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If claim lodged during CIRP was rejected for want of sufficient proof and during the liquidation, no claim was lodged by GST Department, Purchaser in liquidation process is entitled to a clean slate and not responsible to pay any due amount to the Government – KRBL Ltd. Vs. State of Gujarat – Gujarat High Court

Hon’ble High Court held that:
(i) In light of the judicial pronouncement in Ghanashyam Mishra and Sons (2021) ibclaw.in 54 SC the debt therefore did not form a part of the resolution plan and therefore stood extinguished.
(ii) State tax dues and the State would be a claimant as an operational creditor.
(iii) In the facts of the present case having failed to assert its claim the State as an operational creditor/stakeholder/secured creditor would have to fall in line as per the “waterfall mechanism” under Section 53 of the IBC.
(iv) The decision of the Supreme Court in the case of Paschimanchal Vidhyut Vitran Nigam Limited would indicate that once having relinquished its interest under Section 52, the State cannot continue the insistence of maintaining the charge in the revenue records and its claim will have to stand in priority.
(v) Even otherwise as per Section 100 of the Transfer of Property Act, a charge cannot be enforced against any property in the hands of a person to whom such property has been transferred for consideration and without notice of such charge.
(vi) The Purchaser was entitled to a clean slate.

If claim lodged during CIRP was rejected for want of sufficient proof and during the liquidation, no claim was lodged by GST Department, Purchaser in liquidation process is entitled to a clean slate and not responsible to pay any due amount to the Government – KRBL Ltd. Vs. State of Gujarat – Gujarat High Court Read Post »

Whether the Resolution Professional is entitled to receive the performance linked incentive fee on timely resolution and value maximization | What is the nature of power and jurisdiction of the CoC to grant performance linked incentive fee (CIRP Regulation 34B) – Ravindra Kumar Goyal Vs. Committee of Creditors of Yashasvi Yarns Ltd. – NCLAT New Delhi

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Whether the Resolution Professional is entitled to receive the performance linked incentive fee on timely resolution and value maximization | What is the nature of power and jurisdiction of the CoC to grant performance linked incentive fee (CIRP Regulation 34B) – Ravindra Kumar Goyal Vs. Committee of Creditors of Yashasvi Yarns Ltd. – NCLAT New Delhi Read Post »

Compensation/damage arising on account of detention of containers rendering services on behalf of a third company (the shipper), does not constitute an Operational Debt within the meaning of Section 5(21) of IBC, 2016 – Trans Asian Shipping Services Pvt. Ltd. Vs. Loom Crafts Furniture (India) Pvt. Ltd. – NCLT New Delhi Bench Court-II

The Adjudicating Authority held that a t this juncture, we consider it worthwhile to refer to the Judgement dated 24.02.2020 of Hon’ble NCLAT in the matter of Neeraj Jain Vs. Cloudwalker Streaming Technologies Pvt. Ltd. [2020] ibclaw.in 221 NCLAT. Moreover, the claim for compensation/ damages is not based on any order by the Respondent in the instant case. The sole objective of the Applicant behind filing this Application is to recover its detention, on-carriage, terminal handling, container maintenance charges etc., which is not the objective of IBC 2016 as held by the Hon’ble Supreme court in a catena of judgements. Here, we would like to refer to the recent judgement dated 15.07.2022 passed in M/s S.S. Engineers Vs. Hindustan Petroleum Corporation Ltd. & Ors. (2022) ibclaw.in 92 SC.

Compensation/damage arising on account of detention of containers rendering services on behalf of a third company (the shipper), does not constitute an Operational Debt within the meaning of Section 5(21) of IBC, 2016 – Trans Asian Shipping Services Pvt. Ltd. Vs. Loom Crafts Furniture (India) Pvt. Ltd. – NCLT New Delhi Bench Court-II Read Post »

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