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“For maintaining an application for default of another Financial Creditor, the essential ingredients to be fulfilled by the Applicant is that the Applicant has to be a Financial Creditor on its own facts.”
“In regard to an application under Sections 7 or under 10 of the IB Code, the professional recommended by the applicant must mandatorily be appointed as IRP, the only caveat being that no disciplinary proceedings should be pending as against him, leaving no elbowroom to the NCLT to take a different view.”
The NCLT held that the Resolution Professional does not have adjudicatory powers to invalidate or challenge the charges based on an absence of NOC.
by Sidharth Sethi† and Shreya Sircar††
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.
In the instant matter, the appellant claimed to be a Financial Creditor as their name was included in the balance sheet of the Corporate Debtor.
by Ankit Parhar† and Rashi Srivastava††
Cite as: 2023 SCC OnLine Blog Exp 55
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 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.
Supreme Court: The bench of Indira Banerjee* and JK Maheshwari, JJ has held that if there are two borrowers or if two
Top Stories Your cheat sheet to Supreme Court’s 545 pages long Money Laundering verdict The 3-judge bench of AM Khanwilkar, Dinesh Maheshwari
National Company Appellate Tribunal, Mumbai: The Bench of Ashok Bhushan, J., Chairperson, M. Satyanarayana Murthy, Judicial Member, and Naresh Salecha, Technical member
National Company Law Appellate Tribunal, Delhi: The Bench of Anant Bijay Singh, J., Judicial Member, and Shreesha Merla, Technical Member,
National Company Law Tribunal, Hyderabad: The Bench of N. Venkata Ramakrishna Badarinath, Judicial Member, and Veera Brahma Rao Arekapud, Technical Member held
Supreme Court: The bench of Indira Banerjee* and JK Maheshwari, JJ has rejected the view of NCLT and NCLAT that once it
National Company Appellate Tribunal, New Delhi: The Coram of Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member)
National Company Law Tribunal, Allahabad (NCLT): The bench of Rajasekhar V.K., Judicial Member and Virendra Kumar Gupta, Technical Member decided that for
by Akaant Kumar Mittal†
Cite as: 2022 SCC OnLine Blog Exp 9