NCLAT
Debt and default are sine qua non and only condition for admitting S. 7 IBC application: NCLAT
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.
PF and gratuity dues not part of liquidation estate; cannot be recovered under Section 53 of IBC which provides for waterfall mechanism: Supreme Court
Supreme Court upheld the NCLT order that the provident fund, pension fund and gratuity fund are not part of the liquidation estate, for distribution under Section 53 of the IBC and the same has to be paid to the employees under the stated heads.
Leniency Applicants Beware: NCLAT Rules in the Beer Cartelisation Case Pawan Jagetia v. CCI: A case comment
by Priyam Indurkhya† and Rituraj Singh Parmar††
NCLT| A mistake in demand notice does not make an application defective unless some prejudice is suffered resulting from such mistake
While deciding the present matter dealing with mistake in demand notice, NCLT 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.”
Supreme Court upholds NCLAT order on payment of dues to former employees of Jet Airways
Supreme Court refused to entertain a plea moved by the consortium and upheld the National Company Law Appellate Tribunal’s order directing the consortium to pay the provident fund and gratuity dues of the employees of Jet Airways
National Company Law Appellate Tribunal | Adjudicating Authority cannot direct Resolution Professional to pay lease amount during CIRP
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
Nature of Financial Debt does not change on account of breach of consent terms | NCLAT
While upholding the NCLT’s order of admission of fresh application and initiation of CIRP against the Corporate Debtor, the Tribunal held that the nature of financial debt would not change on account of breach of the consent terms.
NCLAT | IBC overrides Limitation Act; Delay beyond period of 45 days cannot be condoned
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.
Tribunal, Regulatory Bodies and Commissions Monthly Roundup | January 2023 | 25+ Legal Stories including no relief in CCI penalty on Google, TDS deduction and interest on securities, high-level committee for Yamuna pollution, no clean chit to DLF, and more
APPELLATE TRIBUNAL FOR ELECTRICITY (ATE) Bureau of Energy Efficiency takes suo motu verification test on a sample refrigerator of Whirlpool India and
NCLAT rejects application for initiation of CIRP for filing with fraudulent and malicious intent
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.
Limitation in Filing Appeal before the NCLAT — Interesting Development
by Akaant Kumar Mittal†
Cite as: 2023 SCC OnLine Blog Exp 8
Adjudication of an avoidance application is independent of the resolution of the corporate debtor and can survive CIRP: Delhi High Court
The Delhi High Court held that adjudication of an avoidance application was independent of the resolution of the corporate debtor and could survive Corporate Insolvency Resolution Process (CIRP) and a Resolution Professional would not be functus officio with respect to adjudication of avoidance application.
‘Findings not contrary to the weight of record’; Supreme Court affirms NCLAT’s order refusing to stay CCI’s Rs 1,338 crore penalty on Google LLC for anti-competitive practices
The Supreme Court had reservation to express its opinion on the merits of the case which would otherwise affect the proceedings pending before NCLAT and stated that the findings of the CCI at the interlocutory stage was neither without jurisdiction nor suffered from any error which would necessitate interference in the appeal.
Successful Auction Purchaser can withdraw from e-Auction; NCLAT upheld refund of EMD and first instalment
In a case challenging the Adjudicating Authority’s order to withdraw from e-auction process and refund of EMD and first instalment, the Tribunal held that the Adjudicating Authority can allow the Successful Auction Purchaser to withdraw from e-auction process when the balance bid amount is due because of the attachment of the assets of the Corporate Debtor.
NCLAT| After closure of Challenge Process and consequent receipt of resolution plan, Adjudicating Authority cannot direct consideration of the revised plan submitted thereafter
National Company Law Appellate Tribunal observed that once the CoC has decided to vote on the resolution plans after closure of challenge process, the Adjudicating Authority cannot direct the CoC to consider any revised plan submitted thereafter.
Deduction of TDS and deposit in Form 16-A under Section 194-A of Income Tax Act proves the deduction was TDS relating to ‘Interest other than interest on securities’: NCLAT observes
In the instant matter an appeal was preferred against the order of NCLT admitting S. 7 IBC application or repayment of financial debt. Upholding the order of the NCLT, the Tribunal held that even if there is no proof of loan agreement other materials on record can prove the financial debt.
Strong reason required to keep the application in abeyance; NCLAT dismisses appeal finding no error in Adjudicating Authority’s order
The Tribunal observed that an application under S. 12A cannot be entertained after approval of Resolution Plan by CoC.
NCLAT refuses to grant interim relief to Google; directs to deposit 10% of ₹ 936 crore penalty
National Company Law Appellate Tribunal, New Delhi: While deciding an appeal filed against the Competition Commission of India's (CCI) order imposing a
Adjudicating Authority is obligated to give direction for liquidation only when CoC’s decision is in accordance with IBC: NCLAT
In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.