06/11/2019

CIRP time limit further extended in the matter of Jaiprakash Associates Ltd & Anr. Vs. IDBI Bank Ltd. & Anr.- Supreme Court

The Apex Court held that in view of the legislative changes referred to above, we are of the considered opinion that we need to and must exercise our plenary powers to make an attempt to revive the corporate debtor (AIL), lest it is exposed to liquidation process under Chapter III of Part II of the I & B Code. We are inclined to do so because the project has been implemented in part and out of over 20,000 home buyers, a substantial number of them have been put in possession and the remaining work is in progress and in some cases at an advanced stage of completion. In this backdrop, it would be in the interest of all concerned to accept a viable plan reflecting the recent legislative changes.

CIRP time limit further extended in the matter of Jaiprakash Associates Ltd & Anr. Vs. IDBI Bank Ltd. & Anr.- Supreme Court Read Post »

Sale of Hypothecated Trucks pursuance to the Arbitral Award during the Moratorium under Section 14 of IBC – Tata Motors Finance Ltd. Vs. Jadoun International Pvt. Ltd. & Anr. – NCLAT New Delhi

There was Hypothecation Agreement between the Corporate Debtor and the Appellant. CIRP had started on 25.01.2019 and the Appellant in pursuance to the Arbitral Award, proceeded to repossess two trucks belonging to the Corporate Debtor and sold one on 15.03.2019 and another on 8th April, 2019. The Appellant claims that the Appellant did not have knowledge of the moratorium. The Resolution Professional (RP) before the Adjudicating Authority (NCLT, Jaipur Bench) calling upon the Appellant to deposit the money and the Appellant filed IA 258 of 2019 that the Appellant was being restrained from filing claim with the RP who is insisting for first deposit of the value of the trucks already sold. By the Impugned Order, the Adjudicating Authority has directed the Appellant to deposit Rs.25,10,000/- and then participate. NCLAT rejected the appeal and upheld the NCLT decision.

Sale of Hypothecated Trucks pursuance to the Arbitral Award during the Moratorium under Section 14 of IBC – Tata Motors Finance Ltd. Vs. Jadoun International Pvt. Ltd. & Anr. – NCLAT New Delhi Read Post »

Striking off the name of the company by RoC during CIRP cannot be treated as legal and just – Vinod Tarachand Agrawal (Liquidator of M/s J R Diamonds P Limited) Vs. Registrar of Companies, Gujarat – NCLT Ahmedabad Bench

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Striking off the name of the company by RoC during CIRP cannot be treated as legal and just – Vinod Tarachand Agrawal (Liquidator of M/s J R Diamonds P Limited) Vs. Registrar of Companies, Gujarat – NCLT Ahmedabad Bench Read Post »

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