NCLT Archives | Page 10 of 12

No bar to amendment of S. 7 IBC petition until final order; Money decree, recovery certificate in financial creditor’s favour gives fresh cause of action to initiate corporate insolvency resolution process: SC

Supreme Court: A Division Bench of Indira Banerjee and V. Ramasubramanian, JJ. held that there is no bar in law to amendment

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT Decodes | Whether working capital provided by an investor to run a restaurant would come under the ambit of Financial Debt?

National Company Law Tribunal (NCLT): Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) held that ‘Working Capital’

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT | Malice Intention to start something ‘other than insolvency’ nipped- Releases the Corporate Debtor from ‘rigors of CIRP and moratorium’

National Company Law Tribunal (NCLT): The Coram of Justice Abni Ranjan Kumar Sinha,(Judicial Member), and L.N. Gupta, (Technical Member) while exercising their

Case Briefs High Courts

Guj HC | Court directs transfer of winding-up proceedings to NCLT; scattering litigation to various forums leads to multiplicity, abuse of process of law

Gujarat High Court: The Division Bench of Vineet Kothari and B.N. Karia, JJ., took up a petition which dealt with the parties

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT | Personal Guarantor not liable to be prosecuted under S. 95 IBC where corporate debtor concerned is not under corporate insolvency resolution process

National Company Law Tribunal, Mumbai: Coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member dismissed an interlocutory application filed

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Deconstructing the threshold requirements for homebuyers under IBC

by Mitali Ingawale† & Sumit Kulkarni††

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Whether NCLT has power to order criminal proceedings KVR Industries Pvt Ltd v. PP Bafna Ventures Pvt Ltd: A Case Comment

by Varun Agarwal*

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Encashment of bank guarantee and relevance of moratorium Bharat Aluminium Co. Ltd. v. J.P. Engineers (P) Ltd.: A Case Comment

by Sriharsh Raj±

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All that is not right with Indus Biotech v. Kotak | Indus Biotech (P) Ltd. v. Kotak India Venture (Offshore) Fund : A case comment

by Renu Gupta*

Case Briefs Supreme Court

NCLT/NCLAT vacancies| 39 members for a sanctioned strength of 63! Supreme Court asks Centre to complete reappointment process within 2 months

Supreme Court: Taking note of the depleting strength of the members of the NCLT and NCLAT, the 3-judge bench of L. Nageswara

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | ‘Balance and Security Confirmation Letter’ is sufficient ‘acknowledgement of debt’ so as to extend limitation period for initiating insolvency proceedings under S. 7 IBC

National Company Law Appellate Tribunal (NCLAT): A Division Bench of Justice Venugopal M. (Judicial Member) and V.P. Singh (Technical Member) dismissed an

Case Briefs Supreme Court

‘Reinstatement by NCLAT “too big a pill” for perhaps even Cyrus Mistry to swallow’; Here’s why Supreme Court upheld Cyrus Mistry’s removal as Chairman by the Tata Sons

“NCLAT appears to have granted the relief of reinstatement gratis without any foundation in pleadings, without any prayer and without any basis in law, thereby forcing upon the appellant an Executive Chairman, who now is unable to support his own reinstatement. “

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | NCLT has the discretion to modify arrangements, but only when cogent; Otherwise deemed unwarranted

National Company Law Appellate Tribunal (NCLAT): A Coram of Justice Jarat Kumar Jain (Judicial Member) and Kanthi Narahari (Technical Member) accepted an

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | Delhi Gymkhana Club – ‘Nepotism in upper echelons?’ | Holding it true, suspends General Committee

National Company Law Appellate Tribunal (NCLAT): A Coram of Justice Bansi Lal Bhat (Acting Chairperson), Justice Anant Bijay Singh(Judicial Member), Dr Ashok

Case Briefs High Courts

Del HC | NCLT and NCLAT directed to regulate their own procedure for virtual hearing platforms so long as it is ensured that if any particular party requests for a link, same would be considered in a fair, transparent and non-arbitrary manner

Delhi High Court: Prathiba M. Singh, J., addressed a concern wherein it was stated that the NCLAT and NCLT ought to have

Case Briefs Supreme Court

Under IBC, NCLT has jurisdiction to adjudicate disputes arising solely on ground of insolvency: Supreme Court

“In all future cases, NCLT would have to be wary of setting aside valid contractual terminations which would merely dilute the value of the corporate debtor, and not push it to its corporate death by virtue of it being the corporate debtor‘s sole contract.”

Hot Off The Press News

NCLT Benches to start physical hearing from 1st March, 2021

It has been notified vide an Order dated 23-02-2021 that all NCLT Benches shall start regular Physical hearing w.e.f 01-03-2021, in case

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT | Is it open to NCLT, while deciding S. 9 IBC application, to pass an order directing parties to go for Arbitration? Appellate Commission explains NCLT’s jurisdiction in such cases

National Company Law Appellate Tribunal (NCLAT): The Division Bench of Justice Bansi Lal Bhat (Acting Chairperson) and Dr Ashok Kumar Mishra (Technical

Case Briefs High Courts

Cal HC | Power of Resolution Professional to take control of any asset, is it subject to determination of ownership by a Court or Authority? Discussion in light of Embassy Property Developments (P) Ltd. v. State of Karnataka, 2019 SCC OnLine SC 1542

Calcutta High Court: Sabyasachi Bhattacharya, J., reiterated the decision of Supreme Court in Embassy Property Developments (P) Ltd. v. State of Karnataka,

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Kundan Care: Should struggling businesses be handed over to unwilling resolution applicants?

by Dhruva Gandhi† & Vinodini Srinivasan‡