-
2021 (7) TMI 1448
Jurisdiction - power of Adjudicating Authority to interfere before the quasi-judicial determination - locus standi to challenge the inclusion of DSKL in the CIRP - necessary party to application - due date to file EOI is a commercial decision or not - it was held by NCLAT that before approval of the Resolution Plan the Adjudicating Authority can entertain or dispose of the question of priorities or any question of law or facts, arising out of or in relation to CIRP or Liquidation proceedings - HELD THAT:- There are no cogent reason to entertai....... + More
-
2021 (7) TMI 1438
Maintainability of Section 9 application - existence of debt due and default or not - HELD THAT:- The amount of default is calculated and Section 9 application was filed and it is claimed that the Appellant is entitle to 20% of the amount received by the Respondent under the Construction Agreement. There are substance in finding of the Adjudicating Authority that there was no material of service rendered. The Section 8 notice relied on also does not show material as to service rendered. Under the provisions of IBC, to be an Operational Credito....... + More
-
2021 (7) TMI 1437
Admission of Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 - time period for filing appeal - HELD THAT:- Under Section 61(2) of the IBC, the period for filing of Appeal is 30 days and the time which can be condoned by this Tribunal beyond the period of Appeal is of 15 days. The impugned order being dated 20.09.2019, the limitation expired after period of Appeal and another 15 days and the present Appeal is clearly time barred. The ground raised is of limitation with regard to the debt concerned. What appears is that t....... + More
-
2021 (7) TMI 1429
Insolvency proceedings against Guarantor - Whether an individual, in his capacity as a guarantor in connection with credit facilities granted by a bank or financial institution to a corporate entity, may be proceeded against by way of insolvency proceedings under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 before an appropriate Debts Recovery Tribunal? HELD THAT:- The statutory source of authority for carrying such application to the Debts Recovery Tribunal is found in Section 95 of the Code of 2016. Section 95 is included in Cha....... + More
-
2021 (7) TMI 1426
Extension of time-cum- enlargement of time for completion of the task of reconciliation of accounts of the Corporate Debtor and JAL and submission of final report by Grant Thornton (GT) before the adjudicating authority - SC [ 2021 (3) TMI 1143 - SUPREME COURT] held that The matter regarding approval of the resolution plan stands remitted to the Committee of Creditors of JIL and the time for completion of the process relating to CIRP of JIL is extended by another period of 45 days from the date of this judgment - HELD THAT:- The final report b....... + More
-
2021 (7) TMI 1425
Maintainability of petition - availability of effective alternative remedy of appeal under Section 61 of I B Code - writ petitions are filed on the premise that the appeals and stay petitions are not being taken up by the NCLAT - HELD THAT:- As observed by the Apex Court in M/s. Innoventive Industries Ltd v. ICICI Bank [ 2017 (9) TMI 58 - SUPREME COURT ], the IBC, 2016 is a Single Unified Umbrella Code, covering the entire gamut of the law relating to insolvency resolution of corporate persons and others in a time bound manner. The code provid....... + More
-
2021 (7) TMI 1420
Claim of outstanding GST dues - Appellant submits that the amount approved for the Appellant Operational Creditor is too insufficient considering the claim which was outstanding - HELD THAT:- Hon ble Supreme Court in Ghanashyam Mishra and Sons Private Limited vs. Edelweiss Asset Reconstruction Company Limited . Others [ 2021 (4) TMI 613 - SUPREME COURT ] has held that once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and wil....... + More
-
2021 (7) TMI 1378
Appointment of IRP - no intimation communicated to him being appointed as IRP either by Registry or by Operational Creditor or by Corporate Debtor - whether CIRP could be commenced by said IRP or not? - HELD THAT:- It seems that the Operational Creditor is not bothered about his own claim, else for more than 330 days we do not understand how the applicant having claim of more than of crore of rupees will sit over under the impression, will not make enquiry either with registry or with the proposed IRP whose name was known to him as he had rece....... + More
-
2021 (7) TMI 1377
Seeking to change the name of IRP appointed by the Bench Mr. Aditya Kumar - HELD THAT:- Learned Counsel has suggested the name of Mr. Nitish Kumar Sinha to be appointed whose form-2 is also filed alongwith application. We failed to understand that how after 330 days of CIRP period prescribed under the Code, such kind of application can be entertained. Be that as it may, we refer this matter to IBBI to make appropriate enquiry with respect to IRP appointed by the Bench and take appropriate action as required against said IRP. Application is dis....... + More
-
2021 (7) TMI 1375
Right to file reply - Petitioner submits that despite the directions given to the Respondent, no reply has been filed on behalf of the Respondent - HELD THAT:- The right to file the reply is hereby closed - List the matter for arguments on 13.08.2021. Ld. Counsel appearing for the Petitioner submits that the Affidavit has been filed on 10.07.2021 but the same is not available on DMS. Therefore, the Petitioner is well advised to share the filing no. with the Registry and the Registry is directed the list the same, if it is defect free - List the matter on 13.08.2021.
-
2021 (7) TMI 1357
Maintainability of petition - separate identity of holding and subsidiary companies - scope of the expression, member occurring in section 241, 242 and 244 of the petition - Should it be read narrowly and strictly in terms of the definition in section 2(55) of the Companies Act, 2013, or should it be given a little expansive meaning so as to include with its fold a beneficial owner of shares? - Can a Significant Beneficial Owner (SBO) of the shares of a holding company rappel straight into a subsidiary without coursing through the holding comp....... + More
-
2021 (7) TMI 1355
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - OTS (One Time Settlement) sanctioned to the Corporate Debtor - existence of debt and dispute or not - HELD THAT:- The Company Petition is nothing but a second round of litigation. The earlier company petition bearing no. 4086 of 2018 was withdrawn by the applicant on account of OTS (One Time Settlement) sanctioned to the Corporate Debtor. Except paying upfront amount of 10 crores, the Corporate Debtor did not adhe....... + More
-
2021 (7) TMI 1340
Seeking deletion of names of the Personal Guarantors from this Petition - requirement to file separate applications against the Personal Guarantors - HELD THAT:- The Petitioner is permitted to file an Affidavit in this regard within 7 days from today and copy of the same is to be given to the Respondent. Since the petition filed is under Section 7 of IBC, no further adjournment shall be granted. List the matter on 11.08.2021.
-
2021 (7) TMI 1331
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - service of demand notice - HELD THAT:- In the case in hand, the demand notice was duly delivered prior to the notification dated 24.03.2020. When all the above provisions under Sections 7, 8, 9 10 of IBC are read together, it is observed that, the word default is common to all and the right to file an application under any of these Sections 7, 9, 8 or 10 of IBC accrues only....... + More
-
2021 (7) TMI 1329
Principles of natural justice - applicant submits that though reply from the first respondent has been received but the reply of second respondent has not been served on her till date - HELD THAT:- Since the same is available in the Registry of Chandigarh Bench filed vide Diary No.00019/12 dated 22.02.2021, learned Senior Counsel for the applicant in the CA is permitted to collect a copy of the same from Registry - List IA No.368/2020 on 30.09.2021.
-
2021 (7) TMI 1328
Maintainability of application - time limitation - present Application claimed to be filed on 11th March, 2021 i.e. more than two months after the rejection of the claim by the RP - HELD THAT:- There was no need for the CEO of the Company to travel to Kolkata for filing this Application. Even now, the Application has been affirmed at Chennai only. So, this explanation does not hold water. In any case, the Resolution Plan has been approved by the CoC on 5th June, 2021 and at this late stage, allowing the claim of the Applicant, will not only ca....... + More
-
2021 (7) TMI 1327
Failure to provide necessary internet services to all the residents in the area - HELD THAT:- It is prima facie apparent that the applicant had breached the terms of the agreement by not providing internet services to all the residents as agreed by him. In view of the same, the application filed by the applicant i.e Radius Infratel Pvt. Ltd. is dismissed and the respondents are at liberty to provide necessary services through some other agency. Application stands dismissed.
-
2021 (7) TMI 1311
Seeking extension of CIRP period - HELD THAT:- It appears from record that assets of the Corporate Debtor attached by CBI and ED and they are not yet released. In such situation, we feel that CIRP cannot prolonged on such ground for indefinite period. This application stands disposed of.
-
2021 (7) TMI 1304
Seeking grant of interim relief - HELD THAT:- This prayer shall be considered, only after the appearance of the Respondent - Ld. Counsel appearing for the Petitioner also wish to serve the Dasti notice upon the Respondent. Prayer is Allowed. He is directed to serve the Dasti notice upon the Respondent. List the matter on 04.08.2021.
-
2021 (7) TMI 1303
Seeking direction to Resolution Professional to verify, entertain and accept the claim of the Applicant - Resolution Professional Mr. Kashi Vishwanathan Sivaraman, not acting under the specific and mandatory regulations and guidelines of the Code - HELD THAT:- Considering the fact that no specific order on the claim submitted by the Applicant has been passed by the RP as yet, we direct the RP to consider the claim of the Applicant pending before him since long on merits and pass a specific order in accordance with the provision of Law. Application disposed off.
