The National Company Law Appellate Tribunal (NCLAT) in New Delhi, chaired by Justice Ashok Bhushan and Technical Member Mr. Barun Mitra, has ruled that a Corporate Debtor remains liable for discharging its operational debt, even if an insurance claim has been settled with the Operational Creditor. The decision clarifies that the insurance payment to the Operational Creditor cannot serve as
The National Company Law Tribunal (NCLT) in Hyderabad, presided over by Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), has granted its approval to the Resolution Plan submitted by a consortium led by B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. This development stems from the proceedings of the petition filed by Bank of
The National Company Law Tribunal (NCLT) based in New Delhi, comprising Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), has granted approval for the resolution plan presented by M/s. Ace Infracity Developers Pvt. Ltd. concerning Three C Homes Pvt. Ltd. This resolution plan, valued at approximately Rs. 140 crores, has been accepted by the NCLT
The bankruptcy court has admitted Mumbai-based First Flight Couriers under the corporate insolvency resolution process (CIRP) and appointed Indrajit Mukherjee as the company’s interim resolution professional (IRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while admitting the petition filed by the operational creditor of First Flight Couriers, observed that the counsel for the corporate debtor has made
The Kolkata bench of the National Company Law Tribunal (NCLT) observed that to balance the interests of all the stakeholders, the payments to the various classes of operational creditors who have been paid nil value, need to be ‘reassessed’ and ‘re-considered’ by the Committee of Creditors (CoC). “The resolution plan in respect of the corporate debtor needs to be sent
The National Company Law Tribunal (NCLT) rejected JSW Energy’s plea to withdraw its resolution plan for the takeover of debt-laden Ind-Barath Energy (Utkal) on grounds of deterioration of assets, saying it doesn’t have powers to terminate a plan approved by the Committee of Creditors (CoC) with big majority. At the same time, the tribunal took note of JSW Energy’s concerns
The National Company Law Appellate Tribunal (NCLAT) has stayed the formation of the Committee of Creditors (CoC) for Bombay Rayon Fashion until further notice. The appellate tribunal has clarified that the Corporate Insolvency Resolution Process (CIRP) proceedings shall be continued and the resolution professional will have to keep the company as going concern under the Insolvency & Bankruptcy Code (IBC).
The NCLT Mumbai court has dismissed a petition filed by Gateway Offshore against Pune-based realty developer Runwal Realtors to admit the company under the Corporate Insolvency Resolution Process (CIRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while rejecting the arguments made by Gateway Offshore in its petition, observed that in absence of any written document indicating the
National Company Law Tribunal, Chennai, admitted the application filed by State Bank of India (financial creditor) against Coastal Energen (corporate debtor), the power generating flagship company of the Dubai-based Coal and Oil Group to initiate Corporate Insolvency Resolution Process (CIRP) against the company, declare moratorium,and appoint an Interim Resolution Professional (IRP). The company has defaulted an amount of ₹1,458 crore
The National Company Law Appellate Tribunal (NCLAT) Chennai has dismissed entrepreneur Sivasankaran, founder of Siva Industries appeal against the National Company Law Tribunal (NCLT) order on liquidation of Siva Industries. NCLAT in the order said, “this Tribunal comes to a resultant conclusion that the Adjudicating Authority had rightly come to the legitimate and reasonable conclusion that the Corporate Debtor was
