03/12/2024

Tribunal allows the relaxation and dispensation with the eligibility criteria of ‘Net Worth’ in respect of the MSME promoter of the Corporate Debtor – Goverdhan Das Bhaiya Vs. Mr. Pratap Mukherjee, RP of RSI Pvt. Ltd. and Ors. – NCLT Kolkata Bench

/ 3 minutes of reading

Hon’ble NCLT Kolkata Bench held that keeping the objective of the Code as well as the ILC Report and the decisions cited above, that as various relaxations have already been provided under Section 240A of the Code, further, relaxation to satisfy the financial solvency possessed by the MSME Promoter will not serve the object of the code. To ensure a feasible and viable resolution plan to revive the business of the Corporate Debtor and to attain the objective of value maximization of the asset of a corporate insolvent person especially where public money is involved, an exemption of from satisfying the Net worth is uncalled for.

Tribunal allows the relaxation and dispensation with the eligibility criteria of ‘Net Worth’ in respect of the MSME promoter of the Corporate Debtor – Goverdhan Das Bhaiya Vs. Mr. Pratap Mukherjee, RP of RSI Pvt. Ltd. and Ors. – NCLT Kolkata Bench Read Post »

Merely filing a weak case is not ground to exercise power under Section 65 of IBC or merely on the basis that Operational Creditor has relied on certain facts without substantiating documents, an action under Section 65 of Insolvency Code cannot be initiated against the Operational Creditor – Mahi Buildhome Pvt. Ltd. Vs. Kaveri Technobuild Pvt. Ltd. – NCLT New Delhi Bench

/ 2 minutes of reading

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Merely filing a weak case is not ground to exercise power under Section 65 of IBC or merely on the basis that Operational Creditor has relied on certain facts without substantiating documents, an action under Section 65 of Insolvency Code cannot be initiated against the Operational Creditor – Mahi Buildhome Pvt. Ltd. Vs. Kaveri Technobuild Pvt. Ltd. – NCLT New Delhi Bench Read Post »

Section 66 and 68 of the Companies Act, 2013 are separate and independent and the conditions prescribed under section 68 of the Act shall not be applicable in case of capital reduction under section 66 of the Act – Ferrero India Pvt. Ltd. – NCLT Mumbai Bench

/ 2 minutes of reading

Hon’ble NCLT Mumbai Bench held that a company is free to opt for reduction under section 66 of the Act even if conditions prescribed under section 68 of the Act are not met. However, the Company has to ensure all the compliances which are required for capital reduction as laid down under section 66 of the Act including but not limited to securing the interest of its creditors.

Section 66 and 68 of the Companies Act, 2013 are separate and independent and the conditions prescribed under section 68 of the Act shall not be applicable in case of capital reduction under section 66 of the Act – Ferrero India Pvt. Ltd. – NCLT Mumbai Bench Read Post »

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