Whether the Corporate Debtor has any right with respect to money received from reversal of invocation of a Performance Bank Guarantee (which had been invoked prior to the initiation of CIRP), specifically when the margin money was also not deposited by the Corporate Debtor? – UCO Bank Vs. Sudip Bhattacharya RP of Reliance Naval & Engineering Ltd. – NCLAT New Delhi

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Liquidator would be at liberty to apply and enforce amended Clause 12 of Schedule I of the Liquidation Regulations to the liquidation process even though initiated before 25.07.2019 – Mr. Sundaresh Bhat, Liquidator of ABG Shipyard Ltd. – NCLAT New Delhi

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The personal documents between the parties cannot take away such statutory right of the Bank to initiate insolvency proceedings – Chand Prakash Mehra Vs. Praveen Bansal IRP of Silverton Spinners Ltd. – NCLAT New Delhi

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Once the party has appeared in the proceeding in the original forum where the further dates are given in the proceedings, and pendency of the proceeding is known to a party, it is the responsibility of the party also to keep track of the proceedings and to participate in future developments in the matter – Ravindra G. Sapkal Promoter/erstwhile Chairman and MD of Kalyani Education Pvt. Ltd. Vs. Samata Nagari Sahkari Patsantha Maryadit – Kalyani Education Pvt. Ltd.

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After approval of Resolution Plan, when benefits under an Order is realized the same should be applied in terms of Resolution Plan if it has kept provision for the contingencies, otherwise the benefits should be realized and applied, taking further Orders from Adjudicating Authority in case of difficulties – Pandurang Ramchandra Shinde Suspended Board of Director Vs. Vijendra Kumar Jain RP of Cyclo Transmissions Ltd. – NCLAT New Delhi

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When CIRP has been initiated, the Corporate Debtor with whom no prior contractual arrangement is proved, cannot be forced to continue with the same treatment – Ms. Indrani Brahmachari Vs. Mr. Chandra Prakash RP M/s. Granite Gate Properties Pvt. Ltd. – NCLAT New Delhi

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Composition of the re-constituted Bench Virtual Court of Chairperson (NCLAT New Delhi) – Notice dated 21.09.2021

The Bench notified for holding Virtual Court of Chairperson on 22th September, 2021 at 10:30 AM is re-constituted. Composition of the reconstituted Bench shall be Hon’ble Mr. Justice M. Venugopal, the Acting Chairperson and Hon’ble Dr. Ashok Kumar Mishra, Member (Technical).

‘Success fees’ which is more in the nature of contingency and speculative is not part of the provisions of the IBC and the Regulations and the same is not chargeable – Mr. Jayesh N. Sanghrajka, Erstwhile R.P. of Ariisto Developers Pvt. Ltd Vs. The Monitoring Agency nominated by the CoC of Ariisto Developers Pvt. Ltd. – NCLAT New Delhi

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NCLT Special Bench at New Delhi on 21.9.2021 & 22.9.2021 – Order Dated 20.09.2021

There shall be Special Bench at New Delhi on 21.9.2021 & 22.9.2021 to attend matters listed before Hon'ble Shri Abni Ranjan Kumar Sinha, Member (Judicial) and Hon'ble Shri L. N. Gupta, Member (Technical). Hon'ble Shri L. N. Gupta, Member (Technical) is on leave. The Special Bench shall attend the matters through Video Conference. The Special Bench shall comprise of: Special Bench at NCLT. New Delhi- Court No. II 1. Shri Abni Ranjan Kumar Sinha, Member (Judicial) 2. Shri Kapal Kumar Vohra, Member (Technical) The Constitution of Bench is as per section 419 (3) of the Companies Act, 2013.

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