A Resolution Plan not address the cash flows and value of the Assets enumerated and the Operational Debt claims received from Statutory Authorities does not satisfy the provisions of Section 31 of IBC 2016 – CA Dhaval Jitendrakumar Mistry, RP of Gajanand Corporation Pvt. Ltd. – NCLT Ahmedabad Bench

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Mere mentioning in the notice or reply that the dispute is in existence between the parties is not sufficient, the dispute should not be a patently weak legal argument or an assertion of fact but must be well supported by evidence on record – Mahendra Kumar Verma Vs. Kalpataru Projects International Ltd. – NCLT Ahmedabad Bench

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If principal amount has been paid during the pendency of CIRP application but that was returned by the Operational Creditor, application u/s 9 of IBC is not maintainable as the spirit of the legislation of the Code is for ‘resolution of debt’ and not for ‘recovery’ – Shah Paper Mills Ltd. Vs. Shree Rama News Print & Papers Ltd. – NCLT Ahmedabad Bench

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Local Authority has no right to raise a claim against Successful Resolution Applicant (SRA) for the dues pertaining to the period prior to the approval of the Resolution Plan – Mangalam Global Enterprise Ltd. Vs. Kapadwanj Nagar Seva Sadan – NCLT Ahmedabad Bench

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Unpaid liabilities/existing share capital of Corporate Debtor, which are to be extinguished as per the relief and concessions granted, are to be credited into the Capital Reserve in accordance with applicable Indian Accounting Standards(IndAS) – Arrhum Tradelink Pvt. Ltd. Vs. Vineeta Maheshwari, Liquidator of Kaneria Granito Ltd. – NCLT Ahmedabad Bench

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