IBC
Gujarat High Court Stays IBBI Order Directing IP To Undergo 4 Months Of Probation
The High Court of Gujarat Bench comprising of Justice Biren Vaishnav while adjudicating a petition filed in Sunil Kumar Agarwal S/O. Kishan Lal Agarwal Versus Insolvency and Bankruptcy Board of India (IBBI), has stayed the operation of an order passed by Disciplinary Committee of IBBI, directing an Insolvency Professional to undergo 4 months of probation under other experienced insolvency professionals. Background Facts Mr. Sunil Kumar Agarwal ("Insolvency Professional/Petitioner")...
IBC Cases Weekly Round-Up: 5th T0 12th December 2022
NCLAT Objections Raised By Corporate Debtor To Oppose Section 9 Petition Not To Be A Moonshine Defence: NCLAT Delhi Case Title: Krishna Hi-Tech Infrastructure Pvt. Ltd. v Bengal Shelter Housing Development Ltd. Case No.: Company Appeal (AT) (Insolvency) No.1375 of 2022 The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Mr. Barun Mitra (Technical Member), has held...
No Fetter, Embargo Or Legal Impediment For A Trust To Be A Resolution Applicant: NCLAT Chennai
The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), while adjudicating an appeal filed in M/s. Aswathi Agencies v Bijoy Prabhakaran Pulipra & Ors., has held that there is no fetter, embargo or any legal impediment for a Trust to become a Resolution Applicant. Background Facts PVS Memorial Hospital Private Limited ("Corporate Debtor") runs a hospital and was ...
Objections Raised By Corporate Debtor To Oppose Section 9 Petition Not To Be A Moonshine Defence: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Krishna Hi-Tech Infrastructure Pvt. Ltd. v Bengal Shelter Housing Development Ltd., has held that the only question to be looked in Section 9 petition is whether the objection raised by the Corporate Debtor opposing claim of the Operational Creditor is ...
NCLT Mumbai Benches Re-Constituted W.E.F 7th December 2022
The Mumbai Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 06.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective from 07.12.2022 is subject to modification as and when other Members join. The matters shall be heard through...
IBC Cases Weekly Round-Up: 28 November To 4December 2022
NCLATNCLAT Chennai Condones Delay Of 147 Days In Filing Appeal,The Time Spent On Bona fide LitigationCase Title: M.K. Resely & Ors. v Union Bank of India Case No.: Company Appeal (AT)(CH)(Ins) No.337/2022 The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member), has condoned a delay of 147 days in filing of appeal before NCLAT upon equity. The delay had occurred as the ...
NCLT New Delhi, Mumbai, Hyderabad & Kolkata Benches Re-Constituted W.E.F 5th December 2022
The Benches of National Company Law Tribunal, have been re-constituted vide a Circular dated 03.12.2022 issued by NCLT. The re-constitution has been done in accordance with the Circular of Ministry of Corporate Affairs bearing A22012/6/2021-Ad IV MCA dated 02.12.2022, whereby the Government had notified appointment of new NCLT Members. The re-constitution is effective from 05.12.2022 is subject to modification as and when other Members join. The matters shall be heard through physical...
NCLAT Approves Sugar Farmers As Separate Creditors Group In The Sugar Industry Resolution Plan
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Anant Bijay Singh (Judicial Member) and Ms. Shreesha Merla (Technical Member), while adjudicating an appeal filed in Excel Engineering & Ors. v Mr. Vivek Murlidhar Dabhade & Anr., has urged the Government and the IBBI to examine some minimum entitlement to Operational Creditors based on the amount realised in the Resolution Plan over and above the liquidation value. Background Facts ...
RP Cannot Pursue An Avoidance Application After Approval Of Resolution Plan By The AA: NCLT Mumbai
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in State Bank of India v Ushdev International Limited, has held that the Resolution Professional cannot carry the hat of the "Former Resolution Professional" and pursue an avoidance Application in respect of preferential transaction after the change of hands in the management of the Corporate...
Central Government Notifies The Posting Of Newly Appointed NCLT Members
The central government vide its order dated 02.12.2022 notified the posting of newly appointed NCLT Members. The posting of judicial members is as follows;Justice (Retd.) T Krishna Vali- BengaluruKuldeep Kunar Kareer- Mumbai Ashok Kumar Bhardawaj- New DelhiPraveen Gupta- Allahabhad Bidisha Banerjee- Kolkata The Posting of Technical Members is as follows:Prabhat Kumar- Mumbai Charan Singh-Hyderabad Anu Jagmohan Singh-MumbaiAshish Verma-Allahabhad Atul Chaturvedi- New Delhi.Earlier, the Central...
Section 96(1)(B) Of IBC Does Not Stay Any Future Liability Or Obligation: NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Ashok Mahindru & Anr. v Vivek Parti, has held that Section 96(1)(b) of IBC does not stay any future liability or obligation. The Bench declined to stay proceedings under Section 19(2) and Section 66-67 of IBC initiated against the Personal Guarantors in another insolvency petition, in...
Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment
The Gujarat High Court Bench comprising of Justice N.V. Anjaria and Justice Sandeep N. Bhatt, while adjudicating a petition filed in Manorama Kumari v Union of India, has rejected the plea of a former NCLT Member for re-appointment as a Judicial Member of NCLT, after having served a term of 5 years and being retired. The Bench held that re-appointment is not a vested right for the Petitioner. Background Facts Ms. Manorama Kumari ("Petitioner") was appointed as Judicial Member of the...