NCLT

NCLT cannot be made to conduct the proceedings by way of a detailed trial to ascertain the amount of debt claimed is as claimed or not as is done by a Civil Court taking a detailed examination of documents supported by oral examination of witnesses when the plaintiff approaches it byway of a suit – UT Worldwide (India) Pvt Ltd. Vs. Integrated Caps Pvt. Ltd. – NCLT New Delhi Bench

NCLT dealt with the nature of proceedings under the Code. It observed that it is exercising only a summary jurisdiction and cannot be made to conduct the proceedings by way of a detailed trial to ascertain the amount of debt claimed is as claimed or not as is done by a Civil Court taking a detailed examination of documents supported by oral examination of witnesses when the plaintiff approaches it byway of a suit.

NCLT cannot be made to conduct the proceedings by way of a detailed trial to ascertain the amount of debt claimed is as claimed or not as is done by a Civil Court taking a detailed examination of documents supported by oral examination of witnesses when the plaintiff approaches it byway of a suit – UT Worldwide (India) Pvt Ltd. Vs. Integrated Caps Pvt. Ltd. – NCLT New Delhi Bench Read Post »

Can Bank set off dues from funds lying in current account during moratorium against the instruction of Resolution Professional?- Corporation Bank Vs. Amtek Auto Ltd -NCLT Chandigarh Bench

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Can Bank set off dues from funds lying in current account during moratorium against the instruction of Resolution Professional?- Corporation Bank Vs. Amtek Auto Ltd -NCLT Chandigarh Bench Read Post »

M/s Hind Motors India Limited – NCLT Chandigarh

The AA noted that the CD has no liquid assets and hence it is difficult to meet the expenses of liquidation. Accordingly, the AA directed that the expenses of the public announcement and for service of process, etc. incurred by the liquidator shall be borne by Union Bank of India at first instance, which shall form part of liquidation costs. It clarified that the liquidator shall be paid fee in accordance with the Regulations.

M/s Hind Motors India Limited – NCLT Chandigarh Read Post »

Can Asset Reconstruction Company to which debt is assigned make Application as a financial creditor under section 7 – Edelweiss Asset Reconstruction Co. Ltd Vs. Kalptaru Alloys Private Limited – NCLT Ahmedabad Bench

NCLT held that debt was assigned with knowledge of Debtor (Assignment Deed), Certificate Under Banker’s Book Evidence Act show default, Balance Confirmation falls within Limitation Period. As per original Loan agreement the CD had agreed to pay to the Bank or assignee (In this case ARC). Initiation of proceedings under SARFAESI Act by the Bank is no bar for initiation of insolvency proceedings under the Code in view of overriding effect given to Section 238. Form 2 was signed by proposed Interim Resolution Professional.  Hence the Application accepted.

Can Asset Reconstruction Company to which debt is assigned make Application as a financial creditor under section 7 – Edelweiss Asset Reconstruction Co. Ltd Vs. Kalptaru Alloys Private Limited – NCLT Ahmedabad Bench Read Post »

Whether holding/transferee company requires undergoing the process laid down in Chapter-XV- Compromises, Arrangements and Amalgamations of the Companies Act, 2013 or not – Housing Development Finance Corporation Ltd. And Windermere Properties Pvt. Ltd. & Ors. – NCLT Mumbai Bench

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Whether holding/transferee company requires undergoing the process laid down in Chapter-XV- Compromises, Arrangements and Amalgamations of the Companies Act, 2013 or not – Housing Development Finance Corporation Ltd. And Windermere Properties Pvt. Ltd. & Ors. – NCLT Mumbai Bench Read Post »

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