Resolution versus Penalisation: Is IBC Deviating from its Purpose?
by Shekhar Raj Sharma* and Akshita Grover**
NCLT
‘Inconvenience of specific party cannot outweigh statutory provisions’; Delhi High Court directs DGCA to process deregistration of 54 leased GoAir aircrafts
“It is trite that the international treaty obligations are required to be followed strictly and any deviation therefrom would have adverse effects including downgrading of the business interests of country in the international community.”
Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process
The NCLT admitted Section 7 IBC application against the Deccan Charters, Air Charter Company over a default of approx. Rs. 9 Crore 82 Lakhs.
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.
Explained |Ashneer Grover seeks waiver of conditions under Companies Act to pursue case against BharatPe; NCLT issues notice
The NCLT issued a notice and sought BharatPe’s response and fixed the next date of hearing on 04-04-2024.
2024 SCC Vol. 2 Part 1
Evidence Act, 1872 — Ss. 135 to 139, 154, 155 & 120 r/w Or. 14 R. 21, Or. 16 Rr. 14 &
Supreme Court | NCLT can recall Resolution Plan approval despite misclassification of Creditor’s claim under IBC on submission of proof
The dues shown payable to the appellant was Rs. 13,47,40,819 while the appellant claimed it to be Rs. 43,40,31,951.
Tribunal RoundUp October and November 2023| Top Stories on Low Groundwater levels, Delhi’s Air Quality Index, Baap of Chart and more
A quick legal roundup to cover important stories from Tribunals, Regulatory Bodies, Commissions for the month of October and November 2023.
Financial Debt claim under Section 5(8) of IBC cannot be entertained after CoC’s approval of Resolution Plan: NCLAT
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.
NCLAT issues notice in appeal against NCLT’s rejection of challenge to Lay-Off notice under Industrial Disputes Act
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.
NCLT orders initiation of Insolvency Process due to default in payment and bounced Post-Dated Cheques
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
Default occurred when post-dated cheques bounced; NCLT directs to initiate insolvency process
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
Adequate pleadings and findings required to establish Section 65 IBC compliance; NCLAT revives Section 7 application
NCLT’s order did not contain specific findings regarding whether the entire loan amount had been paid and whether nothing remained due.
Bombay High Court restrains enforcing anti-suit permanent injunction order passed by Singapore High Court; Applied three-pronged test
At this juncture, examining whether the petition filed before the NCLT can be said to be a ‘dressed-up’ petition, would necessarily require a detailed exercise to be carried out by this Court to render findings either way clearly impinging upon the exclusive jurisdiction of the NCLT in deciding such a question.
Arbitrator’s fees to be treated as preferential payments even where CIRP proceedings are pending before NCLT: Madras High Court
Madras High Court said that if the Arbitrators are not paid their fees / costs on account of the moratorium order, the object of arbitration will get defeated, as competent Arbitrators will hesitate to become Arbitrators in a dispute involving Companies facing financial crisis.
NCLT directs RP to approach CoCs for refunds to passengers for cancelled Go Airlines tickets
NCLT seeks response from respondents to the application for refunds to passengers under Section 60(5) of IBC.
‘Personal guarantor’s claim of getting right to be heard at belated stage not sufficient’; Delhi High Court dismisses petition, leaves matter open for NCLT
“If in the present case, the petition is entertained, it will eventually subvert the procedure laid down under the Insolvency and Bankruptcy Code, 2016 and the respondent in return will be denied the opportunity to present their case before the concerned NCLT.”