IBC | Assistant General Manager Signs Inspection Order In Place Of Executive Director Of IBBI, Bombay High Court Stays The Suspension Of Insolvency Professional

The Bombay High Court bench, comprising Justice B. P. Colabawalla and Justice M.M. Sathaye, while adjudicating a petition filed in Partha Sarathy Sarkar v Insolvency & Bankruptcy Board of India (IBBI) & Ors., has stayed the Suspension Order issued against an Insolvency Professional (“IP”) by the Insolvency and Bankruptcy Board of India (“IBBI”). The Inspection Order issued by IBBI against the IP was signed by Assistant General Manager alone, whereas, as per IBBI (Delegation of...

NCLT To Hold Joint Colloquium With MCA And NeSL From 3rd To 5th November 2023, Matters Listed Before NCLT On 03.11.2023 To Be Renotified

The National Company Law Tribunal (“NCLT”) has issued a circular dated 23.10.2023, intimating that from 3rd to 5th November 2023 the NCLT would be holding a Joint Colloquium with the Ministry of Corporate Affairs (“MCA”), Government of India and National E-Governance Services Ltd. (NeSL). Since the Members of NCLT Benches would be participating in the Joint Colloquium, the matters listed before their respective NCLT Bench on 03.11.2023 will be re-notified. If any Members is not...

During Liquidation, NCLT Empowered To Decide Matters Relating to Eviction Of Premises Owned By Corporate Debtor: NCLT Hyderabad

The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member), has held that during the liquidation process, NCLT is the right forum to decide on the matters concerning eviction of the premises owned by the Corporate Debtor. Background Facts In 2013, a Lease Deed was executed between Mr. Mohd Jamal Athemadnia (“Tenant”) and Sagar Infra Rail International Limited (“Corporate Debtor”) in respect...

NCLT New Delhi Bench Reconstituted W.E.F. 1st November 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 25.10.2023, intimating the reconstitution of NCLT New Delhi Bench (Court IV) with effect from 01.11.2023. Dr. Binod Kumar Sinha (Technical Member) is demitting office on 31.10.2023 on completion of his tenure. The reconstituted bench is as under: NCLT New Delhi (Court No. IV) (Second Half) Shri M.S.S. Sundaram (Judicial Member)Dr. Sanjeev Ranjan (Technical Member) File No.: 10/03/2023-NCLT ...

NCLT Amravati Bench Reconstituted W.E.F. 6th November 2023, Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 23.10.2023, intimating the reconstitution of NCLT Amravati Bench with effect from 06.11.2023. Justice Telaprolu Rajani (Judicial Member) is demitting office on 05.11.2023 on completion of her tenure. The reconstituted bench is as under: NCLT Amravati Bench (Second Half ) Shri Rajeev Bhardwaj (Judicial Member)Ms. Anuradha Sanjay Bhatia (Technical Member) The matters shall be heard through Video...

Liquidator Bound To Handover Vacant & Peaceful Possession Of Property To Buyer As Per Contract : NCLT Hyderabad

The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member), has held that after sale of Corporate Debtor’s property in auction and receipt of proceeds, the Liquidator is legally empowered to seek vacant and peaceful possession of such property from occupier before the NCLT. Even after expiry of Lease Deed and sale of Property to another person, the Tenant continued to be in occupation of the...

Successful Resolution Applicant Cannot Oppose Its Own Resolution Plan: NCLT Delhi

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed in Educomp Solutions Limited., has held that a Successful Resolution Applicant cannot oppose the approval of its own resolution plan before NCLT. “Even otherwise also, the SRA/Ebix had submitted the Resolution Plan consciously and the exercise of submission of plan by it excluded many...

IBC| Time-Barred Recovery Certificate Can Be Segregated From Composite Claim Under Section 7 : Supreme Court

The Supreme Court has held that in a composite application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) based on several Recovery Certificates issued by Debt Recovery Tribunal, if any of the Recovery Certificate(s) is barred by limitation, then the same can be segregated from composite claim. However, as the decree (Recovery Certificate) would still be alive, it can be treated as a claim made in Corporate Insolvency Resolution Process (CIRP) in view of Public...

IBBI Proposes Changes To Framework For Insolvency Professional Entities, Invites Public Comments Till 11th November 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) on 20.10.2023 has published a Discussion Paper on “Rationalisation of the Regulatory Framework for Enhancing the Effectiveness of Insolvency Professional Entities in Insolvency Resolution Process”. The IBBI has also invited comments from the public/stakeholders regarding proposed changes to the framework pertaining Insolvency Professional Entities (“IPE”). The comments can be submitted online at www.ibbi.gov.in till 11.11.2023. ...

NCLT Allahabad: An Agreement To Resell Products On An E-Commerce Platform Where The Amount Was Invested For Assured Profit Margins Does Not Fall Under ‘Financial Debt’ U/S 5(8) Of The IBC

The National Company Law Tribunal (‘NCLT’), Allahabad Bench comprising of Praveen Gupta (Judicial Member) and Mr. Ashish Verma (Technical Member) dismissed the petition. filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). The petition was seeking initiation of a Corporate Insolvency Resolution Process (‘CIRP’) against Ketsaal Retail LLP (Corporate Debtor) by Rajesh Alfred (Applicant), Sole Proprietor of Anand Enterprises. The Tribunal held that an agreement to...

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale Consideration

The National Company Law Appellate Tribunal (‘NCLAT), Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain (Judicial Member) and Naresh Salecha (Technical Member) dismissed the appeal filed against the order of the National Company Law Tribunal (‘NCLT’) Kolkata Bench dated 23.02.2023. The Appellate Tribunal held that the Liquidator is required to follow the terms and conditions of Clause 12 of Schedule 1 of the Liquidation Process Regulations, 2016, and cannot lay down ...

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT

The National Company Law Appellate Tribunal (‘NCLAT’), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member) dismissed the appeal filed by Jitendra Virmani (Appellant) against the National Company Law Tribunal (‘NCLT’) Bangalore order dated 27.11.2019. The Appellate Tribunal held that the grounds not taken on jurisdiction before the NCLT, cannot be contested afresh on appeal as the parties have exercised acquiescence and accepted the...