In Conversation with Advocate-on-Record Arunava Mukherjee: Perspectives on Justice and Jurisprudence
Interviewed by Anish Mishra
National Company Law Appellate Tribunal
NCLAT upholds Central government’s takeover of Delhi Gymkhana Club; directs conduct of elections for management restoration
The NCLAT noted that the NCLT had not delegated its jurisdiction to the 15-member committee but tasked the committee to act under the NCLT’s oversight, ensuring compliance with its guidance and observations.
‘A One Time Settlement agreement cannot extend the date of default’; NCLAT dismisses Samrat Restaurant’s CIRP plea
The NCLAT held the appellant’s claim was inflated, and the Adjudicating Authority rightly recalculated the actual unpaid amount, which fell below the Rs 1 crore threshold.
Money advanced for clearing land title is an investment, not financial debt under Section 5(8) of the IBC: NCLAT
The NCLAT reinforced that not all financial transactions qualify as financial debts under the IBC.
Inter-Corporate Loans and Deposits: Treatment of Such Debts in Case of Default
by Sidharth Sethi† and Shreya Sircar††
Procedural orders directing consolidation of related petitions not appealable under Section 421 of Companies Act: NCLAT
The NCLAT criticized the appellants for unnecessarily burdening the Tribunal with excessive documentation, voluminous records and citations of little value, thereby wasting Tribunal’s resources and acting contrary to professional ethics.
CCI’s Obligation to Put Parties under Investigation to Notice — An Analysis of a Recent Madras High Court Ruling
by Neelambera Sandeepan* and Srivaishanavi R.**
Resolution versus Penalisation: Is IBC Deviating from its Purpose?
by Shekhar Raj Sharma* and Akshita Grover**
Homebuyers/Allottees with or without RERA orders are treated equally under Section 7(1) proviso (2) IBC: NCLAT
The NCLAT held that the appellant, having obtained a recovery certificate from RERA, qualified as Financial Creditors.
NCLAT upholds Resolution plan and affirms parties’ right to seek redress for ‘reliefs and concessions’ in Competent Court
The NCLAT upheld the grant of reliefs and concessions regarding shared utilities and services in Resolution Plan to facilitate the smooth and successful implementation of the Resolution Plan.
‘Merely shared management not enough to establish liability’; NCLAT finds claims against Corporate Debtor untenable
The NCLAT warned against manipulating the IBC for debt recovery purposes, as it would defeat the code’s purpose of rehabilitating Corporate Debtors.
CoCs cannot consider Resolution Plans from applicants not listed in Prospective Resolution Applicants’ List: NCLAT
NCLAT held that CoCs’ resolution not to consider Resolution Plans from additional new entrants rendered the NCLAT’s orders unsustainable.
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.
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.
NCLAT affirms NCLT’s rejection of application for valuation queries post-resolution plan approval
In the instant matter, the NCLT rejected the application, noting the approval of the resolution by the Committee of Creditors and the absence of filing through an authorized representative.
‘No demonstrated legal infirmity or non-compliance with Section 30(2) of the IBC found’; NCLAT upholds Resolution Plan approval
The NCLAT held that the commercial wisdom of the CoC was considered paramount, and no interference was justified.
NCLAT affirms Committee of Creditors’ authority to opt for liquidation under Section 33(2) of the IBC; sets aside show cause notice
The NCLAT held that the CoC had the jurisdiction to decide on liquidation as per Section 33(2) and its explanation, even before completing all steps for resolution.
IBC| NCLAT deems CoC’s rejection of Section 12A proposal unjustified; orders remittance of deposited amount for creditor distribution
Section 12A was introduced in the Insolvency and Bankruptcy Code, 2016, allowing the withdrawal of CIRP with the approval of 90% voting share of the CoC.
Limitation period for appeals starts from date of Rectification Order when merged with Original Order: NCLAT
The NCLAT directed the Adjudicating Authority to hear and decide the application under Section 7 of the IBC expeditiously, treating it as not covered by Section 10A of the IBC.