Category: Newsletter-IBC Case

The mandate with requirement of obtaining of 90% of approval votes of CoC under Section 12A of IBC is not required if an application for withdrawal have already being filed before the constitution of CoC – Punjab National Bank Vs. Mr. Harshad S Deshpande, RP – NCLT Mumbai Bench

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Section 17 of the Code can be interpreted as suspension of powers of the board of directors and not their duties & responsibilities, the Board is fastened with the responsibility of running & managing the company’s affairs – Wittur Elevator Components India Pvt. Ltd. Vs. Axiomata Elevators Pvt. Ltd. – NCLT Kochi Bench

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Any increase in the claim amount of the Assenting Financial Creditors due to the invocation of a Bank Guarantee cannot be a ground for challenge by the Dissenting Financial Creditors on discrimination basis – Union Bank of India Vs. Ms. Vandana Garg (Erstwhile RP/Monitoring Committee Chairperson of Jyoti Structures Ltd.) – NCLT Mumbai Bench

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A question whether an asset secured by the borrower is actually owned by him or not, can not be within the domain of a DRAT under Section 17 of the SARFAESI Act, 2002 & shall primarily be within the jurisdiction of the Civil Court – Sagar Singh Damor Vs. Deepak Sharma and Others – Madhya Pradesh High Court

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Petitioners claiming ownership over the property, though they may be third party, would fall within the purview of being aggrieved or being affected by the action taken by the Bank under Section 17 of SARFAESI Act, 2002 – Vaibhav Bansal S/o Narayan Bansal & Others Vs. Edelweiss Asset Reconstruction Company Ltd. & Another – Madhya Pradesh High Court

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Upto which date a mortgagor/borrower has the right to redeem the mortgage in the light of the amendment to Section 13(8) of the SARFAESI Act? – M/s Pal Alloys & Metal India Pvt. Ltd. and others Vs. Allahabad Bank and others – Punjab & Haryana High Court

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Inter-Corporate Deposits are financial debts but in a transaction of a deposit of money or a loan, a relationship between the parties must come into existence, mere transfer of money from one account to another would not constitute loan/deposits unless the intention of the parties are considered and substantiated with valid documents – Seaview Merchants Pvt. Ltd. Vs. Ashish Vincom Pvt. Ltd. – NCLT Kolkata Bench

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