NCLT
‘Personal guarantor’s claim of getting right to be heard at belated stage not sufficient’; Delhi High Court dismisses petition, leaves matter open for NCLT
“If in the present case, the petition is entertained, it will eventually subvert the procedure laid down under the Insolvency and Bankruptcy Code, 2016 and the respondent in return will be denied the opportunity to present their case before the concerned NCLT.”
SAT Mumbai dismisses appeal under S. 15T SEBI Act for not having filed by an ‘aggrieved person’
SAT Mumbai observed that it is not open to a shareholder to complain about the scheme of arrangement before the SEBI or to the Stock Exchange nor is it open to the shareholder to make a representation and /or file an appeal before this Tribunal under Section 15T of the SEBI Act.
DSK Legal advises Resolution Professional of JBF Petrochemicals Ltd. with respect to the corporate insolvency resolution process of JBF
DSK Legal advised and assisted Mr. Sundaresh Bhat, appointed as Resolution Professional JBF Petrochemicals Limited (“JBF”) with respect to the corporate insolvency
Application under Section 9 of the IBC is not maintainable in absence of strict proof of Debt and Default: NCLAT
“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’.”
‘Arbitration Proceedings’ and ‘IBC Proceedings’ cannot go on together; NCLAT upholds NCLT’s order rejecting Section 9 application
NCLAT held that an application preferred under Section 9 of the IBC for implementation of an Arbitral Award is not maintainable.
While admitting application under Section 7 of the IBC, existence of Debt and Default needs to be examined not ‘Quantum of Debt’: NCLAT
“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.”
Can Resolution Professional keep claims in abeyance during pendency of Corporate Debtor’s counter claim before arbitrator? NCLAT Answers
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’.
[Condonation of Delay] Filing of claim under wrong category is not substantial ground for condoning delay: NCLAT
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.
Transition between the parties should be direct to construe the debt as ‘Financial Debt’ under Section 5(8) of the IBC: NCLAT
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.
Whether prior approval of RBI is required by an Asset Reconstruction Company for participating as Co-Resolution Applicant under IBC? NCLAT Answers
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.”
Decoding Section 7 of IB Code for admitting an application for Corporate Insolvency Resolution Process
by Ankit Parhar† and Rashi Srivastava††
Cite as: 2023 SCC OnLine Blog Exp 55
Go Airlines insolvency: NCLAT approves appointment of new Resolution Professional by CoC
NCLAT directed the new Resolution Professional to protect the assets of the Corporate Debtor as required under S. 25(1) of the IBC
Does NCLAT have power to review or recall its judgment? NCLAT 5-member bench answers
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.
Looking to a Settlement Mechanism for Avoidance Actions under the IBC
by Anoop Rawat†, Saurav Panda†† and Amrit Mahal†††
Cite as: 2023 SCC OnLine Blog Exp 51
Operational creditor cannot seek to initiate CIRP against Corporate Debtor when real dispute exists: NCLAT
The NCLAT set aside Adjudicating Authority’s order initiating CIRP of the Corporate Debtor.
Insolvency proceeding can be restored when Consent term entered between parties includes a revival clause: NCLAT
“When consent term itself contains clause for revival, non-giving liberty specifically for revival by the Adjudicating Authority is inconsequential”, held NCLAT
Can Corporate Debtor raise issue of pre-existing dispute if there is no evidence of any lacuna prior to demand notice? NCLAT answers
“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
An Advocate “for” Vidarbha
by Lavanya Pathak† and Akshay Sharma††