NCLT Hyderabad Says IBC Section 7 Default Amount Not A Ceiling On CIRP, Upholds ₹73.98 Cr. Claim

The National Company Law Tribunal (NCLT) at Hyderabad has held that the amount of default stated in a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) does not cap the claim that a creditor may subsequently submit and the Resolution Professional may admit during the corporate insolvency resolution process (CIRP). A Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri passed the order on 17 July, upholding the Resolution Professional's...

Supreme Court Issues Notice On Plea Against NCLAT Ruling Allowing ED Action During IBC Moratorium

Today, the Supreme Court issued notice on a plea by Value Wise Consultancy Private Limited, the liquidator of Siddhi Vinayak Logistics Ltd, challenging a National Company Law Appellate Tribunal (NCLAT), Delhi judgment which held that the Insolvency and Bankruptcy Code (IBC) moratorium does not stop the Enforcement Directorate (ED) from taking action under the Prevention of Money Laundering Act (PMLA). A Division Bench of Justices K.V. Viswanathan and Arun Palli issued notice, returnable on 16...

NCLAT New Delhi To Hear Appeal Against Subhash Chandra's ₹6.5 Cr Repayment Plan Tomorrow

Today, the National Company Law Appellate Tribunal (NCLAT), New Delhi, agreed to hear at 10:30 am tomorrow, an appeal by creditors against approval of Dr Subhash Chandra's Rs. 6.5 crore repayment. Officiating Chairperson Justice Yogesh Khanna with Technical Members Ajai Das Mehrotra and Barun Mitra noted the reference of the matter to a new five-member Bench of the National Company Law Tribunal (NCLT). Solicitor General Tushar Mehta, appearing for the creditors, told the NCLAT that the NCLT...

BREAKING | New 5-Member Bench Of NCLT Delhi Stays Order Approving Subhash Chandra's ₹6.25 Cr Repayment Plan

Today, the freshly constituted Five Member Bench of the National Company Law Tribunal (NCLT) at New Delhi stayed the approval of Dr Subhash Chandra's repayment plan, which offered Rs. 6.25 crore to creditors against admitted claims of Rs. 22,006.57 crore. The Bench comprising NCLT President Justice Anupinder Singh with Judicial Members Bachu Venkat Balara Das and Mahendra Khandelwal, and Technical Members Atul Chaturvedi and Ravindra Chaturvedi, restrained Chandra from alienating his...

NCLT Kochi Waives Meetings For Vallabhdas Kanji's Amalgamation With Three Wholly-Owned Subsidiaries

The National Company Law Tribunal, Kochi (NCLT), on 11 August dispensed with the requirement of convening meetings of shareholders and creditors for a composite Scheme of Arrangement involving the amalgamation of three substantially wholly-owned subsidiaries with their holding company, Vallabhdas Kanji Limited. A Bench comprising Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy passed the order on a joint application filed under Sections 230 to 232 read with Section 66 of...

NCLT Delhi Refers Subhash Chandra's ₹6.5 Cr Plan To 5-Member Bench After No Majority, Hearing Today

At 10:15 am today, a Special Five-Member Bench of the New Delhi National Company Law Tribunal (NCLT) is scheduled to hear the insolvency proceedings involving Essel Group Chairman Dr Subhash Chandra, following a reference after no majority view emerged on the approval and scope of his repayment plan. The Special Bench has been constituted by NCLT President Justice Anupinder Singh and comprises himself, Judicial Members Bachu Venkat Balara Das and Mahendra Khandelwal, and Technical Members...

NCLT Kolkata Admits Planet Infrastructure Into CIRP, Rejects Guarantee Arbitration As Pre-Existing Dispute

The National Company Law Tribunal (NCLT), Kolkata on 10 August admitted Planet Infrastructure Management Private Limited into the Corporate Insolvency Resolution Process (CIRP) on a Section 9 petition filed by Ingram Micro India Private Limited. A Bench comprising Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah held that arbitration proceedings concerning the personal guarantees of the company's directors did not constitute a pre-existing dispute with the Corporate Debtor....

Suspended Directors Cannot Pursue 'Proxy Grievances' On Behalf Of Homebuyers: NCLT Chandigarh

The National Company Law Tribunal (NCLT), Chandigarh, on 13 August held that suspended directors cannot challenge a Corporate Insolvency Resolution Process (CIRP) or a Resolution Plan by raising grievances on behalf of a class of creditors to which they do not belong. A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal rejected a challenge by the promoters, shareholders and suspended directors of Samar Estates Private Limited against the CIRP and the...

NCLT Chennai Rejects Jyoti Ltd's Insolvency Plea Against Marg Ltd Over Pre-Existing Dispute

The National Company Law Tribunal (NCLT) at Chennai on 7 August dismissed an insolvency application filed by Jyoti Limited against Marg Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), over an operational debt of Rs. 22.67 crore. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that Marg had raised a genuine pre-existing dispute regarding its liability, which had continued through the arbitral proceedings and...

NCLAT New Delhi To Hear Creditors' Challenge To NCLT Approval Of Subhash Chandra's ₹6.25 Crore Plan

On Monday, 31 August, the National Company Law Appellate Tribunal (NCLAT), New Delhi will hear creditors' appeal against the National Company Law Tribunal (NCLT), New Delhi Bench's approval of Dr. Subhash Chandra's Rs. 6.25 crore repayment plan against admitted claims of Rs. 22,006.57 crore.A Bench comprising officiating Chairperson Justice Yogesh Khanna with Technical Members Barun Mitra and Ajai Das Mehrotra agreed to hear the appeal urgently after Solicitor General Tushar Mehta, appearing for...

Supreme Court Refuses To Interfere With NCLAT Order Protecting Jet Airways Workmen's PF Gratuity Dues

The Supreme Court on Monday, 31 August, declined to interfere with the National Company Law Appellate Tribunal's (NCLAT) 30 June order which held that provident fund, gratuity and pension dues payable to Jet Airways' workmen do not form part of the liquidation estate, even where segregated funds were not available on the liquidation commencement date. A Bench of Chief Justice Surya Kant with Justices Joymalya Bagchi and V. Mohana refused to interfere with the order, while leaving the questions...

Supreme Court Issues Notice In Canara Bank's Plea Against NCLAT Order Setting Aside Insolvency Admission Of Equinox India Developments

The Supreme Court on Monday issued notice on Canara Bank's challenge to the NCLAT order setting aside the admission of its Section 7 insolvency petition against Equinox India Developments Ltd., formerly Indiabulls Real Estate Ltd. A Bench of Justices J.B. Pardiwala and K. Vinod Chandran said the matter requires consideration and issues notice in Canara Bank's special leave petition. The case arose from Canara Bank's insolvency proceedings against Equinox India Developments Ltd, formerly...