Case Summaries Archives

S. 59 of IBC and Voluntary Liquidation under Companies Act

The Hon’ble NCLAT has held that the jurisdiction exercised by the Adjudicating Authority is vested in it and cannot be termed improper. Despite being of the view that the claim initially left out by the Respondent No.1 was payable, the Liquidator proceeded to reject the same without any justifiable reason which cannot be supported.

Atchyut Mandhata Jun 17

TIMELINES IN RESOLUTION PLAN RELAXED BY NCLT ON ACCOUNT OF COVID-19

The Adjudicating Authority found that there is no material change in the Resolution plan save and except modification/concession/relaxation in respect of time line of payment to the creditors and/ or stake holders and the relief sought appears to be genuine and bonafide. Therefore, the Resolution plan has been approved by the adjudicating authority with a modified time frame/timeline.

Vijay Sekar Jun 10

EX-EMPLOYEE OF FINANCIAL CREDITOR CANNOT ACT AS IRP/RP

The NCLAT upheld the order passed by the Adjudicating Authority holding that apprehension of biasness raised by the Corporate Debtor cannot be dismissed offhand and that NCLT is justified in changing the IRP.

Atchyut Mandhata Jun 10

CIRP APPLICATION CAN BE ADMITTED EX-PARTE

According to Section 7 of the code, application for initiation of CIRP is admitted after ascertaining the existence of default in respect of debt owed. In this case, the CD has acknowledged the existence of default but neither repaid it nor filed any reply-affidavit to the notices which clearly indicates that there is no violation of principles of natural justice by the Adjudicating Authority. Accordingly, the NCLAT dismissed the appeal.

Ranjitha Jain Dhanakeerthi Jun 1

VirtuaLaw Blog

Critical Analysis of Indian Corporate Laws

S. 59 of IBC and Voluntary Liquidation under Companies Act

TIMELINES IN RESOLUTION PLAN RELAXED BY NCLT ON ACCOUNT OF COVID-19

EX-EMPLOYEE OF FINANCIAL CREDITOR CANNOT ACT AS IRP/RP

CIRP APPLICATION CAN BE ADMITTED EX-PARTE

“GOVERNING LAW” CLAUSE OF AN AGREEMENT CANNOT RESTRICT THE JURISDICTION OF NCLT: NCLAT

NCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT

MONEY RECEIVED AS LOAN WITH REGARD TO FUTURE SUPPLIES OF MATERIAL BE TREATED AS FINANCIAL DEBT: NCLAT

PF, PENSION AND GRATUITY CANNOT BE CONSIDERED AS LIQUIDATION ESTATE UNDER IBC: NCLAT

TRADE UNION IS AN OPERATIONAL CREDITOR UNDER IBC : SUPREME COURT

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