Bringing you the Best Analytical Legal News
In a case related to rejection of Resolution Plan by the Adjudicating Authority, which was once approve the Adjudicating Authority, the Tribunal opined that the Adjudicating Authority was right on non-approval of the Resolution Plan as the Adjudicating Authority’s order was not followed in its true spirit.
The NCLAT granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) by staying bankruptcy proceedings against them, after the NCLT admitted S. 7 application and directed the initiation of CIRP against the Corporate Debtor/ZEEL.
In the instant matter an appeal was preferred before NCLAT challenging the order of the Adjudicating Authority remitting a Resolution Plan back to the CoC for reconsideration in accordance with law.
In the instant case, the Directorate of Revenue Intelligence neither submitted proof of claim nor responded to a specific communication via an e-mail addressed to Senior Intelligence Officer. This is a case where despite knowledge, the statutory authorities chose not to submit their proof of claim.
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.”
While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.
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.
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.
The Tribunal observed that an application under S. 12A cannot be entertained after approval of Resolution Plan by CoC.
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.
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.
National Company Law Appellate Tribunal, New Delhi: A bench consisting of Anant Bijay Singh, J., and Shreesha Merla* (Technical Member)
National Company Law Appellate Tribunal | The bench comprising of M. Venugopal, J. and Naresh Salecha* (Technical Member) held that
National Company Law Appellate Tribunal | A bench comprising of Ashok Bhushan, J., Dr. Alok Srivastava* (Technical Member) and Barun
National Company Law Appellate Tribunal | Dismissing the appeal, Ashok Bhushan, J., Kanthi Narahari (Technical Member) and Barun Mitra (Technical
That various stakeholders are to be considered by the Resolution Professional under the relevant provisions of IBC andin accordance with law, and the same should be placed before the CoC for approval. Thus, the resolution plan was sent back for approval by the Committee of Creditors.
National Company Law Appellate Tribunal: While dealing with a matter seeking expunging the adverse remake made against the appellant, a
An order of attachment when made under the PMLA does not result in the corporate debtor or the Resolution Professional facing a fait accompli.
The Central Government has notified the Companies (Registration of Charges) Second Amendment Rules, 2022 to amend the Companies (Removal of Names of
National Company Law Tribunal, New Delhi: In a case where a Resolution Professional (RP) had submitted a report even prior to the