08/10/2024

Auction Purchaser is not liable to pay any outstanding tax dues under the Maharashtra Village Panchayat Act, 1959 pertaining to the period prior to the acquisition of the assets of Corporate Debtor under the Insolvency and Bankruptcy Code, 2016 – Maha Mineral Mining and Benefication Pvt. Ltd. Vs. Gram Panchayat, Gowari – Bombay High Court

The Hon’ble High Court finds substance in the argument of the learned counsel for the petitioner that the action of the respondent in seeking to recover the outstanding tax due to it under the Maharashtra Village Panchayat Act, 1959 payable before the initiation of CIRP cannot be sustained. The petitioner who acquired the assets of Gupta Global Resources Pvt. Ltd. (Corporate Debtor) through the liquidation process in the year 2019 has received the sale certificate on 31.08.2019 and therefore, it is unflappable that the respondent can recover its outstanding dues payable before this date. The Scheme under the IBC, definitely do not permit such an action.

Auction Purchaser is not liable to pay any outstanding tax dues under the Maharashtra Village Panchayat Act, 1959 pertaining to the period prior to the acquisition of the assets of Corporate Debtor under the Insolvency and Bankruptcy Code, 2016 – Maha Mineral Mining and Benefication Pvt. Ltd. Vs. Gram Panchayat, Gowari – Bombay High Court Read Post »

Whether an Intervention Application can be maintained during the pendency of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 at pre-admission stage – Vijayalaxmi Developers and Anr. – NCLT Mumbai Bench

Hon’ble NCLT Mumbai Bench referring judgments in Deb Kumar Mujumdar Vs. State Bank of India [2019] ibclaw.in 31 NCLAT, L&T Infrastructure Finance Company Ltd. Vs. Gwalior Bypass Project Ltd. (2019) ibclaw.in 394 NCLAT and Vekas Kumar Garg Vs DMI Finance Pvt. Ltd. & Anr. (2021) ibclaw.in 78 NCLAT held that the Intervention Application is pre-mature and cannot be entertained at the stage and the appropriate remedy available with the Petitioners/Applicants would lie only if at all, only after the Corporate Debtor is admitted into Insolvency and at that stage, the Petitioners/Applicants can approach NCLT in case any of their rights are infringed in respect of any property owned by them.

Whether an Intervention Application can be maintained during the pendency of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 at pre-admission stage – Vijayalaxmi Developers and Anr. – NCLT Mumbai Bench Read Post »

Merely because Operational Creditor refused to accept the OTS proposal put forth by the Corporate Debtor cannot be a ground to reject the application under Section 9 of IBC | If Operational Creditor had initiated some proceedings under the MSMED Act, 2006, it does not debar the Operational Creditor in any way from the filing the application under Section 9 of the IB Code, 2016 – Sunstar Industries Vs. Syska Led Lights Pvt. Ltd. – NCLT Mumbai Bench

Hon’ble NCLT Mumbai Bench held that merely because the applicant refused to accept the OTS proposal put forth by the corporate debtor cannot be a ground to reject the application under Section 9. Similarly, if the applicant had initiated some proceedings under the MSMED Act, 2006 for the recovery of the outstanding dues, it does not debar the applicant in any way from the filing the application under Section 9 of the IB Code, 2016.

Merely because Operational Creditor refused to accept the OTS proposal put forth by the Corporate Debtor cannot be a ground to reject the application under Section 9 of IBC | If Operational Creditor had initiated some proceedings under the MSMED Act, 2006, it does not debar the Operational Creditor in any way from the filing the application under Section 9 of the IB Code, 2016 – Sunstar Industries Vs. Syska Led Lights Pvt. Ltd. – NCLT Mumbai Bench Read Post »

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