national company law appellate tribunal
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“The ‘Bank Guarantee’ is a ‘contract of Guarantee’ provided/furnished by the Bank, the “surety”, to perform the ‘promise’, or ‘discharge’ the liability, of the third person, being the Corporate Debtor herein, in case of his ‘default’.”

national company law appellate tribunal
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The Adjudicating Authority erred in passing the impugned order, directing the imposition fine, overlooking the law of the land through the Insolvency and Bankruptcy Code, 2016.

national company law appellate tribunal
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Limitation shall commence from the date when order is passed and shall not depend on the date when Appellant came to know of the order.

NCLAT Almost Settles the Dust
Op EdsOP. ED.

by Rishit Vimadalal†

v
Op EdsOP. ED.

by Ashutosh Pandey*

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

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.

national company law appellate tribunal
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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
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NCLT’s order did not contain specific findings regarding whether the entire loan amount had been paid and whether nothing remained due.

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

Hub-and-Spoke Cartel
Experts CornerSanjay Vashishtha

by Sanjay Vashishtha† and Abhay Pratap††
Cite as: 2023 SCC OnLine Blog Exp 75

national company law appellate tribunal
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“In application for condonation of delay in refiling of appeal, the applicant/appellant has to give sufficient reason for not re-filing the appeal within the time prescribed.”

national company law appellate tribunal
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In a matter concerning advancement of ₹360 crore loan by Hewlett Packard Enterprise India in violation of Section185 which only permit granting of loan for repayment of the loan and not for any other reason, the NCLT imposed ₹ 10 Lakh compounding fees.

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

NCLAT held that during the moratorium period under Section 14 of IBC, Customs Authorities are authorized to utilize Bank Guarantees and Fixed Deposits furnished against Zero Import Duty.

national company law appellate tribunal
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NCLAT held that the impugned order passed by the Adjudicating Authority is at a prima facie stage and should not be treated as a final expression of opinion.

national company law appellate tribunal
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The principle of equality is applicable only in same class of creditors, i.e., secured or unsecured, financial or operational.

national company law appellate tribunal
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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

The NCLAT stated that prayers in general or in a very wide term or which is too elaborate as prayed in the applicant’s application may not require any consideration by the Adjudicating Authority.

national company law appellate tribunal
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NCLAT held that the Provident Fund and Gratuity dues of the appellant are to be paid in full.

national company law appellate tribunal
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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.

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

“The Proceedings under the IBC, 2016, are summary in character and a trial is not conducted, like that of ‘Civil’ matter, before the ‘Competent Civil Court’.”