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Insolvency and Bankruptcy - Tribunal - Case Laws

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• 2022 (8) TMI 655
  
  Maintainability of application - initiation of CIRP - Corporate Debtors failed to make repayment of its dues - Financial Creditors - Non-performing assets - existence of debt and dispute or not - date of default - HELD THAT:- The Financial Creditor granted various facilities to the Corporate Debtor and upon non-payment of those facilities, the Account of the Corporate Debtor became NPA. Thereafter, the Applicant and Respondent vide Agreement dated 30.03.2015 entered into MRA. Excerpts of Schedule of repayment agreed vide MRA is also annexed to the Petition under which repayment was to be made till 2024-25. Even after entering the MRA, the Corporate Debtor defaulted the repayment schedule of MRA - Vide letter dated 01.02.2016, the Financial Creditor called upon the Corporate Debtor to pay a sum of Rs.174.61 crore being the amount due and p....... + More

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• 2022 (8) TMI 654
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - it is alleged that the Petitioner had unconditionally and irrevocably sold, transferred and assigned the loans granted to certain borrowers, to the Respondent and SCCPL - it is alleged that the loans sold turned out to be related party transactions and funds siphoning scheme adopted by the Petitioner which led to filing of multiple suits - HELD THAT:- The Respondent is not disputing the fact that the outstanding amount is due and payable to the Petitioner. Further, infact vide Settlement Agreement dated 01.07.2017 to which the Respondent is a signatory party acknowledged the debt of Rs.260,00,00,000/-. The Settlement Agreement was entered into pursuant to the litigation ....... + More

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• 2022 (8) TMI 653
  
  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 - service of demand notice - whether the demand notice in Form 4 dated 29.10.2019 was properly served? - HELD THAT:- The demand notice was received as per tracking report mentioned at Annexure-F of the main petition. In view of the same, it is held that the demand notice has been duly served. However, no reply was filed to the demand notice. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- It is pleaded by the petitioner that there is no dispute of unpaid operational debt pending between the parties in any court of law or any other authority. The same has been inferred from the affidavit in terms of Section 9(3)(b) of I&a....... + More

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• 2022 (8) TMI 652
  
  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:- Since, the Corporate Debtor was not present on that date, the matter was adjourned from 14.07.2022 to 27.07.2022 with a specific direction that the Corporate Debtor shall appear and address their arguments on 27.07.2022 failing which the argument of the Corporate Debtor would be treated as heard and appropriate order will be passed. Accordingly, the matter was taken up on board on 27.07.2022. However, the Corporate Debtor neither appeared nor addressed any arguments as directed by this Bench. Hence, having no other alternative, this Bench reserved the matter for orders. Time Limitation - HELD THAT:- The payment of Rs. 1 lac on 18.08.2016 m....... + More

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• 2022 (8) TMI 651
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial creditors - existence of debt and dispute or not - whether the present application is filed within limitation? - HELD THAT:- The present petition is filed vide Diary No.4710 dated 11.09.2019, wherein, it can be seen from the records that the date of default is 08.07.2019 and 20 days notice period is served on 19.07.2019. Therefore, the present petition is filed within limitation. Whether there is default in payment or not? - HELD THAT:- It is observed from the record that in the present case, the occurrence of default is evidenced by the copy of the ledger account, bank statement, statutory recalling notice and the same are attached as Annexure P-2, P-5 and Annexure P-7 respectively of the petition. The respondent-corpor....... + More

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• 2022 (8) TMI 650
  
  Condonation of delay of 1150 days in filing petition - sufficient reasons to condone delay or not - HELD THAT:- The above delay condonation petition was filed on 01.03.2021 and whereas the main Company Petition in which the Interlocutory Application was filed on 19.09.2019. Thus, admittedly the present I.A. is not filed along with the Main Company Petition and therefore the Petitioner has to explain the delay in not filing the above I.A. from 19.09.2019 till the filing date on i.e. 01.03.2021 since there is already a delay in filing the main Company Petition and therefore the delay is more than 1150 days. The only reason assigned in Para 18 of the Petition is that the Petitioner is exploring all the options available under law for recovery of its legitimate dues and on the other hand was also negotiating for settlement. The Petitioner exc....... + More

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• 2022 (8) TMI 649
  
  Approval of Resolution plan which is already approved by the CoC, and pending before the Adjudicating Authority for approval - Seeking direction that the resolution plan of the Respondent No. 1 be remanded back to the CoC so that the CoC can reconsider all the resolution plans submitted during the corporate insolvency process of the corporate debtor - HELD THAT:- Right to exercise commercial wisdom has an implied right to review the same. The Hon'ble NCLAT, in the BANK OF MAHARASHTRA AND ORS. VERSUS VIDEOCON INDUSTRIES LTD. AND ORS. [2021 (7) TMI 1292 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI], has clearly stipulated that along with the right to exercise commercial wisdom, the CoC has the right to review such a decision. In the instant case, even though CoC had approved the plan already, pursuant to an affidavit filed by the....... + More

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• 2022 (8) TMI 648
  
  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:- The Corporate Debtor filed a detailed reply alongwith Annexure R-l to R-16, primarily denying, the averments in the application to the effect that there is no debt and default. That the entire amount due and payable has been already been paid. The Ld. Counsel for the Corporate Debtor refers to the admitted bills and Statement of Account of the applicant to prove that the entire amount of Rs. 68,86,105/- has been paid and that there is no due - While it is the contention of the Petitioner that there is debt and default in excess of Rs. 68,86,105/- which has been already paid by the Corporate Debtor. The Ld. Counsel for the Petitioner was as....... + More

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• 2022 (8) TMI 647
  
  Maintainability of application - Initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- It is noted that there was a business relationship between the Operational Creditor and the Corporate Debtor, several work orders were issued by the Corporate Debtor and accepted by the Operational Creditor. As per the work orders, services are provided by the Operational Creditor against which 14 invoices were raised by the Operational Creditor from 21.04.2017 to 16.06.2017 amounting to Rs. 1,24,69,143/-. After that, the Operational Creditor requested the Corporate Debtor to pay the outstanding amount through a letter dated 19.03.2019, wherein the Corporate Debtor replied via letter dated 18.04.2019. and raised a dispute over the quality and standard of th....... + More

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• 2022 (8) TMI 615
  
  Dissolution of the corporate Applicant - Section 59 of the IBC, 2016 read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 - HELD THAT:- On examining the Application, documents annexed therewith and the submissions made by the Applicant/Liquidator, it emerges that affairs of the Company have been completely wound up and its assets have been completely liquidated and there is no litigation pending against the Company. It is further observed that ROC and Income Tax has filed its reports in response to the compliance affidavit dated 20.04.2022. On perusal of the affidavits, it is observed that the ROC and Income tax has no objection. That inspite of notice none appeared on behalf of the IBBI and accordingly no objection was raised. In view of the facts placed on record, averments and the submissions made by the Liquidator, the Company deserves to be dissolved. The Company is hereby dissolved with immediate effect - Application allowed.

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• 2022 (8) TMI 614
  
  Seeking orders for Liquidation of the Corporate Debtor - Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (the Code) and Rule 11 of NCLT Rules, 2016 - HELD THAT:- Despite all possible steps as required under the Code, taken during the CIRP, the CoC did not receive any viable proposal for revival of the Company. The counsel submits that the decision in the IAs pending, will not have any bearing on the allowing of this application. Application allowed.

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• 2022 (8) TMI 548
  
  Seeking dissolution of Company - section 59 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 - HELD THAT:- Despite service of the notice ROC has neither filed its report nor raised any objections to the present application u/s. 59 of Insolvency & Bankruptcy Code, 2016. There is no legal impediment in allowing the prayer of the applicant. Accordingly, the Prayer of Liquidator to dissolve the Company U/S. 59 of IBC is allowed and the said company is hereby dissolved with effect from the date of the present order - Application disposed off.

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• 2022 (8) TMI 547
  
  Seeking for direction to the Respondents to pay their dues to the Corporate Debtor, being the benefits received by them from the Corporate Debtor - related parties or not - transactions with related party is hit by Section 43 or not - Section 43 and 45 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The sale of flats at a lower price is explained stating that it is due to the disputes between the builder and the Corporate Debtor, the fact that there are disputes is not countered by the Applicant. Apart from there being no sufficient material to hold that the transactions alleged are preferential transactions. The ground raised by the Corporate Debtor with regard to the maintainability of this application needs to be considered. The contention is that the Resolution Plan is already approved and hence, the Tribunal does not have j....... + More

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• 2022 (8) TMI 546
  
  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:- The Operational Creditor issued a demand notice in Form 3 under section 8 of the Code on 11 January 2020. Further, the Operational Creditor has submitted an affidavit under section 9(3)(b) of the Code, affirming that the Corporate Debtor has not raised any dispute regarding the unpaid operational debt. The Operational Creditor has further produced affidavit affirming that it has not received any payment from the Corporate Debtor after the issuance of the demand notice in Form 3. The purpose of the Code is to resolve the insolvency of the Corporate Debtor and not recovery of debt. On perusal of the said documents, it is opined that....... + More

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• 2022 (8) TMI 545
  
  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:- It is noted that the Operational Creditor has supplied the goods to the Corporate Debtor and raised an invoice of Rs. 5,51,933/-. The copy of invoices along with delivery challan is annexed at page no. 12 to 123. The demand notice was issued by the Operational Creditor on 11.12.2019 and same was delivered to the Corporate Debtor on 17.12.2019. This Adjudicating Authority vide order dated 25.02.2020 again directed to the Operational Creditor to supply the copy of the application and inform the Corporate Debtor to appear and contest this present application but no one appeared on behalf of the Corporate Debtor. Hence, this Adjudication Autho....... + More

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• 2022 (8) TMI 544
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- Mere plain reading of the provision under section 7 of IBC shows that in order to initiate CIRP under Section 7 the Applicant is required to establish that there is a financial debt and that a default has been committed in respect of that financial debt. The documents submitted by the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has indebted and defaulted in the repayment of loan amount - upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. It is pertinen....... + More

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• 2022 (8) TMI 504
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence od debt and dispute or not - HELD THAT:- The applicant clearly comes within the definition of Financial Creditor. The material placed on record as state confirms that respondent has debt due and has committed default in repayment of the outstanding financial debt. On a perusal of Form-I filed under Section 7 of the Code read with Rule 4 of the Rules shows that the form is complete and there is no infirmity in the same. It is also seen that there is no disciplinary proceeding pending against the proposed Interim Resolution Professional. The present application is complete in all respect. The applicant financial creditor is entitled to move the application against the corporate debtor in view of admit....... + More

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• 2022 (8) TMI 503
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - petitioners are entitled to maintain the present petition being homebuyers and meet the threshold limit of 100 of such allottees or 10% of the total number of such Allottees, or not - doctrine of indoor management - lifting of corporate veil - existence of debt and dispute or not - Whether the present petition is hopelessly time barred? - HELD THAT:- The cause of action or default in the case of homebuyers arises only when the agreed/promised date of possession as per the builder buyer agreement has lapsed and till date the possession is not handed over. Given the fact that the default is for the date of possession only, the limitation for the said period does not end because the date of possession does not a....... + More

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• 2022 (8) TMI 502
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Personal Guarantors to Corporate Debtor - existence of debt and dispute or not - HELD THAT:- The relevant documents annexed with the application and the affidavits of service placed on record have been examined. It is observed that prima facie, the respondent has committed default in making repayment of the loan amount of Rs. 2,59,70,606/- for which the respondent has given personal guarantee to the applicant financial creditor on the behalf of the corporate debtor. The demand notice has been served to the respondent/personal guarantor Ms. Ritu Bhatia by registered post, which was returned with the remark 'none resides'. It is further observed that vide the order dated 23.08.2021 of this Tribunal, not....... + More

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• 2022 (8) TMI 475
  
  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 - service of demand notice - whether the demand notice in Form 3 dated 29.04.2019 was properly served? - HELD THAT:- The petitioner has placed a tracking report, whereunder it was stated that the speed post was delivered to the corporate debtor and no reply to that has been received. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- It is to be noted that none appeared on behalf of the corporate debtor despite repeated service and has been set ex parte vide order dated 11.02.2020. Moreover, the petitioner has appended affidavit u/s 9(3)(b) stating that there is no reply to the demand notice and the corporate debtor has not....... + More

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