IBC
IBC S. 9 – Operational Creditor not having filed their claims before the RP and the resolution plan having already been approved and CIRP terminated, claims which did not constitute part of the resolution plan stood extinguished. [2023 PLRonline 0125 (NCLAT)]
2023 PLRonline 0125 (NCLAT) National Company Law Appellate Tribunal Chairperson, Member (Technical) Bharat Pipe Fitting Co....
Read moreIBC S. 9 – Settlement entered into between parties- Does not fall within the ambit of an operational debt. [2023 PLRonline 9004 (NCLT)]
PLR PLRonline . 2023 PLRonline 9004 (NCLT) . NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI Before: Shri Mahendra Khandelwal, Member...
Read moreIBC S. 9 – Joint petition – Operational Creditors may file an application to initiate CIRP in an individual capacity or as a joint capacity by the authorized person – However, each must satisfy the pecuniary limit of Rs. 1 crore individually which is essential for maintaining an action under Section 9 of the Code. [2023 PLRonline 0118 NCLT. Mum.]
IBC S. 9 - Joint petition - Workmen/employees (Operational Creditors) may file an application to initiate CIRP in an individual...
Read more[IBC] Resolution plan – Resolution Applicant cannot be saddled with any previous claim against the Corporate Debtor prior to the initiation of its CIRP – Attachments made by SFIO, CBI, Income Tax Department and PF authorities , resolution applicant is required to approach to the concerned authority . [2023 PLRonline 0115 NCLT]
IBBI (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016 regulation 39 (4) IBC - Resolution plan -...
Read more[IBC] Government dues – Belated claims – The emphasis under the Code is for time bound process rather than payment of belated Government dues – Applications dismissed – Resolution Professional to consider Government dues if appearing in the books of account of the Corporate Debtor. 2023 PLRonline 0114 (NCLT Mum.)
Government dues - Belated claims - Object of the Code which interalia aims for insolvency resolution of the corporate debtor...
Read moreIBC – Avoidance application is independent of the resolution of the Corporate Debtor and can survive the CIRP. [2023 PLRonline 0102 (NCLAT)]
2023 PLRonline 0102 (NCLAT) NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 437 of...
Read moreCompanies Act, S. 250 – Striking off – Even after dissolution of the company in view of striking off its name from the register, its existence remains only for the purpose of realising the amount due to the company or for the payment or discharge of the liabilities or obligations of the company. [2023 PLRonline 0101 (NCLAT)]
Companies Act S. 250 - Name of the appellant company was struck off from the register of the ROC -...
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IBC – CIRP – STAYED by P&H High Court | Counsel for the Financial Creditor was also the counsel for the RP | RP did not secure 66% votes u/s 22 IBC, and subsequently approached the FCs for increasing his vote share | Appointment per-se was not as per the statutory provisions and would go to the root of the matter. [PLRonline.in]
CIRP proceedings / Resolution Plan stayed by PUNJAB AND HARYANA High Court | Counsel for the Financial Creditor was also...
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Filing and objections- Efiling – When an electronic facility is available and an Application is filed in electronic form, the filing is complete as soon as it is registered electronically. [2022 SCeJ 844]
Filing and objections- Efiling - When as per Rule 10, sub-rule (2), when an electronic facility is available and an...
Read moreNIA S. 138 – Order of moratorium passed under the IB Code 2016 – Post dated cheques presented – No Liability
NIA S. 138 - Order of moratorium passed under the IB Code 2016 and Resolution professional appointed - Prior to...
Read moreNIA S. 138 – “account maintained by him” – Where an account holder is deprived of his control over the bank account from which cheque was issued – Offence not committed.
NIA S. 138 - "account maintained by him" - If an account holder is deprived off his control and authority,...
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Letter of comfort – Contract of guarantee – Which is undated, without seal and authorization on behalf of the respondent-company, cannot be termed as letter or contract of guarantee
Insolvency and Bankruptcy Code, 2016, S. 7 - Contract Act, S. 126 - Letter of comfort - Contract of guarantee - Which...
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Deed of guarantee – Oral – Although, there is no performa is prescribed for deed of guarantee and even guarantee can be oral as per Section 126 of the Contract Act, but once it is reduced into writing either in the form of letter or contract then it must fulfil all the ingredients of contract of guarantee and should be signed by surety, principal debtor and creditor as well
Contract Act, S. 126 - Evidence Act, 1872, Section 92 - Deed of guarantee - Oral - Although, there is no performa is...
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IBC S. 7 – Date of default falling after 25th March 2020 up to September 2020 – Barred.
Insolvency and Bankruptcy Code, 2016, S. 7 - Petitioner’s own case that the alleged date of default arose after 25th...
Read moreIBC S. 7 – For dues payable by a separate corporate entity, its sister concern/group company cannot be driven into CIRP.
Insolvency and Bankruptcy Code, 2016, S. 7 - For dues payable by a separate corporate entity, its sister concern/group company...
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