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Insolvency and Bankruptcy - Tribunal - Case Laws
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- 2021 (8) TMI 34 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Approval of Resolution Plan - Seeking consideration of claim of Respondent on merits - Section 61 of the Insolvency and Bankruptcy Code, 2016 - For inviting claims, service through paper publication is not proper service - HELD THAT:- In exercise of the powers conferred under Ss. 5, 7, 9, 14, 15, 17, 18, 21, 24, 25, 29, 30, 196 and 208 read with s. 240 of IBC, the Insolvency and Bankruptcy Board of India framed the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations). Regulation 6 provides the manner of public announcement. There is no allegation against the erstwhile IRP that he has not made a public announcement as per the manner provided in Regulation 6. There is no provision in the Regulations that for inviting claims, the IRP/RP is required to effect personal service. The RP has not made necessar....... + More
- 2021 (8) TMI 20 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational creditor - existence of debt and dispute or not - case of respondent is that the corporate debtor has made certain payments for which corporate debtor has no proof and the Corporate Debtor Company is being run by a first generation lady entrepreneur and if the Corporate Debtor was pushed into CIRP it would cause great prejudice to the promoter of the company - HELD THAT:- The corporate debtor did not place any FIR before this tribunal to show that the said police report against the said Ankit Gupta was acted upon by police. Even otherwise the Operational Creditor is not responsible for the said acts of the staff member of the corporate debtor as the corporate debtor alone is vicariously liable as a master for the acts ....... + More
- 2021 (8) TMI 18 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
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:- The bench notes that the applicant is basically an allottee in the Real Estate project. Therefore, the agreement cited by the Financial Creditor is effectively an allotment letter of the flat with the schedule of the payment of the flat. Further, the return of investment as provided in Clause 10, does not provide for any fixed return but is conditional upon completion of the project. It has also provided that the payment will not be due in the event of force majeure issue. The Bench is clear that the petitioner is an allottee and the flat purchaser in a Real Estate Project as the petitioner has been allotted flat no. 1902 in the said project - Therefore, an a....... + More
- 2021 (8) TMI 17 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI 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 - petitioner submitted that even if the respondent is a Government company, CIRP can be initiated against it which is evident from a parallel reading of the definitions of Corporate Person and Government Company under IBC and Companies Act - HELD THAT:- Section 2(45) of the Companies Act, 2013 can be relied upon which defines ‘Government Company’ as any company in which not less than fifty-one per cent of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary company of such a Government....... + More
- 2021 (8) TMI 14 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
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:- This Bench is of the considered opinion that there is no dispute regarding the Corporate Debtor having availed the Loan facility from the Financial Creditor. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared.
- 2021 (8) TMI 10 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCH
Exclusion of period of 60 days from the total period of 90 days granted by the Hon'ble Tribunal, thereby extending the CIRP period upto 24.08.2021 - HELD THAT:- Considering the facts and circumstances as averred by the Applicant and Resolution passed by the Committee of Creditors (COC) for exclusion of 60 days period from the 90 days period granted by this Adjudicating Authority vide its order dated 25.03.2021, we are inclined to allow the instant application as there is a strong possibility of either submission and approval of a Resolution Plan by the COC or withdrawal of application for admission under Section 12A of the Code. The primary objective of the Code is to resolve insolvency of a Corporate Debtor so as to allow it to continue as a going concern. Since as per the averments of the Applicant, the resolution of the Corporate D....... + More
- 2021 (8) TMI 7 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - petition dismissed on the ground that a Scheme of Compromise filed by the Corporate Debtor is pending before this Tribunal and the Statement of Account relied upon by the petitioner are not certified as per the Banker’s Books of Evidence Act and there was no proof of default - HELD THAT:- On perusal of various emails sent by the Corporate Debtor submitted before this tribunal by the petitioner and as rightly contended by the petitioner the debt and default stands proved in this case and all the pleas raised by the respondent in the reply to the main company petition are not legally sustainable and liable to be rejected. The petitioner also suggested the name Mr. Adesh Kumar Gupta as Interim Resolution Professional and enclos....... + More
- 2021 (7) TMI 1263 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Appellant seeks clearance of lease rent and maintenance bill for the year 2019-2020, alongwith Interest - seeking clearance of water bill dated 07.02.2020 as well - Resolution Plan approved by Adjudicating Authority - HELD THAT:- In this case, there is apparent mistake that the lease rent and the electricity and water bill all are essential supply and should form part of Insolvency Resolution Process cost vide Chapter -IX IBBI (Insolvency Resolution Process for Corporate Persons) Regulation 2016, Regulation 31& 32 and R/w Section 5(13) (e) and 14(2) of the Code - The Adjudicating Authority has approved the ‘Resolution Plan’ which is at Annexure-E page - 70 of the Appeal paper book vide Clause 6.2 has clearly stated that in case the actual CIRP is higher than the estimated CIRP cost the Resolution Applicant will pay the hig....... + More
- 2021 (7) TMI 1234 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Lease agreement - lease entered into in accordance with law for renewing the existing lease hold rights, subsequent to notice under SARFAESI - It was contended by the Applicant that the execution and registration of the Lease Deed dated for a period of 20 years, being subsequent to issuance of the SARFAESI Notice was unlawful as being violative of Section 13(13) and the spirit of SARFAESI Act, 2002 - right of the mortgagor to put the property on lease conditional upon Section 65A(2) of Transfer of Property Act, 1882 - Clarification sought of the judgement in the case of Delhi Administration V/s Gurdip Singh Uban and Others [2000 (8) TMI 1106 - SUPREME COURT] - HELD THAT:- There are no provisions in the IBC which permits us to review the judgment passed by this Tribunal. The provisions of Rule 31 of NCLAT Rules, 2016 is also not applicable....... + More
- 2021 (7) TMI 1220 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD 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 - reply to the demand notice made or not - HELD THAT:- This Adjudicating Authority is satisfied that the Operational Creditor has proved its case by placing evidence that default has occurred for which the Corporate Debtor was liable to pay. Reply to demand notice - HELD THAT:- It is seen that no reply to the demand notice served u/s. 8 of the Code was ever made by the Respondent to indicate either existence of dispute or proof of payment of the impugned debt. In fact, during the initial phase of the instant proceedings upto 13.02.2020, the Respondents sought time for settling the matter and for filing Joint Memo of Settlement, but there was no representation thereafter........ + More
- 2021 (7) TMI 1179 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCH
Liquidation of the Corporate Debtor - appointment of Liquidator - cessation of the moratorium declared under Section 14 of IBC - HELD THAT:- The Applicant has filed Form - H from which it is evident that the Fair value and Liquidation value in respect of the assets of the Corporate Debtor is arrived at ₹ 6.35 Crore and ₹ 5.50 Crore. Since the CoC in its 8th meeting held on 31.03.2021 after discussing and deliberating about the current affairs of the Corporate Debtor by taking into consideration that there was no Eol being received from any prospective Resolution Applicant, even after the same was issued twice and also keeping in view of the fact that the Corporate Debtor is not running its business and based on its commercial wisdom has decided to liquidate the Corporate Debtor. The liquidation of corporate Debtor is ordered - the liquidator is appointed - application allowed.
- 2021 (7) TMI 1178 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCH
Dissolution of the Company - voluntary liquidation - Section 59(7) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- On examining the submissions made by the Learned Liquidator and after perusing the documents annexed to the Application it appears that the affairs of the Company have been completely wound up and the assets of the Applicant Company have been completely liquidated and as such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59(8) of IBC, 2016, the dissolution of M/s. Angalaparameswari Finance Private Limited is ordered and the Applicant Company shall stand dissolved from the date of this order. Application allowed.
- 2021 (7) TMI 1175 - NATIONAL COMPANY LAW TRIBUNAL , JAIPUR BENCH
Acceptance or rejection of Resolution plan by CoC - Interference allowed with the commercial wisdom of CoC or not - Seeking to set-aside the decision of the Committee of Creditors (COC) of the corporate debtor in approving the resolution plan of the third respondent - HELD THAT:- A bare perusal of the decision in K. Sashidhar [2019 (2) TMI 1043 - SUPREME COURT], made it clear that while rejecting or approving a resolution plan, the commercial wisdom of the COC cannot be interfered or modified by the Adjudicating Authority, as long as the resolution plan approved by the COC satisfies the requirements under Section 30(2) of the Code. The Hon'ble Apex Court in K. Sashidhar and in various subsequent decisions and also the Hon'ble NCLAT have categorically held that the COC while exercising its commercial wisdom can reject the resolutio....... + More
- 2021 (7) TMI 1173 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCH
Rejection of the claim in relation to the Operational Creditor - non admission of the claim in relation to the Financial Creditor - Section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is seen from the records that these operational creditors were supplying dairy products and sea foods and other food products to the Corporate Debtor for a long time and as such they are Operational Creditors in relation to the Corporate Debtor. However, it is seen from the written submissions made by the Resolution Professional that after the initiation of the CIRP, the RP has taken steps to keep the Corporate Debtor as a going concern and many of the Trade Creditors who are the Applicants herein have supplied materials during the CIRP period and have also received payments for supply of such materials during the CIRP period. Further,....... + More
- 2021 (7) TMI 1172 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCH
Dissolution of Corporate Debtor - 54(1)(a) and Regulation 14 of IBBI (Liquidation Process Regulations 2016 or any other provisions of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is a fact on record that there are no realizable assets held by the Corporate Debtor so as to form a Liquidation Estate and to distribute the proceeds thereof. Accordingly, this Adjudicating Authority in exercise of the powers conferred under Section 54(2) of the I & B Code, 2016, deems it proper to pass an order of the dissolution of the Corporate Debtor. Thus Corporate Debtor herein i.e., M/s. Sristek Clinical Research Solutions Limited stands dissolved from the date of this order. Liquidator also stands relieved. In the instant case, however, neither any compromise or arrangement could be arrived at u/s. 230 of the Companies Act, nor any amount wa....... + More
- 2021 (7) TMI 1130 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Validity of approved Resolution Plan - submission of Resolution Plan beyond the date prescribed in Form-G - decision of CoC to approve the plan - no objection shown before RP and CoC to dispute the claims placed - Whether there has been material irregularity in exercise of powers by the Resolution Professional during the Corporate Insolvency Resolution Period? - HELD THAT:- The RP has published the list of creditors on 24.08.2018, 29.11.2018, 10.12.2018 and finally on 24.01.2019 and in these lists the claims of the Appellant were shown as disputed claims. These lists were displayed on website, however, the Appellant has not raised any objection before the RP and CoC that the estimate of the amount of claims has not been shown in the lists - In this Application in Paras 16, 17, 21 to 30 there are specific allegations that the Appellant&rsq....... + More
- 2021 (7) TMI 1128 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI
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 date of default is 22.01.2018 and the present application is filed on 24.01.2019. Hence the application is not time barred and filed within the period of limitation - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - The present application is filed on the Performa prescribed under Rule 6 of the Insolvency and Bankruptcy Code, 2016 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 r/w Section 9 of the code and is complete. There is a pre-existing dispute among the parties and the same is validate....... + More
- 2021 (7) TMI 1125 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Homebuyers/flatowners - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The petitioner is representing the members of 300 flat owners, out of total 644 flats and as per the requirement of Section 7 of IBC, 2016 proviso, an application needs to be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent of the total number of such creditors in the same class whichever is less. Since, the petitioner is representing 300 flat buyers, the petitioner is a registered Association duly elected by the 300 flat buyers and there is a resolution of the Association, which authorizes the petitioner to pursue the matter, the petitioner has fulfilled the minimum requireme....... + More
- 2021 (7) TMI 1118 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI 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 - HELD THAT:- The Adjudicating Authority is of the view that the Corporate Debtor in its reply to the demand Notice dated 19.12.2019 does not dispute the fact that the salary to the Operational Creditor has to be paid however, a condition has been laid that the Operational Creditor has to first recover the outstanding dues of ₹ 10,00,000/- from the customers therefore, it is a clear admission of default and this Adjudicating Authority does not have to indulge in the details or the terms of the Contract/Appointment letter. Pre-existence of dispute - HELD THAT:- The Corporate Debtor has rendered two different dates i.e. 10.12.2019 and 19.12.2019 for the alleged legal....... + More
- 2021 (7) TMI 1093 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI
Compromise and Arrangement - taking back the immovable and movable property or actionable claims of the ‘Corporate Debtor’ - affected person or not - compromise failure or not - promoters can act as resolution applicant or not - HELD THAT:- In the present case, the ‘Liquidator’ is playing the role of a ‘Resolution Professional’, since the ‘compromise proposal’ is placed before him, which is equivalent to a ‘Resolution Plan’. Further the ‘Resolution Applicants’ are entitled to be present when the ‘Resolution Plans’ are opened and placed before the ‘Committee of Creditors’ as per Scton 30(5) of the Code. At this juncture, they may point out whether one or other ‘Resolution Applicant’ is ineligible in terms of Section 29(A) of the Code....... + More
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