Search Results for: nclt

NCLT Kolkata Allows CIRP Proceedings Despite PMLA Provisional Attachment Order

In a significant ruling, the National Company Law Tribunal (NCLT) Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member) and Shri D. Arvind (Technical Member), has upheld the admission of Corporate Insolvency Resolution Process (CIRP) proceedings against Shree Mahalaxmi Corporation Pvt. Ltd. (the Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016 (IBC), despite a Provisional Attachment … Continue reading “NCLT Kolkata Allows CIRP Proceedings Despite PMLA Provisional Attachment Order”

The Authority Of The Nclt To Review Itself

The reviewing court can reverse the original decision or amend it as needed. With the passing of time, the judiciary has been paving the way for clearing the doubt regarding the power to review and recall.

NCLT can issue non-bailable warrants against persons under IBC: NCLAT

The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.

Threshold limit of the Corporate Insolvency Resolution Process as per NCLT

There is no specific threshold limit for the NCLT Delhi under the IBC 2016. The IBC provides that a financial creditor, operational creditor, or the corporate debtor itself can initiate the insolvency resolution process with the NCLT.

NCLT’s discretion while admitting Section 7 Applications– A Vidarbha Judgement Outlook

An application filed to initiate CIRP against the petitioners under Section 7(2) of the IBC Vidarbha Industries Power Limited v. Axis Bank Limited.

NCLT Prescribes Dress Code for Members, Lawyers, RP, Authorized Representatives & Parties in Person

NCLT specified the dress code for NCLT President, NCLT Members, Legal Practitioners, Authorized Representatives, Interim Resolution Professional, Liquidator, Resolution Professional, and parties present in person.

Unregistered Partnership Firm Cannot Initiate Insolvency Proceedings Under IBC: NCLT Kochi

The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., the National Company Law Tribunal (“NCLT”), Kochi Bench, comprised of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), held that an unregistered Partnership Firm cannot institute insolvency proceedings under IBC.

NCLT Delhi Imposes Cost of Rs.1 Lakh on Suspended Director

The court fined the suspended director of the corporate debtor (the applicant) Rs. 1 lakh for starting several legal actions to obtain the same remedy and wasting valuable judicial time.

Why are Homebuyers choosing NCLT over RERA?

Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.

Do NCLT is vested with the power to classify a transaction as a “preferential transaction”!

The Hon’ble NCLAT, Principal Bench, New Delhi held that the IBC does not vest the power to NCLT to Suo-moto classify a transaction as Preferential Transaction under Section 44 r/w Section 45 of IBC.

No modification or withdrawal of resolution Plan after submission to NCLT : SC

The Adjudicating Authority cannot allow or approve the application regarding modifications or withdrawals of CoC-approved Resolution Plans once the plan has been submitted before NCLT.

How RERA and NCLT would be a solution for stuck projects

Different forums provide for different reliefs and one must be cautious enough before choosing an appropriate forum. Before choosing the appropriate forum, points to be analyzed are type of violation by the builder, what relief is prayed for, urgency, repetitive nature, financial condition of the builder, status of other projects, etc.

Jurisdiction in Copyright dispute arising from CIRP can be decided only by NCLT: Delhi HC

A dispute arose after the completion of the liquidation proceeding and whether the dispute relates to special legislation, such as the Copyright Act, where civil courts have been granted exclusive jurisdiction.

Creditors can request for a transfer of the winding up proceedings to NCLT: Supreme Court

This judgement is a step in the right direction because it recognizes the authority of a non-petitioning creditor to request for a transfer of the winding up proceedings. It assures that A creditor is not deprived of their right just because they didn’t participate in the initial winding up procedure against corporate debtor.