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Limitation Act S. 5 –  Merely because sufficient cause has been shown, a party is not entitled to the condonation of delay in question as a matter of right if sufficient cause is not proven – Commercial Courts Act  2015

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]

Motor Vehicles Act,  S. 173 – Pay and Recover  – Insurance Company exonerated – Appeal by claimants for making insurance company liable  – This Section empowers that any person can file Appeal so there is no need to consider who is aggrieved person – Appellants being  Claimants have right to file Appeal  – Though owner of offending truck has not challenged the impugned order, it cannot be said that the Claimants can’t challenge it – Order in appeal changed to Pay and Recover.

HMA – COI Art. 142 – Transfer Petition – Irretrievable breakdown of marriage – Mutual consent divorce granted. [2023 SCeJ 0234]

Punjab Land Revenue Act, 1887,   Section 28 – Lambardar – Appointment of – Age – Is a relevant factor . [PLRonline 119102]

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Companies 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)]

NIA S. 138 – Conviction – courts should, unless there are special circumstances, in all cases of conviction, uniformly exercise the power to levy fine upto twice the cheque amount keeping in view the cheque amount and the simple interest thereon at nine per cent per annum [2014 PLRonline 0208 (SC)]

Criminal Trial –  Circumstantial evidence –  Chain of evidence must be so complete as to not leave any reasonable grounds for a conclusion consistent with the innocence of the accused; the accused ‘must be’ and not merely ‘may be’ guilty, before the Court can convict.  [2023 SCeJ 0226 = 2023 PLRonline 437602 (SC)]

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Inference – Adverse inference

CPC S. 24 – Cardinal principle for exercise of power under S. 24 is that the ends of justice should demand the transfer. (2022-4)208 PLR 512 (SC), 2023 SCeJ 0223

IPC S. 149  – When five persons were specifically named in the FIR and five persons are facing the trial may be separately, Section 149 IPC would be attracted – FIR- Delay of 3 ½ days – Properly explained. [2023 SupremeCourtOnline 0009]

Chennai City Police Act, 1888 – Police Act, 1861 [2023 PLRonline 9003]

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IBC S. 22 - Decision in regard to appointment of IRP as RP or replacement of IRP is a decision based on commercial wisdom of CoC which is not amenable to judicial review

Land Acquisition Act of 1894 - Claimant is entitled to payment of interest on solatium from the date of entitlement as provided under the provisions of the Act and payment of interest cannot be restricted from the date of Sunder case decided. Obiter in Gurpreet Singh's case, which incidentally made some observation with regard to the payment of interest on solatium, is not the binding precedent. [2015 PLRonline 0205 (SC)]

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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]

by PLRonline
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CIRP proceedings / Resolution Plan stayed by PUNJAB AND HARYANA 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.

Division bench of Justice G.S. SANDHAWALIA and Justice HARPREET KAUR JEEWAN, on April 29, 2023, while hearing a Challenge by a Suspender Director to an IBBI order,  which had  adversely commented upon the Resolution Professional by issuing a warning to be more cautious in handling assignments  under the IBC , has granted stay on the CIRP proceedings before the NCLT Chandigarh,

The court was also concerned woth the order apssed by the NCLT, Chandigarh bench which had rejected the objections wherein reliance was placed upon the said report of IBBI.

The pleas raised related to the allegatiosn that the Counsel for the Financial Creditor was also the counsel for the RP , that the RP did not secure 66%votes u/s 22 IBC, and subsequently approached the FCs for increasing his vote share and that his (RP)  appointment per-se was not as per the statutory provisions and would go to the root of the matter.

Held,

“ It is also further submitted that the counsel  now representing the said respondent, Shri Harsh Garg had also, at one point  of time, appeared for the Bank (Annexure P-1) and thereafter also, appeared for the Resolution Professional by filing applications (Annexure P-12) which  were eventually dismissed and there is a clash of interests which is not  permissible.”

The order has further observed ,

“ Counsel for the petitioners has pointed out that the appointment of respondent No.2 was not as per the statutory provisions in as much as he  only secured 65.89% of votes while referring to E-voting result dated  18.01.2020 (Annexure P-5) and he wrongly submitted that item No.13 was  “carried” whereas the requisite condition was 66% of the votes as per the  provisions of Section 22 of the Insolvency & Bankruptcy Code, 2016 (for  short, the ‘Code’). It is submitted that at a subsequent point of time, he had approached the creditors i.e. Punjab National Bank and got a post-facto  approval.

…

It is thus submitted that his appointment per-se was not as per  the statutory provisions and would go to the root of the matter. “

Case details:

NCLT Chandigarh | Central Bank v. KSM Spinning Yarns | IRP/ RP: Nipan Bansal

CWP-8750-2023 | Sarish Mittal v.  Insolvency & Bankruptcy Board of India | PUNJAB AND HARYANA High Court

Mr.Sandeep Suri, Advocate with Vijiyesh Malhotra, Karan Gaba, Kartik Goyal, Tushar Arora  for the petitioner (s). (as per copy of writ)

Mr.Harsh Garg, Advocate, for respondent No.2/ Resolution Professional.

Mr.Arun Gosain, Advocate, for respondent No.5. (IBBI)

IBBI orderDownload
Tags: 2016, advocate, Appointment, Filing, IBC, insolvency, Interest, Punjab and Haryana, Writ
Tags: 2016advocateAppointmentFilingIBCinsolvencyInterestPunjab and HaryanaWrit

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