0 comments on “In absence of any typographical error, it is not open to the Adjudicating Authority to take any recourse of Section 420(2) of the Companies Act, 2013-Mr. Dinesh Goyal Vs. DCB Bank Ltd.-NCLAT”

In absence of any typographical error, it is not open to the Adjudicating Authority to take any recourse of Section 420(2) of the Companies Act, 2013-Mr. Dinesh Goyal Vs. DCB Bank Ltd.-NCLAT

DCB Bank Limited- (Financial Creditor) filed application under Section 7 of the Code against M/s. Fort Biotech Private Limited- (Corporate Debtor) which was admitted on 8th March, 2019. Though no petition on behalf of the Corporate Debtor (M/s. Fort Biotech Private Limited) was maintainable through the suspended Board of Directors having taken over by the IRP on behalf of the Corporate Debtor, an application was filed for review or recall of the order dated 8th March, 2019 on the ground that the Corporate Debtor had not received the notice as there was a dispute between the landlord of premises with the Corporate Debtor. The Adjudicating Authority (NCLT), Jaipur Bench (Rajasthan) by impugned order dated 7th June, 2019 held that it has no power of review nor it can recall the order under Rule 11 of the National Company Law Tribunal Rules, 2016. NCLAT has affirmed the above decision of the NCLT. 

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0 comments on “During the liquidation process, step required to be taken for its revival and continuance of the Corporate Debtor by protecting the Corporate Debtor from its management & from a death by liquidation-Superna Dhawan & Anr. Vs. Bharti Defence and Infrastructure Ltd. & Ors.-NCLAT”

During the liquidation process, step required to be taken for its revival and continuance of the Corporate Debtor by protecting the Corporate Debtor from its management & from a death by liquidation-Superna Dhawan & Anr. Vs. Bharti Defence and Infrastructure Ltd. & Ors.-NCLAT

During proceeding under Section 230, if any, objection is raised, it is open to the Adjudicating Authority (National Company Law Tribunal) which has power to pass order under Section 230 to overrule the objections, if the arrangement and scheme is beneficial for revival of the ‘Corporate Debtor’ (Company). While passing such order, the Adjudicating Authority is to play dual role, one as the Adjudicating Authority in the matter of liquidation and other as a Tribunal for passing order under Section 230 of the Companies Act, 2013. As the liquidation so taken up under the ‘I&B Code’, the arrangement of scheme should be in consonance with the statement and object of the ‘I&B Code’.

0 comments on “Indian Valuation Standards as issued by the ICAI effective for the valuation reports issued on or after 01.07.2018”

Indian Valuation Standards as issued by the ICAI effective for the valuation reports issued on or after 01.07.2018

The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants: Recognising the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use…

0 comments on “Chapter-XVIII Removal of Names of Companies from the Register of Companies (Companies Act, 2013)”

Chapter-XVIII Removal of Names of Companies from the Register of Companies (Companies Act, 2013)

COMPANIES ACT, 2013 CHAPTER XVIII REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES Section 248: Power of Registrar to remove name of company from register of companies (w.e.f. 26.12.2016): “248. (1) Where the Registrar has reasonable cause to believe…

0 comments on “Chapter-XIX Revival and Rehabilitation of Sick Companies (Companies Act, 2013)”

Chapter-XIX Revival and Rehabilitation of Sick Companies (Companies Act, 2013)

COMPANIES ACT, 2013 CHAPTER XIX REVIVAL AND REHABILITATION OF SICK COMPANIES (The whole chapter is omitted by the the Insolvency and Bankruptcy Code, 2016, w.e.f. 15-11-2016. To read omitted sections, go to footnotes) 253. Determination of sickness 253. 1[Omitted by the Insolvency…