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While upholding NCLT’s order the NCLAT held that in the present case there is a debt which remained unpaid by the Operational Creditor.
NCLAT held that once a document is relied upon as evidence and not objected to, it cannot be rejected or ignored.
NCLAT set aside the NCLT’s order and remitted back the matter to NCLT to examine the same after hearing both the parties.
NCLAT held that the Adjudicating Authority committed error in rejecting the S. 7 application for not fulfilling ‘threshold’ when Deed of Guarantee mentions about the interest on default.
A creditor has limited grounds to object to S. 10 of IBC application.
NCLT imposed cost to restain Trimex Industries (P) Ltd. from filing frivolous applications which consume Tribunal’s valuable resources and time.
There is no need to prove any fraudulent intent for a preferential transaction as per S. 43 of the IBC.
“Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC.”
Madras High Court said that there is no reason why the complaint was not filed either before IBBI or NCLT for the alleged fraud.
The scope and objective of the Code is ‘Resolution’, and not a ‘Recovery Mode / Forum’.
The National Company Law Appellate Tribunal held that no pre-existing dispute regarding quality of supplied goods exist as the same was not raised before consumption of the goods.
NCLAT held that that the allocation of meagre amount in Resolution Plan to Creditors can be questioned when the plan value earmarked for them is less than the liquidation value but same is not the case in instant matter.
National Company Law Appellate Tribunal observed that as per S. 61(2) every appeal must be filed within 30 days before the Appellate Tribunal and the Appellate Tribunal has the jurisdiction to extend the period of 15 days if it is satisfied that there is a sufficient cause for not filing the appeal within the prescribed time.
The Delhi High Court upheld Single judge’s decision to set aside ICC Award of $562.5 million in favour of Devas Multimedia (P) Ltd. for a failed satellite agreement with Antrix Corporation Ltd., on the grounds of fraud and being in conflict with the public policy of India.
The NCLAT held that even after completion of challenge mechanism under CIRP Regulation 39(1A)(b), the CoC retains its jurisdiction to negotiate with one or other Resolution Applicants, or to annul the Resolution Process and embark on to re-issue RFRP.
NCLAT observed that allowing present appeal holding the Successful Resolution Applicant ineligible would automatically make the resolution plan redundant.
The PIL seeks formulation and implementation of a scheme that conclusively addresses the grievances of other home buyers who may not have the capacity to approach courts/forums to seek redressal against builders.
The National Company Law Tribunal (Delhi Bench) passed orders in favour of aggrieved homebuyers ordering JAL/JIL/Jaypee/RP to continue with adjusting the delay compensation.