12/10/2022

Even if some of the homebuyers have not voted in favour of the plan they have to sail with the majority – Earth Buyers Association for Justice Vs. Mr. Akash Singhal, RP for Earth Infrastructure Limited & Ors. – NCLAT New Delhi

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Even if some of the homebuyers have not voted in favour of the plan they have to sail with the majority – Earth Buyers Association for Justice Vs. Mr. Akash Singhal, RP for Earth Infrastructure Limited & Ors. – NCLAT New Delhi Read Post »

CoC decision to liquidate a Corporate Debtor can be challenged for judicial review before NCLT/NCLAT – Sreedhar Tripathy Vs. Gujarat State Financial Corporation & Ors. – NCLAT New Delhi

NCLAT held the Explanation under Section 33(2) has been inserted by Act of 26 of 2019 contains the legislative declaration and intention. The CoC in the Legislative Scheme has been empowered to take decision to liquidate the Corporate Debtor, any time after its constitution and before confirmation of the resolution plan. The power given to the CoC to take decision for liquidation is very wide power which can be exercised immediately after constitution of the CoC. CoC is empowered to take decision under the statutory scheme and when in the present case the decision of the CoC for liquidation has been approved by the Adjudicating Authority. However, we make it clear that the decision taken by the CoC was in the facts of the present case and it cannot be said that whenever decision is taken for liquidation the same is not open to judicial review by the Adjudicating Authority and this Appellate Tribunal. It depends on the facts of the each case as to whether the decision to liquidate the Corporate Debtor is in accordance with the Code or not.

CoC decision to liquidate a Corporate Debtor can be challenged for judicial review before NCLT/NCLAT – Sreedhar Tripathy Vs. Gujarat State Financial Corporation & Ors. – NCLAT New Delhi Read Post »

Adjudicating Authority is empowered to consider any application filed by the Liquidator or Successful Auction Purchaser, which may arise with regard to terms and conditions of auction sale or sale as Going Concern as per the Liquidation Regulation – RMY Industries LLP Vs. Apple Industries Pvt. Ltd. Through its Official Liquidator – NCLAT New Delhi

In this case, Adjudicating Authority has rejected certain reliefs and concessions sought by Successful Auction Purchaser. NCLAT held that we are of the view that the Adjudicating Authority is empowered to consider any application filed by the Liquidator or Successful Auction Purchaser, which may arise with regard to terms and conditions of auction sale or sale as going concern as per the Liquidation Regulation. We, thus, are of the view that end of justice be served in giving liberty to the Appellant to file an appropriate application before the Adjudicating Authority, which may arise from the terms and conditions of the auction sale or sale as going concern, which may be considered by the Adjudicating Authority.

Adjudicating Authority is empowered to consider any application filed by the Liquidator or Successful Auction Purchaser, which may arise with regard to terms and conditions of auction sale or sale as Going Concern as per the Liquidation Regulation – RMY Industries LLP Vs. Apple Industries Pvt. Ltd. Through its Official Liquidator – NCLAT New Delhi Read Post »

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