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NCLAT upholds decision of NCLT on fresh invitation of Expression of Interest (EoI) in Athena Demwe Power Ltd. matter – Sikkim Power Investment Corporation Ltd. Vs. Mr. Umesh Garg, RP of Athena Demwe Power Ltd. and Ors. – NCLAT New Delhi

Hon’ble NCLAT held that:

(i) The present is a case where CoC is not withdrawing the Resolution Plan which was approved by it whereas the Adjudicating Authority rejected the application for approval of the Resolution Plan on the ground that Applicant failed to deposit the Performance Bank Guarantee despite several reminders in period of five years. The judgment of the Hon’ble Supreme Court in Ebix Singapore Pvt. Ltd. (2021) ibclaw.in 153 SC has no application in the facts of the present case.
(ii) Present is not a case that the State of Arunachal Pradesh and the THDC who were not part of the CIRP are permitted to file Resolution Plan rather their Resolution Plans required to be submitted in pursuance of the fresh Form-G which was to be issued under the directions of the Adjudicating Authority in the impugned order.

NCLAT upholds decision of NCLT on fresh invitation of Expression of Interest (EoI) in Athena Demwe Power Ltd. matter – Sikkim Power Investment Corporation Ltd. Vs. Mr. Umesh Garg, RP of Athena Demwe Power Ltd. and Ors. – NCLAT New Delhi Read Post »

Whether Share Application Money which in the event non-allotment of shares attracts interest under section 42(6) of Companies Act, 2013, falls within the ambit of definition of Financial Debt under IBC? – Mittson Fille Enterprise Vs. Sammaan Ventures Ltd. – NCLT Kolkata Bench

Hon’ble NCLT Kolkata Bench following larger bench decision from Pramod Sharma v. Karanaya Heart Care Pvt. Ltd. (2022) ibclaw.in 303 and contrary decision in Mr. Kushan Mitra v Mr. Amit Goel (2021) ibclaw.in 616 NCLAT, held that the amount of default is not a Financial Debt and therefore petition under Section 7 is not maintainable.

Whether Share Application Money which in the event non-allotment of shares attracts interest under section 42(6) of Companies Act, 2013, falls within the ambit of definition of Financial Debt under IBC? – Mittson Fille Enterprise Vs. Sammaan Ventures Ltd. – NCLT Kolkata Bench Read Post »

As per Section 11 of the Employees Provident Funds and Miscellaneous Provisions Act, 1952, provident fund due has priority of payment of contributions over other debts – Axis Bank Ltd. Vs. The Assistant Provident Fund Commissioner & Recovery Officer – Madras High Court

Hon’ble High Court held that as there is no security interest is created on the fixed deposit and only lien is created and the lien is not classified as secured interest under the SARFAESI Act, it cannot be contended that they are secured creditor. As per Section 11 of the Employees Provident Funds and Miscellaneous Provisions Act, 1952, provident fund due has priority of payment of contributions over other debts.

As per Section 11 of the Employees Provident Funds and Miscellaneous Provisions Act, 1952, provident fund due has priority of payment of contributions over other debts – Axis Bank Ltd. Vs. The Assistant Provident Fund Commissioner & Recovery Officer – Madras High Court Read Post »

Default of payment of settlement agreement do not come under the definition of Operational Debt under IBC – M/s Ahluwalia Contracts (India) Ltd. Vs. M/s Logix Infratech Pvt. Ltd. – NCLT New Delhi Bench Court-V

The Adjudicating Authority held that as per the definition, Operational Debt means a claim in respect of provision of goods or services including employment. Now we consider the case of the Applicant and we observe, the claim of the applicant do not fall either under the category of the supply of the goods or service rendered by the Corporate Debtor. Rather the claim of the Applicant is based on the breach of terms and conditions of the settlement agreement, on the basis of which the Applicant has claimed that there is default in payment of the amount as referred to part IV of the application. And the part of the Operational debt says a debt in respect of payment dues arising under any law for the time being enforce. Admittedly the claim of the Applicant also do not come under this part of the definition of the Operational debt.

Default of payment of settlement agreement do not come under the definition of Operational Debt under IBC – M/s Ahluwalia Contracts (India) Ltd. Vs. M/s Logix Infratech Pvt. Ltd. – NCLT New Delhi Bench Court-V Read Post »

No appeal u/s 61 against application pending before the Adjudicating Authority – Mr. Jayanti Lal Jain Liquidator of K.K Welding Ltd. – NCLAT New Delhi

RP has filed an application seeking necessary direction against the Union Bank of India who is one of the Financial Creditor and Member of CoC for releasing liquid asset which comprises of fixed deposit and mutual funds’ investments of the Corporate Debtor. The Application is pending for more than a year, however, the Ld. AA has not decided the Application. Therefore, it is prayed that the Ld. AA may be directed to decide the Application expeditiously.
NCLAT held that no adverse order passed against the Appellant, therefore, the Appellant is not aggrieved person. Hence, the Appeal is not maintainable under Section 61 of the IBC.

No appeal u/s 61 against application pending before the Adjudicating Authority – Mr. Jayanti Lal Jain Liquidator of K.K Welding Ltd. – NCLAT New Delhi Read Post »

Ex-management are collectively as well as independently, must furnish information and assist the RP in managing the affairs of the Corporate Debtor in order to enable the RP to complete the CIRP expeditiously – Sumit Shukla RP of Trimurti Concast Pvt. Ltd. -NCLT Allahabad Bench

Adjudicating Authority held that the ex-management are collectively as well as independently, must furnish information and assist the RP in managing the affairs of the Corporate Debtor in order to enable the RP to complete the CIRP expeditiously and therefore, the persons who can cooperate with the RP and persuade the other managerial personnel to supply the documents, cannot escape their obligation.

Ex-management are collectively as well as independently, must furnish information and assist the RP in managing the affairs of the Corporate Debtor in order to enable the RP to complete the CIRP expeditiously – Sumit Shukla RP of Trimurti Concast Pvt. Ltd. -NCLT Allahabad Bench Read Post »

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