Fictional Scheme to benefit few selected related parties; NCLAT upholds Liquidation of Corporate Debtor
National Company Law Appellate Tribunal | A bench comprising of Ashok Bhushan, J., Dr. Alok Srivastava* (Technical Member) and Barun
CIRP
Approval/Non-approval of Resolution Plan is a commercial wisdom and Tribunal can’t interfere with the commercial wisdom: NCLAT
National Company Law Appellate Tribunal | Dismissing the appeal, Ashok Bhushan, J., Kanthi Narahari (Technical Member) and Barun Mitra (Technical
Date of default and acknowledgement are two different events; NCLAT imposes penalty of Rs. 25 lakhs for attempting to stop implementation of a RERA order
National Company Law Appellate Tribunal | While dealing with an appeal challenging the impugned order passed by NCLT, Ashok Bhushan*, J., Dr.
Claims of various stakeholders to be considered by Resolution Professional in accordance with law; NCLT, Chandigarh emphasizes
That various stakeholders are to be considered by the Resolution Professional under the relevant provisions of IBC andin accordance with law, and the same should be placed before the CoC for approval. Thus, the resolution plan was sent back for approval by the Committee of Creditors.
No prohibition on advocate to represent different company in separate proceedings filed under Section 7 IBC: NCLAT
National Company Law Appellate Tribunal: While dealing with a matter seeking expunging the adverse remake made against the appellant, a
Interim moratorium under S. 96 IBC in respect of one of the guarantors would not ipso facto apply against a co-guarantor; Delhi HC stays suit in view of bar under S.96 IBC
Delhi High Court: In two separate suits filed seeking recovery of amount from the defendants, being ex- promoters and personal guarantors of
IBC| CIRP proceedings can be initiated against two Corporate Debtors but same amount cannot be realised from both: Supreme Court
Supreme Court: The bench of Indira Banerjee* and JK Maheshwari, JJ has held that if there are two borrowers or if two
NCLAT | Rejection of Resolution Plan by the NCLT due to Non-Serious, Casual and Non-Diligent Conduct of Resolution Appellant is Good in Law
“The CIRP is a time bound process where timeline has been prescribed for each step. The CIRP cannot be allowed to continue for indefinite period.”
IBC-Limitation| Pendency of proceedings in a parallel forum not sufficient cause for delay in filing Section 9 IBC application: Supreme Court
“A claim may not be barred by limitation. It is the remedy for realisation of the claim, which gets barred by limitation.”
NCLAT| Right to payment cannot be accrued when a corporate guarantee is not invoked before CIRP initiation
National Company Law Appellant Tribunal, New Delhi: The Bench of Ashok Bhushan, J., Chairperson, and Shreesha Merla, Technical Member, while
NCLAT Mumbai |Interest on Delayed Payments is a part of Operational Debt under S. 3(11) of IBC
National Company Appellate Tribunal, Mumbai: The Bench of Ashok Bhushan, J., Chairperson, M. Satyanarayana Murthy, Judicial Member, and Naresh Salecha, Technical member
NCLT| Sahara Hospitality to go through Corporate Insolvency Process
National Company Law Tribunal, Mumbai: The Bench of P.N. Deshmukh, J., Judicial Member, and Shyam Babu Gautam, Technical Member admitted
IBC – Section 7(5)(a) | NCLT “may” reject Financial Creditor’s CIRP application even in case of Corporate Debtor’s default in payment of debt
Supreme Court: The bench of Indira Banerjee* and JK Maheshwari, JJ has rejected the view of NCLT and NCLAT that once it
IBC| Once CIRP is initiated and moratorium is ordered, proceedings under SARFAESI Act cannot continue: Supreme Court
Supreme Court: The bench of L. Nageswara Rao and BR Gavai*, JJ has held that the proceedings under the Securitisation and Reconstruction
NCLT| Ongoing or fresh debt related legal proceedings against personal guarantor should remain stayed during interim moratorium period
National Company Law Tribunal, Kolkata Bench I: The Bench of Rajasekhar V.K., judicial member and Balraj Joshi, technical member has held that
Should Resolution Professional include delayed claims of homebuyers under memorandum of information? NCLAT decides
National Company Appellate Tribunal, New Delhi: The Coram of Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member)
The Castaways – Resolution Applicants under the IBC
by Aditya Bapat†
If granting exclusion of time would help Corporate Debtor from liquidation, should NCLAT allow such exclusion? Here’s what NCLAT says
National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice M. Venugopal (Judicial Member) and Dr Ashok Kumar Mishra (Technical
If a case was filed under IBC, can penalty be imposed under Companies Act? NCLAT addresses
National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical Member) held
“Debt arising out of advance payment for supply of goods or services is an operational debt”; SC allows operational creditor to initiate CIRP
Supreme Court: While dealing with a case involving two controversial terms; “operational debt” and “operational creditor” of IBC, the 3-judge Bench of