NCLT Re-Notifies Vacation Bench For NCLT Delhi; Matters To Be Heard Through VC

The National Company Law Tribunal (“NCLT”) has issued a circular dated 09.06.2023, in partial modification to its previous circular dated 18.05.2023, re-notifying the Vacation Bench for NCLT Delhi Bench for the period of 19.06.2023 to 23.06.2023. The previous circular dated 18.05.2023 shall remain effective for all other benches listed therein. The re-notified Vacation Bench shall comprise of:NCLT New Delhi (19.06.2023 & 20.06.2023)Shri Ashok Kumar Bhardwaj (Judicial Member)Shri Avinash K...

IBC: NCLAT Five Member Bench Lays Down Grounds For Recall Of Judgment

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice Rakesh Kumar (Judicial Member), Justice Rakesh Kumar Jain (Judicial Member), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar T. Venkatasubramanian & Ors., has held that NCLAT has the power to recall its judgment by invoking inherent...

IBC: NCLAT Has No Power To Review Its Judgment, Rules NCLAT Five Member Bench

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice Rakesh Kumar (Judicial Member), Justice Rakesh Kumar Jain (Judicial Member), Dr. Alok Srivastava (Technical Member) and Mr. Barun Mitra (Technical Member) while adjudicating an appeal filed in Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar T. Venkatasubramanian & Ors., has held that the power of review is not conferred upon the NCLAT. However, the...

Micro, Small And Medium Enterprises- The Heart Of Indian Economy

Out of the current estimated GDP of India, which stands at 273.08 Lakh Crore Rupees, roughly 30 to 32% is contributed by the Micro, Small and Medium Enterprises (MSME); the share of MSME in manufacturing sector of our country is about 37%, in exports it is about 50%, and cater to roughly about 11.10 Crore jobs in the country.[1] Clearly, they are one of the main pillars the Indian economy. As per law (Micro, Small and Medium Enterprises Act, 2006), any incorporated entity would fall...

IICA And NALSAR Launch ‘LL.M In Insolvency & Bankruptcy Laws’ Programme: MCA Issues Press Release

On 8th June 2023, the Ministry of Corporate Affairs (“MCA”), Government of India has issued a Press Release intimating that the Indian Institute of Corporate Affairs (IICA) in association with NALSAR University of Law, Hyderabad, has launched LL.M programme in Insolvency and Bankruptcy Laws in an event held in New Delhi. Interested students can apply online at www.nalsar.ac.in till 31.07.2023.Launch event at New DelhiThe Programme has been launched by Shri Manoj Govil (Secretary, MCA)...

Weekly Digest Of IBC Cases: 29 May To 4 June 2023

NCLATNCLAT Reprimands RP For Seeking Police Help For Security Of Assets Of Corporate Debtor Instead Of Private SecurityCase Title: RP Modern Syntex (India) Ltd. v Supdt. of Police Anandpura, Vadodra Gujarat & Ors.Case No.: Company Appeal (AT) Insolvency No. 682 of 2023The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Naresh Salecha (Technical Member), has held for security...

NCLT Rejects Insolvency Plea Against Eicher Motors: NCLT Delhi

The National Company Law Tribunal (NCLT), Special Bench, comprising of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri L. N. Gupta (Technical Member), while adjudicating an application in DHL Supply Chain Pvt. Ltd. v Eicher Motors Ltd., has declined to admit Eicher Motors Ltd. into insolvency since there are pre-existing disputes between the parties. Brief background DHL Supply Chain Pvt. Ltd. (“Applicant/DHL”) is an Indian division of Deutsche Post DHL group and is engaged in the...

Avoidance Of Undervalued Transactions Under Section 45 Of The IBC, 2016

The transactions that can be avoided or those referred to as avoidable transactions are covered under Sections 43 to 51 of the Insolvency and Bankruptcy Code, 2016, respectively. There are three types of transactions that fall within this category, preferential (Section 43), undervalued (Section 45), and fraudulent (Section 66) transactions. In the landmark case of Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs. Axis Bank Limited etc, the Supreme Court discussed the...

Monthly Digest Of IBC Cases [May 2023]

SUPREME COURTIBC| Principle Of Commercial Wisdom Not Validate A Decision Taken By CoC In Contravention Of Law: Supreme CourtCase Title: M.K. Rajagopalan v Dr. Periasamy Palani GounderCitation: 2023 LiveLaw (SC) 403The Supreme Court Bench comprising of Justice Dinesh Maheshwari and Justice Vikram Nath, has held that the principle of ‘Commercial Wisdom’ of the Committee of Creditors (“CoC”) cannot brush aside the shortcomings of the CoC in cases where decision...

NCLAT Reprimands RP For Seeking Police Help For Security Of Assets Of Corporate Debtor Instead Of Private Security

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in RP Modern Syntex (India) Ltd. v Supdt. of Police Anandpura, Vadodra Gujarat & Ors., has held for security of private property of the Corporate Debtor, the Resolution Professional cannot seek deployment of police at site. Instead, the Resolution Professional is required to hire security...

Third Party Not For Copy Of Resolution Plan Pending Approval By AA: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Rupinder Singh Gill v Three C Universal Developers Pvt., has held that a party who is not a Claimant, Creditor or a participant in the CIRP of the Corporate Debtor, is not entitled to be given a copy of the Resolution Plan which is pending approval or rejection before the Adjudicating...

NCLAT Notifies Summer Vacations For NCLAT Principal Bench W.E.F. 05.06.2023 To 02.07.2023, Registry To Remain Functional

The National Company Law Appellate Tribunal (“NCLAT”) has issued a notice dated 30.05.2023, notifying Annual Summer Vacation from 05.06.2023 to 02.07.2023 for NCLAT, Principal Bench (New Delhi). The Registry of NCLAT Principal Bench and the facility of E-filing of cases shall be operational during the said vacation period.Urgent matters would be taken up as per the decision of the Competent Authority and an email must be sent to the Registrar of NCLAT Principal Bench at: registrar-nclat@gov.in...