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NCLT/Adjudicating Authority has the power to condone the delay in submitting claim to Liquidator before the distribution of Assets – Total Tools & Equipments (P) Ltd. Vs. Mr. CA Sandeep D. Maheshwari – NCLT Mumbai Bench

The Adjudicating Authority held that in the case of UCO Bank v. Nicco Corporation Ltd. (2018) ibclaw.in 289 NCLT, Hon’ble NCLT Kolkata Bench vide its order dated 14.02.2018 dealt with a similar situation whereby delay was condoned and the opportunity was granted to the creditor to re-submit the claim. Further, in M/s Globe Express Services v. M/s MM Cargo, the Hon’ble NCLT, New Delhi Bench vide order dated 21.05.2018 has observed that “it is only after distribution of Assets that no further claim can be entertained”. Therefore, it is evident that this Tribunal has the power to condone the delay in submitting the claim to Liquidator before the distribution of Assets.

NCLT/Adjudicating Authority has the power to condone the delay in submitting claim to Liquidator before the distribution of Assets – Total Tools & Equipments (P) Ltd. Vs. Mr. CA Sandeep D. Maheshwari – NCLT Mumbai Bench Read Post »

Court cannot sit in appeal and examine correctness of the arbitrator’s award on merit – Engineering Projects (India) Ltd. Vs. M/s. M. P. Khaitan – Tripura High Court

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Court cannot sit in appeal and examine correctness of the arbitrator’s award on merit – Engineering Projects (India) Ltd. Vs. M/s. M. P. Khaitan – Tripura High Court Read Post »

As per Section 18 of IBC, Resolution Professional is only bound to include information for previous two years and not beyond – M/s Indian Sources Vs. M/s Vas Data Services Pvt. Ltd. Through RP – NCLT New Delhi Bench Court-III

Prayer regarding direction to the resolution Professional to provide the C-Forms for the Invoices, goods related to the year 2016, which is more than 2 years from the date of commencement of CIRP. The Adjudicating Authority held that from the plain reading of the Section 18 of the IBC, it is clear that the resolution professional is only bound to include information for previous two years and not beyond that and as per record, CIRP of Corporate Debtor commenced 09.04.2019, therefore, the resolution professional is duty bound to have financial position of Corporate Debtor for the year F.Y. 2017-18 and 2018-19 and not for the year 2016.

As per Section 18 of IBC, Resolution Professional is only bound to include information for previous two years and not beyond – M/s Indian Sources Vs. M/s Vas Data Services Pvt. Ltd. Through RP – NCLT New Delhi Bench Court-III Read Post »

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