NCLT

Important Judgments related to IBC, 2016 – July- September, 2022

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...

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Whether NCLT an Appropriate Forum for Resolving Inter-se Disputes of Partners of LLP

Corporate 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....

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Adjudicating Authority for Personal Guarantors to Corporate Debtor- A Time to Revisit

Corporate 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....

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Latest Case Law Related to IBC – January to March 2022

Corporate 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 […]...

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Latest Case Law Related to IBC – October to -December 2021

Corporate 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 […]...

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CBI Arrests An IRP of NCLT In A Bribery Case

Corporate 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....

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Decriminalization of offences under Companies Act, 2013

Corporate 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....

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Representation for further extension of CFSS 2020

Corporate 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...

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19844 cases pending before NCLT

Corporate 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)....

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

Corporate 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...

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Tax liabilities not part of Resolution Plan stand extinguished from date of approval of Plan

Taguda 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....

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Resolution professional directing payment of gratuity in absence of gratuity fund is unjustified

Small 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....

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Notice not to be given to Personal Guarantor before appointment of IRP

Central 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)....

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Committee of Creditors empowered to decided coverage of related party transaction during CIRP

Babubhai 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...

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IBC: Decree of civil court will not alter basic nature of transaction

Jones 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...

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SOP for NCLT cases of IBC 2016

Instruction 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...

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NCLT President, Chairperson & Members appointed

Notification 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...

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NCLAT invites application for appointment on Various Posts

Circular 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: -...

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Sitting of the NCLT Benches for the period 17.01.2022 to 31.01.2022

File 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...

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SOP for Physical/ Virtual/ Hybrid hearing of cases before NCLT

File 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....

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NCLT’s Popular Posts

Recent Posts in "NCLT"

Tax liabilities not part of Resolution Plan stand extinguished from date of approval of Plan

Taguda 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....

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Posted Under: Corporate Law | |

Resolution professional directing payment of gratuity in absence of gratuity fund is unjustified

Small 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....

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Posted Under: Corporate Law | |

Important Judgments related to IBC, 2016 – July- September, 2022

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 More
Posted Under: Corporate Law |

Notice not to be given to Personal Guarantor before appointment of IRP

Central 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)....

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Posted Under: Corporate Law | |

Committee of Creditors empowered to decided coverage of related party transaction during CIRP

Babubhai 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 of reversing the decision cannot be consi...

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Posted Under: Corporate Law | |

IBC: Decree of civil court will not alter basic nature of transaction

Jones 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 account of an arbitral award […]...

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Posted Under: Corporate Law | |

No bar to related party of Financial Creditor to submit a Resolution Plan

Trimex Industries Pvt. Ltd Vs Sathavahana Ispat Ltd (NCLT Cuttack)

IBC does not bar a related party of the Financial Creditor from submitting a resolution plan for the Corporate Debtor and also, an application based upon over future contingencies or apprehensions was unsustainable....

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Posted Under: Corporate Law | |

NCLT approves Resolution plan of Uttam Galva Steel Limited

State Bank of India Vs Uttam Galva Steels Limited (NCLT Mumbai)

NCLT Mumbai approved the resolution plan submitted by AM Mining India Pvt. Ltd. for Uttam Galva Steel Limited as the same is not contrary to provisions of section 29A of IBC Code and is in accordance with law...

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Posted Under: Corporate Law | |

Operational Creditor cannot change ‘date of default’ by confining invoices to a later period

Sadguru Traders Vs Gajalee Coastal Foods Pvt. Ltd (NCLT Mumbai)

Whether the ‘Operational Creditor’ can change the ‘date of default’ by confining the invoices to a later period, when the Demand Notice under section 8 includes all the invoices from the date of default and the ‘debt amount’ is crystallized based on the invoices....

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Posted Under: Corporate Law | |

An indemnity of obligation under agreement doesn’t constitute ‘Financial Debt’

Axix Bank Limited Vs Nageswara Rao (NCLT Mumbai)

NCLT Mumbai held that obligations under the Undertaking do not attract the definition of financial debt. A fortiori, an indemnity of the obligations under the Agreement will equally not constitute a financial debt under Section 5(8) of the Code....

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Posted Under: Corporate Law | |

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