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“The term “personal guarantor” is defined under Section 5(22) of the IBC as “personal guarantor” means an individual who is the surety in a contract of guarantee to a corporate debtor.”
“A provision vesting “inherent powers” on a Court or Tribunal are to be used sparingly and should not be used to imply and read in substantive powers where the statue itself does not prescribe such powers.”
The NCLT noted that Form AA, meant for individual Insolvency Professionals, had been modified by the Insolvency Professional Entity to fit its consent as no separate form for IPEs exists.
Interviewed by K V Vinaya
by Anuja Pethia* and Rishabh Govila**
The NCLT stated that the petitioner neither had a direct contractual relationship with the respondent, nor was the respondent provided with any goods/services, thereby disqualifying them as an operational creditor.
The NCLT ordered the respondents to maintain the status quo regarding existing shareholders and their shareholding.
The application is filed by Jammu and Kashmir Bank against the Himalayan Mineral Waters Private Limited for a total financial debt of Rs. 50,04,38,456/- for the credit facilities availed by Leel Electricals.
The Merger scheme aims to restructure and streamline the operations of the applicant companies to achieve operational efficiencies and facilitate future growth and expected to create synergies, reduce costs, and create value for shareholders of the involved entities.
The NCLT directed the Resolution Professional to hand over control of Syska LED Lights Pvt. Ltd. back to the Corporate Debtor, if it had been taken over.
DEAL DETAILS Siemens Limited’s demerger of energy business Khaitan & Co advised Siemens Limited (SIL) on the demerger of its energy business
The NCLT admitted Section 7 IBC application against the Deccan Charters, Air Charter Company over a default of approx. Rs. 9 Crore 82 Lakhs.
In 2018, the National Company Law Tribunal approved the resolution plan submitted for Amtek Auto by Liberty House, which was settled with 80% haircut for Deccan Value Investors in November 2021
The NCLT issued a notice and sought BharatPe’s response and fixed the next date of hearing on 04-04-2024.
A notice was posted outside the Court room by the NCLT, Ahmedabad prohibiting the use of mobile phones and other electronic devices.
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
At this juncture, examining whether the petition filed before the NCLT can be said to be a ‘dressed-up’ petition, would necessarily require a detailed exercise to be carried out by this Court to render findings either way clearly impinging upon the exclusive jurisdiction of the NCLT in deciding such a question.
Madras High Court said that if the Arbitrators are not paid their fees / costs on account of the moratorium order, the object of arbitration will get defeated, as competent Arbitrators will hesitate to become Arbitrators in a dispute involving Companies facing financial crisis.
NCLT seeks response from respondents to the application for refunds to passengers under Section 60(5) of IBC.