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Insolvency and Bankruptcy - Case Laws
Showing 41 to 43 of 43 Records
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2018 (2) TMI 116 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Corporate insolvency process - no enclousres of certificate from ‘financial institution’ - Held that:- Respondent, Macquarie Bank Ltd., has not enclosed any certificate from ‘financial institution’ as defined under sub-section (14) of Section 3 of the I&B Code and Lawyer’s notice as given has been deprecated by the ‘adjudicating authority’.
In effect, order (s), if any, passed by Ld. Adjudicating Authority appointing any ‘Interim Resolution Professional’ or declaring moratorium, freezing of account and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action, if any, taken by the ‘Interim Resolution Professional’, including the advertisement, if any, published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside.
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2018 (2) TMI 38 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
Corporate Insolvency Resolution Process - whether petition is premature - Held that:- A perusal of letter dated 13.06.2017 issued by Reserve Bank of India have given period to resolve “within” six months. The resolution plan proposed at the meeting of the Joint Lender Forum stand rejected on 15.11.2017 and the present petition has been filed on 20.11.2017. In any case the period of six months as on today has expired. There is no approved proposal by any acceptable lender forum to suggest that resolution of stressed assets is possible. The possibility of resolution under the Insolvency and Bankruptcy Code widened up as a large number of players may apply with much more ambitious and varieties of resolution plans. It brings to fore the various shades of interplay of market forces. Therefore, it is not possible to accept the aforesaid argument that the petition is in any way premature. Even otherwise there is no bar created by the Insolvency and Bankruptcy Code to proceed with adjudication of such petition merely because some process is pending at the Joint Lender Forum
Another objection in respect of choice of the Interim Resolution Professional in view of the replacement of the Interim Resolution Professional the argument advanced by Mr. Chaudhary, learned Senior counsel would also not require any further consideration and we accept the appointment of Mr. Navneet Kumar Gupta to act as Interim Resolution Professional.
As a sequel to the above discussion, this petition is admitted and Mr. Navneet Kumar Gupta, 520, 5th Floor, Caddie Commercial Tower, Aerocity, New Delhi-110037 is appointed as an Interim Resolution Professional.
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2018 (2) TMI 37 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Corporate insolvency process - no direct notice was issued by the Adjudicating Authority to the ‘Corporate Debtor’ - Held that:- In view of the fact that no notice was issued by the Adjudicating Authority as required to be issued in view of the decision of this Appellate Tribunal in “M/s. Innoventive Industries Ltd. Vs. ICICI Bank & Anr. ─ Company Appeal (AT) (Insolvency) [2017 (6) TMI 959 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, MUMBAI], we have no other option but to set aside the impugned order dated 3rd November, 2017 passed in Company Petition No. IB-276/ND/2017.
As the matter has been settled between the parties which is accepted by the learned counsel for the Respondent, we find no ground to remit the case to the Adjudicating Authority.
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