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.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

In a case related to rejection of Resolution Plan by the Adjudicating Authority, which was once approve the Adjudicating Authority, the Tribunal opined that the Adjudicating Authority was right on non-approval of the Resolution Plan as the Adjudicating Authority’s order was not followed in its true spirit.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) by staying bankruptcy proceedings against them, after the NCLT admitted S. 7 application and directed the initiation of CIRP against the Corporate Debtor/ZEEL.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

In the instant matter an appeal was preferred before NCLAT challenging the order of the Adjudicating Authority remitting a Resolution Plan back to the CoC for reconsideration in accordance with law.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While hearing an appeal challenging an impugned order passed by the Adjudicating Authority dismissing a S. 7 IBC application on the ground that the appellant was not able to establish debt and default, the Tribunal held that it is clear from the facts and circumstances the definition of debt and default is rightly established by the appellant and the Adjudicating Authority has committed a patent error while passing the impugned order.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While deciding the present matter dealing with mistake in demand notice, NCLAT held that “the Corporate Debtor has not and would not be prejudiced by fact that Operational Creditor has mentioned the wrong date of default due to its inadvertence.”

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

National Company Law Appellate Tribunal held that Adjudicating Authority cannot direct Resolution Professional to pay lease amount under Section 14(1)(d) of Insolvency and Bankruptcy Code, 2016, during CIRP

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

National Company Law Appellate Tribunal held that rejection of application for initiation of Corporate Insolvency Resolution Process is inevitable if it is filed fraudulently and maliciously for purpose other than resolution of insolvency.