NCLAT New Delhi: Time Taken For Restoration And Withdrawl Can’t Be Excluded, Delay Beyond Condonable Limit

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, New Delhi comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra Dash (Technical Member), dismissed an application filed in Harish Kumar vs. Solitaire Infomedia Pvt. Ltd. & Anr. by Harish Kumar (Applicant) seeking condonation of delay in filing the appeal under Section 61 of the Insolvency and Bankruptcy Code (“Code”) against the order by which the Section 7 application has been rendered...

NCLT Hyderabad: Asset Becomes Part Of Liquidation Asset If The Secured Creditor Fails To Comply With Regulation 21A

The National Company Law Tribunal (“NCLT”), Hyderabad Bench comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Sh. Charan Singh (Technical Member), dismissed an application filed in ICICI Bank vs. MBS Impex Pvt Ltd. by ICICI Bank (Applicant) seeking an extension of time for the sale of the secured asset. The Tribunal held that when the secured creditor fails to comply with Regulation 21A of the Insolvency and Bankruptcy Board of India (Liquidation Process)...

NCLT Bangalore Reiterates Individual Homebuyers Or Associates Cannot Challenge Resolution Plan, After Approval By CoC

The National Company Law Tribunal (“NCLT”), Bangalore Bench comprising of Justice (Retd) T. Krishnavalli (Judicial Member) and Shri. Manoj Kumar Dubey (Technical Member), dismissed an application filed under under Section 60(5)(a) of the Insolvency and Bankruptcy Code, 2016 (“Code”) in S. Viswanathan vs. Mr. Vinay Mruthyunjaya, Resolution Professional of Metrik Infraprojects Private Ltd. by S. Viswanathan (Homebuyer) to direct Mr. Vinay Mruthyunjaya, Resolution Professional (“RP”) for...

KYC And Aadhaar Related Service Provider ‘Karvy Data Management Services Ltd.’ Admitted Into Insolvency: NCLT Hyderabad

The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in M/s Allied Hi-Tech Industries Private Ltd. v Karvy Data Management Services Limited, has initiated Corporate Insolvency Resolution Process (“CIRP”) against Karvy Data Management Services Limited (“Corporate Debtor”). Shri Kranthi Kumar Kedari has been appointed as the...

IBBI Amends ‘Model Bye Laws of Insolvency Professional Agencies Regulations’ w.e.f. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The amendments are effective from 18.09.2023. The key changes are as under: An individual or an Insolvency Professional Entity (IPE) may apply for enrolment as a professional member by submitting an application in Part – I of...

IBC Not A Debt Recovery Mechanism, NCLAT Chennai Reiterates

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench comprising of Justice M. Venugopal (Judicial Member) and Shreesha Merla (Technical Member), dismissed an appeal filed in Mr. Maulik Kirtibhai Shah vs. United Telecom Limited. against the order of the National Company Law Tribunal (“NCLT”) Bangalore Bench which had dismissed the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) by Maulik Kirtibhai Shah (Operational Creditor) seeking initiation...

IBBI Introduces Amendments To CIRP Regulations W.E.F. 18th September 2023

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 19.09.2023 the IBBI issued a Press Release, summarizing the amendments as under: To facilitate smooth conduct of Corporate Insolvency Resolution Process (“CIRP”),...

IBC | Bombay High Court Issues Notice To Attorney General Of India In Petition Challenging Provisions On Resolution Professional

The Bombay High Court recently issued notice to the Attorney General of India R Venkataramani in a writ petition challenging the constitutionality of Sections 7(5), 9(5) and other sections of the Insolvency and Bankruptcy Code, 2016.Sections 7 and 9 deal with application of corporate insolvency resolution process (CIRP) by a financial creditor and an operational creditor respectively. As per Sections 7(5) and 9(5), The Adjudicating Authority may reject such application if any disciplinary...

Rule 43 Of NCLT Rules | NCLT Can Call For Information/Evidence From Parties Including Resolution Professional: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal, has held that under Rule 43 of the NCLT Rules, 2016, the NCLT is empowered to call information or evidence from the parties, including the Resolution Professional. “The Adjudicating Authority is thus fully empowered for calling...

Resolution Professional Not Obligated To Share All Information With Shareholders Of Corporate Debtor: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in M/s Dauphin Cables Pvt. Ltd. v Mr. Praveen Bansal, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required to be shared with Shareholders of the Corporate Debtor upon their request. The Bench upheld the NCLT order whereby...

NCLT Mumbai: Petition Under Section 9 Cannot Be Filed Only For Recovery Of Interest Component

The National Company Law Tribunal (“NCLT”), Mumbai Bench comprising of Mr. Kishore Vemulapalli (Judicial Member) and Mr. Prabhat Kumar (Technical Member), dismissed a petition filed in TCL Cables Pvt. Ltd. vs. Shapoorji Pallonji & Company Pvt. Ltd. by TCL Cables Pvt. Ltd. (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (“CIRP”) against Shapoorji Pallonji & Company Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code,...

Weekly Digest Of IBC Cases: 11th To 17th September 2023

Supreme Court IBC | Cannot Ask Successful Resolution Applicant To Pay Arrears Payable By Corporate Debtor For Grant/Restoration Of Electricity Connection: Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw (SC) 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016 (“IBC”), once the Resolution Plan stands approved by the National Company Law Tribunal (NCLT),...