NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC

The National Company Law Tribunal (“NCLT”), Mumbai Bench comprising of Ms. Lakshmi Gurung (Judicial Member) and Shri Charanjeet Singh Gulati (Technical Member), allowed the appeal filed in Securities Board of India vs. Mr. Vishal Ghisulal Jain, Liquidator of, Sterling International Enterprises Ltd. The appeal was filed by the Securities and Exchange Board of India (‘SEBI’) assailing the order of the Liquidator rejecting its claim of Rs. 2 Lakhs dated 28.02.2023 and seeking directions to...

NCLT Kolkata: Provisions Of IBC Shall Override The Section 29 Of State Financial Corporation Act, 1951

The National Company Law Tribunal (‘NCLT’), Kolkata Bench comprising of Mrs. Bidisha Banerjee (Judicial Member) and Mr. Balraj Joshi (Technical Member), allowed the application filed in Pankaj Tibrewal Resolution Professional of Dutta Agro Mills Pvt. Ltd. vs. West Bengal Industrial Development Corporation. The application was filed by Pankaj Tibrewal, Resolution Professional (RP) of Dutta Agro Mills Pvt. Ltd. (‘Corporate Debtor’) to direct the West Bengal Industrial Development...

NCLAT New Delhi: No Fresh Period Of Limitation From The Date Of MSME Order When Application Barred By Time

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member), and Mr. Arun Baroka (Technical Member), allowed the appeal filed in Pan Pacific Engineering Services Pvt. Ltd. Vs. Ayyappa Hydro Power Ltd. against the NCLT order dated 25.07.2023 dismissed Corporate Insolvency Resolution Process (“CIRP”) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by the Appellant....

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction

The National Company Law Appellate Tribunal (“NCLAT”), Jaipur Bench comprising of Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member), dismissed the appeal filed in Rakesh Kumar vs. Flourish Paper & Chemicals Ltd. The appeal has been preferred by Rakesh Kumar (Suspended Director) of Suchi Paper Mills Ltd. (Corporate Debtor) against the National Company Law Tribunal (“NCLT”) New Delhi’s order admitting the Corporate Debtor into Corporate Insolvency Resolution Process...

NCLAT New Delhi: Date Of Default As Per One Time Restructure Agreement Shall Be Date Of Default

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member), dismissed an appeal filed in Pradeep Madhukar More vs. Central Bank of India. The appeal was filed against the Mumbai National Company Law Appellate Tribunal’s (‘NCLT’) order dated 09.06.2023 which admitted the Corporate Insolvency Resolution Process (‘CIRP’) application under Section 7 of the Insolvency and Bankruptcy...

NCLAT New Delhi: Approval By CCI Prior To Approval Of Resolution Plan By CoC Is Directory In Nature

The National Company Law Appellate Tribunal (‘NCLAT’), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), dismissed the appeals filed in Soneko Marketing Pvt. Ltd. vs. Girish Sriram Juneja & Ors. These Appeals were filed against the National Company Law Tribunal (‘NCLT’) order dated 28.04.2023 which expressed that approval by the Competition Commission of India (‘CCI’) on 15.03.2023 is approval as required under Section...

Weekly Digest Of IBC Cases: 2nd To 8th October 2023

NCLAT Registry Remained Open, Summer Vacation Not Excluded From Computation Of Limitation: NCLAT Delhi Case title: M K Overseas Export Pvt. Ltd. v Sapan Mohan Garg Case No.: Company Appeal (AT) (Ins.) No.1040 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has held that the duration of summer vacation of NCLAT cannot be...

NCLAT New Delhi: Ex-Director Cannot Claim Copy Of Resolution Plan When Entire CIRP Process Completed

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 appeal filed in Diwakar Sharma vs. Anand Sonbhadra Resolution Professional of Shubhkamna Buildtech Pvt. Ltd.. The Appeal was filed against the order of the National Company Law Tribunal (‘NCLT’) New Delhi Bench dated 24.04.2023 rejecting an Interim Application (‘I.A.’) filed by the...

Monthly Digest Of IBC Cases: September 2023

Supreme Court IBC - Liquidator Can't Cancel Valid Auction On Mere Expectation Of Fetching Higher Price; No Unfettered Discretion: Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No(S). 7906/2021 Citation: 2023 LiveLaw (SC) 753 The Supreme Court Bench comprising Justice B V Nagarathna and Justice Ujjal Bhuyan, has held that even though the highest bidder in an auction sale under the Insolvency and Bankruptcy Code, 2016...

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists

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 Mayuras Industrial Services vs. S R Shriraam Shekher & Anr. The appeal was filed by Mayuras Industrial Services, an Operational Creditor (‘Appellant’) against S R Shriraam Shekher, Resolution Professional (‘RP’) of Prodeb Brewery Technology Belgium Pvt. Ltd. (‘Corporate Debtor’) challenging the ...

Requirement To Submit Claim As Per Format Given In Liquidation Regulations Is Directory In Nature: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Anil Raj Chellan (Technical Member), while adjudicating a petition filed in IDBI Bank Limited v EPC Constructions India Limited, has held that the requirement of submitting claims as per format prescribed under ‘Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016’ is directory in nature and to merely ensure timely completion of process. The...

NCLT Kochi: Section 238 Of IBC Has Overriding Powers Over The Karnataka Value Added Tax Act Of 2003 And Its Proceedings

The National Company Law Tribunal (“NCLT”), Kochi Bench comprising of Justice T Krishna Valli (Retd.) (Judicial Member) and Shri. Shyam Babu Gautam (Technical Member), dismissed an appeal filed in Deputy Commissioner, Works Contract, Kerala State Goods and Services Department, Ernakulam vs. Vinod Balachandran FCA, Liquidator challenging Liquidator’s rejection of the claim in the liquidation proceedings of the Albanna Engineering (India) Pvt. Ltd. (‘Corporate Debtor’). The Tribunal held...