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Insolvency and Bankruptcy - High Court - Case Laws
Showing 1 to 20 of 116 Records
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- 2021 (3) TMI 126 - CALCUTTA HIGH COURT
Initiation of CIRP - Period of limitation - NPA - Jurisdiction of Tribunal to admit application - HELD THAT:- That article 137 in the Limitation Act, 1963 would apply for the purpose of the bank's application made before the Tribunal, is undisputed. On perusal of the impugned order, it appears that the bank had asserted, the bar of limitation did not apply as the corporate debtor had made acknowledgments in its balance-sheets, acknowledgments as in section 18 of the Limitation Act, for the period of limitation being extended - The court is convinced that the mandate of the Limitation Act is for dismissal of, inter alia, an application such as the bank's, on having been brought more than three years after right to sue accrued. The Tribunal, on the facts, lacked jurisdiction to admit it. The impugned order dated August 19, 2020 is set aside and quashed.
- 2021 (2) TMI 1157 - DELHI HIGH COURT
Territorial Jurisdiction to entertain the petition - Seeking enforcement and execution of partial Award - Foreign Award or not - Jurisdiction of Courts where the Award-debtor resides or where the assets, which are subject-matter of the Award are situated - Whether this Court has territorial jurisdiction to entertain the present petition? - HELD THAT:- The term “subject-matter of the arbitration” cannot be confused with “subject-matter of the suit”. The term “subject-matter” in Section 2(1)(e) is confined to Part I. It has a reference and connection with the process of dispute resolution. Its purpose is to identify the courts having supervisory control over the arbitration proceedings. Hence, it refers to a court which would essentially be a court of the seat of the arbitration process. In our opinion, t....... + More
- 2021 (2) TMI 926 - CALCUTTA HIGH COURT
Seeking interim order of attachment - seeking order of injunction against the defendant - HELD THAT:- In the facts of the present case, the plaintiff has claimed a decree for a sum in excess of ₹ 81 crores on the basis of an agreement under which, the defendant was to construct and deliver flats to the plaintiff. The ultimate agreement between the parties, had obliged the defendant to construct and make over unit Nos. 12W, 13W and 14W located on the 12th, 13th and 14th floor on the proposed building “Wellside Camac” to be constructed by the defendant upon the plaintiff paying the agreed consideration in respect thereof. Admittedly, the plaintiff had paid a sum of ₹ 14,06,70,000/- to the defendant. Apparently, the parties had fallen out of the contract. The parties have claimed differently with regard to the termina....... + More
- 2021 (2) TMI 519 - DELHI HIGH COURT
Seeking extension of the mandate of the learned Arbitral Tribunal to conclude the arbitral proceedings and render award - Section 29A (5) of the Arbitration and Conciliation Act, 1996 - HELD THAT:- A reading of the counter affidavit filed by the BSNL, indicates that the learned Arbitral Tribunal is also conscious of the pendency of the CIRP proceedings pending before the NCLT, and the question of whether the mandate of the Arbitral Tribunal still continues in view of the said proceedings. It appears that, on 3rd October, 2020, the learned Arbitral Tribunal had directed the parties to intimate the learned Arbitral Tribunal whether, in view of the provision of the IBC and the 1996 Act, the learned Arbitral Tribunal was authorised to proceed with the matter. The parties were also requested to place, on record, the orders passed by the NCLT, ....... + More
- 2021 (2) TMI 307 - MADRAS HIGH COURT
Maintainability of application - initiation of CIRP - company defaulted in payment of the dues and the loan account was treated as 'Non-Performing Asset' - HELD THAT:- Though the learned Senior Counsel appearing for the petitioner, as well as the learned Standing Counsel appearing for the 1st respondent Bank, impressed upon the Court to consider their rival claim as to the bar of limitation in respect of the application filed by the 1st respondent Bank, this Court is not inclined to go into the claim in the light of the well settled position of law that the issue relating to limitation is a mixed question of law and facts, especially in the light of the plea taken by the 1st respondent Bank in Para No.27 of their application. It is brought to the notice of this Court by the respective learned counsel for the parties that the 2nd r....... + More
- 2021 (1) TMI 965 - CALCUTTA HIGH COURT
Suit for recovery of price of goods sold and delivered - the claim of the plaintiff does not survive the approval of the Resolution Plan - Chapter XIIIA of the Original Side Rules - HELD THAT:- The Adjudicating Authority had accepted the Resolution Plan of the corporate debtor, that is the predecessor-in-interest of the defendant herein. The Resolution Plan has tabulated the liability of such corporate debtor. The plaintiff has not produced any document to establish that, the Resolution Plan approved in respect of the corporate debtor had the claim of the plaintiffs therein. The contentions of the plaintiffs that, the plaintiffs, subsequent to the death of the original plaintiff, was not aware of the insolvency proceedings in respect of the corporate debtor is of no consequence. In view of the ratio laid down in Committee of Creditors of ....... + More
- 2021 (1) TMI 718 - DELHI HIGH COURT
Seeking listing of its petition, under Section 9 of the Insolvency and Bankruptcy Code, 2016, before the appropriate bench of the National Company Law Tribunal (NCLT) - case of the Petitioner is that the Registrar of the NCLT has failed to even list the Petitioner’s matter before the appropriate bench of NCLT, on the ground that the threshold of the pecuniary jurisdiction of the NCLT has now been amended by a notification dated 24th November, 2020, from ₹ 1 lakh, to ₹ 1 crore - HELD THAT:- This court is of the opinion that the question as to whether the NCLT has jurisdiction to entertain a particular case or not cannot be determined by the Registrar in the administrative capacity. The Registrar would have to place the matter before the appropriate bench of the NCLT, for the said question to be judicially determined. The ....... + More
- 2021 (1) TMI 572 - GAUHATI HIGH COURT
Criminal breach of trust and cheating - dishonest misappropriation and conversion of the assets and properties of M/S Meghalaya Infratech Pvt. Ltd. for its own purpose in violation of the provision of law - Illegal finalization of the resolution plan/bid forwarded by other bidders at a lower price - allegation against the petitioner was that the revised offer of resolution applicant, viz., the PPIPL was not considered or placed before the committee of the creditors and the committee of creditors approved the plan/bid of another resolution applicant, who was found to be the highest bidder - HELD THAT:- Admittedly the request of the respondent No. 2 for extension of time and the revised offer was rejected by the committee of creditors and the petition filed by the PPIPL to direct the petitioner to consider the revised offer of the responden....... + More
- 2021 (1) TMI 313 - DELHI HIGH COURT
Direction to Respondent No.1 to pass directions, guidelines or regulations under Section 196 of the Code - petitioner submits that in the present case applications having been filed against the promoters of the respondent nos. 5 and 6 under Section 25(2)(j) of the Code further CIRP proceedings of such companies must not be proceeded with - HELD THAT:- The provisions, especially Section 26 of the Code would clearly show that it is for the learned NCLT to consider the effect of the applications under Section 25(2)(j) and Section 29A of the Code at an appropriate stage of consideration of the Resolution Plan, if not earlier. The Resolution Professional shall, at the time of submitting the Resolution Plan for approval of the learned NCLT, disclose details of applications filed under Section 25(2)(j) of the Act to the learned NCLT, for the lea....... + More
- 2020 (12) TMI 1021 - CALCUTTA HIGH COURT
Direction to release and make over the proceeds of account lying with State Bank of India, specialized institutional banking branch, Kolkata with the accrued interest thereon in favour of respondents award/decreeholders - Failure to discharge the obligation of agreement and liability of making reimbursemnt by way of refund of amount collected earlier. Whether an awarded claim deposited by the award-debtor with the executing court can be realised and received by the award-holder to the satisfaction of the award, when the said awarded claim was not a part of the resolution process of the award-debtor, after the resolution plan is approved by the relevant adjudicating authority under the provisions of the said IBC? HELD THAT:- The provisions under Order XXI of the Code of Civil Procedure, it is settled that, is a complete code within the cod....... + More
- 2020 (12) TMI 1020 - CALCUTTA HIGH COURT
Maintainability of petition - CIRP proceedings still going on - validity of proposed declaration of the petitioners as wilful defaulters under the RBI Master Circular dated July 1, 2015 - HELD THAT:- CIRP proceedings are going on in respect of the company-in-question vide order dated February 7, 2020 passed by the National Company Law Tribunal, Kolkata, thus, disabling the company itself from preferring the writ petition. That apart, since the show-cause notice was issued to the petitioners themselves and the petitioners were held to be wilful defaulters, the present challenge at the behest of the petitioners, without impleading the company separately, is valid in law. Although the respondents have pleaded public interest in the matter, the mechanism of declaring wilful default was put in place to prevent corrosion of the economy and fina....... + More
- 2020 (12) TMI 887 - DELHI HIGH COURT
Maintainability of appeal - appeal is filed beyond limitation and even the period extendable by the National Company Law Appellate Tribunal - Validity of Appointment of Liquidator and liquidation of company - HELD THAT:- The admitted case of the petitioner is that the limitation as prescribed under Section 61 Sub Section (2) read with proviso is a strict period of limitation which cannot be extended. Admittedly the period to file an appeal has already lapsed. High Court should resist from exercising jurisdiction under Article 227 of the Constitution of India specifically in a case where a remedy of appeal is provided and a strict period of limitation is made applicable and the aggrieved party permits the period of limitation to lapse, maybe for valid or reasons otherwise - Since order dated 15.10.2020 was admittedly an appealable order, t....... + More
- 2020 (12) TMI 877 - KERALA HIGH COURT
Maintainability of petition - Works Contract - contract for the construction of certain portion of the Kochi Metro Project - privity of contract between DMRC and the petitioners - statement filed on behalf of the DMRC, contending that there is no privity of contract between DMRC and the petitioners and that the prayer in the writ petition being in the nature of a monetary claim, cannot be agitated in a writ petition filed under Article 226 of the Constitution of India - HELD THAT:- The contention of there being no privity of contract between DMRC and the petitioners to be well-founded. The mere fact that on the request of EIEL, some amounts were directly paid to the petitioners is not sufficient to hold the DMRC liable for the balance payments. As per the terms of the agreements entered into between the petitioner and EIEL, the amounts du....... + More
- 2020 (12) TMI 644 - ANDHRA PRADESH HIGH COURT
Maintainability of petition - availability of alternative remedy of appeal - sale of the properties offered by the petitioners towards guarantee - sum and substance of the case of the petitioners is that in view of the pendency of the proceedings before the National Company Law Tribunal, Amaravati Bench and in view of Section 14 of the said IBC, the 1st respondent herein cannot proceed with the sale of the properties offered by the petitioners towards guarantee - HELD THAT:- In view of the said alternative remedy available to the petitioners herein under the said provision of law, this Court is not inclined to entertain the present Writ Petition for the purpose of examining the validity of the proceedings initiated under the provisions of SARFAESI Act. This Court deems it proper to dispose of the Writ Petition, with a liberty to the petit....... + More
- 2020 (12) TMI 155 - GUJARAT HIGH COURT
Return of Demand Draft - validity of the said demand draft has expired after not being encashed by the opponent - main petition was withdrawn - present petition is filed by the Director of the respondent No. 2 company - HELD THAT:- Apart from the fact that there was no order sought at the time of withdrawal of the said petition by the learned Advocate for the petitioner with regard to the said demand draft furnished on behalf of the respondent No. 2 Company (original petitioner), as rightly submitted by the learned Advocate Mr. Dossani appearing for the respondent Canara Bank, the applicant who claims to be the Director for the respondent No. 2 Company would not have any locus standi to file the present application, more particularly when the management of the respondent no. 2 Company has already been suspended in view of the order passed....... + More
- 2020 (11) TMI 850 - DELHI HIGH COURT
Jurisdiction of the NCLT to hear applications under Section 43 after the approval of the Resolution Plan - Whether an application filed under Section 43 for avoidance of preferential transactions can survive beyond the conclusion of the resolution process and the role of the RP in filing/pursuing such applications? Structure of the IBC 2016 and Role of Resolution Professionals - HELD THAT:- Under Section 31, if the NCLT is satisfied with the Resolution Plan, it shall approve the same which shall be binding on the Corporate Debtor, all its employees, members, creditors, Central and State Governments, including all local authorities to whom dues may be owed, and all other stakeholders and guarantors. The NCLT has to also satisfy itself that the Resolution Plan has sufficient provisions for its implementation. Once a Resolution Plan is appro....... + More
- 2020 (11) TMI 678 - CALCUTTA HIGH COURT
Winding up of Company - whether the Company Court would retain jurisdiction to hear the winding up petition? - HELD THAT:- It is clear from the Judgment that the learned Judge was of the view that the Company Court retains jurisdiction over winding-up petitions which were filed before the IBC came into force. In that view of the matter, the Court held that the Official Liquidator acting as the Provisional Liquidator could retain the symbolic possession of the assets and properties of the Company (in liquidation). It was also decided that questions of title to the flats, etc. were declaratory in nature and could hence only be decided by this Court. The important part of the Judgment however is the point of time when this Court reasserts its jurisdiction for deciding the issues related to the Company (in liquidation). This Court is informed....... + More
- 2020 (11) TMI 677 - BOMBAY HIGH COURT
Maintainability of petition - availability of alternate remedy of appeal provided under Section 61 of the I.B. Code - Whether notification issued under Section 4 of the MPID Act and consequent attachment of the property including the bank account of the corporate debtor can be challenged by approaching NCLT under Section 60(5) of the I.B. Code? HELD THAT:- Full Bench of this Court in the case between Vijay C. Pulijal vs. State of Maharashtra [2005 (9) TMI 303 - HIGH COURT OF BOMBAY] held that the provisions of MPID Act are ultravires for want of legislative competence of the State legislature. The Full Bench of this Court took a view that the MPID Act transgressed into the field reserved for Parliament. The Full Bench held that the subject matter covered by the MPID Act squarely falls within the ambit of section 58-A and 58-AA of the Comp....... + More
- 2020 (11) TMI 357 - MADRAS HIGH COURT
Eligibility to become insolvency professional - it became necessary for IPs to obtain a valid AFA - Rejection of application for AFA - Constitutional validity of Regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (the IP Regulations) read with Bye-Law 12A of the Insolvency and Bankruptcy Board of India (IBBI) (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 - power to frame the impugned regulations and bye-laws - excessive delegation or not - HELD THAT:- It is clear that the said regulations were framed under the power conferred by Sections 196, 207 and 208 read with 240 of the IBC. In an earlier judgment, namely, V. Venkata Sivakumar v. IBBI, [2020 (8) TMI 58 - MADRAS HIGH COURT], this Court rejected a challenge by the Petitioner herein to R....... + More
- 2020 (11) TMI 54 - DELHI HIGH COURT
Whether a bank/financial institution can institute or continue with proceedings against a guarantor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, when proceedings under the Insolvency and Bankruptcy Code 2016 have been initiated against the principal borrower and the same are pending adjudication? HELD THAT:- Since the liability of a guarantor is co-extensive with that of the principal debtor and not in the alternative, it cannot be said that proceedings in the NCLT against the principal debtor can be a bar to institution or continuation of proceedings against the guarantor under the SARFAESI Act. The question as to whether the respondent/Bank can proceed against a guarantor even after initiation of proceedings under the IB Code also stands settled. Neither Section 14 nor S....... + More
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