National Company Law Appellate Tribunal

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NCLAT Allows Withdrawal of CIRP After Full Settlement of Financial Creditors' Dues — Corporate Debtor to Be Handed Back as Going Concern. The Tribunal directed that upon compliance with conditions (bank guarantee and undertaking), the corporate debtor be handed over to the appellant as a going concern under Section 12A of the Insolvency and Bankruptcy Code, 2016....

The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, passed an order on 18 November 2024 in IA No.937/2022 in Company Appeal (AT) (CH) (Ins) No.358/2022. The appeal was filed by Mr. Bab...

Tribunals

NCLAT Allows Appeal for Non-Compliance of Section 24(3)(c) IBC — Mandatory Notice to Operational Creditor for COC Meetings. Compliance of Section 24(3)(c) of Insolvency and Bankruptcy Code, 2016 held mandatory as per Supreme Court judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni....

The case involves an appeal by Binjusaria Ispat Pvt Ltd, an operational creditor of Abhirama Steels Ltd, against an order dated 17.09.2024 passed by the National Company Law Tribunal (NCLT) in IA No.1...

Tribunals

NCLAT Allows Personal Guarantor to File Objection to RP Report Under Section 99 IBC — Right of Hearing Not Extinguished by Filing of Report. Personal Guarantor Entitled to File Objections to Resolution Professional's Report Before Adjudicating Authority Passes Order Under Section 99 of Insolvency and Bankruptcy Code, 2016....

The case involves an appeal filed by Comandur Parthasarathy, the personal guarantor, against an order dated 21.10.2024 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, in IA No. 19...

Tribunals

NCLAT Allows Section 95 Application Against Personal Guarantors in IBC Case — Limitation Period for Filing Application Under Section 95 Commences from Date of Default in Demand Notice Under Guarantee Contract, Not from Date of NCLT Order Admitting Corporate Debtor. The court held that the limitation for filing an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 against a personal guarantor runs from the date of default in the demand notice under the guarantee contract, and not from the date of the NCLT order admitting the corporate debtor....

The National Company Law Appellate Tribunal (NCLAT) at Chennai, by a common judgment dated 22.10.2024, allowed two appeals filed by the State Bank of India (SBI) against the rejection of its applicati...

Tribunals

NCLAT Dismisses Liquidator's Appeal Against Dismissal of Contempt Petition in Insolvency Case — No Willful Disobedience of Tribunal Order Established. Liquidator's Contempt Plea Fails as Respondent's Actions Did Not Amount to Willful Disobedience of Judgment Dated 02.08.2023 Under Section 60(5) of IBC, 2016....

The Appellant, Mr. Pankaj Dhanuka, the Liquidator of Lanco Kondapalli Power Limited, filed a contempt petition before the National Company Law Tribunal (NCLT), Hyderabad Bench, alleging that the Respo...

Tribunals

NCLAT Dismisses Appeal Against Admission of Section 7 IBC Petition — Financial Debt Determination Requires Satisfaction of Section 5(8) Parameters, Not Mere Balance Sheet Reflection. The court held that issues regarding financial debt definition and admission of debt through balance sheet and emails are to be decided at final stage....

The National Company Law Appellate Tribunal (NCLAT) Chennai, in an appeal against an order admitting a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 (IBC), considered preliminary a...

Tribunals

NCLAT Dismisses Appeal Against Approval of Resolution Plan in CIRP of Tiffins Barytes Asbestos & Paints Ltd. — Challenge to Recall of Order Rejected as Time-Barred and Without Merit....

The appellant, Hero Exports, challenged the order of the National Company Law Tribunal (NCLT), Chennai, dated 12.06.2019 approving the resolution plan in favour of Respondent No.3 in the Corporate Ins...

Tribunals

NCLAT Allows Settlement and Disposes of Appeal Against CIRP Admission Under Section 7 of IBC. The appeal against admission of corporate debtor into CIRP was settled between the director and the financial creditor, leading to setting aside of the NCLT order....

The case involves an appeal filed by Smt. Kandala Vijaya, Director of the suspended board of Deepika Infratech Private Limited, against an order dated 08.03.2023 of the NCLT, Hyderabad bench, which ad...

Tribunals

NCLAT Upholds Sale of Corporate Debtor as Going Concern in Liquidation — Confirms Immunity Under Section 32A IBC. Liquidator's Application for Confirmation of Sale and Immunity Allowed Despite Objections from Suspended Directors....

The appeal arose from a common order dated 27.09.2024 passed by the NCLT, Chennai, in IA(IBC)/415/2024, IA(IBC)/1701/2023, and IA(IBC)/1757/2023 in the principal proceedings IBA/870/2020, concerning t...

Tribunals

NCLAT Dismisses Appeal in Insolvency Case Due to Lack of Privity of Contract. Operational Debt Claim Under Section 9 of IBC, 2016 Fails as No Direct Contractual Relationship Exists Between Appellant and Respondent....

The present appeal was filed by Rahee Jhajharia E to E JV (the Appellant) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the order dated 25.09.2024 passed by the National C...

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