{"id":233029,"date":"2020-07-29T13:00:11","date_gmt":"2020-07-29T07:30:11","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=233029"},"modified":"2020-08-07T12:01:09","modified_gmt":"2020-08-07T06:31:09","slug":"nclat-provides-relief-to-companies-by-easing-way-to-exit-from-corporate-insolvency-resolution-process","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/29\/nclat-provides-relief-to-companies-by-easing-way-to-exit-from-corporate-insolvency-resolution-process\/","title":{"rendered":"NCLAT provides relief to companies by easing way to exit from corporate insolvency resolution process"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Appellate Tribunal:<\/strong> Justice Bansi Lal Bhat (Acting Chairperson), Justice Anant Bijay Singh (Member, Judicial), Dr Ashok Kumar Mishra (Member, Technical), decided to reject the appeal of the appellant by making way for companies to pull out of ongoing corporate insolvency resolution process (CIRP).<\/p>\n<p style=\"text-align: justify;\">Vivek Bansal (Appellant) and Burda Druck India Pvt. Ltd. (Respondent) had entered into CIRP after the order of NCLT which made the appointment of \u2018Interim Resolution Professional\u2019 and imposed a moratorium period on the CIRP. The appellant filed the appeal in terms of Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 for recording the settlement arrived at between the parties.<\/p>\n<p style=\"text-align: justify;\">The Tribunal relied on the case of <em>Swiss Ribbons <\/em><em>(P) Ltd.<\/em> v.<em> Union of India, <\/em><a href=\"http:\/\/www.scconline.com\/DocumentLink\/Z4Qdd0YK\">(2019) 4 SCC 17<\/a>\u00a0 in allowing exit from the \u2018corporate insolvency resolution process\u2019. The settlement had been reached between the two parties and \u2018Committee of Creditors\u2019 was not constituted, in exercise of powers conferred under Rule 11 of the NCLAT Rules, 2016. Therefore, the tribunal set aside the impugned order of NCLT dated 27th May, 2020. The tribunal allowed the respondent company to be released from all rigours of law and allowed it to function independently through its Board of Directors. It decided the fee and expenses of the Resolution Professional and ordered both the parties to make the payment equally. The tribunal said ,\u201cWe make it clear that in the event of default not adhering to the terms of \u2018Settlement Agreement\u2019 as regards the payment of the outstanding instalments, the \u2018Operational Creditor\u2019 shall be at liberty to seek revival\/restoration of the \u2018corporate insolvency resolution process\u2019 proceedings before the Adjudicating Authority.\u201d<\/p>\n<p style=\"text-align: justify;\">The appeal was thus disposed of. [Vivek Bansal v. Burda Druck India (P) Ltd.,<a href=\"http:\/\/www.scconline.com\/DocumentLink\/U83fQGnt\"> <b>2020 SCC OnLine NCLAT 582<\/b><\/a> , decided on 14-07-2020]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Appellate Tribunal: Justice Bansi Lal Bhat (Acting Chairperson), Justice Anant Bijay Singh (Member, Judicial), Dr Ashok Kumar Mishra (Member, <\/p>\n","protected":false},"author":67011,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[42807,22014,12521],"class_list":["post-233029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-corporate-insolvency-resolution","tag-nclat","tag-nclt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO 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Insolvency Resolution Process to be ordered only upon the existence of default, not merely debt","author":"Saba","date":"May 28, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The NCLAT has held that initiation of Corporate Insolvency Resolution Process (\u201cCIRP\u201d) must be ordered only if there exists a default on part of the corporate debtor and not merely because there is a debt on which no default has occurred as such. The\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":297687,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/26\/irp-rp-cannot-seek-unpaid-fees-costs-members-corporate-debtor-insolvency-nclat-scc-blog-legal-news\/","url_meta":{"origin":233029,"position":1},"title":"In project wise insolvency, IRP\/RP cannot seek unpaid Fees\/Costs from members of CoCs of another project of Corporate Debtor: NCLAT","author":"Ritu","date":"July 26, 2023","format":false,"excerpt":"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.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":274550,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/27\/nclat-rejection-of-resolution-plan-by-the-nclt-due-to-non-serious-casual-and-non-diligent-conduct-of-resolution-appellant-is-good-in-law\/","url_meta":{"origin":233029,"position":2},"title":"NCLAT | Rejection of Resolution Plan by the NCLT due to Non-Serious, Casual and Non-Diligent Conduct of Resolution Appellant is Good in Law","author":"Editor","date":"September 27, 2022","format":false,"excerpt":"\"The CIRP is a time bound process where timeline has been prescribed for each step. The CIRP cannot be allowed to continue for indefinite period.\"","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":262217,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/22\/can-application-filed-under-s-951-read-with-s-601-ibc-be-rejected-on-ground-that-no-corporate-insolvency-resolution-process-was-pending-against-corporate-debtor-nclat-addresses\/","url_meta":{"origin":233029,"position":3},"title":"Can application filed under S. 95(1) read with S. 60(1) IBC be rejected on ground that no Corporate Insolvency Resolution Process was pending against Corporate Debtor? NCLAT addresses","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"\u00a0If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or Personal Guarantor should be filed before same NCLT. National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281427,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/11\/corporate-debtor-default-corporate-insolvency-resolution-process-cirp-coc-liquidation-nclt-reconsider-liquidation-appeal-nclat-upheld\/","url_meta":{"origin":233029,"position":4},"title":"Adjudicating Authority is obligated to give direction for liquidation only when CoC&#8217;s decision is in accordance with IBC: NCLAT","author":"Editor","date":"January 11, 2023","format":false,"excerpt":"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.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":304348,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/11\/closure-of-cirp-proceedings-renders-jurisdictional-question-regarding-pre-cirp-dues-irrelevant-nclat-scc-blog\/","url_meta":{"origin":233029,"position":5},"title":"Closure of CIRP proceedings renders jurisdictional question regarding pre-CIRP dues irrelevant; NCLAT dismisses appeal","author":"Ritu","date":"October 11, 2023","format":false,"excerpt":"NCLAT observed that the issue raised by the appellant, while attractive, no longer had relevance after the closure of the CIRP proceedings.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/233029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=233029"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/233029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=233029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=233029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=233029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}