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CIRP application u/s 9 of IBC cannot be admitted in case of dispute between the promoters and dispute raised by the other shareholders in relation to affairs and management of the Corporate Debtor u/s 241 & 242 of the Companies Act, 2013 – Ashu Dutt Vs. Celadon Real Estate Advisors Pvt. Ltd. – NCLT Mumbai Bench

The Adjudicating Authority held that there are 7 Petitions filed u/s 241 & 242 of the companies Act, 2013, including one petition pertaining to Corporate Debtor numbered as TP/95(MB)2015, are pending since year 2015 and these petitions pertain to allegation of operation mismanagement made by wife of the Applicant against him. Even, if it is considered that the amount claimed is an operational debt, as claimed by the Applicant, there exist a prior dispute raised by the other shareholders in relation to affairs and management of the Corporate debtor by the Applicant himself. In view of this also, this Application u/s 9 of the Code deserves to be dismissed as not maintainable on the ground that this Application is motivated from the dispute between the promoters and does not seek resolution of the Corporate Debtor.

CIRP application u/s 9 of IBC cannot be admitted in case of dispute between the promoters and dispute raised by the other shareholders in relation to affairs and management of the Corporate Debtor u/s 241 & 242 of the Companies Act, 2013 – Ashu Dutt Vs. Celadon Real Estate Advisors Pvt. Ltd. – NCLT Mumbai Bench Read Post »

The procedure for submissions and approval of resolution plans as laid down in the IBC does not permit submissions of such resolution plans long after the approval of the resolution plan by the CoC – Jalesh Kumar Grover, RP of GPI Textiles Ltd. Vs. The Hongkong and Shanghai Banking Corporation Ltd. (HSBC) & Reserve Bank of India – NCLT Chandigarh Bench

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The procedure for submissions and approval of resolution plans as laid down in the IBC does not permit submissions of such resolution plans long after the approval of the resolution plan by the CoC – Jalesh Kumar Grover, RP of GPI Textiles Ltd. Vs. The Hongkong and Shanghai Banking Corporation Ltd. (HSBC) & Reserve Bank of India – NCLT Chandigarh Bench Read Post »

Even the Liquidator when he sells the property under the liquidation, he has to follow the procedure under the SARFAESI Act, 2002 for sale of the property – Mr. Prateek Gupta & Ors. Vs. Kotak Mahindra Bank Limited & Anr. – NCLAT New Delhi

NCLAT observed that in the present case, there is no doubt that 260 sq. yards land belongs to the Corporate Debtor which is in the liquidation estate. The Liquidator who is present before us submits that in view of the peculiar facts and circumstances of the case 1400 sq. yards and 260 sq. yards are not separable and sale of composite property can obtain the maximum revenue for the said land and joints sale of the property is material to have more revenue for the property which may be beneficial to the liquidation estate. Further NCLAT held that in the peculiar facts and circumstances of the case, no error can be found with the Order of the Adjudicating Authority directing for composite sale of land of both the parts under the SARFAESI Act, 2002. Even the Liquidator when he sells the property under the liquidation, he has to follow the procedure under the SARFAESI Act, 2002 for sale of the property.

Even the Liquidator when he sells the property under the liquidation, he has to follow the procedure under the SARFAESI Act, 2002 for sale of the property – Mr. Prateek Gupta & Ors. Vs. Kotak Mahindra Bank Limited & Anr. – NCLAT New Delhi Read Post »

In absence of a Financial Contract defined in Rule 3(1)(d) the AAA Rules, 2016 between the Corporate Debtor and Financial Creditor, a transaction cannot be termed as Financial Debt – Pawan Kumar Ex-Director and Shareholder Vogue Clothiers Pvt. Ltd. Vs. Utsav Securities Pvt. Ltd. – NCLAT New Delhi

NCLAT set aside the CIRP admission order of NCLT and held that the Adjudicating Authority is obliged to investigate the nature of the transaction and should be very cautious in admitting the Application in order to prevent taking undue benefit of provisions of IBC to detriment of the rights of legitimate creditors as well as to protect the Corporate Debtor from being dragged into CIRP with malafide. It also held that the Financial Creditor has not furnished any document to show that the transaction in question is a loan transaction. So far as the section 10 of Indian Contract Act and Rule 3 (1) (d) of the Rules is concerned we again refer the Prayag Polytech (2019) ibclaw.in 362 NCLAT. The Financial Contract as per the Rule 3(1)(d) is must between the corporate Debtor and the Financial Creditor for setting out the terms of a Financial Debt including the tenure of the Debt, interest payable and the date of repayment. In the absence of such Financial Contract, the Financial Creditor has failed to satisfy that when the debt and interest become due and payable.(p19-22)

In absence of a Financial Contract defined in Rule 3(1)(d) the AAA Rules, 2016 between the Corporate Debtor and Financial Creditor, a transaction cannot be termed as Financial Debt – Pawan Kumar Ex-Director and Shareholder Vogue Clothiers Pvt. Ltd. Vs. Utsav Securities Pvt. Ltd. – NCLAT New Delhi Read Post »

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