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Insolvency and Bankruptcy - Case Laws

Showing 1 to 20 of 351 Records

  • 2018 (4) TMI 1008 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Birender Kumar Versus M/s Adel Landmarks Ltd.

    Corporate Insolvency Resolution Process - winding up initiated already - Held that - Learned counsel appearing on behalf of Appellant accepts that Hon ble High Court has already initiated winding up proceedings by admitting the application under Section 433(e) of the Companies Act, 1956. In view of such positon and observations made by this Appellate Tribunal in aforesaid appeals, we hold that the application under Section 9 was not maintainable........ + More


  • 2018 (4) TMI 937 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    KLA Construction Technologies Pvt. Ltd. Versus CKG Realty Pvt. Ltd.

    Corporate Insolvency Resolution Process - whether non-payment of advance could not give rise to a claim as an operational debt? - Held that - The claim set up by the Appellant does not fall within the definition of operational debt, default in respect whereof would justify triggering of Corporate Insolvency Resolution Process in terms of Section 9 of I&B Code . What emerges from record is that there is a plausible dispute between the parties in r....... + More


  • 2018 (4) TMI 936 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Mr. M. Nandagopal Versus Virtuous Urja Limited

    Insolvency resolution by operational creditor - corporate insolvency procedure - Corporate Debtor has preferred these appeals on the ground that provisions of Rule 5 have not been followed, as no demand notice under sub-section (1) of Section 8 of the I&B Code was issued, nor relevant information in terms of Part IV of Form 5 were provided by the Financial Creditor - Held that - Similar issue fell for consideration before this Appellate Tribunal ....... + More


  • 2018 (4) TMI 734 - SUPREME COURT OF INDIA

    Bikram Chatterji And ORS Versus Union of India And ORS.

    Complaint against Amrapali group - There are certain projects which could not be included for one reason or the other in the said note. We request the learned counsel appearing for the parties to submit details of M/s. Amrapali group to Mr. Gaurav Bhatia, Advocate. As undertaken by Amrapali Group that they are going to convene joint meeting of officers of NOIDA/Greater NOIDA authorities and the buyers/representatives and other interested stakehol....... + More


  • 2018 (4) TMI 687 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Sriram Compounds Pvt. Ltd. Versus Shiva Drums Pvt. Ltd. & Ors.

    Corporate insolvency process - no notice under sub-section (1) of Section 8 of the I&B Code was issued by the Appellant, nor necessary information were furnished as per Rule 5 - Held that - We are not inclined to interfere with the impugned order dated 26th July, 2017 passed by the Adjudicating Authority, Principal Bench, New Delhi. However, the order passed by the Adjudicating Authority will not come in the way of Appellant to issue notice under....... + More


  • 2018 (4) TMI 602 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Ranjeet Karnal Versus Bell Finvest (India) Limited

    No service of notice on the Corporate Debtor under Rule 4(3) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - Held that - Adjudicating Authority issued notice recording the date of hearing of the application was not served on the Corporate Debtor and returned unserved. It is also not disputed that the address of the Corporate Debtor had been changed much prior to filing of the application under Section 7 of t....... + More


  • 2018 (4) TMI 601 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA

    Abhishek Stock Broking Service Pvt. Ltd., Narayan Finvest Pvt. Ltd., Ayush Fiscal Pvt. Ltd. And Multiplus Resources Ltd. Versus Shree Ganesh Jewellery House (I) Ltd.

    Corporate insolvency resolution process - existence of outstanding debt - Held that - Financial creditors extended financial assistance in the form of Inter Corporate Deposits to the corporate debtor. The corporate debtor has duly acknowledged receipt of such Inter Corporate Deposits which were seen distributed through RTGS in the account of the corporate debtor. The corporate debtor has issued confirmation of accounts and thereby admitted the fi....... + More


  • 2018 (4) TMI 584 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA

    Citi Bank NA Versus Cosmic Ferro Alloys Ltd.

    Corporate insolvency process - Power supply was disconnected while moratorium in force - Held that - Disconnection of the electricity by the DVC, while the moratorium is in force, is quite, illegal and against the provisos of the Code. None of the contentions taken by the DVC are found sustainable under law. Considering the peculiar nature and circumstances of the case in hand and considering that the disconnection is illegal and despite personal....... + More


  • 2018 (4) TMI 532 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Atul Sharma Versus Gudearth Homes Infracon Pvt. Ltd. And anr.

    Corporate insolvency procedure - appellant submits that there is no debt in the eyes of the law as the amount was not paid to the Corporate Debtor - Held that - As from the record we find that Mr. Atul Sharma and Mr. Nipun Sharma, two Directors of the Corporate Debtor were introduced through common friend in the year 2013. At that time, Corporate Debtor needed financial assistance for a short period, therefore, Corporate Debtor approached and req....... + More


  • 2018 (4) TMI 351 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    M/s. Amar Tours And Transport Versus M/s. Go Airlines (India) Limited

    Initiation of Corporate Insolvency Resolution Process - existence of operational debt - Held that - There has been no admission of operational debt by the respondent. In fact, there has been a dispute regarding bills raised and services provided by the applicant. Respondent had raised counter debit notes in 2016. There was existence of dispute much prior to the issuance of notice under Section 8 of the Code. Respondent has raised dispute with suf....... + More


  • 2018 (4) TMI 350 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    M/s KLA Const. Technologies Pvt. Ltd. Versus CKG Realty Private Limited

    Corporate Insolvency Resolution Process - non-payment of mobilization advance - Held that - Non-payment of advance cannot give rise to a claim under Section 5(21) of IBC,2016 as an Operational Debt will arise only when the Petitioner/Operational Creditor is able to establish that there is a debt due and payable arising out of provision of goods or by rendering of services which is not the case here as the said stage has not according to the Corpo....... + More


  • 2018 (4) TMI 349 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    K.S. Oils Ltd. Versus The State Trade Corporation of India Ltd. And Anr.

    Corporate insolvency proceedings - Held that - Indian Council of Arbitration cannot proceed during the moratorium period. - Set aside the order passed by the Indian Council of Arbitration, declare that the Arbitration Tribunal/ Indian council of Arbitration cannot proceed with the arbitral proceeding pending between the parties. Both the parties are directed not to pursue arbitral proceeding before the Arbitration Tribunal/ Indian Council of Arbi....... + More


  • 2018 (4) TMI 276 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, KOLKATA

    Sandeep Kumar Gupta Versus Stewarts And Lloyds of India Ltd. And Anr.

    Corporate insolvency process - Resolution Professional appointment - Held that - The observations made in the impugned order should not be construed to be misconduct on the part of the Appellant, but as we find that the Adjudicating Authority was not satisfied with the performance of the Resolution Professional , we hold that the Adjudicating Authority was well within its jurisdiction to engage another person as Resolution Professional or Liquida....... + More


  • 2018 (4) TMI 275 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI

    CG Power And Industrial Solutions Ltd. Versus ACC Ltd.

    Corporate Insolvency Resolution Process under Insolvency & Bankruptcy Code - Corporate Debtor having defaulted payment - whether pendency of appeal falls within the ambit of definition of existence of dispute, which has already been held that pendency of the appeal amounts to existence of dispute? - Held that - On reading and rereading of section 9, it is understood that if any of the compliance not done as envisaged under section 9(5)(ii), i....... + More


  • 2018 (4) TMI 274 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI

    Bharati Defence and Infrastructure Ltd. Versus Mannu Carrier Corporation

    Right under Insolvency & Bankruptcy Code to get the delivery of the goods lying with the Respondent - ownership rights over the assets lying with the customs authoritieS - Held that - It is not the case that the Respondent herein proceeding to take some action against the Corporate Debtor for appropriating the proceeds of the goods lying in the warehouse, indeed the Corporate Debtor has come forward through RP to take out the asset from the c....... + More


  • 2018 (4) TMI 273 - National Company Law Tribunal, Mumbai

    Swastik Enterprises Versus Gammon India Limited

    Operational Debt - whether on receiving the principal operational debt amount during the pendency of the Petition before NCLT, the Petitioner can press for the admission of the Petition only in respect of the Interest amount alleged to be outstanding, firstly without revising the claim of Outstanding Debt and secondly when the eligibility of Interest claim is challenged by the Operational Debtor ? - Held that - Principal amount of Debt had admitt....... + More


  • 2018 (4) TMI 272 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD

    In Re : Raman Ispat Pvt. Pvt. Limited

    Corporate Insolvency Resolution Process - Held that - There are sufficient and convincing reasons for initiation of liquidation process under Section 33 of the Insolvency and Bankruptcy Code, 2016. - By considering the above stated provision u/s 33(1)(2), the present petition and the reasons mentioned therein its present petition deserve to be allowed....... + More


  • 2018 (3) TMI 1455 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI

    Punjab National Bank Versus Anand Distilleries Pvt. Ltd.

    Initiation of Corporate Insolvency Resolution process - default in making repayment of the loan facility availed from the Bank on 31.05.2011 - Held that - Referring to material papers filed by the petitioner, it is no doubt fact that the corporate debtor availed loan facilities from the Petitioner and thereafter defaulted in making repayment to the Petitioner Bank, therefore the only consideration left to be decided by this Bench is as to whether....... + More


  • 2018 (3) TMI 1454 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI

    The Mormugao Port Trust Versus Mr. Om Prakash Kanoongo (RP) , ICICI Bank And Western India Shipyard Ltd.

    Bar of jurisdiction under Insolvency & Bankruptcy Code - action by District Disaster Management Authority sinking FDD - impact on the corporate debtors - Held that - the subject matter involved in this case is not auction of the FDD but it is an action in progress in pursuance of the order given under the Disaster Management Act, 2005. When such an action being ordered, can anybody remain waiting until the Resolution Professional/Corporate De....... + More


  • 2018 (3) TMI 1320 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Union Bank of India, Tata Capital Financial Ltd. And Alchemist Asset Reconstruction Co. Ltd. Versus Era Infra Engineering Ltd., Svogi Oil Gas and Energy Ltd. And Triupati Buildings And Offices Pvt. Ltd.

    Institution of proceedings in NCLT - Held that - No bar on NCLT to trigger an Insolvency Resolution Process on an application filed under sections 7,9 & 10 if a winding up petition is pending unless an official liquidator has been appointed and a winding up order is passed. The cognate question as to whether Insolvency Resolution Process could be triggered where official/provisional liquidator has been appointed is left open as in none of the....... + More


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