Singapore VII Topco I Pte Ltd. and Anr. Vs. Manipal Health Systems Pvt. Ltd. and Ors. – Supreme Court
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Grand Developers Pvt. Ltd. Vs. Nitin Batra and Ors. – NCLAT New Delhi Read Post »
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Mr. L.V. Shyam Sundar, RP Vs. Mr. Unnamalai – NCLT Chennai Bench Read Post »
On Corporate Debtor subsequent to the withdrawal of the Company Petition defaulted in making payment towards the second tranche as per consent term, the Appellant filed an I.A. seeking revival of the Company Petition which has been rejected by Adjudicating Authority observing that when the Company Petition was withdrawn after settlement there is no specific provision anywhere in the Code for reopening of the Company Petition.
NCLAT held that Adjudicating Authority committed error in rejecting the revival application 3196 of 2022 when the consent term itself contemplates a clause for revival in event of default and default having been committed by the Corporate Debtor, rejection of revival is to deny the Financial Creditor rightful remedy. Non-mention of specific liberty in the Order is inconsequential in view of the clear terms in the settlement which was the basis of withdrawal of Company Petition.
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National Company Law Tribunal Bar Association Vs. Union of India – Supreme Court Read Post »
NCLAT held that the Adjudicating Authority in the impugned order with regard to sub para 4 of para 9 of the impugned order regarding the observation/liberty to file a fresh Company Petition by the Appellant Bank is erroneous and without application of mind and without following the Principles of Natural Justice and not adhering to the decision of this Tribunal being the Appellate Authority, is hereby quashed and set aside.
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Genus Prime Infra Ltd. – NCLT Allahabad Bench Read Post »