/12/2021) - NCLT is pleased to issue the present Standard Operating Procedure (SOP) for physical hearing, as well as the continuation of Virtual. The following SOP is made applicable to all NCLT Benches....
Read MoreTaguda Pte. Limited Vs Subodh Kumar Agrawal (NCLT Mumbai) -
Small Industries Development Bank of India (SIDBI) Vs International Mega Food Park Limited (NCLT Chandigarh) -
Central Bank of India Vs Kothapatti Raju (NCLT Amaravati) -
Babubhai Shrimali Vs Committee of Creditors (NCLT Ahmedabad) -
Jones Lang Lasalle Building Operations Pvt Ltd Vs Celebration City Projects Pvt Ltd (NCLT Delhi) -
Trimex Industries Pvt. Ltd Vs Sathavahana Ispat Ltd (NCLT Cuttack) -
State Bank of India Vs Uttam Galva Steels Limited (NCLT Mumbai) -
Sadguru Traders Vs Gajalee Coastal Foods Pvt. Ltd (NCLT Mumbai) -
Axix Bank Limited Vs Nageswara Rao (NCLT Mumbai) -