Tribunals/Regulatory Bodies/Commissions Monthly Roundup | June 2021
Here’s a run-through of all the significant decisions covered in the month of June, 2021 under the Section of Tribunals/Commission/Regulatory Bodies. Armed
NCLAT
Interplay of IB Code with Law on Limitation – The Consistent “Inconsistency” – Part III
by Akaant Kumar Mittal†
Cite as: 2021 SCC OnLine Blog Exp 46
NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing ‘title deeds’ under Resolution Process? Read on
National Company Law Appellate Tribunal (NCLAT): The Division Bench of Justice Anant Bijay Singh, Judicial Member and Shreesha Merla, Technical Member held
NCLT/NCLAT vacancies| 39 members for a sanctioned strength of 63! Supreme Court asks Centre to complete reappointment process within 2 months
Supreme Court: Taking note of the depleting strength of the members of the NCLT and NCLAT, the 3-judge bench of L. Nageswara
NCLAT | ‘Balance and Security Confirmation Letter’ is sufficient ‘acknowledgement of debt’ so as to extend limitation period for initiating insolvency proceedings under S. 7 IBC
National Company Law Appellate Tribunal (NCLAT): A Division Bench of Justice Venugopal M. (Judicial Member) and V.P. Singh (Technical Member) dismissed an
NCLAT | 10 Appeals, one tripartite agreement, with almost similar quandary on ‘Spectrum’| Non payment of dues-Can Spectrum be used as security interest in insolvency and moratorium as an excuse| Convoluted attempts to “offer peanuts”?
National Company Law Appellate Tribunal (NCLAT): A Coram of Bansi Lal Bhat, J. (Acting Chairperson), Anant Bijay Singh, J. (Judicial Member) and
NCLAT | What was manifested as pre-conditions for Resolution Plan turns out to be premeditated | Prevented from taking a fine u-turn | Imposed a fine instead
National Company Law Appellate Tribunal (NCLAT): Coram of Bansi Lal Bhatt, J. (Acting Chairperson), Anant Bijay Singh, J. (Judicial Member), Dr Ashok
‘Reinstatement by NCLAT “too big a pill” for perhaps even Cyrus Mistry to swallow’; Here’s why Supreme Court upheld Cyrus Mistry’s removal as Chairman by the Tata Sons
“NCLAT appears to have granted the relief of reinstatement gratis without any foundation in pleadings, without any prayer and without any basis in law, thereby forcing upon the appellant an Executive Chairman, who now is unable to support his own reinstatement. “
NCLAT | NCLT has the discretion to modify arrangements, but only when cogent; Otherwise deemed unwarranted
National Company Law Appellate Tribunal (NCLAT): A Coram of Justice Jarat Kumar Jain (Judicial Member) and Kanthi Narahari (Technical Member) accepted an
NCLAT| 31 hearings, no regards to time, addendums, midway interruptions and yet no heed to initiation to liquidation; Adjudicating authority advised to be mindful
National Company Law Appellate Tribunal– A Coram of Bansi Lal Bhatt, J. (Acting Chairperson) and Dr Ashok Kumar Mishra (Technical Member) ordered
‘Commercial wisdom of Committee of Creditors is not to be interfered with’; Supreme Court sheds light on the limited scope of interference by NLAT/NCLAT
“The limited judicial review, which is available, can in no circumstance trespass upon a business decision arrived at by the majority of CoC.”
NCLAT | Reagitating what is already recorded only because liberty was given for appeal, held absurd | Declines to entertain
National Company Law Tribunal (NCAT): A Coram of Justice A.I.S. Cheema (Judicial member) and Dr Alok Srivastava (Technical member) dismissed an appeal
NCLAT| Issuance of the cheque is indicative of acknowledgement of debt, even if returned dishonored
National Company Law Appellate Tribunal- A Coram of Anant Bijay Singh, J. (Judicial Member) and Shreesha Merla (Technical Member) dismissed an appeal
Del HC | NCLT and NCLAT directed to regulate their own procedure for virtual hearing platforms so long as it is ensured that if any particular party requests for a link, same would be considered in a fair, transparent and non-arbitrary manner
Delhi High Court: Prathiba M. Singh, J., addressed a concern wherein it was stated that the NCLAT and NCLT ought to have
Under IBC, NCLT has jurisdiction to adjudicate disputes arising solely on ground of insolvency: Supreme Court
“In all future cases, NCLT would have to be wary of setting aside valid contractual terminations which would merely dilute the value of the corporate debtor, and not push it to its corporate death by virtue of it being the corporate debtor‘s sole contract.”
NCLAT | ‘As is where is basis, as is what is basis, whatever there is basis’; A super imposed condition in auctions | Reiterated again
National Company Law Appellate Authority Tribunal (NCLAT), New Delhi: The Bench of Justice Bansi Lal Bhatt (Acting Chairperson), Shreesha Merla (Technical member)
NCLT Benches to start physical hearing from 1st March, 2021
It has been notified vide an Order dated 23-02-2021 that all NCLT Benches shall start regular Physical hearing w.e.f 01-03-2021, in case