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Insolvency and Bankruptcy - Case Laws
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- 2021 (10) TMI 645 - BOMBAY HIGH COURT
Supersession of Board of Directors of respondent No.2 - appointment of the administrator further mentioning that respondent No.1 intends to shortly initiate the process of resolution of respondent - HELD THAT:- The statutory inspection of respondent No.2 was conducted by Reserve Bank of India under section 45N of the Reserve Bank of India Act, 1934 (RBI Act) with reference to its financial position as on March 31, 2020. Such inspection revealed serious deterioration in its financial position. Respondent No.2 has defaulted in its payment obligations in respect of bank borrowings and market borrowings, which is a matter of serious concern. Because of such defaults, Reserve Bank of India in exercise of powers conferred under section 45IE of the RBI Act has superseded the Board of Directors of respondent No.2 and has appointed Shri. Rajneesh ....... + More
- 2021 (10) TMI 644 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH, NEW DELHI
CIRP process - security deposit and/or intercorporate deposit - Whether this ‘Security Deposit’ and the interest thereon would fall within the ambit of the definition of ‘Financial Debt’ as defined under Section 5(8)(f) of the Code? - HELD THAT:- For a debt to be termed as ‘Financial Debt’, the basic elements that are to be seen is whether (a) there is disbursal against consideration for time value of money and (b) whether it has a commercial effect of borrowing. The definitions provided in Sections 5(7) and 5(8) show that a ‘Financial Creditor’ refers to a person to whom ‘Financial Debt’ is owed and includes even a person to whom such a debt has been legally assigned or transferred to. A ‘Financial Debt’ is a debt alongwith interest which is disbursed against the con....... + More
- 2021 (10) TMI 643 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Liquidation of Corporate Debtor - timeline prescribed in the liquidation proceedings or not - Section 60(5) of IBC, 2016 read with Rule 11 of NCLT Rules 2016 - HELD THAT:- The IBC does not prescribe any such timeline as prescribed in the Regulations for submission of the Scheme. However, the judgement in the case of Y. Shivram vs. S. Dhanpal & Ors. [2019 (5) TMI 386 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] allows the Adjudicating Authority (Tribunal) to extend the period/timeline if there is a chance of approval of arrangement of the scheme. Thus, it could be inferred that the timeline prescribed in the Liquidation regulations is directory in nature. That in the instant case, the OTS proposals made by Applicant were rejected by SIDBI. However, the Scheme proposed by the Applicant on 19.06.2020 has neither been placed by t....... + More
- 2021 (10) TMI 595 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational debt or not - power of toll collection - Section 113 of the Delhi municipal Corporation Act, 1957 - existence of debt and dispute or not - HELD THAT:- Under this Agreement, toll taxes are to be collected by the Respondents from commercial vehicles entering Delhi from the 124 toll points around Delhi. This debt arises under a contract. The total amount under this contract is for a period of 5 years. The operational debt claimed by the Petitioner under Part-IV of Form 5 of the Petition is about ₹ 788,45,20,136/-. The Bench notes that it has to be demonstrated by the Petitioner that the claim is an operational debt as defined in Section 5(21) “5(21) “operational debt” means a claim in respect of th....... + More
- 2021 (10) TMI 594 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking release of amount towards his professional fees and other expenses incurred by him during the CIRP - HELD THAT:- It is an admitted fact that the CIRP initiated against the respondent is set aside by the Hon'ble NCLAT and while disposing of the appeal the Hon'ble NCLAT it was observed that "the Adjudicating Authority will fix the fee of IRP for the period he has functioned" and in pursuance of that direction, the present application is filed. A bare perusal of the Regulation 33 shows that it is the applicant, who shall fix the expenses to be incurred on or by the IRP and if the same has not been fixed, the Adjudicating Authority shall fix the expenses and the applicant shall bear the expenses, which shall be reimbursed by the Committee (COC) to the extent it ratifies - Here in the case in hand, admittedly, there w....... + More
- 2021 (10) TMI 593 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The documents submitted by the Financial Creditor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment of loan amount. It is pertinent to mention here that, the Code requires the Adjudicating Authority to only ascertain and record satisfaction in a summary adjudication, as to the occurrence of default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount - the present application is complete in all respect and the applicant financial creditor is entitled to claim....... + More
- 2021 (10) TMI 592 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor in his reply to the present petition has submitted that in the present application Form-2 is not submitted with the proper disclosures as being mandatory compliance under the guidelines of Insolvency Bankruptcy Board of India'. This contention of Corporate Debtor does not deserve any merit consideration as the Financial Creditor has duly submitted the Form-2 under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 whereby, the Proposed Interim Resolution Professional communicated its written consent. It is pertinent to mention here that, the Code requires the Adjudicating Authority to only asce....... + More
- 2021 (10) TMI 591 - NATIONAL COMPANY LAW TRIBUNAL , PRINCIPAL BENCH, NEW DELHI
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Personal Guarantors to Corporate Debtors - existence of debt and dispute or not - HELD THAT:- It is pertinent to mention that as per part-III of Form-C, the total debt from the personal guarantor, by way of personal guarantee given to M/s. Bank of India, including interest as on 31.01.2021, amounts to ₹ 113,83,35,138.07/-. It is made known to everyone that on the date of filing this Application by the Applicant/Creditor, the interim-moratorium commences, as stipulated under Section 96(1)(a), in relation to all the debts of the personal guarantor and shall cease to have effect on the date of admission of this Application. List the matter for further proceedings in the case on 17.11.2021.
- 2021 (10) TMI 540 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- As per Form V, Part IV of the application, the corporate debtor is liable to pay an outstanding sum of Rs. ₹ 4,00,000/- along with interest @12% p.a. The date of default as per part IV is 18.12.2019. The present application was filed on 28.02.2020, hence the debt is not time barred and the application is filed within the period of limitation - The Applicant has filed an affidavit under section 9(3)(b) dated 22.02.2020 affirming that no notice of dispute has been given by the corporate debtor relating to dispute of the unpaid operational debt - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal ....... + More
- 2021 (10) TMI 539 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking Liquidation of the Corporate Debtor - Section 33 (2) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- This Tribunal after taking into consideration the present facts, circumstances and the provisions of law, hereby order for liquidation of the corporate debtor and in the circumstances the corporate debtor stands Liquidated, and the incidence of liquidation is to follow, on and from the date of this order, in terms of the provisions of IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017. The Liquidation order is allowed - application allowed.
- 2021 (10) TMI 538 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking approval of Resolution Plan - consent of aggrieved homebuyers received or not - Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and read with Regulation 39 of the IBBI (CIRP) Regulations, 2016 - HELD THAT:- It is seen from record that objectors are 20 homebuyers. The plan is approved with 100% voting share of CoC which comprises of two banks HDFC bank, Axis bank and also association of home buyers, comprising of approximately by 343 homebuyers. They have after deliberation passed resolution approving plan. In present case 37.69% homebuyers have consented in favour. It is only 20 No. of homebuyers who have raised objections to approval of plan. Moreover, the apex court has held that commercial wisdom of CoC need not be interfered by adjudic....... + More
- 2021 (10) TMI 537 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Maintainability of application - initiation of CIRP - Dishonor of Cheque - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The matter has been listed on board from time to time since August 2019. The Director of the Corporate Debtor is putting up appearance regularly before this Bench and did not choose to file any reply. On the other hand, the Director of the Corporate Debtor admitted the liability and made a statement that they will discharge the liability of all their creditors in few days. However, nothing happened. Finally, on 04.08.2021 when the matter was listed on board for final hearing Mr. Anaveer Nanna, Director of the Company appeared through virtual hearing and made the same request which is outrightly liable to be rejected. I....... + More
- 2021 (10) TMI 493 - NATIONAL COMPANY LAW TRIBUNAL , GUWAHATI BENCH
Partial rejection of claim as Operational Creditors - seeking directions for the Respondent to accept the entire claim filed by the Applicant - Section 60(5) of the Insolvency and Bankruptcy Code 2016, with rule 11 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- The Petitioner has now filed his claim as a OC and the RP has admitted the claim of the Petitioner as Operational Creditor as per the documents and Audited Balance Sheet of the CD. On perusal of the documents, affidavits submitted and submissions made by both the sides, it is found that the claim made by the Petitioner is now as Operational Creditor and the same has been admitted by the RP as Operational Debt. The RP is to consider the claim amount to be admitted as per the provisions of IBC. In our considered view, nothing is surviving in this Petition now. It is m....... + More
- 2021 (10) TMI 492 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- It is considered that the Loan/Credit facilities have been sanctioned to the Corporate Debtor under Multiple Banking Arrangement - Further, it is seen from the records available that the Corporate Debtor Company has filed its Additional Affidavit wherein the Corporate Debtor has admitted its liability to pay to the Financial Creditor. Also the Financial Creditor has established that the various term loans/Credit Working Capital were duly sanctioned and duly disbursed to the Corporate Debtor but there is no payment of Debt on the part of the Corporate Debtor. Hence, owing to the inability of the Corporate Debtor to pay its dues, this is a fit case to be admitt....... + More
- 2021 (10) TMI 491 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Maintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its dues occurred during the period when there was specific bar enforced by the statute under Section 10A - Financial Creditors - mortgage of office premises as collateral security - existence of debt and dispute or not - HELD THAT:- This Bench is of the considered opinion that the notification dated 06.06.2020 categorically declared that no application for initiation of Corporate Insolvency Resolution Process of Corporate Debtor shall be filed for any default arising on or after 25.03.2020. The notification also provided an explanation for removal of doubt that this Section shall not apply to any default committed before 25.03.2020. In the instant case, the Petitioner in Form-1 claimed that the date of default is as on 30.10.2020 and claime....... + More
- 2021 (10) TMI 490 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor raised the issue of pre-existing dispute between the parties. The Counsel for the Operational Creditor invites attention of this Bench to the demand notice and submits that the Corporate Debtor has not sent any reply to the notice. The Corporate Debtor did not issue any reply within the statutory period in response to the demand notice nor raised any issue regarding to price, quality of service prior to issuing the demand notice. Therefore, the contention raised by the Corporate Debtor will not stand to the test of legal scrutiny. Under these circumstances, this bench is of the view that there is no pre-existing dispute between the part....... + More
- 2021 (10) TMI 479 - SC ORDER
Seeking withdrawal of company petition - seeking to set aside the initiation of Corporate Insolvency Resolution Process (CIRP) based on the settlement between the parties arrived before the constitution of Committee of Creditors (CoC) - HELD THAT:- This Court in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT] has held that at any stage, before a Committee of Creditors is constituted, a party can approach National Company Law Tribunal (NCLT) directly and that the Tribunal may, in exercise of its inherent powers under Rule 11 of NCLT Rules, allow or disallow an application for withdrawal or settlement. In the instant case, the applicant-respondent no.1 had made an application before the NCLT, Mumbai Bench, under Rule 11 of the NCLT Rules for withdrawal of company petition filed under Secti....... + More
- 2021 (10) TMI 389 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI BENCH
Seeking to allow the claim amount submitted by the Respondent in full - Section 60(5) of Insolvency and Bankruptcy Code - HELD THAT:- It is pertinent to mention that all the assessment orders were passed before the declaration of Moratorium. Therefore, it has attained finality in the absence of any challenge against the assessment orders before the Appellate Authority as provided under the statutes - the GST amount is an amount of tax levied under the assessment order as per the Goods and Service Act, 2017. It cannot be edited or reduced by the Resolution Professional himself. Even if the IRP/Resolution Professional was aggrieved by the said Order, they should have filed the Appeal under Section 107 of the CGST/SGST Act, 2017, read with Rule 108 of the GST Rules 2017. Any revision of assessment orders also cannot be made under the pretext....... + More
- 2021 (10) TMI 388 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Seeking the ‘Expression of Interest’ be considered - Approval of Resolution Plan - Section 30(6) of IBC - HELD THAT:- It is not in dispute that the IRP issued the Public Announcement under Section 15 of the Code on 25.12.2020 in Form A in the ‘Financial Express’ (English) in Delhi and Chandigarh Editions apart from ‘Jansatta’ and ‘Dainik Jagran’, inviting claims from the Creditors of the ‘Corporate Debtor’. The record shows that after receiving the claims, the IRP collated the list of Creditors and constituted the CoC. In terms of the decision of the CoC in the 2nd Meeting held on 15.02.2021, the RP carried out publication of Form G inviting ‘Expression of Interest’ in ‘Economic Times’ and All India Edition on 19.02.2021, the ‘Business Standard&rsquo....... + More
- 2021 (10) TMI 387 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking direction to respondents/Suspended Directors to assist and cooperate with the IRP and completing the CIRP process under the Code - seeking to direct the Suspended Directors not to leave country for any purpose till completion of CIRP and assist and cooperate with the IRP and completing the CIRP process under the Code - seeking to direct the Transport Department of NCT of Delhi Government not to transfer Car BMW in any other person name without approval from NCLT as both card belong to Corporate Debtor - seeking to direct Ministry of External affairs to revoke passport issued in the name Gauarav Mahendru, suspended Director and not to issue any Visa to him - HELD THAT:- In the case in hand, admittedly, the possession of the property has never been taken up by the Oriental Bank (Punjab National Bank). Rather, the prayer of the appli....... + More
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