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IBC proceeding cannot be used for recovery of Success Fee/Brokerage Fee where the Corporate Debtor denies the claim by giving notice of disputes – BNK Securities Pvt. Ltd. Vs. Sebacic India Ltd. – NCLAT New Delhi

By impugned order, the application filed under Section 9 of IBC of the Appellant has been rejected on the ground of pre-existing dispute. The Appellant claimed that he has an agreement with the Corporate Debtor for Success Fee and after the performance of his part, the Appellant issued an invoice to the Corporate Debtor. NCLAT held that we find that there was a pre-existing dispute and Adjudicating Authority did not commit any error in rejecting Section 9 Application. IBC proceeding cannot be used for recovery of Success Fee/Brokerage Fee as in the present case where the Corporate Debtor denies the claim of the Appellant by giving notice of disputes to the Appellant.

IBC proceeding cannot be used for recovery of Success Fee/Brokerage Fee where the Corporate Debtor denies the claim by giving notice of disputes – BNK Securities Pvt. Ltd. Vs. Sebacic India Ltd. – NCLAT New Delhi Read Post »

No prohibition for the transfer of the proceedings from Company Court to NCLT, even post the winding up order – Shyam B. Ghia Vs. Futura Polyesters Ltd. and Ors. – Bombay High Court

High Court held that while ordering transfer of the winding up proceedings to NCLT, there does not seem to be a prohibition for continuing the position as it obtains in the winding up proceedings before the Company Court as an interim measure, till the time NCLT passes an appropriate order under Section 13 of IBC. Lest the interest of the company and all the stake holders would be a casualty, especially in a case like the present one, where the instantaneous setting aside of the order of winding up and putting the ex-directors again at the helm of the affairs of the company is fraught with imminent risk.

No prohibition for the transfer of the proceedings from Company Court to NCLT, even post the winding up order – Shyam B. Ghia Vs. Futura Polyesters Ltd. and Ors. – Bombay High Court Read Post »

The words “Without Prejudice” mention in a letter does not imply denial/rebuttal of the debt – Abhishek Gupta Vs. Asset Reconstruction Company (India) Pvt. Ltd. – NCLAT New Delhi

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The words “Without Prejudice” mention in a letter does not imply denial/rebuttal of the debt – Abhishek Gupta Vs. Asset Reconstruction Company (India) Pvt. Ltd. – NCLAT New Delhi Read Post »

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