NCLAT Delhi Stays Insolvency Proceedings Against DB Realty Ltd., Grants Opportunity To Deposit Ots Amount

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 Imtiyaz Javed Siddiqui v Bank of India & Anr., has stayed the Corporate Insolvency Resolution Process (“CIRP”) proceedings initiated against DB Realty Ltd. The Bench has granted DB Realty Ltd. an opportunity to deposit the amount offered in their One Time Settlement (“OTS”) proposal...

NCLT New Delhi To Conduct Virtual Hearings Till Further Orders

The National Company Law Tribunal (“NCLT”) has issued a Circular dated 11.07.2023, intimating that NCLT New Delhi would be conducting hearing through Video Conferencing till further orders. The NCLT New Delhi is awaiting logistic clearance from CPWD in terms of “Fit for Use” for its premises situated at Block III, CGO Complex, Lodhi Road, New Delhi. Brief background On 09.07.2023, New Delhi witnessed torrential rainfall. The building/premises in which NCLT New Delhi is...

Weekly Digest Of IBC Cases: 4th To 9th July 2023

NCLAT NCLAT Delhi Terminates Insolvency Proceedings Against ZEE Entertainment Enterprises Ltd., As Parties Enter Settlement Case Title: Punit Goenka v Indusind Bank Ltd. & Anr. Case No.: Company Appeal (AT) (Insolvency) No. 232/2023. The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), has closed the Corporate Insolvency Resolution Process against Zee...

NCLT New Delhi To Resume Proceedings After Receiving “Safe To Use” Certificate By CPWD

The National Company Law Tribunal (“NCLT”) has issued a Circular dated 10.07.2023 intimating that proceedings before the NCLT New Delhi would resume only after CPWD (Electrical Department) issues a “Safe to Use” Certificate in respect of the building/premises where New Delhi Bench operates. Brief background On 09.07.2023, New Delhi witnessed torrential rainfall. The building/premises in which NCLT New Delhi is situated has been completely inundated with water and thus the...

NCLT Hyderabad Approves Resolution Plan For Indu Projects Ltd.

The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in Bank of India v Indu Projects Ltd., has approved the Resolution Plan submitted by a consortium of B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. The Resolution Plan is valued at Rs. 501 Crores. Background Facts Indu Projects Ltd. (“Corporate Debtor”) is a Hyderabad...

Special Bench At NCLT Bengaluru From 10th To 14th July 2023; Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 07.07.2023, intimating the constitution of Special Bench for NCLT Bengaluru for the period of 10.07.2023 to 14.07.2023. 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. The Special Bench shall comprise of: NCLT Bengaluru Bench Justice...

Special Bench At NCLT Allahabad From 10th To 14th July 2023; Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 06.07.2023, intimating the constitution of Special Bench for NCLT Allahabad for the period of 10.07.2023 to 14.07.2023. The Special Bench shall attend to the matters listed before Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member). The matters are to be heard through Video Conferencing mode. The Special Bench shall comprise of: NCLT Allahabad Bench Shri Ashok Kumar Bhardwaj ...

Notice Period Of 30 Days Should Be Given For E-Auction, Even Though There Are No Timelines Under Liquidation Regulations: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) a nd Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Naren Seth v Sunrise Industries & Ors, has held that a notice period of thirty days should be given in e-auction to obtain best value, even though Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 do not provide any timelines. The Bench has set aside...

Whether Appellant Requires ‘Leave To Appeal’ If It Wasn’t A Party Before AA? NCLAT Three Member Bench To Decide

The National Company Law Appellate Tribunal (“NCLAT”) has notified that as per the directions of the Hon’ble Chairperson, the reference bearing Reference (CH) No. 01 of 2023 will be listed before a Three-Member Bench on 10.07.2023 at 10:30 AM, in the Court of Chairperson. The NCLAT would be answering whether an Appellant, who was not a party in the proceedings before the Adjudicating Authority, is required to file an application seeking leave to appeal and whether such application is to...

Section 61(2) | Holidays Can Be Excluded Only From Limitation Period Of 30 Days, Inapplicable To Further 15 Days Period: 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 Sandeep Anand v Gopal Lal Baser, has held that while computing limitation in filing of appeal, the benefit of excluding public holiday or holiday is only available with respect to 30 days limitation period given under Section 61(2). Such benefit would not apply to the further 15 days period...

Monthly Digest Of IBC Cases: June 2023

SUPREME COURTIs Resolution Professional A 'Public Servant' Under Prevention Of Corruption Act? Supreme Court To ExamineCase Title: Sanjay Kumar Agarwal v. Central Bureau of Investigation Citation: SLP(Crl) No. 7029/2023The Supreme Court Bench comprising Justice AS Bopanna and Justice Prashant Kumar Mishra, has issued notice in a plea challenging the ruling of the Jharkhand High Court that a Resolution Professional (RP) will be considered a ‘public servant’ under Section 2(c)(v)...

No Provision In IBC For Constitution Of COC With A Single Operational Creditor: NCLAT Chennai

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in V. Duraisamy v Jeyapriya Fruits and Vegetables Commission Agent, has held that IBC does not contain any provision for constitution of the Committee of Creditors (CoC) with a single Operational Creditor, when no claims are received by the IRP after public announcement. The Bench has...