national company law appellate tribunal
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NCLAT held that an application preferred under Section 9 of the IBC for implementation of an Arbitral Award is not maintainable.

national company law appellate tribunal
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“In the instant case, the record establishes that there is a ‘debt’ and a ‘default’ and the Application is complete and the Adjudicating Authority has rightly admitted the Application under Section 7 of the Code.”

national company law appellate tribunal
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While dismissing the present appeal, the NCLAT held that appellant’s prayer pertaining to admission of the claim cannot be acceded to in the ‘eye of Law’.

national company law appellate tribunal
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The NCLAT rejected an application seeking Condonation of Delay of 49 days (about 1 and a half months) on the ground of want of sufficient cause.

national company law appellate tribunal
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Amount taken by the Directors of the Corporate Debtor in their personal capacity cannot be construed as ‘Financial Debt’ under S. 5(8) of the IBC.

national company law appellate tribunal
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NCLAT observed that the principal objective of the IBC is ‘revival of the Corporate Debtor and Resolution’ and therefore “Liquidation ought to be the last resort, keeping in view the scope and spirit of the Code.”

corporate insolvency resolution
Experts CornerLakshmikumaran & Sridharan

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

bombay high court
Case BriefsHigh Courts

Bombay High Court considered the question of whether there is anything inconsistent in the 1996 Act as against Sections 7 to 9 of IBC Code for the said IBC provisions to prevail.

national company law appellate tribunal
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NCLAT directed the new Resolution Professional to protect the assets of the Corporate Debtor as required under S. 25(1) of the IBC

national company law appellate tribunal
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A 5-member bench overturned two judgments delivered by 3-judge bench which held that the NCLAT does not have the power to review or recall its own judgements.

avoidance actions under ibc
Experts CornerShardul Amarchand Mangaldas

by Anoop Rawat†, Saurav Panda†† and Amrit Mahal†††
Cite as: 2023 SCC OnLine Blog Exp 51

national company law appellate tribunal
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The NCLAT set aside Adjudicating Authority’s order initiating CIRP of the Corporate Debtor.

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

national company law appellate tribunal
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“The Adjudicating Authority does not appear to have committed any error in holding the alleged disputes claimed by the Corporate Debtor to be feeble as it is not supported by credible evidence.” NCLAT

vidarbha
Op EdsOP. ED.

by Lavanya Pathak† and Akshay Sharma††

national company law appellate tribunal
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While speedily and effectively disposing off the present appeal, the NCLAT modified the imposed cost from Rs. 10,00,000/- to Rs. 1,00,000/- for the restoration of the company’s name in the register maintained by the ROC.

tribunal monthly may 2023
Legal RoundUpTribunals/Regulatory Bodies/Commissions Monthly Roundup

Know about why NGT formed Joint Committee for environmental norms violations in constructions at CM Kejriwal’s residence, relevancy of intent of Corporate Debtor, threshold limit under IBC Code, compensation in Ludhiana Gas Leak incident, etc.

national company law appellate tribunal
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While upholding NCLT’s order the NCLAT held that in the present case there is a debt which remained unpaid by the Operational Creditor.

national company law appellate tribunal
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NCLAT held that once a document is relied upon as evidence and not objected to, it cannot be rejected or ignored.

national company law appellate tribunal
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NCLAT set aside the NCLT’s order and remitted back the matter to NCLT to examine the same after hearing both the parties.