Banking
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 moreSarfaesi S. 14 – Complaint u/s 340 CrPC against authorised officer before DM – Complaint before District Magistrate under Section 340 Cr.P.C. against the authorised officer for concealing material facts – Maintaianble. [(2023-4) PLR 001 ]
Authorized officer of secured creditor in his affidavit before District Magistrate, under Section 14 of the SARFAESI Act, concealed the...
Read moreCPC O. 7 R. 11 – Power is limited to rejection of the plaint as a whole or not at all – It is impermissible to reject the plaint only against one of the defendants – Sarfaesi. [PLRonline #348208]
Full Judgment with detailed headnotes access for Premium Subscribers only (Click to subscribe ) 2019 SCeJ 837, (2019-3)195 P.L.R. 230...
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 moreSarfaesi – No proceeding U/s 13(4) – Writ maintainable – Overcharging of interest by Bank – Sarfaesi set aside – NPA could not be continued if account was regularised. [2022 PLRonline 0594]
2022 PLRonline 0594, Guru Nanak Engineering Works v. Reserve Bank of India . . EDITORS NOTE: see Supreme Court Order...
Read moreSC issues notice to RBI a. qua handing over of loan documents b. change in RATE OF INTEREST applicable to loans c. furnishing yearly STATEMENT OF ACCOUNTS to account holders
SC issues notice to RBI a. qua handing over of loan documents b. change in RATE OF INTEREST applicable to...
Read moreSARFAESI – High Court u/s 482 Cr.P.C can not quash Order passed under S. 14 of the SARFAESI ACT – Any remedy against such order can be availed only under the SARFAESI ACT, 2002. [SupremeCourtOnline 456603]
(2023-3)211 PLR 329 (SC)` SUPREME COURT OF INDIA Before: A.S. Bopanna & M.M. Sundresh, JJ. M/S. PHOENIX ARC PRIVATE LIMITED...
Read moreBanking – Forged DD – Liability of person presenting the same – Plaintiff Bank has passed the Demand Daft being received by way of collection by another bank – U/s 72 of the Contract Act, person receiving proceeds from forged draft liable to refund the money to the bank . [ID 317402]
2011 PLRonline 0206 (SC) Madras High Court Before: Justice R. Mala Titan Industries Ltd. v. State Bank of India, Appeal...
Read moreSuit – Non-filing of an affidavit in support of an application may be an irregularity but not an illegality or inherent defect that cannot be cured – Plaint can be returned for want of cause of action. Only the averments made in the plaint are considered,Suit – Non-filing of an affidavit in support of an application may be an irregularity but not an illegality or inherent defect that cannot be cured.
Civil Procedure Code, Order 19 Rule 1: Non-filing of an affidavit in support of an application may be an irregularity...
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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