national company law appellate tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT held that benefit under S. 10-A of IBC can only be claimed when default occurs during prohibited period – ‘05-03-2020 to 25-03-2021’.

NCLT
Case BriefsTribunals/Commissions/Regulatory Bodies

A creditor has limited grounds to object to S. 10 of IBC application.

NCLT
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLT imposed cost to restain Trimex Industries (P) Ltd. from filing frivolous applications which consume Tribunal’s valuable resources and time.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

There is no need to prove any fraudulent intent for a preferential transaction as per S. 43 of the IBC.

madras high court
Case BriefsHigh Courts

Madras High Court said that there is no reason why the complaint was not filed either before IBBI or NCLT for the alleged fraud.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The National Company Law Appellate Tribunal held that no pre-existing dispute regarding quality of supplied goods exist as the same was not raised before consumption of the goods.

Delhi High Court
Case BriefsHigh Courts

The Court opined that the present case would fall under the Office Memorandum which stated that “where there is no cognizable offence under IPC and other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country.”

Section 12-A of IBC
Case BriefsSupreme Court

Supreme Court clarified that the substituted Regulation 30-A of IBBI Regulations clearly provided for withdrawal applications being entertained before constitution of Committee of Creditors.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT held that even after completion of challenge mechanism under CIRP Regulation 39(1A)(b), the CoC retains its jurisdiction to negotiate with one or other Resolution Applicants, or to annul the Resolution Process and embark on to re-issue RFRP.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT held that there is no law which allows a third party or shareholders to settle the claims of Financial Creditor on behalf of the Corporate Debtor, M/s McDowell Holdings Limited.

NCLT
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLT held that the amount of advance paid for purchase of shares of the Corporate Debtor does not fall under the definition of Financial Debt as it was not disbursed against the consideration for the time value of money.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

In matter related to reconsideration of Resolution Plan after approval, NCLAT held that thought the object of the CIRP is maximisation of value of the Corporate Debtor, but the said maximisation must be achieved within the timeline provided in the scheme.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

In a case related to rejection of Resolution Plan by the Adjudicating Authority, which was once approve the Adjudicating Authority, the Tribunal opined that the Adjudicating Authority was right on non-approval of the Resolution Plan as the Adjudicating Authority’s order was not followed in its true spirit.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) by staying bankruptcy proceedings against them, after the NCLT admitted S. 7 application and directed the initiation of CIRP against the Corporate Debtor/ZEEL.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

In the instant matter an appeal was preferred before NCLAT challenging the order of the Adjudicating Authority remitting a Resolution Plan back to the CoC for reconsideration in accordance with law.

Delhi High Court
Case BriefsHigh Courts

In the instant case, the Directorate of Revenue Intelligence neither submitted proof of claim nor responded to a specific communication via an e-mail addressed to Senior Intelligence Officer. This is a case where despite knowledge, the statutory authorities chose not to submit their proof of claim.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While hearing an appeal challenging an impugned order passed by the Adjudicating Authority dismissing a S. 7 IBC application on the ground that the appellant was not able to establish debt and default, the Tribunal held that it is clear from the facts and circumstances the definition of debt and default is rightly established by the appellant and the Adjudicating Authority has committed a patent error while passing the impugned order.

Case BriefsSupreme Court

Supreme Court upheld the NCLT order that the provident fund, pension fund and gratuity fund are not part of the liquidation estate, for distribution under Section 53 of the IBC and the same has to be paid to the employees under the stated heads.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While deciding the present matter dealing with mistake in demand notice, NCLAT held that “the Corporate Debtor has not and would not be prejudiced by fact that Operational Creditor has mentioned the wrong date of default due to its inadvertence.”

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While upholding the NCLT’s order of admission of fresh application and initiation of CIRP against the Corporate Debtor, the Tribunal held that the nature of financial debt would not change on account of breach of the consent terms.