NCLT

Section 60(5) IBC- Is there a limitation on jurisdiction of NCLT?

Income Tax - INTRODUCTION Section 60 (5) of the Insolvency and the Bankruptcy Code, 2016, talks about the jurisdiction of NCLT to dispose of the matters related to the insolvency concerning the corporate debtor. However, there are other provisions in the code that appears to contradict the provision given under section 60 (5). This issue again came in...

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Madras High Court annuls FIR against three Ex-Directors of IL & FS but refrains from providing ‘Clean Chit’

Income Tax - In Ravi Parthasarthy and Ors. v. State of Tamil Nadu [CRL. O.P. NOS. 3730, 4227, 4095 & 11206 OF 2021 CRL. M.P. NOS. 6647, 6649, 2218, 2601, 2679, 3388, 6708 & 6709 OF 2021 W.P. NO. 1397 OF 2021 AND W.M.P. NO. 5917 OF 2021 dated August 31, 2021]], Ravi Parthasarthy (Petitioner No. 1), Hari […]...

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Latest Case Law Related to IBC – April 2021- June, 2021

Income Tax - Supreme Court Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [CA No. 8129/2019] The Supreme Court (SC) held that the 2019 amendment to section 31 of the Code is clarificatory and declaratory in nature and is, therefore, effective from the date on which the Code came into effect. Ev...

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Case Analysis On Dena Bank (Now Bank Of Baroda) Vs. C. Shivakumar Reddy (4th August 2021)

Income Tax - DENA BANK (NOW BANK OF BARODA) VS. C. SHIVAKUMAR REDDY CIVIL APPEAL NO. 1650 OF 2020. FACTS In 2011, the Dena Bank had sanctioned a Term Loan and Letter of Credit Cum Buyers’ Credit in favour of M/s. Kavveri Telecom Infrastructure with an upper limit of Rs. 45.00 Crores. In 2013, the Loan Account of […]...

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NCLT directs ArcelorMitta to pay Rs. 1300 crores to SREI Infrastructure

Income Tax - Synopsis of: NCLT, Ahmedabad Bench, order ArcelorMittal to pay Rs 1300 crores to SREI Infrastructure Applicant: SREI Infrastructure Finance Limited (SREI) Respondent: 1. Arcelormittal India Private Limited (AIPL) Successful Resolution Applicant of Essar Steel India Ltd. 2. Sh. Satish Kumar Gupta, RP of Essar Steel India Ltd 3. Arcelormitt...

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Decriminalization of offences under Companies Act, 2013

Income Tax - 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....

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Representation for further extension of CFSS 2020

Income Tax - 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...

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19844 cases pending before NCLT

Income Tax - 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)....

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SC order binding on everyone in India; NCLT benches to remain close till 31.03.2020

Income Tax - 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...

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

Income Tax - 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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Jurisdiction of NCLT cannot be invoked for termination of contract on grounds other than insolvency

TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court of India) - TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court) Facts- The appellant and the Corporate Debtor entered into a Build Phase Agreement followed by a Facilities Agreement. The Facilities Agreement obligated the Corporate Debtor to provide premises with certain specifications and...

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Govt. Company cannot be immune from IBC proceedings

ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) - ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) A ‘Government Company’ as defined under Section 2(45) of the Companies Act, 2013 is covered under the definition of a ‘Company’ as defined under Section 2(20) of Companies Act 2013. Since the Cor...

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NCLT admits RBI application for initiating CIRP against Srei Infra

Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT kolkata) - Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT Kolkata) 1. The Court convened via video conferencing. 2. This is an application filed by the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2(zk) of the Insolvency and Bankruptcy Code, 2016 (in...

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For Cases admitted by NCLT all proceeding should be concluded by NCLT only

Shriraj Investment and Finance Ltd. & Ors. and Casper Consumer Electronics Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court): W.P.(CRL) 1823/2020, & W.P.(CRL) 1414/2021 - Shriraj Investment and Finance Ltd. & Ors. Vs Union of India & Anr. (Delhi High Court) Delhi HC: Where the case has been admitted in NCLT, all the contentions including power to initiate such proceeding should be raised before and concluded by NCLT only Shriraj Investment Pvt. Ltd. (Petition...

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Application to enforce shareholders right under board resolution is to be made before NCLT

Jaiveer Singh Virk Vs Sir Sobha Singh & Sons Pvt. Ltd. (Delhi High Court) - Jaiveer Singh Virk Vs Sir Sobha Singh & Sons Pvt. Ltd. (Delhi High Court) The next question is- what is the nature of Appellant’s right and whether such a right is enforceable under law? The Appellant asserts that he is a shareholder of Respondent No. 1, which is a corporate entity, incorporat...

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Appointment to posts of Judicial and Technical Members in NCLT

Notification No.18/15/2020-E0(SM.II) - (11/09/2021) - The Appointments Committee of the Cabinet has approved the proposal for appointment of the following persons to the posts of Judicial Member and Technical Member in the National Company Law Tribunal, in the pay scale of Rs.67,000-79,000/- (pre-revised), for a period of 05 years from the date of assu...

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NCLT to start Regular Hearings from 1.07.2021 through Video Conferencing

Order No. 10/03/2021-NCLT - (25/06/2021) - It has been decided to start regular hearing in NCLT Benches w.e.f. 1.07.2021 through Video Conference on all working days or as mentioned in remarks Column. The Composition of the Benches is as follows:...

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Regular hearing via Video conference at NCLT w.e.f. 12.04.2021

File No. 10/03/2021-NCLT - (09/04/2021) - Due to sharp increase in COVID-19 cases throughout the It has been decided to take up regular hearing through Video Conference w.e.f. 12.4.2021 at all NCLT Benches. The Benches shall sit as per Rule 9 of NCLT Rules, 2016- sitting hours of the Tribunal:...

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SOP for physical of cases before NCLT

File No. 10/03/2021-NCLT - (26/02/2021) - NCLT issues present Standard Operating Procedure (SOP) for physical hearing, as well as continuation of virtual hearing as per order dated 23.2.20201 which shall come into force w.e.f. 1.3.2021. The SOP is applicable to all NCLT Benches....

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Physical hearing by NCLT Benches w.e.f. 01.03.2021

Notification No. File No. 10/03/2021-NCLT - (23/02/2021) - All NCLT Benches shall start regular Physical hearing w.e.f. 1.03.2021. In case any counsel/ representative of party expresses difficulty in physical hearing, he/ she may be permitted for virtual hearing....

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Recent Posts in "NCLT"

Jurisdiction of NCLT cannot be invoked for termination of contract on grounds other than insolvency

TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court of India)

TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court) Facts- The appellant and the Corporate Debtor entered into a Build Phase Agreement followed by a Facilities Agreement. The Facilities Agreement obligated the Corporate Debtor to provide premises with certain specifications and facilities to the appellant for conduct...

Read More

Section 60(5) IBC- Is there a limitation on jurisdiction of NCLT?

INTRODUCTION Section 60 (5) of the Insolvency and the Bankruptcy Code, 2016, talks about the jurisdiction of NCLT to dispose of the matters related to the insolvency concerning the corporate debtor. However, there are other provisions in the code that appears to contradict the provision given under section 60 (5). This issue again came in...

Read More
Posted Under: Corporate Law |

Govt. Company cannot be immune from IBC proceedings

ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur)

ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) A ‘Government Company’ as defined under Section 2(45) of the Companies Act, 2013 is covered under the definition of a ‘Company’ as defined under Section 2(20) of Companies Act 2013. Since the Corporate Debtor, has not been performing a...

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Posted Under: Corporate Law | |

NCLT admits RBI application for initiating CIRP against Srei Infra

Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT kolkata)

Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT Kolkata) 1. The Court convened via video conferencing. 2. This is an application filed by the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2(zk) of the Insolvency and Bankruptcy Code, 2016 (in short “IBC”) for initiations of Cor...

Read More
Posted Under: Corporate Law | |

Decriminalization of offences under Companies Act, 2013

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 More
Posted Under: Corporate Law |

For Cases admitted by NCLT all proceeding should be concluded by NCLT only

Shriraj Investment and Finance Ltd. & Ors. and Casper Consumer Electronics Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court): W.P.(CRL) 1823/2020, & W.P.(CRL) 1414/2021

Shriraj Investment and Finance Ltd. & Ors. Vs Union of India & Anr. (Delhi High Court) Delhi HC: Where the case has been admitted in NCLT, all the contentions including power to initiate such proceeding should be raised before and concluded by NCLT only Shriraj Investment Pvt. Ltd. (Petitioner No. 1) and Casper Consumer Electronic...

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Appointment to posts of Judicial and Technical Members in NCLT

Notification No.18/15/2020-E0(SM.II) 11/09/2021

The Appointments Committee of the Cabinet has approved the proposal for appointment of the following persons to the posts of Judicial Member and Technical Member in the National Company Law Tribunal, in the pay scale of Rs.67,000-79,000/- (pre-revised), for a period of 05 years from the date of assumption of charge of the post, or till at...

Read More

Madras High Court annuls FIR against three Ex-Directors of IL & FS but refrains from providing ‘Clean Chit’

In Ravi Parthasarthy and Ors. v. State of Tamil Nadu [CRL. O.P. NOS. 3730, 4227, 4095 & 11206 OF 2021 CRL. M.P. NOS. 6647, 6649, 2218, 2601, 2679, 3388, 6708 & 6709 OF 2021 W.P. NO. 1397 OF 2021 AND W.M.P. NO. 5917 OF 2021 dated August 31, 2021]], Ravi Parthasarthy (Petitioner No. 1), Hari […]...

Read More
Posted Under: Corporate Law |

Latest Case Law Related to IBC – April 2021- June, 2021

Supreme Court Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [CA No. 8129/2019] The Supreme Court (SC) held that the 2019 amendment to section 31 of the Code is clarificatory and declaratory in nature and is, therefore, effective from the date on which the Code came into effect. Ev...

Read More
Posted Under: Corporate Law |

Case Analysis On Dena Bank (Now Bank Of Baroda) Vs. C. Shivakumar Reddy (4th August 2021)

DENA BANK (NOW BANK OF BARODA) VS. C. SHIVAKUMAR REDDY CIVIL APPEAL NO. 1650 OF 2020. FACTS In 2011, the Dena Bank had sanctioned a Term Loan and Letter of Credit Cum Buyers’ Credit in favour of M/s. Kavveri Telecom Infrastructure with an upper limit of Rs. 45.00 Crores. In 2013, the Loan Account of […]...

Read More
Posted Under: Corporate Law |

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