IBC and CA-Case Laws

Liquidator shall not sell the asset by way of private sale to a related party without prior permission from the Adjudicating Authority | Permitting an application seeking prior permission for private sale is not a mere formality and NCLT ought to have considered the mandatory parameters of Regulation 33 before permitting such sale – Bhavik Bhimjyani Vs. Uday Vinodchandra Shah – NCLAT New Delhi

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Liquidator shall not sell the asset by way of private sale to a related party without prior permission from the Adjudicating Authority | Permitting an application seeking prior permission for private sale is not a mere formality and NCLT ought to have considered the mandatory parameters of Regulation 33 before permitting such sale – Bhavik Bhimjyani Vs. Uday Vinodchandra Shah – NCLAT New Delhi Read Post »

Whether the sales revenue generated during the going concern period constitutes “realisation” under Regulation 4(3) of the IBBI (Liquidation Process) Regulations, 2016, for the purpose of calculating the Liquidator’s fee? – Bhupesh Gupta Vs. Ravinder Kumar Goel – NCLAT New Delhi

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Whether the sales revenue generated during the going concern period constitutes “realisation” under Regulation 4(3) of the IBBI (Liquidation Process) Regulations, 2016, for the purpose of calculating the Liquidator’s fee? – Bhupesh Gupta Vs. Ravinder Kumar Goel – NCLAT New Delhi Read Post »

The record of the Court is correct until and unless an application is made to the same Court for any correction in case there is any error – Anil Kumar and Ors. Vs. Majinder Singh Sandhu and Ors. – NCLAT New Delhi

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The record of the Court is correct until and unless an application is made to the same Court for any correction in case there is any error – Anil Kumar and Ors. Vs. Majinder Singh Sandhu and Ors. – NCLAT New Delhi Read Post »

Can Adjudicating Authority reduce claim of a creditor without giving an opportunity? | Can NCLT direct for forensic audit even if no stakeholder has made a complaint or requested a forensic audit? – Dr. Vichitra Narayan Pathak Vs. Suraksha Realty Ltd. and Anr. – NCLAT New Delhi

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Can Adjudicating Authority reduce claim of a creditor without giving an opportunity? | Can NCLT direct for forensic audit even if no stakeholder has made a complaint or requested a forensic audit? – Dr. Vichitra Narayan Pathak Vs. Suraksha Realty Ltd. and Anr. – NCLAT New Delhi Read Post »

Can a property of the Corporate Debtor be evacuated after the commencement of CIRP/ moratorium under Section 14 of IBC? – Nazru S Basheer Vs. Pancard Clubs Ltd. and Anr. – NCLAT New Delhi

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Can a property of the Corporate Debtor be evacuated after the commencement of CIRP/ moratorium under Section 14 of IBC? – Nazru S Basheer Vs. Pancard Clubs Ltd. and Anr. – NCLAT New Delhi Read Post »

The liability arises on account of conduct, act or omission on the part of the person and not merely on account of holding an office or a position in a company | In order to bring a case within section 141 of Negotiable Instruments Act, 1881 the complaint must disclose the necessary facts which make a person liable – Digvijay Finlease Ltd. and Ors. Vs. State of West Bengal and Anr. – Calcutta High Court

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The liability arises on account of conduct, act or omission on the part of the person and not merely on account of holding an office or a position in a company | In order to bring a case within section 141 of Negotiable Instruments Act, 1881 the complaint must disclose the necessary facts which make a person liable – Digvijay Finlease Ltd. and Ors. Vs. State of West Bengal and Anr. – Calcutta High Court Read Post »

Suspended Board is obligated to disclose all information including the details of cheques, if any, issued by them prior to admission order which have not been encashed till the passing of the admission order | Once moratorium is declared, it is not open to Suspended Directors to facilitate the payments to the homebuyers or operational creditors – Sandeep Mahajan IRP Vs. Mr. Nayan Thakrashi Shah and Ors. – NCLT Mumbai Bench

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Suspended Board is obligated to disclose all information including the details of cheques, if any, issued by them prior to admission order which have not been encashed till the passing of the admission order | Once moratorium is declared, it is not open to Suspended Directors to facilitate the payments to the homebuyers or operational creditors – Sandeep Mahajan IRP Vs. Mr. Nayan Thakrashi Shah and Ors. – NCLT Mumbai Bench Read Post »

What factors are to be considered while compounding the offences under Section 441 of the Companies Act, 2013? – Indis Ventura Holdings Pvt. Ltd. and Ors. – NCLT Hyderabad Bench

It is no more Res Integra that gravity of offence, financial condition of the Company and other defaulters, circumstances under which the offence was committed, duration of default, nature of the offence, prejudicial act of the defaulters against the interest of the shareholders, share value of the Company etc. are some of factors which are considered for this purpose.

What factors are to be considered while compounding the offences under Section 441 of the Companies Act, 2013? – Indis Ventura Holdings Pvt. Ltd. and Ors. – NCLT Hyderabad Bench Read Post »

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