If some other recovery proceedings are pending or the amount of claim is disputed before other tribunal or adjudicating body that won’t empower the adjudicating authority to reject the petition.
If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.
Amongst the 11 high profile case under the purview of Insolvency Code, Essar Steel has attracted a lot of attention.
The judgement of the Supreme Court, in the case of Innoventive Industries vs ICICI Bank is a shot in the arm for the regime established under the Insolvency and Bankruptcy Code, 2016
article we will discuss about Compulsory and Voluntary Liquidation and how it is helpful for the Corporate Creditor against their debtor/s.
The latest amendment bill of Insolvency & Bankruptcy, 2017 has been passed by the Lok Sabha to deal with recovery and reorganization in a speedy, reliable process.
An appellate tribunal has stayed the order of the National Company Law Tribunal (NCLT) allowing the promoter of MBL Infrastructure to bid for his insolvent company. It also stayed the resolution plan for the company. The Kolkata bench of the NCLT had allowed the promoter of MBL Infrastructure, Anjanee Kumar Lakhotia, to place a resolution … Continue reading “Appellate tribunal stays NCLT order allowing promoter to bid for firm”
Indiaʹs new financial disaster law is getting most traction from an uncommon set of lenders, people with the least to benefit from pushing corporations into the insolvency process. Operational or unsecured creditors, who have dues that are not backed via any collateral, might be los angeles st in queue to be repaid once an insolvency … Continue reading “Why closing-in-queue creditors report maximum insolvency lawsuits in India”
NCLT has designated its Members in different branches of the Tribunal to hear appeal against order of Registrar or such other officer officiating as the Registrar of the Bench. Further, it has been clarified that appeal against order of Registrar with regard to Principal Bench and New Delhi Bench(s) shall be made before Honorable President, … Continue reading “NCLT Has Designated Its Members In Different Branches Of The Tribunal”
The National Company Law Tribunal (NCLT) recently rejected a proposed merger between two companies, citing significant concerns over public interest. This decision underscores the NCLT’s critical role in balancing corporate ambitions with broader societal and economic implications, ensuring that business decisions do not undermine the interests of the public.
In a significant ruling, the National Company Law Tribunal (NCLT) Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member) and Shri D. Arvind (Technical Member),
The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.
interim finance can be raised by the resolution professional appointed by the National Company Law Tribunal (NCLT). The resolution professional is authorized to raise interim finance after obtaining approval from the Committee of Creditors (CoC).
The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., the National Company Law Tribunal (“NCLT”), Kochi Bench, comprised of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), held that an unregistered Partnership Firm cannot institute insolvency proceedings under IBC.
The National Company Law Tribunal has paved the way for operational creditors to revive their debt and proceed as decree holder.
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