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Insolvency and Bankruptcy - Case Laws

Showing 101 to 120 of 8656 Records

• 2024 (3) TMI 190
  
  Direction to handover vacant and peaceful possession of the premises licensed to the Appellant by the Corporate Debtor within 15 days - impugned order has been challenged on the ground that the issue of eviction vests with the Learned Court of Small Causes under Section 41 of the Presidency Small Causes Courts Act, 1882 - HELD THAT:- The issue of passing an eviction order qua immovable properties forming part of assets of Corporate Debtor, despite injunctions, have been discussed in various judgements. In M/S. JHANVI RAJPAL AUTOMOTIVE PVT. LTD....... + More

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• 2024 (3) TMI 136
  
  Immunity to corporate debtors and their assets, upon approval of a resolution plan - jurisdiction of NCLT to release the attached properties by invoking Section 32A of the IBC, 2016? - HELD THAT:- There are no hesitation in holding that there is no scope whatsoever for the attachment effected by the ED over the Attached Properties to continue once the Approval Order came to be passed. We are not opining on whether the attachment could have continued after commencement of the CIRP. The NCLT has simply answered the question of law arising in rel....... + More

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• 2024 (3) TMI 135
  
  Commencement for limitation of appeal - relevant date - date of uploading of the order or the date when order was passed? - HELD THAT:- In the Delay Condonation Application filed by the Appellant in paragraph 3 the Appellant states that the matter was listed before the Ld. NCLT on 07.11.2023 for purpose of For Seeking Appropriate Directions whereupon the impugned Order came to be passed . There are no averments in the application that no order was passed on 07.11.2023 by the Court. Appellant sought to rely on date of uploading of the order whi....... + More

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• 2024 (3) TMI 134
  
  Revival of company appeal by Financial Creditor - Order of setting aside of CIRP - HELD THAT:- The Financial Creditor is entitle to revive the Company Appeal in view of the liberty granted by this Tribunal itself in its order dated 11.02.2020. The cheques given by the Corporate Debtor having been dishonoured, Appeal deserve to be revived. It is noticed that the Appellant has been opposing the Application on untenable grounds and his only intent is to delay the proceedings. The sequence of the events indicate that the Corporate Debtor did not h....... + More

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• 2024 (3) TMI 82
  
  Eligibility of ex-promoter/Corporate Debtor u/s 29A read with Section 240A of the IBC to submit a resolution plan claiming the benefits of MSME - rejection of Resolution Plan. Eligibility of the Corporate Debtor to submit a resolution plan in the present facts of the case when it has acquired a change in its status to that of an MSME after initiation of the CIRP proceedings - HELD THAT:- As the subsequent Chartered Accountant s certificate was not based on any independent valuation or investigation but premised on the faulty certificate of the....... + More

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• 2024 (3) TMI 81
  
  Exclusion of appellant from the Committee of Creditors (CoC) - The Resolution Professional deemed Rare ARC (appellant) akin to a related party, thus ineligible for CoC participation - assignment of term loan - it is contended that the SIFL and SEFL were related parties to the Corporate Debtor and assignment was made with intent to control the CIRP of the Corporate Debtor - HELD THAT:- Admittedly, the claim was filed by the Appellant in the second CIRP of the Corporate Debtor which claim was based on assignment dated 09.09.2020. After receipt o....... + More

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• 2024 (3) TMI 80
  
  Condonation of delay of only 5 days in filing the Appeal - exclusion of period during which certified copy was under preparation - HELD THAT:- Appellant is entitled only for exclusion of period taken for preparation of certified copy as per Section 12 of the Limitation Act. Present is not a case where Appellant is claiming benefit of exclusion of period during which certified copy was under preparation and Appellant is pressing its case on the basis of uploading of the Order on 22nd November, 2023. Judgment of the Hon ble Supreme Court in V NA....... + More

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• 2024 (3) TMI 79
  
  Approval of Resolution Plan - HELD THAT:- It is well settled that commercial wisdom of CoC in approving the resolution plan is not to be interfered by the Adjudicating Authority in its judicial review and limited ground for interference with the resolution plan is only when resolution plan violates or is in non-compliance of Section 30(2) of the Code. The Appellant has no such right that its resolution plan should be approved by the CoC which proposition has already been laid down by the Hon ble Supreme Court in ARCELORMITTAL INDIA PRIVATE LIM....... + More

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• 2024 (3) TMI 78
  
  Execution of Conveyance deed - Home Buyers / Commerical property (space) - entitlement to receive the payment of rent as assured in the MoU entered with the allottees and the erstwhile management. Seeking a direction to Adjudicating Authority to execute the Conveyance Deed - HELD THAT:- It is relevant to notice that although in the impugned order the said prayer of the Applicant was noticed, considered and rejected, but in the Application which was filed by the Appellant, which has been disposed of, there was no prayer for execution of the Con....... + More

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• 2024 (3) TMI 26
  
  Order of replacement of the appellant by another Resolution Professional - HELD THAT:- The impugned orders are in conformity with the principles laid down in Section 27 of the Insolvency and Bankruptcy Code, 2016. In view of this position, no case for interference with the impugned orders is made out. Appeal dismissed.

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• 2024 (3) TMI 25
  
  Maintainability of petition - Declaration sought that the petitioners are not liable to pay any transfer fee as demanded in the notices - seeking to issue mandamus upon the respondents and/or its officers and/or its men and/or its agents and/or its servants to cancel, rescind and revoke the notices - prohibition on respondent and/or its officers and/or its men and/or its agents and/or its servants and/or its assignees from giving any effect or further effect - prohibiting the respondents, their men, agents, servants, subordinates and each one ....... + More

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• 2024 (3) TMI 24
  
  While permitting withdrawal of Section 9 Application, Adjudicating Authority did not grant liberty to the Appellant to reapproach the Adjudicating Authority in the event of breach of Memorandum of Understanding - HELD THAT:- There was no undertaking by the Operational Creditor that Operational Creditor shall not pursue this matter on the basis of settlement reached between the parties. What was undertaken that in view of the settlement between the parties an application shall be filed for withdrawal/ closure of CIRP - very basis of denial to g....... + More

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• 2024 (3) TMI 23
  
  CIRP - Jurisdiction of the Adjudicating Authority to direct consideration of a settlement proposal after approval of a Resolution Plan. - Appellant (Successful Resolution Applicant - SRA) submits that after approval of Resolution Plan of the Appellant by the CoC, there was no occasion for directing consideration of fresh settlement proposal submitted by Ex. Directors to be placed before the CoC - HELD THAT:- The Adjudicating Authority, ought to have allowed opportunity to SRA to respond to the Application (IA No.188 of 2024 filed by Respondent....... + More

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• 2024 (3) TMI 22
  
  Rejection of section 9 application filed by the Appellant - pre-existing dispute - Allegations have been made in the email that excess amount has been paid to the Appellant and email also says that excess amount should be refunded - HELD THAT:- The submissions of the Learned Counsel for the Appellant that work was completed in March, 2021 and email sent was only moonshine defence cannot be accepted. Averments made in the email raises clear dispute which cannot be said to be moonshine. As per the submission of the Appellant that Corporate Debto....... + More

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• 2024 (3) TMI 21
  
  Withdrawal of CIRP - main contention of the appellant is that as per the provisions of Section 12A of IBC, 2016, CIRP can be withdrawn only on the application of the applicant who had filed the application under Section 7, Section 9 or Section 10 of the Code - HELD THAT:- The Adjudicating Authority has over looked and ignored the fact that Form FA has not been signed by the applicant of application under Section 9 of IBC, 2016. No finding in this regard has been given in the impugned order. The submissions of IRP requesting that the case may b....... + More

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• 2024 (3) TMI 20
  
  Eviction of the Appellant from the property - handing over the possession of the property in question to the RP (now Liquidator) within 15 days from the passing of the order and the Statutory Authorities i.e. Local Police - HELD THAT:- Section 60(5) of the Code provides the power to the Adjudicating Authority which can be invoked to entertain or dispose of any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and also any question of priorities or any qu....... + More

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• 2024 (2) TMI 1317
  
  Condonation of delay in filing the Appeal - Appellant submits that since certified copy which was sought has not been given, the Appellant could not file the appeal in time and delay in filing the Appeal need to be condoned - HELD THAT:- Jurisdiction to condone the delay is limited to only 15 days after expiry of the limitation under Section 61(2) proviso. Even from the own case of the Appellant, it is clear that for the first time the certified copy was applied on 23rd November, 2023 physically. The email was sent on 18th November, 2023 praye....... + More

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• 2024 (2) TMI 1316
  
  Initiation of CIRP - Personal Guarantors - Maintainability of Applications filed under Section 95 sub-section (1) of IBC - time limitation - It is submitted that Adjudicating Authority cannot be used as a Forum to recover a time barred debt - HELD THAT:- In view of the judgment of the Hon ble Supreme Court in DILIP B JIWRAJKA VERSUS UNION OF INDIA ORS. [ 2024 (1) TMI 33 - SUPREME COURT] , it is settled now that question of adjudication of issues between the parties arises only at the stage of Section 100 and the RP has only role of facilitator....... + More

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• 2024 (2) TMI 1315
  
  Initiation of CIRP - Admission of main company petition - liability of Guarantor of loan - acknowledgment of debt by the Principal Borrower shall be binding on the Guarantor or not - plea of the Appellant is that the action as far as the Corporate Guarantor is concerned, the same is barred by Limitation and that Article 137 of Limitation Act 1963 applies - HELD THAT:- As per the decision of Hon ble Supreme Court in Laxmi Pat Surana s case [ 2021 (3) TMI 1179 - SUPREME COURT ], the liability of the Guarantor being co-extensive with the Principa....... + More

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• 2024 (2) TMI 1314
  
  Improper handling of Resolution Plan - Respondent No.1 alleges that the Resolution Professional (RP) violated the process by opening a sealed cover containing the plan without the presence of the Committee of Creditors (CoC) and Principal Resolution Applicants (PRAs). - HELD THAT:- Regulation 39 of the CIRP Regulations, 2016 also requires the Resolution Professional to look into the Resolution Plan submitted by the Applicants and to place the plan before CoC which is in compliance with Section 30(2). The opening of Resolution Plan by Resolutio....... + More

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