By: akanksha jain 14 Feb 2019 11:02 AM GMT The National Company Law Appellate Tribunal has asked the Kolkata Bench of National Company Law Tribunal to close an insolvency proceeding by accepting the settlement arrived at between the Corporate Debtor and the Operational Creditor before the Constitution of the Committee of Creditors. The Appellate Tribunal also found that there was a "pre-existing dispute" between the parties, and hence the application under Section 9 of the Insolvency and Bankruptcy Code was not admissible in the first place. The appellate tribunal was hearing an appeal moved by Ashish Garodia, the Director and Shareholder of 'M/s. Garodia Automobiles Pvt. Ltd'. (Corporate Debtor) against the order dated January 14, 2019 passed by the Kolkata Bench of NCLT admitting the application under Section 9 IBC. The appellant also pointed out thatThe parties had signed a settlement deed on January 31. However, by then, the Interim Resolution professional appointed by … [Read more...] about Insolvency Proceedings Can Be Closed Based On Settlement Prior To CoC Formation : NCLAT [Read Judgment]
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Breaking : Resolution Plans Should Be Given To Former Directors Of Corporate Debtor To Attend CoC Meetings: SC [ Read Judgment]
By: Manu Sebastian 2019-01-31T19:17:36+05:30 Members of the erstwhile Board of Directors,being vitally interested in resolution plans that may be discussed at CoC meetings, must be given a copy of such plans as part of "documents" that have to be furnished along with the notice of such meetings. The Supreme Court today declared the right of members of the suspended Board of Directors of a corporate debtor to receive insolvency resolution plans submitted before the Resolution Professional, in order to effectively participate in the meetings of Committee of Creditors(CoC). The bench of Justices R F Nariman and Vineet Saran was dealing with the the case Vijay Kumar Jain vs Standard Chartered Bank and others, an appeal filed against orders rejecting the prayer of an erstwhile director for getting copy of the resolution plans from the RP. Both the NCLT and NCLAT ruled that appellant had no right to receive the resolution plans. The appellant submitted in SC that as per Section 24(3) … [Read more...] about Breaking : Resolution Plans Should Be Given To Former Directors Of Corporate Debtor To Attend CoC Meetings: SC [ Read Judgment]
NCLT, Mumbai Says CoC Not Right In Rejecting Resolution Plan Only Coz It Was Sent After Cut-Off Date [Read Order]
Share Tweet Plus One Pin It Email Print By: akanksha jain December 29, 2018 11:18 am Change Font Size Tribunal says Code is paramount, not the Regulations Observing that when there is a conflict between the Regulations and the Insolvency Code, the object of the Code is paramount and not the Regulations which are formed only for the just implementation of the Code, the Mumbai bench of National Company Law Tribunal has held that the Committee of Creditors of a corporate debtor was wrong in refusing to open the envelope of the Resolution Plan sent by an applicant and return it merely because it was sent at the 12th hour. “We are of the considered view that the spirit of the Code is first and then comes the other things. The rejection of the Resolution Plan by the CoC even without opening the envelope containing the Resolution Plan on the ground that the same is submitted after the expiry of the stipulated time fixed by the CoC, is certainly against the … [Read more...] about NCLT, Mumbai Says CoC Not Right In Rejecting Resolution Plan Only Coz It Was Sent After Cut-Off Date [Read Order]
Deputy PM Minh highly delighted at Vietnam-China all-around cooperation
Deputy Prime Minister and Foreign Minister Pham Binh Minh (L) and Chinese State Councilor and Foreign Minister Wang Yi Meeting with Chinese State Councilor and Foreign Minister Wang Yi on December 16 on the occasion of the fourth Mekong-Lancang Cooperation Foreign Ministers’ Meeting in Luang Prabang, northern Laos, Minh suggested the two sides work together to effectively implement the common high-level agreements and perceptions, and to maintain the trend of the sound development in bilateral relations, thereby intensifying high-level delegation exchange and making careful preparations for the 12th meeting of the Steering Committee for Vietnam- China Bilateral Cooperation slated for next year. He asked China to continue applying effective measures to further improve Vietnam’s trade deficit and take more steps to facilitate the consumption of Vietnamese goods such as fruits, aquatic products, pork and milk products in the vast Chinese market. With regard to the sea … [Read more...] about Deputy PM Minh highly delighted at Vietnam-China all-around cooperation
Jaypee Infratech Case : Publication Of Homebuyers’ Names In List Of Creditors Will Not Violate Privacy, Rules NCLT [Read Order]
Share Tweet Plus One Pin It Email Print By: Manu Sebastian December 12, 2018 1:42 pm Change Font Size The Allahabad bench of National Company Law Tribunal has held that disclosure of the names of homebuyers in the list of creditors will not result in violation of privacy. The Tribunal was dealing with the resolution process of Jaypee Infratech Ltd(JIL), following directions from the Supreme Court. The SC had directed on August 9 to include homebuyers in the Committee of Creditors(CoC), and directed the Tribunal to conclude the proceedings. Following this, the Interim Resolution Professional(IRP) moved an application seeking to dispense with the disclosure of names of the homebuyers. While displaying the details of allottees of real estate project of JIL on the website, IRP mentioned the unique code number assigned to the allottees instead of giving their names. According to the IRP, the investment in flats or plots of land by allottee … [Read more...] about Jaypee Infratech Case : Publication Of Homebuyers’ Names In List Of Creditors Will Not Violate Privacy, Rules NCLT [Read Order]