The National Company Law Tribunal (NCLT) has affirmed that liquidation proceedings under the Companies Act do not prohibit the filing of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC). The Mumbai Bench, comprising Judicial Member VG Bisht and Technical Member Prabhat Kumar, addressed a petition by an operational creditor seeking recovery of Rs. 2,36,21,491. The operational creditor
The National Company Law Appellate Tribunal (NCLAT) has scheduled a hearing for August 31, 2023, to address IDBI Bank’s plea against Zee Entertainment in a payment dispute case. The private lender contests a prior NCLT decision that denied its request to initiate insolvency proceedings against the media conglomerate on May 19. The NCLT’s Mumbai branch had ruled that the lender’s
The National Company Law Appellate Tribunal (NCLAT) of New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), rendered a significant ruling in the case of Chandrashekhar Exports Pvt. Ltd. v Babanraoji Shinde Sugar & Allied Industries Ltd. This decision addresses the maintainability of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC) in relation
Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). “The Company has received e-filing
The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS cannot be a ground to initiate insolvency proceedings against any company. Setting aside an order of the Kolkata bench of NCLT, the tribunal said “the process of Insolvency & Bankruptcy Code (IBC) cannot be utilised” for recovery of TDS dues by an operational
The Kolkata bench of the National Company Law Tribunal (NCLT) has ordered initiation of insolvency proceedings against BK Birla group company Birla Tyres, admitting an insolvency petition of SRF Limited. The application filed by SRF, under Section 9 of the Insolvency and Bankruptcy Code (IBC),for initiating the Corporate Insolvency Resolution Process (CIRP) against Birla Tyres, thecorporate debtor, is admitted, said
The National Company Law Appellate Tribunal on May 2 stayed the order of the National Company Law Tribunal (NCLT) by which insolvency proceedings had been initiated against Logix City Developers Private Limited. The appeal against the NCLT order was filed by homebuyers of Logix Blossom Zest, a project located in Noida.After hearing the arguments, NCLAT stayed the NCLT order. “Learned
Corporate debtor is someone who owes a debt to any person. A corporate person is defined under section 3(7) of the Code. Section 3(7) CORPORATE PERSON: means a company as defined in clause (20) of section 2 of the Companies Act, 2013, a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the Limited
The IBC Ordinance, 2020 promulgated on June 5, 2020. The scheme stipulates and lays down extra norms for insolvency proceedings. The government had felt that operation of Section 7,9 and 10 should be suspended due to the economic distress faced during the pandemic. Negatives: “Section 10A: Suspension of initiation of corporate insolvency resolution process 10A. Notwithstanding anything contained in Sections
Amid the lockdown, the President of India, Mr. Ram Nath Kovind passed the much- awaited amendment ordinance to suspend and implement certain provisions for the time being due to the COVID-19 disruption which stopped the functioning of many markets and has made companies insolvent therefore the current amendments came into force to save these companies and help them to revive. The
