2017 (9) TMI 1078 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
Union Bank of India Versus Era Infra Engineering Limited
Corporate Insolvency Resolution Process - provisions of Insolvency & Bankruptcy Code, 2016 - pendency of the winding up petitions - Held that - Taking into consideration all and more particularly the differing views taken by coordinate benches of this Tribunal, this Special Bench is of the considered view that the matter should be placed before the Hon ble President of NCLT for the purpose of being transferred to a Larger Bench or as the Hon ....... + More
2017 (9) TMI 1077 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA
Yogendra Pal Jain Versus South Eastern Carriers Pvt. Ltd.
Corporate insolvency procedure - application under Sec.9 of Insolvency and Bankruptcy Code, 2016 - pre-existing dispute between the parties - Held that - In this case admittedly the petitioner has not given any document to prove the date of service of notice on the corporate debtor. Operational creditor has also failed to file affidavit to show that there is no compliance of sub-clause (c) of Clause (5) Rule 9. There is also no compliance of sub-....... + More
2017 (9) TMI 1076 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
Rastogi Enterprises Private Limited Versus Registrar of Companies
Strike off the name of the petitioner company from the register of Registrar of Companies - seeking restoration of name - Held that - The primary grievance made by the petitioner is that no notice in terms of provisions Section 560 (1) & (2) has been issued and the principles of natural justice stand violated whereas the stand taken by the Registrar in its reply is that notice under Section 560 (5) of the Companies Act, 1956 was issued giving....... + More
2017 (9) TMI 927 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Tirupati Infra Project Pvt. Ltd. & Another Versus Bank of India
Corporate Insolvency Resolution Process - Insolvency and Bankruptcy Code, 2016 - Initiation of corporate insolvency resolution process by financial creditor - completion of application - Held that - A defective application can be corrected by removing the defect. Similarly, if an application is incomplete, it can be completed, but if any misleading statement is made in an application no time can be granted to recall the misleading statement and s....... + More
2017 (9) TMI 857 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD
M/s. Socrato Capital Private Ltd. Versus Anil Limited
Initiation of Insolvency Resolution Process - eligible financial debt - Held that - A perusal of the legal notice got issued by the Applicant and the statutory notice issued by Applicant clearly goes to show that Applicant recalled the entire loan amount both from the Principal Borrower and the Guarantor and both of them failed to repay the loan amount. The liability of the Respondent being a Guarantor is co- extensive with the liability of the P....... + More
2017 (9) TMI 856 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA
Calcutta Ispal Pvt. Ltd. Versus M/s Om Shakti Smelters Pvt. Ltd.
Corporate insolvency resolution process - non-compliance of requisite statutory requirement given in Secs.8 and 9 of the I & B Code - operational creditor has not issued demand notice prescribed - Held that - In this case it is undisputed, that before filing an application in Form 5 under the I & B Code operational creditor has not issued demand notice prescribed in form and operational creditor has also not annexed affidavit relating to ....... + More
2017 (9) TMI 855 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
Maxim Tubes Company Pvt. Ltd. Versus International Coil Limited
Proceedings under Insolvency and Bankruptcy Code, 2016 - maintainability of the Petition - claim of the Corporate Debtor - Held that - A strict onus is placed on the Corporate Debtor while raising the plea of dispute and that it must be genuine and bona fide in order to avoid the debt, which is claimed by the Operational Creditor as due from the Corporate Debtor and in making payment of the same. However, in the instant case we do not find any me....... + More
2017 (9) TMI 854 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
Knowiz Solutions Private Limited Versus Getit Transnational Private Limited
Corporate insolvency resolution process - eligibility of Application by corporate applicant - whether the petition has been filed under Rule 7(1) read with Section 10 of the Code or the petition has to be treated as the one under Section 9 of the Code? - Held that - A perusal of the Rules shows that a Corporate Debtor can approach the Tribunal for initiation of a Resolution Process under Section 10 of the Code by filing an application on the Form....... + More
2017 (9) TMI 751 - DELHI HIGH COURT
S.S. Technologies Versus N.G. Technologies Ltd.
Dissolution of the company - liquidation proceedings in progress - Held that - The fund position of the Company is ₹ 1,51,735-75 as on 30.06.2017 which is barely sufficient to meet the Liquidation Expenses as Govt. Commission, Income Tax, audit fee etc, hence, the Official Liquidator is not in a position to admit the claims as stated above. The Income Tax Department did not file its claim and the claim of other authorities namely Central Ex....... + More
2017 (9) TMI 676 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
State Bank of India Versus Namdhari Food International Pvt. Ltd.
Insolvency Application - application filed by the applicant bank as a Financial Creditor against the Corporate Debtor on the ground that the Corporate Debtor has defaulted in the payment of a sum - statutory period computation - Held that - It is not in doubt that the main insolvency application has been filed by State Bank of India being the Financial Creditor for unleashing the Corporate Insolvency Resolution Process against the Corporate Debto....... + More
2017 (9) TMI 536 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD
Atmaram B. Agarwal & Ors., Anita A. Agarwal, Vatika Filaments P. Ltd. Versus Supriya Prints Pvt. Ltd. & Ors., Pradeep Kumar Binani And Vinodkumar Maheshwari
Acts of oppression and mismanagement - validity of EOGM - Held that - Petitioner having signed several statutory documents along with respondent No. 2 as Director, after lapse of nearly three years raised the plea that respondent No.2 ceased to be Director with effect from 01.10.2010. This issue was raised by petitioner No. 1 for the first time only after steps were taken by respondent No. 2 to get the plots transferred in the name of respondent ....... + More
2017 (9) TMI 535 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
Capri Bathaid Private Limited Versus Angel Infrarealcon Private Limited
Proceedings under Insolvency and Bankruptcy Code, 2016 - default of operational debtor - Held that - We find it safe to conclude that there has been default within the meaning of Section 3(12) read with Sections 4 and 6 of the Code. The judgment and decree of the Civil Court in a suit filed under Order XXXVII CPC clearly shows that the operational debtor is in default when the amount has not been paid on the demand raised by issuing a demand noti....... + More
2017 (9) TMI 494 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH
Punjab National Bank Versus Concord Hospitality Pvt. Ltd.
Insolvency & Bankruptcy procedure - default by Corporate-Debtor - Held that - We are of the view that as per paragraph 7 Part-V of Form No.1 the bank is required to file copies of the Entries in the Banker s Books maintained in accordance with the Bankers Books Evidence Act, 1891 which the Financial-Creditor had furnished but to make the said statements admissible per se necessary certificate was appended on the statements of account furnishe....... + More
2017 (9) TMI 493 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI
Power House Versus Nutri First Agro International Pvt. Ltd.
Proceedings under Insolvency and Bankruptcy Code - Held that - Since the Corporate Debtor has admitted issuing Purchase Orders and work order, thereafter the petitioner raising invoices and acknowledging Delivery Challans with signature of the Corporate Debtor side, in case if the Corporate Debtor is to prove some of the goods returned, the burden is cast upon this Corporate Debtor to prove that some of the goods have been returned, since this Co....... + More
2017 (9) TMI 492 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI
Shobha Limited And Sadashiv Lazman Jogalekar Versus Pancard Clubs Ltd.
Insolvency and Bankruptcy process - violated Regulation 3 of CIS Regulations - Debtor Company had launched CIS without registering itself as Collective Investment Management Company (CIMC) - Held that - On seeing the present petition filed by the Operational Creditor, it seems there was no correspondence between this Creditor and the Corporate Debtor in between 2013 and 2016 except giving a notice in the year 2016 u/s 434 of the Companies Act, 19....... + More
2017 (9) TMI 436 - GUJARAT HIGH COURT
Textile Labour Association Versus Official Liquidator of New Rajpur Mills Ltd & 4
Winding up petition - whether the secured creditors as well as unsecured creditors who are found to be eligible on verification by Chartered Accountant would be entitled to a total amount of ₹ 3,90,20,035? - Held that - Mr. Uday Bhatt, learned counsel appearing for respondent no.2 which was formerly represented by Mr. Bhagat has relied upon the affidavit dated 19.08.2017 and has submitted that SBI, respondent no.2 has lodged claim under sec....... + More
2017 (9) TMI 435 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA
DBM Geotechnics and Constructions Private Ltd. Versus Gopalpur Ports Limited
Proceedings under Insolvency & Bankruptcy Code, 2016 - Held that - Section 5(6) of the Insolvency & Bankruptcy Code, dispute includes a suit or arbitration proceeding relating to -(a) the existence of the amount of debt; (b) the quality of goods or service; (c) the breach of a representation or warranty. The fact that the quality of service required to be performed by the applicant under the work order is in dispute is evidenced by the te....... + More
2017 (9) TMI 392 - THE SECURITIES APPELLATE TRIBUNAL, MUMBAI
Paramjit Singh Gill, Dr. Vijay Mallya, Mr. Sowmiyanarayanan, Mr. S.N. Prasad And Mr. Ainapur S.R. Versus SecuritieS & Exchange Board of India, Mumbai
SEBI proceedings - discretion on SEBI to pass ad interim orders - unnatural or unreasonable delay on the part of the SEBI in passing the impugned order - Held that - It is true that Section 11, 11(b) and 11(4) do confer wide discretion on SEBI to pass ad interim orders in order to protect the investors interest and for a healthy and orderly growth of the capital market. It is also equally true that by way of various judicial pronouncements this T....... + More
2017 (9) TMI 391 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH
Balageria Central Co-op Bank Ltd. Versus S.R. Green Housing Projects India Limited
Winding up proceedings - Interim Insolvency Resolution process - Held that - The matter has been quite well settled by the Hon ble Appellate Tribunal in JK Jute Mills Co. Ltd. v. Surendra Trading Company 2017 (6) TMI 254 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, ALLAHABAD wherein it was held that the seven days period for the rectification of the defects as stipulated under the proviso to the relevant provisions of sections 7, 8, or 9 is require....... + More
2017 (9) TMI 390 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD
Somnath Textile Pvt. Ltd. Versus State Bank of India
Proceedings under Insolvency and Bankruptcy Code, 2016 - admission of application and appointment of the Interim Resolution Professional - Held that - A perusal of the application and the annexures goes to show that the application is complete. The applicant has recommended name of Interim Resolution Professional. The applicant has also filed written communication given by the proposed Interim Resolution Professional. The applicant is admitting t....... + More
