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NCLAT Issues Notice in Appeal Against Rejection of Resolution Plan Approved by 100% CoC Vote. The Tribunal stays liquidation pending hearing, noting that the Resolution Professional and CoC also intend to challenge the same order.

The National Company Law Appellate Tribunal (NCLAT) heard an appeal filed by Deepvir Enterprises & Anr. against an order of the Adjudicating Authority...

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Bombay High Court Quashes Recovery Certificate Against Non-Member in Cooperative Bank Liquidation — Lack of Jurisdiction Under Section 105 Maharashtra Cooperative Societies Act. Liquidator's Power to Determine Debts Confined to Members; Prior Approval of Registrar Mandatory Under Rule 89(14).

The petitioners, Smt. Kalpana Taori and Ramesh Taori, challenged a recovery certificate for Rs.9,76,506.85 issued under Section 105(1) of the Maharash...

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Bombay High Court Quashes Winding-Up Order Against Co-operative Housing Society for Violation of Natural Justice. Final order under Section 103 of Maharashtra Co-operative Societies Act, 1960 set aside as interim order was never communicated to society before confirmation.

The petitioner, Panchshil Co-Operative Housing Society Limited, a society registered under the Maharashtra Co-operative Societies Act, 1960, challenge...

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NCLT Chennai Allows Dissolution of Company in Voluntary Liquidation Under Section 59(7) IBC, 2016. The Liquidator's petition for dissolution was allowed upon satisfaction of compliance with voluntary liquidation requirements.

The National Company Law Tribunal, Chennai Division Bench, allowed a petition filed by the Liquidator, Mrs. Aneetha Subramaniam, under Section 59(7) o...

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Bombay High Court Directs Deposit of Balance Bid Amount in Auction Sale of Company in Liquidation. Official Liquidator's Report for Confirmation of Sale of Properties of M/s. Akola Oil Industries Ltd. - Bidders Required to Deposit Balance Amount Within 15 Days.

The Official Liquidator appointed over M/s. Akola Oil Industries Ltd. (in liquidation) filed reports seeking confirmation of auction sales held on 9-1...

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High Court of Bombay Considers Official Liquidator's Plea for Handover of Assets and Records of Companies in Liquidation. Law Enforcement Agencies' Seizure of Properties and Books of Account Examined in Context of Winding Up Proceedings Under Companies Act, 1956.

The proceedings involved multiple Official Liquidator’s Reports and a Company Application arising out of the winding up of M/s. City Limouzines (Ind...

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Bombay High Court Allows Interim Application Seeking Ratification of Sale Under Section 536(2) of Companies Act, 1956 — Court Ratifies Sale of Property by Company in Liquidation to Bona Fide Purchaser for Value Without Notice of Winding Up Petition.

The Bombay High Court allowed an interim application filed by the applicant seeking a declaration that the sale agreement dated 5th September 2007 was...