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SAT Mumbai observed that it is not open to a shareholder to complain about the scheme of arrangement before the SEBI or to the Stock Exchange nor is it open to the shareholder to make a representation and /or file an appeal before this Tribunal under Section 15T of the SEBI Act.
DSK Legal advised and assisted Mr. Sundaresh Bhat, appointed as Resolution Professional JBF Petrochemicals Limited (“JBF”) with respect to the corporate insolvency
“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’.”
NCLAT held that an application preferred under Section 9 of the IBC for implementation of an Arbitral Award is not maintainable.
“In the instant case, the record establishes that there is a ‘debt’ and a ‘default’ and the Application is complete and the Adjudicating Authority has rightly admitted the Application under Section 7 of the Code.”
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’.
The NCLAT rejected an application seeking Condonation of Delay of 49 days (about 1 and a half months) on the ground of want of sufficient cause.
Amount taken by the Directors of the Corporate Debtor in their personal capacity cannot be construed as ‘Financial Debt’ under S. 5(8) of the IBC.
NCLAT observed that the principal objective of the IBC is ‘revival of the Corporate Debtor and Resolution’ and therefore “Liquidation ought to be the last resort, keeping in view the scope and spirit of the Code.”
by Ankit Parhar† and Rashi Srivastava††
Cite as: 2023 SCC OnLine Blog Exp 55
NCLAT directed the new Resolution Professional to protect the assets of the Corporate Debtor as required under S. 25(1) of the IBC
A 5-member bench overturned two judgments delivered by 3-judge bench which held that the NCLAT does not have the power to review or recall its own judgements.
by Anoop Rawat†, Saurav Panda†† and Amrit Mahal†††
Cite as: 2023 SCC OnLine Blog Exp 51
The NCLAT set aside Adjudicating Authority’s order initiating CIRP of the Corporate Debtor.
“When consent term itself contains clause for revival, non-giving liberty specifically for revival by the Adjudicating Authority is inconsequential”, held NCLAT
“The Adjudicating Authority does not appear to have committed any error in holding the alleged disputes claimed by the Corporate Debtor to be feeble as it is not supported by credible evidence.” NCLAT
by Lavanya Pathak† and Akshay Sharma††
While speedily and effectively disposing off the present appeal, the NCLAT modified the imposed cost from Rs. 10,00,000/- to Rs. 1,00,000/- for the restoration of the company’s name in the register maintained by the ROC.
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