National Company Law Appellate Tribunal

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NCLAT Dismisses Appeals Challenging Admission of Section 7 Application by Allottees Against Corporate Debtor. The Tribunal upheld the NCLT order allowing impleadment of allottees and admitting the insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, as default was established....

The judgment pertains to two appeals filed against an order dated 04.03.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Principal Bench, in CP(IB)/288(PB)/2019. The NCLT had allowed...

Tribunals

NCLAT Dismisses Promoter's Appeal Against Rejection of Recall Application in Insolvency Case — Corporate Debtor's CIRP Initiation Upheld. The appeal challenged the rejection of an application to recall the order admitting the Corporate Debtor into CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016....

The case pertains to an appeal filed by Shristi Infrastructure Development Corporation Limited, the Promoter of the Corporate Debtor (Sarga Udaipur Hotels & Resorts Private Limited), against an order ...

Tribunals

NCLAT Allows Appeal Against Dismissal of Section 7 IBC Application by Financial Creditor. Loan Agreement and Default Established Through Signed Documents and Acknowledgment of Debt....

The present appeal was filed by Desana Impex Limited (Appellant), a Non-Banking Financial Corporation (NBFC) registered under the Companies Act, 2013 and the RBI Act, 1934, against the order dated 21....

Tribunals

NCLAT Dismisses Appeal Against Rejection of Recall Application in CIRP Case. Appellant's Application for Recall of CIRP Commencement Order Was Not Maintainable as CIRP Had Progressed Significantly and Resolution Plan Approval Was Pending....

The appeal was filed by Parmesh Construction Company Ltd. challenging the order dated 04.12.2024 passed by the National Company Law Tribunal, New Delhi, Principal Bench, which rejected New IA-4783/202...

Tribunals

NCLAT Allows Appeals by Commercial Space Buyers in CIRP of IP Constructions Pvt. Ltd. — Resolution Plan Must Include Allottees' Claims. The Tribunal held that commercial space allottees are 'financial creditors' under Section 5(8)(f) of the Insolvency and Bankruptcy Code, 2016, and their claims must be considered in the resolution plan....

The judgment arises from three appeals filed by commercial space allottees against orders of the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, in the Corporate Insolvency Resolutio...

Tribunals

NCLAT Sets Aside CIRP Initiation Against Corporate Debtor Due to Suppression of Payments by Operational Creditor — Section 9 Petition Under IBC Fails Minimum Threshold Requirement. The Tribunal remanded the matter for fresh consideration after finding that the Operational Creditor suppressed payments of approximately Rs. 11 lakhs, which if considered would reduce the debt below the Rs. 1 crore threshold under Section 4 of the Insolvency and Bankruptcy Code, 2016....

The appeal was filed by Aquarius H2O Dynamics Private Limited (Corporate Debtor) against an order dated 29.11.2024 of the National Company Law Tribunal, Ahmedabad Bench-I, which admitted a Section 9 p...

Tribunals

NCLAT Chennai Allows Appeals by Resolution Professional Against Rejection of Fee Claims Under IBC. Held that the Adjudicating Authority cannot reduce or disallow fees fixed by the Committee of Creditors without valid reasons....

The present appeals were filed by Mr. Immaneni Eswara Rao, a Resolution Professional, against four separate orders passed by the National Company Law Tribunal, Hyderabad Bench, in various company peti...

Tribunals

NCLAT Dismisses Appeal Against NCLT Order in Company Petition for Oppression and Mismanagement — Maintainability of Appeal Under Section 421 of Companies Act, 2013. The appeal was dismissed as withdrawn with liberty to file a fresh petition before the NCLT, as the appellant failed to demonstrate any error in the impugned order....

The case involves an appeal filed by Mr. Harsha Vardhan Reddy against an order of the National Company Law Tribunal (NCLT) in a company petition alleging oppression and mismanagement in Merit Inn Sout...

Tribunals

NCLAT Dismisses Appeal by Resolution Professional in Fraudulent Trading Case Under Section 66 IBC — Lack of Evidence of Intent to Defraud Creditors. The Appellate Tribunal upheld the NCLT order, holding that mere continuation of business or inability to pay debts does not constitute fraudulent trading without specific evidence of fraudulent intent....

The case involves an appeal filed by the Resolution Professional of Think & Learn Private Limited (the corporate debtor) against Aakash Educational Services Limited and its directors. The corporate de...

Tribunals

NCLAT Allows Appeal Against Rejection of Claim by RP in CIRP of Sovereign Industries Ltd. — Claimant's Right to File Claim Before Adjudicating Authority Not Barred by Limitation Under IBC. The NCLAT held that acknowledgment of debt in balance sheets extends limitation and the RP's rejection was erroneous....

The case involves an appeal by Mr. Bhagawant Narayan Naik against the rejection of his claim by the Resolution Professional (RP) of Sovereign Industries Limited (Corporate Debtor) in the Corporate Ins...

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