2018 (8) TMI 661
Protecting the interests of home buyers in projects floated by Jaypee Infratech Limited (JIL) - IDBI Bank Limited instituted a petition under Section 7 of the Insolvency and Bankruptcy Code 2016 (IBC) against JIL (CP (IB) 77/ALB/2017)) before the National Company Law Tribunal (NCLT) at its Bench at Allahabad. The bank sought the initiation of a Corporate Insolvency Resolution Process (CIRP) against JIL. - Held that - in the absence of a statutory....... + More
2018 (8) TMI 591
Corporate insolvency process - Held that - The claim of the FCs that the FC-1 had granted a loan to the tune of ₹ 31, 66,000/- to the CD on 16-05-2013 and FC 2 had granted a loan to the tune of ₹ 72,32,000/- to the CD on 27-05-2013 on the terms and conditions, enumerated in the Annexures B and B-1, in a very poor light which , in turn, throw its weight more and more not behind the claim of the applicants herein -but-- behind the claim....... + More
2018 (8) TMI 590
Corporate insolvency resolution process for non-payment of dues - compliances required under Section 9(5)(i) for admitting the Application - Held that - No evidence of repayment of any amount by the Corporate Debtor to the Operational Creditor. No repayment was made within the prescribed statutory period of ten days under Section 8(2)(b) of the I&B Code which gave the right to the Operational Creditor to file this present Application under Sectio....... + More
2018 (8) TMI 589
Corporate Insolvency Resolution Process - Held that - In the case in hand the respondent company has committed default in repayment of the outstanding amount. Moreover, the application of the financial creditor is complete and there is no disciplinary proceeding pending against the proposed IRP. We are satisfied that the present application is complete and the applicant financial creditor is entitled to claim its outstanding financial debt from t....... + More
2018 (8) TMI 588
Initiating Corporate Insolvency Resolution Process - pre-existing dispute - Held that - There is nothing on record which proves that there was pre-existing dispute relating to the alleged debt amount. Given above said facts and principle laid down in above cited case the contention of the respondent that there was a pre-existing dispute regarding goods/services given by the Operational Creditor to the Corporate Debtor is found devoid of merit. - ....... + More
2018 (8) TMI 446
Corporate insolvency process - application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 - pre-existing dispute - Held that - The defense put up is not a mere sham or illusory and coupled in addition with the proceedings before the criminal court pending ever since 2012 clearly establishes that the dispute is of such a nature as between the parties which cannot be decided in a summary manner. In this connection, this Tribunal ....... + More
2018 (8) TMI 138
Corporate Insolvency Resolution Process - Held that - This Adjudicating Authority has ascertained the existence of a default on the part of the Corporate Debtor/ Guarantor. The Financial Creditor has fulfilled all the requirements of law and has also proposed the name of IRP after obtaining the written consent in Form-2. Therefore, CP/699/(IB)/CB/2017 is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which....... + More
2018 (7) TMI 1741
Winding up petition - Company Court jurisdiction while dealing with the winding up petitions to stay the proceedings before the NCLT in respect of revival or resolution issue - Held that - The general legal principles of interpretation of statute state that the general law should yield to the special law. In the context of the present statute i.e. IBC 2016, we are of the view that the Companies Act 1956 could be treated as general law and IBC, 20....... + More
2018 (7) TMI 1740
Corporate Insolvency Resolution Process - Initiation of corporate insolvency resolution process by financial creditor - Held that - As evident from the perusal of documents Annexure R(l)(Colly) & Annexure R(2) filed by the Financial Creditor along with the rejoinder that the shareholders of the Respondent Company are also the members of the Association, and thus fall under the same management. It is further obvious that the affairs of the Ass....... + More
2018 (7) TMI 1690
Initiation of Corporate Insolvency Resolution Process - Held that - If the application is filed under Section 7, default in respect of a financial debt owed to any of the Financial Creditors of the corporate debtor, it need not be a default of debt owed to the particular Financial Creditor and may be a Co-Financial Creditor under Section 7(2). Application made under Sub-section (1) in the form prescribed required to accompany the documents and re....... + More
2018 (7) TMI 1689
Corporate insolvency proceedings - Held that - There is a dispute about invoices issued by the Operational Creditor, one to the Appellant (Corporate Debtor) and another to one M/s Pebble Bay Developers Pvt. Ltd. , which is sister concern of the Corporate Debtor, we are of the view that application under Section 9 was not maintainable. For the said reason we set aside the impugned order dated 26th April, 2018 passed by the Adjudicating Authority (....... + More
2018 (7) TMI 1634
Initiation of Corporate Insolvency Resolution Process - proof of outstanding debt - Held that - The conditions in the loan agreement that unsecured loans, obtained by the CD, would be non-interest bearing as well as the conditions that such loans cannot be repaid during the currency of the bank loan are all business decisions, taken by the parties thereto in the best interest of all concerned and as such, said cannot be questioned alleging that s....... + More
2018 (7) TMI 1633
Corporate Insolvency Resolution Process - outstanding debt - Held that - It is the case of the Operational Creditor that the aforesaid amount of ₹ 30/- crores was advanced by it to Monnet Ispat for construction of power plant and supply of ancillary equipment. The Operational Creditor is to stand in the shoes of its Predecessor-in-interest. The relationship between them was that of supplier of goods and services which is fully covered by th....... + More
2018 (7) TMI 1632
Insolvency Resolution Professional (IRP) - plea of the IRP seeking for his discharge - Held that - It is evident from the representations of the OC, CD as well as Financial Creditors who are before us that there is prime need for the CIRP Process to commence, as envisaged under the provisions of IBC, 2016 and in consonance with the order of admission of CIRP as initiated against the CD by this Tribunal. - From the submissions made by the stakehol....... + More
2018 (7) TMI 1335
Corporate Insolvency Resolution Process - proof of debt - Held that - The stand of financial creditor (SBI) that the applicant has not come with clean hands and has suppressed facts, cannot be a ground to reject the application if it is otherwise complete. - The other two financial creditors have raised almost similar objections which cannot detain us from proceeding under Section 10 of the Code. The other objection that action under SARFAESI Act....... + More
2018 (7) TMI 1263
Corporate insolvency process - Whether there exists a financial debt owed by the Respondent Company to the Applicants? - Held that - It is noted that the settlement agreement talks only about the debts due to Naresh Kumar Aneja and is completely silent about the debts owed to Sushant Aneja, Applicant No. 1 or Naresh Kumar Aneja (HUF), Applicant No. 2. Further, there is no explanation or description of the debts to be set off, thus, it cannot be a....... + More
2018 (7) TMI 968
Corporate insolvency process - Repayment of Restructured Liability - Held that - Admittedly, the Corporate Debtor failed to pay instalments in terms of the schedule I annexed to the agreement . What is the reason for default of payment cannot be a ground to reject the application under Section 7, as the Adjudicating Authority is only supposed to see whether the application is complete or not and whether there is any debt or default . We find no m....... + More
2018 (7) TMI 757
Corporate insolvency process - Held that - The acknowledgement of the debt is available in the accounts of the petitioner since 2008-09 upto 31. 03. 2016. As already discussed above, the respondent s contention that the financial statement of respondent placed on record by the petitioner has been made in connivance with the ex-employee of the respondent is not supported by any proof and moreover, the Balance Sheet as at March 2016 filed by the pe....... + More
2018 (7) TMI 634
Corporate insolvency process - pre existing debt - Held that - The operational creditor has filed supplementary affidavit indexing the certified copy of the bank s statement. The operational creditor has complied with the provision of section 9(3)(b) and (c) of the Insolvency in Bankruptcy code. - It is pertinent to mention that proceeding before they Hon ble High Court relating to criminal case filed under section 138 of the Negotiable Instrumen....... + More
2018 (7) TMI 633
Corporate insolvency process - eligibility criteria for resolution application - Held that - Referring to the note of the 1(a) of the category A of eligibility criteria for resolution applicant (vide Annexure-A), it has been submitted for and on behalf of the RP/CoC that said eligibility criteria allows two or more companies to form a SPV and to participate in the bidding. Therefore, it is not correct say that any company whose minimum NTW is les....... + More
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