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- 2021 (3) TMI 1225 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD 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:- All provisions of IBC, 2016 stand complied. Further, there is a debt which is due and payable and not barred by limitation. There is no pre-existing dispute as well. The amount claimed is much more than the threshold limit of ₹ 1 lakh. The name of IRP has not been proposed as it is not mandatory in case of application filed under Section 9 of 1B Code, 2016. Corporate Debtor M/S. Manpasand Beverages Ltd. is admitted in Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy code, 2016 - Application admitted - moratorium declared.
- 2021 (3) TMI 1224 - NATIONAL COMPANY LAW TRIBUNAL, GUWAHATI BENCH
Direction to hold that CIRP has been dismissed - seeking direction that Interim Resolution Professional shall not act in the CIRP - HELD THAT:- Honble Supreme Court has held in the matter of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] that the CIRP must 'ordinarily" be completed within the time limit of 330 days from the Insolvency Commencement Date unless extended by the Court on sufficient cause. The original Petitioner under Section 7 of the IBC was filed on 21.052018 and the same was admitted on 2308.2019. In the process 986 days and 537 days have passed from the date of filing the application and the admission of the application respectively - It is made dear that this Court is not a Recovery Court and in the name ....... + More
- 2021 (3) TMI 1200 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - NPA - Financial Creditors or not - existence of debt and dispute or not - Time Limitation - HELD THAT:- It is admitted that the Corporate Debtor failed to make any payment and only 20th May, 2016 the Respondent No. 1 issued a recall notice for an outstanding dues of ₹ 26,61,47,046/- - It is admitted that on 20.02.2019 the Respondent No. 1 computed the total dues of the Corporate Debtor which came to ₹ 42,33,36,044/- and informed the Corporate Debtor through letter which is part of Annexure- A/2 Vol- II, pages 247 to 249 of the Appeal Paper Book. In view of the categorical acknowledgement by the Corporate Debtor, acknowledging the dues and making requests for the rescheduled the payment of the instalments, we are of the....... + More
- 2021 (3) TMI 1123 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI
CIRP - Fresh claim of Sales Tax Dues after submission of Resolution plan for approval - Time limitation - Appellant / Revenue department has argued that the initiation of CIRP and the public notice inviting claims were not in his knowledge - Successful applicant sought permission to start working in accordance with the approved Resolution Plan to save the Corporate Debtor from further deterioration, which is presently a going concern - HELD THAT:- In the present case the Operational Creditor - State Tax Department, Government of Maharashtra submitted its claim on 20.12.2019, more than about one year and one month after the invitation of claims through public notice on 2.11.2018. The extended time period for submission of claims with proof is ninety days from the date of initiation of the insolvency resolution process. This period also exp....... + More
- 2021 (3) TMI 1120 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI PRINCIPAL BENCH
Maintainability of application - initiation of CIRP - amounts paid by the first Respondent on behalf of the ‘Corporate Debtor’ to the Lender Bank for compliance of the terms of the OTS - Financial Debt or not - Whether the first Respondent being a ‘Purchaser’ under an Agreement to Sell, executed pursuant to an OTS can claim to be a ‘Financial Creditor’ as defined under Section 5(7) of the Code? - HELD THAT:- There are no illegality or infirmity in the observation made by the Learned Adjudicating Authority that issuance of Notice prior to Section 7 Application is not mandatory as per the provisions of the Code as noted by the Hon’ble Supreme Court in ‘Innoventive Industries Ltd.’ Vs. ‘ICICI Bank and Anr.’ [2017 (9) TMI 58 - SUPREME COURT]. Further, the first Respondent has g....... + More
- 2021 (3) TMI 1096 - NATIONAL COMPANY LAW TRIBUNAL NEW DELHI, COURT - II
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor has not advanced any cogent reason as to why the CIR Process shall not be triggered against it. The Operational Creditor has succeeded in establishing the default on the part of Corporate Debtor in making payment of the operational debt. The Petition filed under Section 9 fulfills all the requirements of the law. Therefore, we admit the petition in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of provisions of Section 14 of the Code. Application allowed.
- 2021 (3) TMI 1063 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, CHENNAI
Seeking extension of time period to complete ‘CIRP’ of the ‘Corporate Debtor’ from 270 to 330 days - initiation of ‘Liquidation Proceedings’ against the ‘Corporate Debtor’ - HELD THAT:- In reality, the act of extending the ‘Insolvency Resolution’ beyond the time limit under section 12(3) of the Code is against the underlying policy of the Code for ensuring timely resolution of ‘Company Insolvency’. Undoubtedly, an extension of time for extension of time for ‘CIRP’ is a ‘critical arena’. However, the exercise of the power of extending the time limit by the ‘Adjudicating Authority’ in negation of the statutory provision of the Code may be desirable in an exceptional/extraordinary circumstances of a given case - Be it noted, that &lsqu....... + More
- 2021 (3) TMI 1051 - NATIONAL COMPANY LAW TRIBUNAL KOCHI BENCH
Seeking to admit applicants’ claim for interest on their admitted claims of gratuity and salary dues for the period from the dates of their respective dates of retirement up to the date of its payment - seeking to include the claims for interest thereof in the Information Memorandum under Section 29 of the said Act - resolution plan already approved - HELD THAT:- Since the Resolution Plan has already been approved, this Tribunal cannot direct the Respondent herein to grant any relief to the applicants. It is evident that the applicants have been granted interest on gratuity till the date of commencement of CIRP. Hence nothing survives for consideration in these applications. Application dismissed.
- 2021 (3) TMI 1047 - NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCH
Seeking to withdraw resolution plan after approval - EMD and the Performance Bank Guarantee deposited by the Resolution Applicant to participate in the resolution process of the Corporate Debtor, to be returned or to be forfeited - HELD THAT:- The Resolution Applicant prepares a plan mainly based on the information provided in the information memorandum prepared by the Resolution Professional. The Resolution Professional is required to prepare the Information Memorandum very diligently ensuring that all the information necessary for the Resolution Applicant to prepare a commercially viable and feasible resolution plan suitable to the corporate Debtor be made available in the information memorandum. Therefore, although due diligence is also conducted by the Applicant on its own and the plan prepared is on an "as is where is" basi....... + More
- 2021 (3) TMI 1044 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCH
Maintainability of application - initiation of CIRP against Corporate Debtor and Corporate Guarantor - Corporate Debtor has committed default in paying the financial debt - pre-existing dispute or not - Declaration of principal borrower's loan account to be NPA - Allegation that Financial Creditor did not comply the provision of Section 215 of the IBC, 2016 - Maintainability of application under Section 7 of IBC, 2016 against the guarantors for selfsame debt and its default, once the principal borrower is admitted in CIRP - Proper authorization of officer who had filed this application on behalf of bank - HELD THAT:- In this case, there is no dispute about following relevant facts (i) Financial debt is more than ₹ 1 lakh due and payable by these Corporate Debtors upon invocation of their guarantees by the bank, (ii) Corporate Gu....... + More
- 2021 (3) TMI 996 - NATIONAL COMPANY LAW TRIBUNAL , KOCHI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor or not - privity of contract - High Seas Sales - HELD THAT:- It is noticed that the High Sea Sale Contract dated 31.05.2017 is entered between the Corporate Debtor and M/s. Thankam Cashew Factory on 31.05.2017 but not with the Operational Creditor. Since Thankam Cashew Factory was not having the required funds, in order to pay an advance amount for the purchase of goods the Operational Creditor paid an amount of ₹ 1,15,00,000/- to the Corporate Debtor. There is no privity of contract between the Operational Creditor and the Corporate Debtor. A stranger to a contract cannot come before a court of Law as held in the matter Dunlop Pneumatic [1915 (4) TMI 2 - HOUSE OF LORDS] and that the Applicant Operationa....... + More
- 2021 (3) TMI 994 - NATIONAL COMPANY TRIBUNAL ALLAHABAD BENCH
Liquidation of the Corporate Debtor Company - Section 33 and 34 of the Insolvency & Bankruptcy Code - HELD THAT:- This Adjudicating Authority is of the view that the liquidation order can be passed in respect of Corporate Debtor i.e. Varanasi Auto Sales Limited, as no resolution plan has been received by any of the Resolution applicant and the Members of the COC with 89.18% are also in favour for liquidation of the Company and further RP has complied with the provision laid down under Insolvency and Bankruptcy Code. The COC has also resolved the present RP to act as a liquidator in the matter and also the fee and expenses of the liquidation has been fixed in the COC meeting held on 17.01.2020. Liquidation order is passed - application allowed.
- 2021 (3) TMI 993 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial creditor - existence of debt and dispute or not - HELD THAT:- As stated by the Petitioner, it has paid advance amount of ₹ 5 lakhs each for 10 apartments. However, the Petitioner has not furnished any details of construction, payment of remaining consideration, except enclosing copies of Agreements of Sale. The Petitioner alone has entered into agreements of sale for purchase of 10 apartments. Therefore, the Petitioner, at the most, can claim refund of advance money rather than to hand over completed apartments without paying major portion of consideration. Mere Agreement of sale by paying paltry advance amount cannot create substantial right to the Petitioner to invoke provisions of Code. There is an alternative r....... + More
- 2021 (3) TMI 988 - NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH VI
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - pre-existing dispute or not - HELD THAT:- The deficiency in services was raised by the Corporate Debtor in the Email Trail communication vide dated 01.02.2018, 21.05.2018, 28.05.2018 and 14.06.2018 between the Operational creditor and Corporate Debtor. Secondly, the Termination Letter dated 18.07.2018, wherein the Corporate Debtor terminated the 5 Purchase orders owing to Non-performance of contract and finally the Legal Notice delivered dated 30.05.2019 clearly establishes the fact that there was pre-existence of Dispute between both the parties prior to the issuance of demand notice. Since there is a pre-existing dispute between the parties, there are no option but to reject the prayer of the Operational Creditor to initiate proceedings under Section 9 of IBC, 2016 - application dismissed.
- 2021 (3) TMI 985 - NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH VI
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor or not - existence of debt and dispute or not - time limitation - HELD THAT:- The claim of the applicant is not admitted by the respondent. In fact there are certain issues which should be adjudicated before ascertaining the claim of the applicant. At this stage it is immaterial to consider who will succeed. Besides this forum, in the present proceeding, is not supposed to examine the merit of the disputed claims made by the parties. Time Limitation - HELD THAT:- A financial/operational creditor will have to be vigilant while initiating proceedings under the Code and ensure that application is within 3 years from the date of default. The creditor will be unable to take the benefit of the provisions of the Limi....... + More
- 2021 (3) TMI 979 - NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH-I
Condonation of delay in filing claim - seeking direction to liquidator to accept and verify the claim of Applicant - Rejection of claim filed by Applicant before the liquidator appointed for the Corporate Debtor Company, which is undergoing CIRP - HELD THAT:- The contention of the Counsel for liquidator is that the Applicant filed the claim beyond the time prescribed for receiving the claims. It is true that the Applicant filed the claim after a delay of 540 days. The claim was not filed within 30 days from the commencement of liquidation process. The undisputed fact is that there was an abnormal delay in filing the claim before the liquidator. The applicant has not furnished any justifiable reasons for the delay. The amount claimed by the Applicant is substantial. It is not convincing to believe that a person who is to get substantial amounts is not keeping a track of the happenings in the corporate debtor. Application dismissed.
- 2021 (3) TMI 978 - NATIONAL COMPANY LAW TRIBUNAL HYDERABAD
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Financial Creditor or not - pre-existing debt and dispute or not - HELD THAT:- The grounds stated by corporate debtor will not prevent the financial creditor from initiating CIRP against corporate debtor. There are grounds to admit the petition. No tenable objections are raised by the corporate debtor about the debt. The financial creditor suggested the name of the IRP and filed his consent in Form-2. The petition is complete and therefore deserves to be admitted. Petition admitted - moratorium declared.
- 2021 (3) TMI 941 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Seeking restraining the Respondents from holding Annual General Meeting (AGM) of the Company scheduled to be held on 01.12.2020 wherein the Appellants’ removal from the Board of Directors has been proposed - HELD THAT:- Learned NCLT directed the parties to complete pleadings by filing Replies/Rejoinders. Further, the leaned NCLT ordered to maintain status quo till the next date of hearing. The status quo order need to be adhered to by the respective parties with respect to the decision taken in the Board Meeting dated 07.11.2020 and any decision taken in the AGM which was held on 01.12.2020. Further, the learned NCLT observed that all the actions taken therein are subject to the outcome of the Company Petitions. The learned NCLT protected the interest of the parties including the Appellants. The learned NCLT rightly observed that wh....... + More
- 2021 (3) TMI 939 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH , NEW DELHI
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - service of demand notice - time limitation - existence of debt and dispute or not. Notice mandated under Section 8 of the IBC, 2016 was served or not? - HELD THAT:- The Respondent had got issued a Legal Notice dated 20.08.2018 prior to the issuance of the Demand Notice in September 2018, addressed to the Corporate Debtor at the Registered Address. The same has not been denied by the Corporate Debtor. Additionally, a notarized Affidavit of service has been filed with respect to handing over a copy of the Petition to the Office of the Corporate Debtor - Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and Sections 8 & 9 of the IBC, the letter issued by the Depart....... + More
- 2021 (3) TMI 934 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor - HELD THAT:- The present Appeal is against an Interim Order and the statement made by the Operational Creditor is already recorded. It goes without saying that it would be expected from the Respondent Operational Creditor to stand by statement made and not to create any difficulties in the day to day business of the Corporate Debtor. We expect and request the Adjudicating Authority to decide the Application under Section 9 itself at the earliest, one way or the other - Application disposed off.