NCLT

National Company Law Appellate Tribunal
Case BriefsTribunals/Commissions/Regulatory Bodies

In the instant matter, the petitioner preferred an appeal challenging the order of Adjudicating Authority dismissing application in view of the “pre-existing dispute”. NCLAT held that when the reply to Demand Notice was not filed within 10 days, the Corporate Debtor is not precluded from raising the question of dispute or pleading that there is no amount due and payable.

Madras High Court
Case BriefsHigh Courts

Madras High Court reiterated that wearing “gown” is only optional and not mandatory before any Courts other than the Supreme Court or the High Courts. Thus, it held that the order of the National Company Law Board imposing a dress code for Advocates for appearance before the Tribunal is without authority and hence, illegal.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While hearing an appeal challenging an impugned order passed by the Adjudicating Authority dismissing a S. 7 IBC application on the ground that the appellant was not able to establish debt and default, the Tribunal held that it is clear from the facts and circumstances the definition of debt and default is rightly established by the appellant and the Adjudicating Authority has committed a patent error while passing the impugned order.

Case BriefsSupreme Court

Supreme Court upheld the NCLT order that the provident fund, pension fund and gratuity fund are not part of the liquidation estate, for distribution under Section 53 of the IBC and the same has to be paid to the employees under the stated heads.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

While deciding the present matter dealing with mistake in demand notice, NCLT held that “the Corporate Debtor has not and would not be prejudiced by fact that Operational Creditor has mentioned the wrong date of default due to its inadvertence.”

Case BriefsHigh Courts

There should be no scope for the declarant to escape on the technical grounds from responsibility attached to the statement made by him in the affidavit. Unless those compliances, referred to in paragraphs 5 and 8 of chapter VII of the Criminal Manual are complied with, it will be difficult to hold the person making a declaration on oath responsible for the statement made on an oath.

Delhi High Court
Case BriefsHigh Courts

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.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

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.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

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.

Allahabad High Court
Case BriefsHigh Courts

Allahabad High Court said that challenge to demand notice for electricity dues, issued jointly in name of Directors of the insolvent company cannot be sustained on the ground that liabilities of guarantor stood automatically discharged on acceptance of Resolution Plan.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

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.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

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.

NCLAT
Case BriefsTribunals/Commissions/Regulatory Bodies

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.