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NCLT allows withdrawal of liquidation application since one resolution plan was received by CoC during the pendency of liquidation application – Pranav J. Damania – NCLT Mumbai Bench

Hon’ble NCLT Mumbai Bench holds that it emerges that the primary object of the IB Code, 2016 is value maximization as well as revival/resolution of the financially stressed corporate debtors. Keeping that in mind, we are of the considered view that since one resolution plan has been received by the CoC during the pendency of liquidation application which the CoC intends to consider to save the Corporate Debtor from liquidation, it would be just and proper to give another chance which may help revive/resolve the Corporate Debtor. No doubt considerable time has already elapsed. However, in our considered view, despite that, a last-ditch effort can be afforded to the CoC keeping in view the overall interests of all the stakeholders involved.

NCLT allows withdrawal of liquidation application since one resolution plan was received by CoC during the pendency of liquidation application – Pranav J. Damania – NCLT Mumbai Bench Read Post »

If Demand Notice issued u/s 8 of IBC is not replied, whether Corporate Debtor can raise pre-existing dispute in reply to the petition filed under Section 9 of the IBC – Greymatter Entertainment Pvt. Ltd. Vs. Pro Sportify Pvt. Ltd. – NCLAT New Delhi

NCLAT held that it is observed from the Sections that neither Section 8 nor Section 9 of the Code indicate that in event Reply to Notice was not filed within 10 days, the Corporate Debtor is precluded from raising the question of dispute or pleading that there or no amount due and payable, the Corporate Debtor is not prevented from establishing by way of a Reply and relevant documents, any Pre-Existing Dispute or paid Operational Debt. We place reliance of the Judgement of this Tribunal in M/s Brand Realty Services Ltd. Vs. M/s Sir John Bakeries India Pvt. Ltd. (2022) ibclaw.in 245 NCLAT, where this has been considered in detail.

If Demand Notice issued u/s 8 of IBC is not replied, whether Corporate Debtor can raise pre-existing dispute in reply to the petition filed under Section 9 of the IBC – Greymatter Entertainment Pvt. Ltd. Vs. Pro Sportify Pvt. Ltd. – NCLAT New Delhi Read Post »

The right of redemption of the borrower has not been lost or extinguished, if the Auction Purchaser has not paid full amount and sale certificate has not been issued to him till date whatever be the reason – M/s. R.S. Rice Mills Vs. Debts Recovery Tribunal-I – Punjab & Haryana High Court

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The right of redemption of the borrower has not been lost or extinguished, if the Auction Purchaser has not paid full amount and sale certificate has not been issued to him till date whatever be the reason – M/s. R.S. Rice Mills Vs. Debts Recovery Tribunal-I – Punjab & Haryana High Court Read Post »

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