2018 (10) TMI 981
Action of RBI in selecting the petitioner as one of the borrowers and issuing instructions to the banks to make a reference under the IBC - whether is arbitrary, unreasonable and falls foul of Article 14 of the Constitution of India? - Held that - This Court is not called upon to evaluate the criteria adopted by the RBI on merits. The scope of judicial review is limited and unless it is established that the same is arbitrary, unreasonable, capric....... + More
2018 (10) TMI 980
Corporate insolvency process - Held that - This Petition clearly reveals that there is a debt as defined in Section 3(11) of IBC read with Regulation 7 of CIRP Regulation, also there is default in this case within the meaning of Section 3(12) of IBC ....... + More
2018 (10) TMI 979
Corporate Insolvency Resolution Process (CIRP) - Resolution Professional as well as the CoC did not receive any Resolution Plan worth to be considered - order was challenged by one of the unsuccessful resolution application - Held that - The appeal is pending for consideration by Hon ble NCLAT. On 4.5.2018 NCLAT passed an order stating - post appeal for consideration on 18.05.2018 . During pendency of appeal liquidator / adjudicating authority ma....... + More
2018 (10) TMI 913
Corporate insolvency process - original order was passed by the Adjudicating Authority without issuing notice to the Corporate Debtor - Held that - If the entire scheme of the I&B Code is seen, it will be evident that the Code is to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons , partnership firms and individual in a time bound manner. It is a self-contained Code which is exhaustive in na....... + More
2018 (10) TMI 912
Initiation of Corporate Insolvency Resolution Process - Held that - While we accept that the appellant cannot raise any objection with regard to the evidence if filed by the respondent (Financial Creditor), but we are of the opinion that before giving hearing to the appellant (Corporate Debtor), Adjudicating Authority should have given an opportunity to file a reply in view of the decision of the Hon ble Supreme Court in Innoventive Industries Lt....... + More
2018 (10) TMI 777
Applicability of Limitation Act, 1963 to applications made u/s 7 and/or Section 9 of the IBC Code on and from its commencement on 01.12.2016 till 06.06.2018 - scope of Section 238A of the Insolvency and Bankruptcy Code, 2016 as inserted by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 with effect from 06.06.2018 - applications seeking to resurrect time-barred claims - dispute or default - Held that - Given the fact that the proc....... + More
2018 (10) TMI 776
Corporate insolvency process - no demand notice given to the corporate debtor - Appellant enclosing terms of settlement which shows that the amount payable to the Respondent has been paid by draft dated 27th August, 2018 - Held that - The impugned order passed by the Adjudicating Authority without taking into consideration the evidence that the demand notice under Section 8(1) was never served on the Corporate Debtor, we set aside the impugned or....... + More
2018 (10) TMI 775
Liquidation of corporate debtor - Application filed u/s. 33 of the Insolvency and Bankruptcy Code, 2016 praying for liquidation of the corporate debtor, Bajrangbali Alloys Private Limited - non-receipt of any Resolution Plan to takeover the stressed assets of the corporate debtor - Held that - On a careful screening of the Progress Reports it is understood that the corporate debtor in the case in hand was non-operational even on the date of filin....... + More
2018 (10) TMI 592
Application u/s 43 of the Insolvency and Bankruptcy Code, 2016 - Preferential transactions and relevant time - Held that - Admittedly, the 2nd Respondent is not a related party to the Corporate Debtor and therefore, for preferring an application under Section 43 in respect to transaction made with 2nd Respondent one has to refer to clause (b) of Sub- section (4) of Section 43. In the said provision the period of one year preceding the insolvency ....... + More
2018 (10) TMI 312
Ineligibility of resolution applicants to submit resolution plans after the introduction of Section 29A into the Insolvency and Bankruptcy Code, 2016 with effect from 23.11.2017 - Persons not eligible to be resolution applicant - Held that - Both sets of resolution plans that were submitted to the Resolution Professional, even on 2.4.2018, are hit by Section 29A(c), and since the proviso to Section 29A(c) will not apply as the corporate debtors r....... + More
2018 (10) TMI 232
Corporate insolvency process - resolution deemed to be passed - deadlock created by the low percentage of votes cast by a new category of financial creditor - Real Estate (Commercial) and Real Estate (Residential) - Whether threshold of Voting shares in respect of the class of Financial Creditors Real Estate (Commercial) and Real Estate (Residential) as provided in various provisions of the Code (e.g. section 22(2) provides threshold of 66%) is m....... + More
2018 (10) TMI 231
Corporate Insolvency Resolution Process - default in repayment of the outstanding loan amount - Held that - The applicant financial creditor has placed on record voluminous and overwhelming evidence in support of the claim as well as to prove the default. - The material on record clearly goes to show that respondent had availed the loan facilities and has committed default in repayment of the outstanding loan amount. Moreover, it is seen that the....... + More
2018 (10) TMI 230
Liquidation proceedings - 60 days delay has been taken in RP taking charge - 64 days be excluded while computing 180 days time period of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor - Alternatively, the Committee of Creditors (CoC) be directed to extend the CIRP time period for a further period of 90 days - Held that - It is nothing but delay tactics to deprive the CoC from proceeding further to realise whatever that....... + More
2018 (10) TMI 202
Corporate insolvency process - Adjudicating Authority refused to extend the period of scheme for further five years which was prepared by BIFR under the provisions of Sick Industrial Companies (Special Provisions), Act, 1985 - Held that - In absence of any provision to review the scheme already sanctioned under sub-section (1) of Section 31 of the I&B Code, the Adjudicating Authority held that the scheme having already approved and as the company....... + More
2018 (10) TMI 197
Claim to IRP on the basis of power of attorney - IRP to accept the claim of the applicant s claim as one of the members of the CoC as a representative of 86 debenture holders of the Corporate Debtor - Held that - The terms of the debenture holders i.e. financial creditors are to appoint their agent to represent them in CoC. In this case, original trustees of a trust created by the Corporate Debtor to manage the affairs of debenture holders are de....... + More
2018 (10) TMI 196
Corporate insolvency proceedings - proof of default committed by Corporate Debtor - Held that - Operational Creditor is able to establish total transactions under various Purchase Orders at Rs, 164,44,016/- and amount paid by Corporate Debtor under various invoices was totalling at ₹ 1,16,67,412/- and balance is ₹ 37,76,604/- and if interest @ 24% is added, the total amount due was ₹ 79,20,558/- since it is commercial transactio....... + More
2018 (10) TMI 195
Corporate Insolvency Resolution Process (CIRP) - whether there is Operational Debt which became due and payable by the Respondent to the Operational Creditor /Petitioner? - non-payment of debt - Held that - In the case on hand Respondent did not submit even the PDCs. Even before the submission of PDCs there was correspondence between the petitioner and respondent in the form of e-mail which is referred to in page Nos. 39 and 40 of the Counter. Th....... + More
2018 (10) TMI 194
Corporate Insolvency Resolution Process - existence of financial debt - Held that - There exists a financial debt and there is occurrence of default committed by the Corporate Debtor in respect of repayment of financial debt. - Hon ble Supreme Court in the Judgment in Innoventive Industries Limited v. ICICI Bank & ANR 2017 (9) TMI 58 - SUPREME COURT OF INDIA held that if there is a default occurred in respect of financial debt and the movemen....... + More
2018 (10) TMI 47
Insolvency Resolution Process - outstanding debt - Held that - A record of default is available with the Credit Information Bureau (India) Limited (CIBIL) as per its commercial credit information report of the Corporate applicant based on report dated 07.02.2018 (at pgs. 208-256). Certificate of registration of charge issued by ROC has also been placed on record as Annexure-H. - Details given in the preceding paras would establish beyond doubt th....... + More
2018 (9) TMI 1739
Misconduct insolvency professional - misleading the stakeholders of the insolvency and bankruptcy - Held that - An insolvency professional exercises the powers of Board of Directors of a corporate debtor during the period of CIRP. He conducts the entire CIRP and manages the operations of the corporate debtor during the CIRP period. His responsibilities during CIRP are detailed in the Code and relevant regulations. He has similar onerous responsib....... + More
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