2018 (1) TMI 953 - DELHI HIGH COURT
M/s ATV Projects (India) Ltd. Versus Union of India & Ors.
Constitutional validity of Section 4(b) of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 - grievance of the petitioner is that its scheme, which was pending before BIFR, was at a very advanced stage and was almost on the verge of acceptance, a day prior to the notification of the Repeal Act - Held that - Once a law is repealed and a new legislation has been put in its place, it is not open for anyone to contend that it shoul....... + More
2018 (1) TMI 952 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
Maharashtra Tourism Development Corporation Versus Luxury Train Private Limited
Corporate insolvency proceedings - existence of dispute - Held that - Operational Creditor is a person to whom operational debt is owed and includes any person to whom such debt has been assigned or transferred. The definition of Operational Creditor is not exhaustive but illustrative. It is capable of covering those heads which are not specifically mentioned in the definition. The definition of operational debt postulates that it is a claim in r....... + More
2018 (1) TMI 951 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Raj Hari Eswaran Versus M/s. CMI India Pvt. Ltd. & Anr.
Corporate insolvency process - no issue of notice - Held that - Admittedly, no notice was issued under sub-section (1) of Section 8 of the I&B Code . In terms with Rule 5, other informations were also not placed before the Adjudicating Authority. - The 1st Respondent ( Operational Creditor ) having failed to provide all the details as required under Form-5 as noticed above, the application under sections 433 and 434 of the Companies Act, 1956 can....... + More
2018 (1) TMI 906 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Value Line Interiors Pvt. Ltd. Versus Rattan India Power Ltd.
Corporate insolvency process - existence of dispute - Held that - In the present case, we find that there is an existence of dispute and a notice of dispute has been received by the Operational Creditor . In the aforesaid background the Adjudicating Authority rightly rejected the application filed by the appellant under Section 9 of the I & B Code........ + More
2018 (1) TMI 864 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD
The Punjab National Bank Versus Parerhat Gas Industries Ltd.
Corporate insolvency proceedings - eligible debt - Held that - It is established there is default of Debts which comes to ₹ 1,18,41,92,137.17/- and which is in excess of ₹ 1,00,000/- (Rupees One Lakh only). Hence, the present application can be considered for its Admission. - Having heard the submission of Shri Nath Tiwari Advocate for Financial Creditor as well as of Shri P.K Bajpai, Advocate for Corporate Debtor, the present petitio....... + More
2018 (1) TMI 816 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA
Badjate Stock And Shares Pvt. Ltd. Versus Snowblue Trexim Pvt. Ltd.
Corporate Insolvency Resolution Process - Whether the respondent succeeded in proving existence of a genuine dispute as alleged in the reply? - Held that - No proof produced in support of oral intimation of dispute to the petitioner prior to the date of receipt of the demand notice by the respondent. The demand notice was received by the respondent on 28.06.2017. In the absence of proof to prove that the respondent raised the dispute as highlight....... + More
2018 (1) TMI 505 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
M/s. Unigreen Global Private Limited Versus Punjab National Bank, Corporation Bank, Vijaya Bank And Oriental Bank of Commerce
Dismiss an application for initiation of Corporate Insolvency Resolution Process - non-disclosure of facts beyond the statutory requirement under the I & B Code read with relevant form - Whether the penalty imposed by the Adjudicating Authority under Section 65 of the I & B Code is legal or not? - Held that - There is nothing on record to suggest that the Corporate Applicant has suppressed any fact or has not come with the clean hands. Th....... + More
2018 (1) TMI 443 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Vishwa Nath Singh, Director, Swan Aluminiums Pvt. Ltd. Maharashtra Versus M/s. Visa Drugs & Pharmaceuticals Pvt. Ltd.
Application under Sections 433 and 434 of the Companies Act, 1956 for winding been treated as an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 - Held that - In the present case, the respondent has failed to show that the amount of loan treated to have been given to the Corporate Debtor were disbursed against the consideration for the time value of money. In absence of any such evidence on record to suggest that the amoun....... + More
2018 (1) TMI 442 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
ATP Packaging Limited Versus Sheon Skincare Pvt. Ltd.
Corporate insolvency process - Held that - In view of the fact that despite service of notice and thus an opportunity having been given to the Corporate Debtor to defend its cause by way of compliance with the principles of natural justice mandated to be adhered to by this Tribunal, the Corporate Debtor has not availed the opportunity given and from the facts averred and the documents placed before this Tribunal, this Tribunal is of the considere....... + More
2018 (1) TMI 433 - BOMBAY HIGH COURT
Jotun India Private Limited, Edelweiss Asset Reconstruction Co. Ltd., SK Networks Company Ltd. & Anr., Hanwa Company Limited, M/s. J.P. Engineering, M/s. Bhotika Trade & Services Pvt. Ltd. Versus PSL Limited
Corporate insolvency resolution process - whether the Company Court has any jurisdiction to stay the proceedings filed by a Corporate Debtor before NCLT even though a previously instituted company petition by a creditor may have been admitted (and therefore does not get transferred to NCLT) but where a provisional liquidator has not been appointed? - Power to stay proceedings pending before NCLT - Held that - Section 446 of the Companies Act, 195....... + More
2018 (1) TMI 315 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
T.R. Jawahar & Anr. Versus Edelweiss Asset & anr.
Corporate insolvency process - plea taken by the appellants is that the respondent(s) has filed the application under Section 7 of the I & B Code in the capacity of Trustee and not as a Financial Creditor - Held that - On perusal of the record, we find that in Part-I of Form I, it has been mentioned that the respondent is a Financial Creditor . Its date of incorporation as financial creditor has been shown as 5th October, 2007 with the identi....... + More
2018 (1) TMI 229 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Ravi Mahajan Versus Sunrise 14 A/S, Denmark
Corporate Insolvency Resolution Process - absence of records of default - Held that - In this case, we find that the application preferred by Respondent under Section 7 is not complete in absence of records of default , as required in terms of sub-section (3) (a) of Section 7 of the I&B Code . In such case, it was not open to the Adjudicating Authority to entertain the application preferred by Respondent. - This apart, as we find that the applica....... + More
2018 (1) TMI 125 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD
Gujarat State Petroleum Corporation Ltd. Versus JODPL Private Limited
Corporate insolvency procedures - financial debt having a commercial effect of borrowing - Held that - The present transaction which relate to a Cash Call fall within the definition of commercial effect of borrowing. Further, by raising dispute with respect to quantum of amount due under such transaction or omission to perform the terms of the contract or such allegation to exceed beyond the terms of the contract does not necessarily absolved the....... + More
2018 (1) TMI 65 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Deltronix India Ltd. & Ors. And Kapil Gupta & Anr. Versus Indiabulls Housing Finance Ltd. & Anr.
Corporate Insolvency Resolution Process - Held that - In the present case, as we find that there is no illegality or infirmity committed by Adjudicating Authority in admitting the application under Section 7 of the I&B Code , we find no ground to interfere with the impugned order. For the said reasons also this Appellate Tribunal has no jurisdiction to accept the settlement reached between the parties to annul the impugned order, though it is ope....... + More
2018 (1) TMI 6 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
RCI Industries And Technologies Ltd. Versus CK Infrastructure Ltd.
Corporate Insolvency Resolution Process - Held that - Default as contemplated under the provisions of IBC, 2016 has been established by the Financial Creditor viz-a-viz the Corporate Debtor and in the circumstances the Petition stands admitted....... + More
2017 (12) TMI 1451 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, MUMBAI
Sobha Limited Versus Pancard Clubs Ltd.
Corporate insolvency process - existence of a dispute - Held that - Having heard learned counsel for the appellant, while we agree that initiation of Corporate Insolvency Resolution Process under I&B Code cannot be nullified by any order passed by SEBI nor can be a ground to reject an application under Section 9 of the I&B Code but as there is an existence of dispute with regard to the invoices raised by the Appellant- Operational Creditor , we h....... + More
2017 (12) TMI 1384 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI
Bell Finvest (India) Ltd. Versus Intercon Container Servey And Commodities Pvt. Ltd.
Corporate insolvency process - interest claimed over the principal - Held that - By seeing the loan transaction, one thing is clear that most of the interest rates charged are not heard of, at least we have not come across of charging 1 interest per day on defaulted amount, the Petitioner multiplied interest rates, with different nomenclature such as additional interest, minimum interest, future interest, prepayment interest. May be, the Debtor e....... + More
2017 (12) TMI 1318 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Balaji Enterprise Versus Gammon India Limited & Ors.
Corporate insolvency procedure - Application under Section 9 of the I & B Code was filed with regard to default pursuant to different agreements - Held that - Clause for arbitration exists in both the agreements. However, such disputed question of facts cannot be determined in this appeal particularly the Appellant or the Respondents having not taken such plea before the Adjudicating Authority. - While we are not inclined to interfere with th....... + More
2017 (12) TMI 1243 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD
Jayeshkumar Arvindbhai Popat (Jalaram Cotton And Proteins Ltd.) Versus Kotak Mahindra Bank Ltd. And Others
Corporate insolvency process - Held that - The Corporate Insolvency Resolution Process is aimed to revive the Company. In case if no Resolution Plan is there or in case the Resolution Plan is not approved by this Adjudicating Authority, then all the Creditors can claim the amounts from the assets of the Corporate Debtor as per the provisions of the Insolvency Code. Therefore, the admission of the Petition is not going to cause any prejudice to an....... + More
2017 (12) TMI 1242 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Ellora Paper Mills Limited & Anr Versus Ajithnath Steels Pvt. Ltd.
Corporate insolvency process - application barred by limitation - Held that - For initiation of Corporate Insolvency Resolution Process , the right to apply accrues under Section 7 or Section 9 or Section 10 only with effect from 1st December, 2016 when I&B Code has come into force, therefore, the right to apply under Section 7 or Section 9 or Section 10 in all present cases having accrued after 1st December 2016, such applications cannot be reje....... + More