CIRP application u/s 9 of IBC cannot be admitted in case of dispute between the promoters and dispute raised by the other shareholders in relation to affairs and management of the Corporate Debtor u/s 241 & 242 of the Companies Act, 2013 – Ashu Dutt Vs. Celadon Real Estate Advisors Pvt. Ltd. – NCLT Mumbai Bench

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The procedure for submissions and approval of resolution plans as laid down in the IBC does not permit submissions of such resolution plans long after the approval of the resolution plan by the CoC – Jalesh Kumar Grover, RP of GPI Textiles Ltd. Vs. The Hongkong and Shanghai Banking Corporation Ltd. (HSBC) & Reserve Bank of India – NCLT Chandigarh Bench

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Even the Liquidator when he sells the property under the liquidation, he has to follow the procedure under the SARFAESI Act, 2002 for sale of the property – Mr. Prateek Gupta & Ors. Vs. Kotak Mahindra Bank Limited & Anr. – NCLAT New Delhi

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In absence of a Financial Contract defined in Rule 3(1)(d) the AAA Rules, 2016 between the Corporate Debtor and Financial Creditor, a transaction cannot be termed as Financial Debt – Pawan Kumar Ex-Director and Shareholder Vogue Clothiers Pvt. Ltd. Vs. Utsav Securities Pvt. Ltd. – NCLAT New Delhi

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NCLT does not allow any general power to any resolution applicant absolving him of liability of the corporate debtor company without knowing about the liability against which such exemption is sought – Rajendra K Bhuta RP of Om Printing and Flexible Packaging Pvt. Ltd. – NCLT Mumbai Bench

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