NCLT President On Leave, Principal Bench To Have Special Bench From 25th To 27th October 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 23.10.2023, intimating that the President of NCLT Principal Bench, Hon’ble Chief Justice (Retd.) Shri Sudhakar Ramalingam, is on leave from 25.10.2023 to 27.10.2023.Therefore, the Hon’ble President has deputed Shri Ashok Kumar Bhardwaj (Judicial Member) to perform the functions of the President of NCLT such as approval of leave application/posting/Special Bench etc. for the said period.Accordingly, from 25.10.2023 to...

Weekly Digest Of IBC Cases: 16th To 22nd October 2023

Supreme Court IBC | Doctrine Of Election Can’t Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court Case Title: Tottempudi Salalith v State Bank Of India & Ors. Citation: 2023 LiveLaw (SC) 914 The Supreme Court has held that the ‘Doctrine of Election’ cannot be applied to prevent a Financial Creditor from approaching the National Company Law Tribunal (NCLT) for initiation of Corporate Insolvency Resolution Process (“CIRP”) against a...

NCLAT New Delhi: Limitation To File Appeal Commences On The Order Pronouncement Date And Not When Aggrieved Party Becomes Aware Of Its Content

The National Company Law Appellate Tribunal (‘NCLAT), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member), dismissed the two applications filed in Raiyan Hotels and Resorts Pvt. Ltd. vs. Unrivalled Projects Pvt. Ltd. and Aryan Mining & Trading Corpn Pvt. Ltd. vs. Kail Limited and Anr. The applications were filed for condonation of Delay in the Appeals filed challenging the orders passed by the...

NCLT Kochi: No Provision For Liquidator To File Income Return Of Corporate Debtor

The National Company Law Tribunal (‘NCLT’) Kochi comprising Justice (Retd.) T. Krishna Valli. (Judicial Member) and Shri. Shyam Babu Gautam (Technical Member) allowed the application filed in Mr. Vinod Balachandran vs. Bharat Petroleum Corporation Ltd & Anr. The application has been filed by the Liquidator of Albanna Engineering (India) Pvt. Ltd. (Corporate Debtor) to direct Bharat Petroleum Corporation Ltd. (‘BPCL’) to make the payment of Rs. 9.01 Crores on behalf of Albanna ...

IBC | Doctrine Of Election Can't Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court

The Supreme Court has held that the 'Doctrine of Election' cannot be applied to prevent a Financial Creditor from approaching the National Company Law Tribunal (NCLT) for initiation of Corporate Insolvency Resolution Process (“CIRP”) against a Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016 (IBC).The Doctrine of Election is embodied in the law of evidence, which bars prosecution of the same right in two different fora based on the same cause of action.The Bench comprising...

NCLT Mumbai Approves Resolution Plan For Topworth Steel & Power Pvt. Ltd., A Topworth Group Company

The National Company Law Tribunal (“NCLT”), Mumbai Bench, comprising of Justice V.G. Bisht (Retd.) (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating a petition filed in State Bank of India v Topworth Steel and Power Private Ltd., has approved the Resolution Plan submitted by Amalgam Steel and Power Ltd. for Topworth Steel and Power Pvt. Ltd. The Resolution Plan is valued at Rs. 260 Crores, while the total admitted claims of the Corporate Debtor amounted to...

NCLAT New Delhi Suspends Finolex Cable Order Post Supreme Court Directs NCLT Delhi Chairperson To Conduct Inquiry

The National Company Law Appellate Tribunal (‘NCLAT’) Principal Bench, New Delhi comprising Justice Rakesh Kumar (Judicial Member) and Dr. Alok Srivastava (Technical Member), suspended its order dated 13.10.2023 in the matter of Deepak Kishan Chhabria & Anr. vs. Orbit Electricals Pvt. Ltd. & Ors. due to the disclosure of the result of the Annual General Meeting of the Finolex Cable. NCLAT had faced an inquiry by the Supreme Court as per which it was brought to the notice of the ...

NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs

The National Company Law Tribunal (‘NCLT’) Kolkata Bench comprising Bidisha Banerjee (Judicial Member) and D. Arvind (Technical Member) allowed the application filed in Radhasiriya Properties Pvt. Ltd. vs. Jai Narayan Gupta Liquidator of Barcle Enterprises Ltd.. The application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) by Radhasiriya Properties Pvt. Ltd. (Applicant) against the Jai Narayan Gupta (Liquidator) seeking direction to the Liquidator...

NCLAT Chennai: Transfer Of Shares Not An Act Of Oppression And Mismanagement | SEBI Is The Competent Forum To Decide Disputes Of Transfer Of Shares And Not 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 in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated 27.11.2019. The Appellate Tribunal held the Transfer of Shares is not an act of ‘oppression’ and ‘mismanagement’ against the...

NCLAT Chennai: Mere Irregularity Not A Ground For Oppression And Mismanagement

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 in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated 27.11.2019. The Appellate Tribunal held that a mere irregularity or infirmity is not a ground for oppression and mismanagement and a...

NCLT Delhi Approves Resolution Plan For Educomp Solutions Limited

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 approved the Resolution Plan submitted by Ebix Singapore Pte. Ltd. for Educomp Solutions Limited. The Resolution Plan is valued at Rs. 325 Crores, while the total admitted claims of the Corporate Debtor amounts to Rs. 3,008.3 Crores. Background Facts ...

NCLAT Chennai: NCLT Has Inherent Powers To Look Into Earlier Litigations To Ascertain The Bonafide Of A Party

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 in Jitendra Virmani vs. MRO – Tek Reality Limited. Jitendra Virmani (Appellant) filed the appeal against the National Company Law Tribunal (‘NCLT’) Bangalore order dated 27.11.2019. The Appellate Tribunal held the NCLT is well within the ambit with its inherent powers to look into the earlier orders...