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

The NCLAT rejected Resolution Professional’s reliance on Section 17 of the Limitation Act, 1963, as no fraud was found on the part of the Corporate Debtor.

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

The Liquidator should endeavor to sell the Corporate Debtor as a going concern in the Liquidation Proceeding, and the appellant may participate by submitting its plan.

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

NCLAT observed that the issue raised by the appellant, while attractive, no longer had relevance after the closure of the CIRP proceedings.

madras high court
Case BriefsHigh Courts

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.

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

The NCLAT held that the appellant has no Locus Standi to make claim for any unpaid Fees/Costs from the members of the CoCs, as he is neither the RP in the project nor is connected with another project.

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

NCLAT held that CIRP be closed with respect to the Corporate Debtor since not a single ‘Claim' was received by the IRP even after the public announcement.

resolution professional
Law Firms NewsNews

DSK advised and assisted Mr. Manoj Kumar Agarwal, Resolution Professional of DS Kulkarni Developers Limited (“DSKDL”) with respect to the corporate insolvency

corporate insolvency resolution
Experts CornerLakshmikumaran & Sridharan

by Ankit Parhar† and Rashi Srivastava††
Cite as: 2023 SCC OnLine Blog Exp 55

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

The NCLAT set aside Adjudicating Authority’s order initiating CIRP of the Corporate Debtor.

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

“When consent term itself contains clause for revival, non-giving liberty specifically for revival by the Adjudicating Authority is inconsequential”, held NCLAT

financial creditors
Op EdsOP. ED.

by Vikas Mehta†

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.

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.

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.

Legal RoundUpTribunals/Regulatory Bodies/Commissions Monthly Roundup

This roundup contains many interesting rulings including the Shiv Sena Party Name and Symbol Dispute, Negligence committed by doctors and Compensation therein, Amendment to Section 178(6) of the Income Tax Act, Initiation of the Corporate Insolvency Resolution Process and more.