Company Law : The MCA introduced a risk-based eligibility framework allowing more companies to access fast-track mergers. By replacing size crit...
Company Law : The case examined whether extending redemption timelines amounts to reissuance. The Tribunal held that extensions within statutory...
Corporate Law : This analysis explains how NCLT continues to respect CoC commercial wisdom but now intervenes when procedures, legality, or fairne...
Corporate Law : RTI inquiry into NCLT/NCLAT reveals member vacancies, lack of consolidated case data, and opaque appointments, highlighting need f...
Corporate Law : The NCLT has ruled that banks can classify accounts as fraudulent during IBC proceedings, clarifying that a moratorium does not sh...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Company Law : ICSI raised concerns over delays in NCLT hearings affecting corporate restructuring and insolvency matters. It emphasized the need...
Company Law : ICSI has urged the government to set up an NCLT Bench in Pune citing 30,600 pending cases and prolonged insolvency timelines. The ...
Company Law : With insolvency cases taking up to 853 days against the 330-day mandate, concerns over NCLT backlog have intensified. A new bench ...
Corporate Law : From 2022-23 to 2024-25, appeals filed at NCLAT rose steadily, with IBC cases forming the majority, reflecting active engagement i...
Corporate Law : The NCLT held that insolvency proceedings against a personal guarantor cannot proceed unless the guarantee has been specifically i...
Corporate Law : The NCLT dismissed the insolvency application after finding that the agreements forming the basis of the alleged operational debt ...
Company Law : While approving the resolution plan, NCLT clarified that exemptions relating to taxes, duties, and statutory compliances must be o...
Corporate Law : Although the Scheme was sanctioned, the Tribunal clarified that the Income Tax Department remained free to investigate any tax imp...
Company Law : The Tribunal admitted insolvency proceedings after finding documentary evidence of operational debt, part payment, ledger confirma...
Corporate Law : The order permits single judicial members to handle procedural and uncontested matters. It ensures faster case disposal while pres...
Corporate Law : Details of Judicial and Technical Members assigned to NCLT benches across India as per the latest order issued by the Ministry of ...
Corporate Law : Read about the case involving Chetan Patel, an Insolvency Professional, with detailed analysis of alleged contraventions and submi...
Corporate Law : IBBI Disciplinary Committee suspends Sanjay Singh, an Insolvency Professional, for irregularities in the e-auction process. Detail...
Company Law : Explore the order dated 03.02.2024 from NCLT Chandigarh transferring all pending cases from Bench 2 to Bench 1. Detailed analysis ...
The Resolution Plan of the Successful Resolution Applicant could not be approved as it had breached the waterfall mechanism of payments as given under Section 53 of IBC and selectively favoured certain creditors without according any reason for the same and the Plan ineffectively dealt with the interests of all stakeholders of the Corporate Debtor and was non-compliant of Section 30(2)(e) and Section 30(2)(f) of IBC.
NCLT held that entity issuing ‘Letter of Comfort’ cannot be treated as ‘Corporate Debtor/Corporate Guarantor’ under IBC, 2016
NCLT is a summary court and hence, we cannot venture into a detailed proceeding, the main points in a section 7 petition is to check whether there is a debt and default with the aid of the documents annexed with the pleadings. In the present case, the debt as been converted into equity shares, hence there is no debt at the present.
Without proof of disbursement an amount cannot be claimed as financial debt, as disbursement is a sine qua non for any debt to fall within the ambit of financial debt
Held that once the Liquidator applies to NCLT, to adopt particular mode of sale of movable and immovable assets of the Corporate Debtor, which is approved by NCLT, there is no provision in the IBC that empowers NCLAT to suo motu conduct a judicial review of the said decision.
National Company Law Tribunal Bar Association Vs Union of India (Supreme Court) The petitioner contends that the notification S.O. 3412 (E) dated 20 September 2019 issued by the Ministry of Corporate Affairs appointing 28 candidates as Members of the National Company Law Tribunal for a tenure of three years is contrary to the provisions of Section […]
Held that the petition filed by financial creditors (home buyers) is admitted and principal amount paid to corporate debtor is also accepted as financial debt.
Once a successful bidder had accepted and purchased the Corporate Debtor in slump sale under IBC, the bidder could not request to convert that sale into a sale of Corporate Debtor as a going concern from slump sale as it would affect the rights of members of the stakeholders’ committee prejudicially .
Whether order of the Adjudicating Authority (‘NCLT’) can be challenged in a proceeding under Article 226, has been, recently, analysed in the matter of Tharakan Web Innovations Pvt. Ltd. Vs. National Company Law Tribunal (1st February, 2022) in W.P. (C) Nos. 27636 of 2020 & 14158 of 2021 before Kerla High Court.
Held that being a third-party, Amazon.com cannot question the initiation of CIRP proceedings u/s 7 of IBC 2016 against the Corporate Debtor.
