03/02/2020

As per the decision of the Hon’ble Supreme Court in Innoventive Industries Ltd. Vs. ICICI Bank and Anr., the application under Section 7 of the IBC should have been decided within 14 days – Urban Infrastructure Trustees Ltd. Vs. Ozone Propex Pvt. Ltd. – NCLAT New Delhi

The grievance of the Appellant is that the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short the ‘I&B Code’) is pending for one year since January 2019. NCLAT held that in the circumstances, while we are not inclined to interfere with the impugned order, direct the Adjudicating Authority to decide the Application under Section 7 of the I&B Code in terms of decision of the Hon’ble Supreme Court in “Innoventive Industries Ltd. Vs. ICICI Bank and Anr. [2017] ibclaw.in 02 SC”. In absence of any stay order passed by the Hon’ble High Court of Karnataka and as per the aforesaid decision of the Hon’ble Supreme Court, the application under Section 7 of the I&B Code should have been decided within 14 days. The Appeal stands disposed of. No costs.

As per the decision of the Hon’ble Supreme Court in Innoventive Industries Ltd. Vs. ICICI Bank and Anr., the application under Section 7 of the IBC should have been decided within 14 days – Urban Infrastructure Trustees Ltd. Vs. Ozone Propex Pvt. Ltd. – NCLAT New Delhi Read Post »

Resolution Plan cannot be found fault where COC in its wisdom accepted the Plan which terminated the long time agreement- Maharashtra State Load Dispatch Center (MSLDC) vs Sri City Pvt. Ltd. & Ors. – NCLAT

NCLAT held that we find ourselves in agreement with submission made by the Learned Counsel for the Respondents. Keeping in view the judgment in the matter of Essar Steel India Limited and provisions of Section 238 of IBC, we find that the Resolution Plan, which has been accepted cannot be found fault where COC in its wisdom accepted the Plan which terminated the long time agreement. The plan made provision that the Bulk Power Transmission Agreement with Maharashtra State Electricity Transmission Company Limited–Corporate Debtor shall be terminated without any obligation, liabilities or penalties, to or on the Corporate Debtor or the Resolution Applicant. We do not find any fault on this count. There is no substance in the Appeal.

Resolution Plan cannot be found fault where COC in its wisdom accepted the Plan which terminated the long time agreement- Maharashtra State Load Dispatch Center (MSLDC) vs Sri City Pvt. Ltd. & Ors. – NCLAT Read Post »

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