Filing of ‘Certified Copy’ not an empty ritualistic formality: NCLAT
NCLAT upheld appellant’s classification as a Financial Institution and it’s liability to pay Liquidation Costs.
Justice M. Venugopal
NCLAT rules on Secured Creditor’s right to choose method of debt realisation
NCLAT stated that since the IBC overrides the SARFAESI Act, the Liquidator ought not to prefer a petition, based on the SARFAESI Act, and therefore Liquidator’s decision to classify the appellant as an unsecured financial creditor was illegal and invalid.
Irrevocable and unconditional bank guarantees can be invoked during moratorium period: NCLAT
“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’.”
NCLAT upholds NCLT’s order imposing ₹ 10 Lakh compounding fees for non-compliance with Section 185 of the Companies Act, 2013
In a matter concerning advancement of ₹360 crore loan by Hewlett Packard Enterprise India in violation of Section185 which only permit granting of loan for repayment of the loan and not for any other reason, the NCLT imposed ₹ 10 Lakh compounding fees.
NCLAT rejects Liquidator’s petition to retrieve Bank Guarantees/Fixed Deposit Receipts under IBC
NCLAT held that during the moratorium period under Section 14 of IBC, Customs Authorities are authorized to utilize Bank Guarantees and Fixed Deposits furnished against Zero Import Duty.
In project wise insolvency, IRP/RP cannot seek unpaid Fees/Costs from members of CoCs of another project of Corporate Debtor: NCLAT
The NCLAT held that the appellant has no Locus Standi to make claim for any unpaid Fees/Costs from the members of the CoCs, as he is neither the RP in the project nor is connected with another project.
Application under Section 9 of the IBC is not maintainable in absence of strict proof of Debt and Default: NCLAT
“The Proceedings under the IBC, 2016, are summary in character and a trial is not conducted, like that of ‘Civil’ matter, before the ‘Competent Civil Court’.”
‘Arbitration Proceedings’ and ‘IBC Proceedings’ cannot go on together; NCLAT upholds NCLT’s order rejecting Section 9 application
NCLAT held that an application preferred under Section 9 of the IBC for implementation of an Arbitral Award is not maintainable.
Can Resolution Professional keep claims in abeyance during pendency of Corporate Debtor’s counter claim before arbitrator? NCLAT Answers
While dismissing the present appeal, the NCLAT held that appellant’s prayer pertaining to admission of the claim cannot be acceded to in the ‘eye of Law’.
Farewell Speech of Justice M. Venugopal
by M. Venugopal, B.A. (Eng. Litt.) M.L.