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Sitting of the NCLT Benches for the period 17.01.2022 to 31.01.2022 – NCLT order dated 15.01.2022

File No. 10/03/2022-NCLTNATIONAL COMPANY LAW TRIBUNAL 6th Floor, Block-3.CGO Complex, Lodhi Road,New Delhi- 110003Dated: 15th January 2022 Sitting of the NCLT Benches for the period 17.01.2022 to 31.01.2022PROCEEDINGS 1. Reference order No. 10/03/2021-NCLT dated 31.12.2021 and No. 10/03/2022-NCLT dated 09.01.2022.…

The ‘Principle of stare decisis’ is fully applicable on judgments delivered by the NCLT as well as NCLAT. Both NCLT and NCLAT are bound by doctrine of stare decisis – Rajeev R. Jain Suspended Director Vs. AASAN Corporate Solutions Pvt. Ltd. – NCLAT New Delhi

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If after issuance of section 13(2) notice, the bank itself initiates proceedings under the RDB Act for recovery of any debt and invites an adjudication on the quantum of debt due to it, they cannot thereafter turn around and proceed to demand or enforce security interest for any amount, more than what is quantified by the Tribunal – M/s Annam Steels (P) Ltd. Vs. M/s Canara Bank Ltd. – Kerala High Court

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Whether the Successful Bidder can withdraw from the Bid after payment of the EMD and seek for refund of the amount paid on the ground that the offer made by the Bidder was a ‘conditional offer’ – M/s. Visisth Services Ltd. Vs. Mr. S. V. Ramani, Liquidator of United Chloro-Paraffins Pvt. Ltd. – NCLAT New Delhi

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A public announcement is required to be made immediately within 3 days from the date of appointment. However, the Regulation does not provide that in case the announcement is made after three days, it will become nullity – M/s Mantena Laboratories Ltd. Vs. Union of India – Telangana High Court

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Section 18 of SARFAESI Act, 2002 is not applicable to DRT, but only to DRAT – S. Shyamala Vs. The Presiding Officer Debts Recovery Tribunal III Chennai – Madras High Court

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The criminal liability of natural persons in case of complaint filed under Section 138 and 141 of the Negotiable Instrument Act, 1881 would survive, but would not be attracted against the company during the moratorium period under Section 14 of IBC – M/s. Nag Leathers Pvt. Ltd. Vs. M/s. Muzain Hides – High Court of Madras

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The action initiated under the Andhra Pradesh Cooperative Societies Act, 1964, was certainly a nullity and the Bank was having a remedy of filing an application under the Recovery of Debts and Bankruptcy Act, 1993 – Mohd. Abdullah Khan Vs. Hyderabad Coop Urban Bank Ltd. – Telangana High Court

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The IRP has to be appointed on the date of Insolvency Commencement Date – Anil Tayal IRP for M/s. Nice Projects Ltd. Vs. COC of M/s. Nice Projects Ltd. – NCLAT New Delhi

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