national company law appellate tribunal
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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’.

National Company Law Appellate Tribunal
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NCLAT held that the Adjudicating Authority committed error in rejecting the S. 7 application for not fulfilling ‘threshold’ when Deed of Guarantee mentions about the interest on default.

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

NCLT
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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.

National Company Law Appellate Tribunal
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“Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC.”

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
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The scope and objective of the Code is ‘Resolution’, and not a ‘Recovery Mode / Forum’.

National Company Law Appellate Tribunal
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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.

National Company Law Appellate Tribunal
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NCLAT held that the application preferred by the appellants in the second appeal under S. 7 IBC has rightly been held to be not maintainable and was rightly relegated to avail their remedy of filing the application under S. 9 IBC in relation to invoice discounting of the receivables by the seller.

National Company Law Appellate Tribunal
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NCLAT held that that the allocation of meagre amount in Resolution Plan to Creditors can be questioned when the plan value earmarked for them is less than the liquidation value but same is not the case in instant matter.

National Company Law Appellate Tribunal
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National Company Law Appellate Tribunal observed that as per S. 61(2) every appeal must be filed within 30 days before the Appellate Tribunal and the Appellate Tribunal has the jurisdiction to extend the period of 15 days if it is satisfied that there is a sufficient cause for not filing the appeal within the prescribed time.

Delhi High Court
Case BriefsHigh Courts

The Delhi High Court upheld Single judge’s decision to set aside ICC Award of $562.5 million in favour of Devas Multimedia (P) Ltd. for a failed satellite agreement with Antrix Corporation Ltd., on the grounds of fraud and being in conflict with the public policy of India.

National Company Law Appellate Tribunal
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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
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NCLAT observed that allowing present appeal holding the Successful Resolution Applicant ineligible would automatically make the resolution plan redundant.

Delhi High Court
Case BriefsHigh Courts

The PIL seeks formulation and implementation of a scheme that conclusively addresses the grievances of other home buyers who may not have the capacity to approach courts/forums to seek redressal against builders.

NCLT
Case BriefsTribunals/Commissions/Regulatory Bodies

The National Company Law Tribunal (Delhi Bench) passed orders in favour of aggrieved homebuyers ordering JAL/JIL/Jaypee/RP to continue with adjusting the delay compensation.

NCLT
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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.

Thanos’ Infinite Gauntlet Given an Endgame Treatment - Jurisdiction of the NCLT under Section 60(5) as interpreted by the Apex Court
Akaant MittalExperts Corner

by Akaant Kumar Mittal†
Cite as: 2023 SCC OnLine Blog Exp 23

National Company Law Appellate Tribunal
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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.