NOIDA Special Economic Zone Authority
Case BriefsSupreme Court

The claims pertaining to the transfer fees, etc., cannot be dealt with by courts or tribunals as the same relates to the commercial wisdom of the Committee of Creditors for they are the best persons to determine their interests, and any such interference is non-justiciable except as provided by Section 30(2) of IBC 2016.

National Company Law Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLT held that the Resolution Professional followed the principles of Natural Justice and considered relevant documents, therefore, the Personal Insolvency Resolution Process should be initiated.

Jaypee Infratech resolution plan
Case BriefsSupreme Court

About 538 home buyers, who paid more than 80% of the demand, will be given this option for allotment of the flat, in which event, the said home buyers will be treated on par with other home buyers.

National Company Law Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLT stated that the petitioner neither had a direct contractual relationship with the respondent, nor was the respondent provided with any goods/services, thereby disqualifying them as an operational creditor.

Clean Slate Doctrine
Experts CornerLakshmikumaran & Sridharan

by Yogendra Aldak†, Pranav Mundra†† and Balraaj Singh Chhatwal†††

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

The NCLAT upheld the grant of reliefs and concessions regarding shared utilities and services in Resolution Plan to facilitate the smooth and successful implementation of the Resolution Plan.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

NCLAT held that CoCs’ resolution not to consider Resolution Plans from additional new entrants rendered the NCLAT’s orders unsustainable.

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

In the instant matter, the NCLT rejected the application, noting the approval of the resolution by the Committee of Creditors and the absence of filing through an authorized representative.

Resolution Plan
Case BriefsSupreme Court

The dues shown payable to the appellant was Rs. 13,47,40,819 while the appellant claimed it to be Rs. 43,40,31,951.

national company law appellate tribunal
Case BriefsHigh Courts

The NCLAT held that the commercial wisdom of the CoC was considered paramount, and no interference was justified.

Section 29A of IBC
Case BriefsHigh Courts

Supreme Court observed that the law laid in Digambar Anandrao Pingle (supra) by NCLAT was not correct, and that the date of submission of resolution plan has to be the cut off date.

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

The NCLAT reiterated the importance of adhering to timelines in the Insolvency resolution process and the unacceptability of claims filed after the approval of the Resolution Plan by the CoC.

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

NCLAT upheld the Adjudicating Authority’s order on finding no error in rejecting the appellant’s objections to the Resolution Plan.

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

The NCLAT rejected Resolution Professional’s reliance on Section 17 of the Limitation Act, 1963, as no fraud was found on the part of the Corporate Debtor.

delhi high court
Case BriefsHigh Courts

“The respondent, having failed to lodge its claim, cannot enforce the impugned orders and notices, given the binding nature of the approved Resolution Plan.”

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

The democratic principles of the determinative role of majority opinion are enshrined in the IBC, and objections by a minority within a class, when the majority has approved a resolution plan, have no legal standing.

delhi high court
Case BriefsHigh Courts

“The IBC and the resolution process does not contemplate matters being left inchoate. In fact, it exhorts one to accept the seal of finality and quietude which stands attached to the approval of a Resolution Plan.”

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

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.

calcutta high court
Case BriefsHigh Courts

Calcutta High Court observed that the argument advanced by the applicants leave an impression that “a desperate attempt is made to have the order reviewed in the garb of recall”.

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

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