NCLT Kochi Sanctions Scheme Of Amalgamation For Midas Group Of Companies

The National Company Law Tribunal (“NCLT”), Kochi Bench, comprising of Shri P Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating a joint application filed under Sections 230 to 232 of the Companies Act, 2013 by thirteen Midas Group companies seeking sanction of Scheme of Amalgamation between them, has sanctioned the Scheme of Amalgamation, which shall be effective from 01.04.2023 onwards. Brief Background The Applicant companies are owned...

Replacement Of RP As Per Section 27 Is Complete When The Resolution Is Passed With 66% Voting Share: NCLT Allahabad

The National Company Law Tribunal, Allahabad Bench, comprising of Shri Praveen Gupta (Judicial Member) and Shri Ashish Verma (Technical Member), while adjudicating an application under Section 27 read with Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) in M/s Mahajagdamba Tubes Pvt. Ltd. vs M/s Quality Steels Product Limited has held that replacement of a Resolution Professional is complete as per the scheme of section 27 of IBC when the resolution is passed with the ...

Section 14 Of IBC Would Not Bar A Proceeding Under PMLA: NCLT Ahmedabad Reiterates

The National Company Law Tribunal, Ahmedabad Bench, comprising Dr. Madan B. Gosavi, (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) in Bank of India vs M/s Mayfair Leisures Ltd has held that Section 14 of IBC would not bar a proceeding under the Prevention of Money Laundering Act, 2002 (“PMLA, 2002”) Background Facts M/s Mayfair Leisure (“Corporate Debtor”)...

Residuary Jurisdiction Of NCLT U/S 60(5)(c) of IBC , Can't Be Used To Interpret Terms Of An Agreement Relating To A Third-Party Contract: NCLT Ahmedabad

The National Company Law Tribunal, Ahmedabad Bench, comprising of Dr. Madan B. Gosavi (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) filed by the Resolution Professional (“RP”) of JBF Petrochemicals Ltd in IDBI Bank Ltd vs JBF Petrochemicals Ltd. has held that NCLT has limited residuary jurisdiction under section 60(5)(c) of IBC and that it cannot interpret the terms of...

Unsuccessful Resolution Applicant Has No Locus Standi To Challenge The Approved Resolution Plan: 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 M.K. Rajagopalan v S. Rajendran & Anr., has held that an Unsuccessful Resolution Applicant has no locus standi to assail a Resolution Plan or its implementation since it is not a stakeholder as per Section 31(1) of IBC. Background Facts Vasan Health Care Pvt. Ltd. (“Corporate...

IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible : Supreme Court

The Supreme Court has held that the declaration made by the NCLT to the effect that the trademarks “Deccan Chronicle” and “Andhra Bhoomi”, which originally belonged to Deccan Chronicle Holdings Ltd. (“DCHL/Corporate Debtor”), continues to be under the ownership of DCHL post the approval of resolution plan, would amount to impermissible modification of resolution plan as the same was silent on this aspect.The Bench comprising of Justice Ajay Rastogi and Justice Bela M. Trivedi upheld the...

Debts Arising From Different Work Orders Can Be Clubbed To Satisfy The Minimum Threshold Under IBC: NCLT Mumbai Reiterates

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC”) in Wam India Private Limited Vs SN Engineering Services Pvt. Ltd. has held that debts arising from different work order(s) can be clubbed to satisfy the minimum threshold under IBC. Background Facts SN Engineering Services Pvt. Ltd...

AA Duty Bound to Ascertain Facts of Debt and Default, Cannot allow Respondents to take Advantage of Mistakes of Applicants: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“IBC”) by the Yatra Online Limited (“Corporate Debtor”) in Ezeego One Travel and Tours Limited vs Yatra Online Limited has held that the Adjudicating Authority is duty bound to ascertain the facts relating to debt and default correctly and it cannot allow...

NCLT Delhi Orders Dissolution Of M/S. Rajiv Sachdeva Cargo Agency Private Limited

NCLT Delhi Bench comprising of Shri Bachu Venkat Balram Das (Judicial Member) and Shri Rahul Bhatnagar (Technical Member) has ordered the dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited (‘Company’) under Section 59 of Insolvency and Bankruptcy Code, 2016 read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 The Board of Directors passed a resolution dated 21.08.2019 for voluntary liquidation of the...

NCLT Delhi Allows Voluntary Liquidation Of Mehra Bandhu Creations Private Limited

NCLT Delhi Bench comprising of Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash Kumar Srivastava (Technical Member) has allowed the voluntary liquidation of Mehra Bandhu Creations Private Limited (‘Company’) and has ordered the Company to be dissolved under section 59(7) of the Insolvency & Bankruptcy Code, 2016 (‘IBC’) r/w Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (‘Voluntary Liquidation Regulations’) The...

NCLT Admedabad Orders Closure Of Liquidation Of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd.

NCLT Admedabad bench comprising of Dr. Madan B. Gosavi (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member) has ordered for closure of liquidation of M/s Mehta & Associates Fire Protection Systems Pvt. Ltd. (‘Corporate Debtor’) under Regulation 44(1), 45(1), and 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016 (‘Liquidation Regulations’). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (‘CIRP’) on 16.12.2020 and an Interim...

NCLT Ahmedabad Order Liquidation Of Tradeohub B2B Limited Under Section 33 Of IBC

NCLT Ahmedabad bench comprising of Dr. Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member) has ordered the liquidation of Tradeohub B2B Limited (‘Corporate Debtor’) under Section 33(1) of Insolvency and Bankruptcy Code, 2016 (‘IBC’). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (‘CIRP’) on 16.11.2021. and an Interim Resolution Professional (‘IRP’) was appointed. Public announcements for initiation of CIRP and...