NCLT Mumbai Rejects Section 9 Application For Initiation Of CIRP Against Elder Projects Limited

The National Company Law Tribunal (NCLT), Mumbai bench comprising Shri Shyam Babu Gautam (Technical Member) and Shri H.V. Subba Rao (Judicial Member), has rejected an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against Elder Projects Limited.The Application was filed by Nanz Med Science Pharma Private Limited (“Operational Creditor”) which was involved in the business of external...

NCLT New Delhi Rejects Section 9 Application For Initiation Of CIRP Against G.S.P. Power Systems Private Limited

The National Company Law Tribunal (NCLT), New Delhi bench comprising Shri Rahul Bhatnagar (Technical Member) and Shri P.S.N. Prasad (Judicial Member), has rejected an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against G.S.P. Power Systems Private Limited.Mahindra & Mahindra was a vendor providing support services to Reliance Jio in setting up Jio’s infrastructure. GSP Power...

NCLAT Benches And Registry To Remain Closed On 14th April 2023

The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 12.04.2023, intimating that the NCLAT Principal Bench and Chennai Bench shall remain closed on 14th April 2023 on account of Dr. B.R. Ambedkar’s birthday. Further, the Registry of NCLAT Principal Bench and Chennai Bench shall also remain closed on 14.04.2023.The circular has been issued in pursuance of Department of Personnel & Training’s O.M. No. 12/4/2020- JCA dated 11.04.2023, whereby 14.04.2023 (Friday) has...

NCLT Benches And Registry To Remain Closed On 14th April 2023

The National Company Law Tribunal (“NCLT”) has issued a circular dated 11.04.2023, intimating that the NCLT Principal Bench and Regional Benches shall remain closed on 14th April 2023 on account of Dr. B.R. Ambedkar’s birthday. Further, the Registry of NCLT Benches shall also remain closed on 14.04.2023.The circular has been issued in pursuance of Department of Personnel & Training’s O.M. No. 12/4/2020- JCA dated 11.04.2023, whereby 14.04.2023 (Friday) has been declared as holiday.File No.:...

NCLT Mumbai Bench Re-Constituted W.E.F 10th April 2023

The National Company Law Tribunal (“NCLT”) has released a Circular dated 10.04.2023, notifying that the Bench of Court No. 1 in NCLT Mumbai has been re-constituted with effect from 10.04.2023.The re-constituted NCLT Mumbai Bench shall comprise of:NCLT Mumbai, Court Room No. 1 (First Half)Shri H.V. Subba Rao (Judicial Member)Ms. Anju Jagmohan Singh (Technical Member)File No.: 10/03/2022-NCLTClick Here To Read/Download Circular

Threshold Limit Of Rs. 1 Crore Applicable From The Date Of Filing And Not From Date Of Registration Of Petition: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Kanthi Narahari (Technical Member), while adjudicating an appeal filed in Royal Manpower Services v Faridabad Autocomp System Pvt. Ltd., has held the revised minimum threshold of Rs. 1 Crore is applicable from the date of filing of petition and not from the date of registration. The Bench revived a petition under Section 9 of IBC having a default lesser than Rs. 1...

Weekly Digest Of IBC Cases: 29 March To 9 April 2023

Supreme Court IBC | Section 9 Petition Not To Be Dismissed If Few Invoices Are Time Barred But Remaining Invoices Are Not; Supreme Court Case Title: M/S Next Education India Pvt. Ltd. v M/S K12 Techno Services Pvt. Ltd. Citation: 2023 LiveLaw (SC) 270 The Supreme Court Bench comprising of Justice M.R. Shah and Justice C.T. Ravikumar, has held that when a petition under Section 9 of IBC is filed based on several invoices and some of the invoices are time barred, then NCLT must...

NCLAT Delhi Upholds Subsequent Reduction Of Claim By The IRP, Based On An Arbitral Award

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 Intec Capital Ltd. v Uday Kumar Bhaskar Bhat, has upheld the decision of the IRP whereby the claim of financial creditor was reduced after having been once admitted, based on an arbitral award which came into knowledge of IRP subsequently. The Bench held that the IRP is empowered to change...

No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: NCLAT Delhi

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in Diwakar Sharma v Anand Sonbhadra, has held that there is no scope for condonation of delay beyond the period of 15 days much less 45 days, as there is no window available for NCLAT to exercise its jurisdiction for condonation of delay. Background Facts M/s Subhkamna...

“IBC Does Not Contemplate Multiplicity Of Applications Against The Same Personal Guarantor”: 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 Union Bank of India v Mr. P.K. Balasubramanian, has held that when the Insolvency Resolution Process commences against a Personal Guarantor, the claims of all Creditors are taken care of. The IBC does not contemplate multiplicity of applications against the same Personal Guarantor. ...

IBC | Section 9 Petition Not To Be Dismissed If Few Invoices Are Time Barred But Remaining Invoices Are Not ; Supreme Court

The Supreme Court Bench comprising of Justice M.R. Shah and Justice C.T. Ravikumar while adjudicating an appeal filed in M/S Next Education India Pvt. Ltd. v M/S K12 Techno Services Pvt. Ltd., has held that when a petition under Section 9 of IBC is filed based on several invoices and some of the invoices are time barred, then NCLT must consider the remaining invoices which are within limitation and whether they cross the minimum threshold of Rs. 1 Crore. The Section 9 petition cannot be...

Allocation Of Meagre Amount Cant Be A Ground To Question The Resolution Plan: 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 Pani Logistics v Vikas G. Jain & Ors., has held that mere allocation of meagre amount cannot be a ground to question the resolution plan. The allocation in the resolution plan to the creditors can be questioned when the plan value earmarked for them is less than the liquidation value. ...