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Claim of Operation Creditor coming at a stage after the approval of resolution plan are not allowed as the same will delay the CIRP further – Chittaranjan Sah Vs. Pratim Bayal, RP of Purulia Metal Casting Pvt. Ltd. – NCLT Kolkata Bench

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Claim of Operation Creditor coming at a stage after the approval of resolution plan are not allowed as the same will delay the CIRP further – Chittaranjan Sah Vs. Pratim Bayal, RP of Purulia Metal Casting Pvt. Ltd. – NCLT Kolkata Bench Read Post »

The judgment of Hon’ble Supreme Court in Vidarbha Industries was on its own facts – Prakash Kumar Raj (Suspended) Director. Mountain Edge Tours Vs. Shriram City Union Finance Ltd. and Anr. – NCLAT New Delhi

In this case, the Appellant placing reliance on the judgment of Hon’ble Supreme Court in Vidarbha Industries Power Ltd. vs. Axis Bank Ltd. (2022) ibclaw.in 91 SC submits that the Adjudicating Authority has discretionary power, which should have been used in rejecting the application.

Hon’ble NCLAT holds that the judgment of Hon’ble Supreme Court in Vidarbha was on its own facts and the said judgment does not apply in the present case.

The judgment of Hon’ble Supreme Court in Vidarbha Industries was on its own facts – Prakash Kumar Raj (Suspended) Director. Mountain Edge Tours Vs. Shriram City Union Finance Ltd. and Anr. – NCLAT New Delhi Read Post »

Case of Discounting of Receivables under IBC – Invoice Discounters of Riva Perfumes LLP Represented by Minion Ventures Pvt. Ltd. Vs. Riva Perfumes LLP – NCLT Ahmedabad Bench

There is a tripartite agreement between each of the Financial Creditors (Purchaser of invoice receivables) herein, the said Minion ventures Pvt Ltd (Platform provider for routing the stated transactions) and the Corporate Debtor (Seller of Invoice Receivables). The financial creditors who have provided a discounted value to the Corporate Debtor, realise their returns on their loans when the customer pays the full value of the said invoice(s).
An application under Sec 7 of IBC 2016 has been filed by Invoice Discounters of Riva Perfumes LLP represented by Minion Ventures Pvt. Ltd.

Hon’ble Adjudicating Authority refers Minions Ventures Pvt. Ltd. Vs. TDT Copper Ltd. (2023) ibclaw.in 209 NCLAT and holds that the intention of the transaction is not for a financial debt but an investment, and it was made on a portal where the invoices are discounted by various investors, which is not maintainable under Section 7 of the IBC. Hence, the application is dismissed.

Case of Discounting of Receivables under IBC – Invoice Discounters of Riva Perfumes LLP Represented by Minion Ventures Pvt. Ltd. Vs. Riva Perfumes LLP – NCLT Ahmedabad Bench Read Post »

Notice under Section 13(2) of the SARFAESI Act which does not give the break-up of principal and interest amount is contrary to the provisions of the Section 13 of the SARFAESI Act, 2002 – M/s Abaj Foods Pvt. Ltd. Vs. The Authorized Officer, Punjab National Bank – Gujarat High Court

The Bank initiated proceedings under the provisions of the SARFAESI Act by issuing notice under Section 13(2) of SARFAESI Act. The respondent Bank thereafter withdrew the notice dated 03.04.2018 and issued a fresh notice on 03.01.2022 under Section 13(2) of the SARFAESI Act, however the Bank mentioned the balance outstanding as on date of NPA 31.03.2018 as 14,34,08,824.52/- without giving break up of principal and interest amount outstanding from the respondent Bank. Hon’ble High Court held that there is a good prima facie case in favour of the petitioners as the notice under Section 13(2) of the SARFAESI Act is contrary to the decision of the Division Bench in case of Punjab National Bank Vs. Mithilanchal Industries Pvt. Ltd. Therefore for the purpose of granting interim relief during the pendency of the securitisation application, this petition is allowed and the respondent Bank is restrained from taking any possession of the secured assets of the petitioners pursuant to the notice dated 03.01.2022 issued under Section 13(2) of the SARFAESI Act and the action under Sections 13(4) and 14 of the SARFAESI Act till the final disposal of the Securitisation Application No.436 of 2022 pending before the Debt Recovery Tribunal.

Notice under Section 13(2) of the SARFAESI Act which does not give the break-up of principal and interest amount is contrary to the provisions of the Section 13 of the SARFAESI Act, 2002 – M/s Abaj Foods Pvt. Ltd. Vs. The Authorized Officer, Punjab National Bank – Gujarat High Court Read Post »

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