Bringing you the Best Analytical Legal News
While upholding the NCLT’s order of admission of fresh application and initiation of CIRP against the Corporate Debtor, the Tribunal held that the nature of financial debt would not change on account of breach of the consent terms.
While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.
APPELLATE TRIBUNAL FOR ELECTRICITY (ATE) Bureau of Energy Efficiency takes suo motu verification test on a sample refrigerator of Whirlpool India and
National Company Law Appellate Tribunal held that rejection of application for initiation of Corporate Insolvency Resolution Process is inevitable if it is filed fraudulently and maliciously for purpose other than resolution of insolvency.
by Akaant Kumar Mittal†
Cite as: 2023 SCC OnLine Blog Exp 8
The Delhi High Court held that adjudication of an avoidance application was independent of the resolution of the corporate debtor and could survive Corporate Insolvency Resolution Process (CIRP) and a Resolution Professional would not be functus officio with respect to adjudication of avoidance application.
The Supreme Court had reservation to express its opinion on the merits of the case which would otherwise affect the proceedings pending before NCLAT and stated that the findings of the CCI at the interlocutory stage was neither without jurisdiction nor suffered from any error which would necessitate interference in the appeal.
In a case challenging the Adjudicating Authority’s order to withdraw from e-auction process and refund of EMD and first instalment, the Tribunal held that the Adjudicating Authority can allow the Successful Auction Purchaser to withdraw from e-auction process when the balance bid amount is due because of the attachment of the assets of the Corporate Debtor.
National Company Law Appellate Tribunal observed that once the CoC has decided to vote on the resolution plans after closure of challenge process, the Adjudicating Authority cannot direct the CoC to consider any revised plan submitted thereafter.
In the instant matter an appeal was preferred against the order of NCLT admitting S. 7 IBC application or repayment of financial debt. Upholding the order of the NCLT, the Tribunal held that even if there is no proof of loan agreement other materials on record can prove the financial debt.
The Tribunal observed that an application under S. 12A cannot be entertained after approval of Resolution Plan by CoC.
National Company Law Appellate Tribunal, New Delhi: While deciding an appeal filed against the Competition Commission of India's (CCI) order imposing a
In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.
The Supreme Court observed that the important role of the Regulator cannot be circumvented by simply asking for rectification under Section 111A of the Companies Act, 1956.
In instant matter, the appellants filed an appeal challenging the NCLT order approving the Resolution Plan approved by the CoC. The NCLAT held that once Resolution plan is approved by CoC, it cannot direct modifications of claims to Resolution Plan as the Tribunal does not have residual equity-based jurisdiction.
In the present case, a Liquidator filed an application before for release/refund of unlawful payment by the applicant. The Tribunal, partly allowing the appeal, upheld the refund of the amount of Rs.25,46,588/- and of the amount of Rs.1,08,797/- as no application for refund was filed for the said amount.
NCLAT while deciding the appeal held that the CoC after approving the resolution plan cannot seek direction from Adjudicating Authority to consider the new resolution plan of a third party who was not a part of the CIRP as it would fall outside the timeline and defeat the very scope and objective of the Code.
National Company Law Appellate Tribunal, New Delhi: A bench consisting of Anant Bijay Singh, J., and Shreesha Merla* (Technical Member)
In the case at hand, a buyer of an apartment in a DLF Project had allegedly found several clauses of the buyer-seller agreement reflecting abuse of dominance position by DLF which was “highly unfair and discriminatory” to the buyer.