NCLT Mumbai Approves Resolution Plan For Lavasa Corporation; Homebuyers Can Opt For Completed Units

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in the matter of Raj Infrastructure Development India Pvt. Ltd. v Lavasa Corporation Limited, has approved the resolution plan of Darwin Platform Infrastructure Limited for Lavasa Corporation Limited and its four subsidiaries. The consolidated Resolution Plan is valued at Rs. 1,814 Crores. ...

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi

The National Company Law Tribunal (NCLT), Principal Bench, comprising of Chief Justice (Retd.) Ramalingam Sudhakar(President) and Shri Avinash K Srivastava (Technical Member), while adjudicating a petition filed in the matter ofM/s. Dhankalash Distributors Pvt. Ltd. v Arena Superstructures Pvt. Ltd.,has held that a co-joint reading of Sections 52, 53 and 30(2)(b) of IBC reveals that a Dissenting Financial Creditor is at best entitled to the liquidation value commensurate with its security...

Homebuyers of 'Lotus Aren 1' Noida Are Given Flats In Lieu Of Their Claims, Approves Resolution Plan: NCLAT Delhi

The National Company Law Tribunal (NCLT), Principal Bench, comprising of Chief Justice (Retd.) Ramalingam Sudhakar (President) and Shri Avinash K Srivastava (Technical Member), while adjudicating a petition filed in the matter of M/s. Dhankalash Distributors Pvt. Ltd. v Arena Superstructures Pvt. Ltd.,has approved the resolution plan of M/s. Purvanchal Projects Pvt. Ltd. for M/s. Arena Superstructures Pvt. Ltd (Lotus Group company). The Resolution Plan is valued at Rs. 584 Crores. The ...

Special Bench At NCLT Bengaluru From 24th To 28th July 2023; Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 20.07.2023, intimating the constitution of Special Bench in NCLT Bengaluru for the period of 24.07.2023 to 28.07.2023, sinceMr. Manoj Kumar Dubey (Technical Member) is on leave in that duration. The Special Bench shall attend to the matters listed before Justice (Retd.) T Krishna Valli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member). The matters are to be heard through Video Conferencing mode. ...

Payment Of Performance Linked Incentive Fee By COC Is Discretionary, NCLT Or NCLAT Can’t Interfere With COC’s Decision: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Ravindra Kumar Goyal v Committee of Creditors of Yashasvi Yarns Limited & Anr., has held that the payment of performance linked incentive fee to the IRP/RP under Regulation 34B of CIRP Regulations lies within the discretion of CoC. If the CoC refuses to pay such incentive fee, then the...

Newly Appointed NCLT Members Take Oath

The National Company Law Tribunal (“NCLT”) had issued a circular dated 18.07.2023, intimating that the oath taking ceremony of newly appointed NCLT Members will take place on 19.07.2023. In a ceremony held on 19.07.2023, the following newly appointed NCLT Members have taken oath: JUDICIAL MEMBERS Mrs. Lakshmi GurungManni Sankariah Shanmuga SundaramKR Saji KumarJyoti Kumar TripathiRajeev BhardwajSmt. Chitra Ram HankareMs. Reeta KohliKhetrabasi BiswalJustice (Retd.) Mr....

Weekly Digest Of IBC Cases: 10 To 17 July 2023

NCLAT NCLAT Delhi Stays Insolvency Proceedings Against DB Realty Ltd., Grants Opportunity To Deposit Ots Amount Case Title: Imtiyaz Javed Siddiqui v Bank of India & Anr. Case No.: Company Appeal (AT)(Insolvency) No. 819 of 2023 The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has stayed the Corporate Insolvency Resolution Process (“CIRP”) proceedings initiated...

Management Dispute In Dainik Jagran Group; NCLT Allahabd Issues Notice

The National Company Law Tribunal (NCLT), Allahabad Bench, comprising of Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member), while adjudicating a petition filed in the matter of Mahendra Mohan Gupta & Ors. v Devendra Mohan Gupta & Ors., has issued notice in a company petition filed by the Director (Mr. Mahender Mohan Gupta) of Jagran Media Network Investment Pvt. Ltd. and Jagran Prakashan Limited, alleging oppression by the majority shareholders. The...

When CD Didn’t Open Separate Account For PF, Even IRP/RP/Liquidator Cannot Provide For IT Except Under Sec. 53 Of IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri. Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating a petition filed in the matter of Rani Agro Private Limited v S & H Gears Private Limited, has held that if the Corporate Debtor had not opened a separate Bank Account for the `Provident Fund', then even IRP/RP/Liquidator cannot provide for it except under Section 53 of IBC. “However, it is...

Lien Created On CD’S Account Prior To CIRP Cannot Continue After Moratorium Is Imposed U/S 14 Of IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri. Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating a petition filed in the matter of Rani Agro Private Limited v S & H Gears Private Limited, has held that the lien created on the Corporate Debtor’s account prior to initiation of CIRP cannot sustain after moratorium is imposed under Section 14 of IBC post CIRP commencement, as it will hinder the entire...

IBC Overrides Electricity Act; Dues To Secured Creditors At Higher Footing Than Electricity Dues : Supreme Court

The Court also observed that 'Rainbow Papers' judgment did not consider 'waterfall mechanism' under IBC.

Jharkhand High Court Rejects ESL Steel’s ITC Claim Prior To The Approval Of The Resolution Plan By NCLT

The Jharkhand High Court rejected ESL Steel’s Input Tax Credit (ITC) claim prior to the approval of the resolution plan by the National Company Law Tribunal (NCLT).The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan has observed that the liability of the earlier management may not be shifted to the current management, but at the same time, the credit available to the earlier management will also not be available to the current management as the current management was not a...