2018 (6) TMI 905
Corporate insolvency process - Whether the Resolution Professional is required to notice the comments of one or other Resolution Applicant(s) to decide the eligibility? - Held that - As the resolution plans are opened and placed before the Committee of Creditors, as per Section 30(5), the Resolution Applicant(s) are entitled to be present. At this stage they may point out whether one or other person (Resolution Applicant) is ineligible in terms o....... + More
2018 (6) TMI 904
Counting the period of corporate insolvency resolution process - period of counting the total period of 180 days 90 days (total 270 days) - Held that - If an application is filed by the Resolution Professional or the Committee of Creditors or any aggrieved person for justified reasons, it is always open to the Adjudicating Authority/Appellate Tribunal to exclude certain period for the purpose of counting the total period of 270 days, if the facts....... + More
2018 (6) TMI 872
Corporate insolvency process - Whether in terms of Section 24(3)(c) of I&B Code, the Resolution Professional is required to give notice to Operational Creditors or their representatives to attend the meeting of Committee of Creditors? - Held that - Intention of the legislature is clear that the Committee of Creditors while approving or rejecting one or other resolution plan should follow such procedure which is transparent. Those who will watchin....... + More
2018 (6) TMI 859
Corporate Insolvency Resolution Process - maintainability of application - neither the applicants were covered by definition of expression financial creditors nor the claimed amount could be regarded as financial debt - Held that - While resisting the admission of the petition learned counsel for the Corporate Debtor has raised the argument that for finalization of joint proposal with various customers the matter is also pending before Hon ble De....... + More
2018 (6) TMI 858
Corporate insolvency process - existence of dispute - Held that - We find that in reply to demand notice under section 8(2) of the I&B Code , the Corporate Debtor by letter dated 22nd August, 2017 intimated that in terms of the agreement the amount has been paid. The Corporate Debtor also mentioned the defects and the counter claim. - In view of the aforesaid existence of dispute , we are not inclined to interfere with the impugned order passed b....... + More
2018 (6) TMI 853
Resolution process initiated at the instance of the Resolution Professional - Whether the resolution professional exceeds his power in appointing professionals, outsourced the work in violation of circular No. IP/003/2018 issued by the IBBI and incurred exemplary cost in violation of any of the provisions of the Code and Regulations and circular? - Held that - Truly all the cost he spent out of resolution process must be ratified by the CoC and i....... + More
2018 (6) TMI 852
Corporate insolvency process - whether 1st Respondent does not come within the meaning of Financial Creditor in terms of Section 5(7) and Section 5(8) of the I & B Code? - agreement for sale of flat reached between Corporate Debtor and the 1st Respondent - Held that - 1st Respondent - flat buyer accepts that the total amount has been paid back by the Appellant. The terms of settlement have been brought on record. Learned Counsel for the 1st R....... + More
2018 (6) TMI 851
Corporate Insolvency Resolution Process - whether the Applicant answers the description of Financial Creditor and Financial Debt ? - Held that - The inflows and outflows are distanced by time and there is a compensation for time value of money. It is significant to notice that in order to satisfy the requirement of this provision, the financial transaction should be in the nature of debt and no equity has been implied by the opening words of Sect....... + More
2018 (6) TMI 850
Corporate insolvency procedure - Held that - Corporate Debtor availed three credit facilities from the Respondent total amounting to ₹ 23,25,00,000/-. Total outstanding amount as on 31.07.2017 was ₹ 15,95,00,000/- when the Corporate Debtor declared NPA-07.09.2013 in December, 2015 quarter. There being the debt and Corporate Debtor having defaulted to pay the amount, we are not inclined to grant any relief in this appeal. The appeal is....... + More
2018 (6) TMI 849
Corporate insolvency process - application rejected on the ground that the application is barred by limitation - Held that - Principle for triggering an application under Section 10 of the I&B Code cannot be made applicable as the Corporate Applicant does not claim money but prays for initiation of Corporate Insolvency Resolution Process against itself, having defaulted to pay the dues of creditors. - In so far it relates to filing of claim befor....... + More
2018 (6) TMI 846
Corporate insolvency process - eligible debt - Held that - As admitted factual position thus emerges that the Debt as defined U/s 3(11) of The Code under consideration have been classified as Non-Performing Asset by the Consortium of Banks, listed hereinabove and there was a Default as defined U/s 3(12) of The Code of non-payment. Therefore, the basic requirement of Admission of an Application under Section 7 appears to be fulfilled for initiatio....... + More
2018 (6) TMI 845
Initiating Corporate Insolvency Resolution Process - existence of operational debt - Held that - Here in this case the applicant claim refund of an advance with interest at 24% p.a. Admittedly there is no purchase agreement enabling the applicant to claim refund of advance in the case of failure of supply of materials or in case of shortfall of materials received by the applicant on account of the purchase orders issued by the applicant. The clai....... + More
2018 (6) TMI 844
Insolvency Resolution Process - outstanding debt - satisfaction of the ingredients as provided under section 9(5) (i) of the Code - Held that - The operational creditor succeeds in proving that the application is complete, that there is no payment of the unpaid operational debt, that the demand notice has been delivered by the operational creditor, that no notice of dispute has been received by the operational creditor and that there is no discip....... + More
2018 (6) TMI 843
Insolvency Resolution Process - discrepancies in the xerox copy of the account furnished - whether the handwritten additions and omissions are against the specific provisions of The Bankers Books Evidence Act, 1891 and therefore, such an account is liable to be rejected? - Held that - A certified copy of entry in a banker s books is to be regarded as prima facie evidence in all legal proceedings with regard to the existence of such entry. As evid....... + More
2018 (6) TMI 842
Corporate insolvency resolution process - allegations against the resolution professional for not preparing Information Memorandum within 14 days of the first meeting of the COC as required by Section 25 (2) (g) of the Code - obligation on the ex-personnel of the corporate debtor, its promoter or any other person associated with the ex-management including ex-directors to extend all assistance and cooperation to the interim resolution professiona....... + More
2018 (6) TMI 763
Corporate insolvency procedure - Moratorium period - Held that - Order of Moratorium will be applicable only to the proceedings against the Corporate Debtor and the Personal Guarantor , if pending before any court of law/Tribunal or authority but the will not be applicable for filing application for triggering Corporate Insolvency Resolution Process under Sections 7 or 9 or 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to a....... + More
2018 (6) TMI 734
Corporate Insolvency Resolution Process - Resolution Plan already been approved - Held that - The order of Moratorium will be applicable to the proceedings against the Corporate Debtor and the Guarantor , if pending before any court. However, such order of Moratorium will not be applicable for triggering Corporate Insolvency Resolution Process under Section 7 or 9 of the Insolvency and Bankruptcy Code, 2016 against the Guarantor or the Personal G....... + More
2018 (6) TMI 731
Initiating of insolvency resolution process - Held that - The application filed by the operational creditor is complete in all respects and the defects pointed out have been removed. Learned counsel for the respondent submits that the corporate debtor is not to raise any objections. The petitioner has also filed with this petition copies of all the invoices of sales. The petitioner has also complied with the requirements of Section 9(3)(b) and 9(....... + More
2018 (6) TMI 730
Corporate insolvency process - Default in repayment of the outstanding amount - Admission of winding up petition - Held that - Prior admission stage of pendency of winding up proceeding against corporate debtor under the Companies Act, 1956 cannot come in the way of the Code. In the present case the applicant vide affidavit dated 01.03.2018 has affirmed that till date no order of liquidation or admission of winding up petition has been passed by ....... + More
2018 (6) TMI 681
Initiation of Corporate Insolvency Resolution Process - default in payment of salary - Held that - From the definition of Operational creditor and Operational Debt , it can be seen that the applicant being in employment in the respondent company and having provided service to the respondent company clearly comes within the definition of Operational Creditor. Similarly the claim of outstanding salary due to him comes within the definition of Opera....... + More
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