617

An OTS agreement cannot extend the date of default – Samrat Restaurant Vs. Brewcrafts Microbrewing Pvt. Ltd. – NCLAT New Delhi

Hon’ble NCLAT held that:

(i) The date of default and acknowledgment are two different events. The date of default is not dependent on the date of acknowledgement
(ii) The purpose of Section 10A was to prevent companies from being pushed into insolvency due to temporary financial distress caused by the COVID-19 pandemic.
(iii) The Appellant’s interpretation that subsequent agreements should nullify the protection offered by Section 10A would undermine the legislative intent and open the door for Creditors to circumvent the protections offered by law.

An OTS agreement cannot extend the date of default – Samrat Restaurant Vs. Brewcrafts Microbrewing Pvt. Ltd. – NCLAT New Delhi Read Post »

When Resolution Plan is approved by CoC and the same is pending for approval before Adjudicating Authority, no intervention is allowed against the decision taken by the RP in admission of claim amount – Assistant Commissioner CGST and Central Excise Division Vs. Pradeep Kumar Kabra RP of Cengres Tiles Ltd. – NCLT Ahmedabad Bench

NCLT Ahmedabad Bench held that even if the claim amount is admitted in full then also the operational creditor will not be paid more than what is proposed to be paid and therefore, at this stage when the resolution plan is approved by the CoC and the same is pending for approval before this Adjudicating Authority, we are not inclined to intervene in the decision taken by the RP.

When Resolution Plan is approved by CoC and the same is pending for approval before Adjudicating Authority, no intervention is allowed against the decision taken by the RP in admission of claim amount – Assistant Commissioner CGST and Central Excise Division Vs. Pradeep Kumar Kabra RP of Cengres Tiles Ltd. – NCLT Ahmedabad Bench Read Post »

Whether a demand notice issued by an advocate, on the instructions of the Operational Creditor, is a valid notice? – Orient Abrasives Ltd. Vs. Fairmate Chemicals Pvt. Ltd. – NCLAT New Delhi

This issue is no more res-integra in view of the decisions of this Tribunal in the case of Mohit Minerals Ltd. (2021) ibclaw.in 09 NCLAT and the decision of Hon’ble Supreme Court in the case of Macquaire Bank Limited Vs. Shilpi Cable Technologies Limited, [2017] ibclaw.in 14 SC. The only objection raised by the Respondent which has to be dealt with is as to whether there was an authority vested in the Advocate to have instructed the law firm for the purpose of issuance of notice under Section 8 of the Code?

Whether a demand notice issued by an advocate, on the instructions of the Operational Creditor, is a valid notice? – Orient Abrasives Ltd. Vs. Fairmate Chemicals Pvt. Ltd. – NCLAT New Delhi Read Post »

Scroll to Top