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“Debt acknowledgment in balance sheets and OTS proposal demonstrated Corporate Debtor’s awareness of assignment, rendering technical challenges unfounded.”
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The NCLAT reiterated the importance of adhering to timelines in the Insolvency resolution process and the unacceptability of claims filed after the approval of the Resolution Plan by the CoC.
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NCLAT upheld the Adjudicating Authority’s order on finding no error in rejecting the appellant’s objections to the Resolution Plan.
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While affirming the impugned order, the NCLAT granted the appellant option to pursue proceedings as per the agreement between the parties before an appropriate forum in accordance with the law.
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The NCLAT reiterated that Commercial wisdom of the CoC is crucial in determining the viability and feasibility of a resolution plan.
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The main contention of the appellants is that the lay-off notice was not issued in accordance with the provisions of the Industrial Disputes Act, 1947.
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The NCLAT rejected Resolution Professional’s reliance on Section 17 of the Limitation Act, 1963, as no fraud was found on the part of the Corporate Debtor.
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A mere availability of arbitration or any other proceeding could not preclude the operational creditor from initiating proceedings under Section 9 of the IBC. The critical question would be whether the application was filed within the limitation period.
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The underlying claim of an aggrieved party, such as an allottee, is crystallized in the form of a court order or decree, and this does not alter or disturb their status as financial creditors.
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The democratic principles of the determinative role of majority opinion are enshrined in the IBC, and objections by a minority within a class, when the majority has approved a resolution plan, have no legal standing.
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The Air Quality Bulletins showed that there are various cities where the air quality index has dipped to ‘very poor’ or even to ‘severe’ stage.
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It is the duty of the auditor to conduct audit with professional skepticism and due diligence and report their opinions in an unbiased manner and the same was not done in this case.
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“The ‘Bank Guarantee’ is a ‘contract of Guarantee’ provided/furnished by the Bank, the “surety”, to perform the ‘promise’, or ‘discharge’ the liability, of the third person, being the Corporate Debtor herein, in case of his ‘default’.”
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The Adjudicating Authority erred in passing the impugned order, directing the imposition fine, overlooking the law of the land through the Insolvency and Bankruptcy Code, 2016.
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Securities and Exchange Board of India: In the instant matter, Mohammad Nasiruddin Ansari was alleged to have induced / influenced investors to
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“The use of firecrackers in cities/towns where air quality is ‘moderate’ or below was restricted to only green crackers only and for duration of not more than two hours and only for celebration of any specified festival or occasion”.
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The Commission stated that the treating doctor is the best judge in a case where multiple options/ tests are available in respect of a particular ailment.
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Limitation shall commence from the date when order is passed and shall not depend on the date when Appellant came to know of the order.
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Details of the Sewage Treatment Plants, drains discharging both treated waste water and untreated waste water, steps taken for utilization of the treated waste water for agriculture, etc. lacked in the status report.
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NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
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