21/04/2022

Even if facility agreement(mortgage by deposit of title deed) was not stamped, an application u/s 7 of IBC can be admitted if other materials on the record are available which clearly prove the financial debt – Mr. Aashish Kadam & Anr. Vs. Nagpur Nagarik Sahakari Bank Ltd. & Anr. – NCLAT New Delhi

NCLAT held that one of the facts which has been noticed is that present is a case of mortgage by deposit of title deed. Even if the facility agreement was not stamped, there was other materials on the record which clearly prove the financial debt which was owed by the Appellant, hence, we do not find any error in the order of the Adjudicating Authority admitting the Application under Section 7. We, thus, are of the view that there is no merit in the Appeal and Appeal deserves to be dismissed.

Even if facility agreement(mortgage by deposit of title deed) was not stamped, an application u/s 7 of IBC can be admitted if other materials on the record are available which clearly prove the financial debt – Mr. Aashish Kadam & Anr. Vs. Nagpur Nagarik Sahakari Bank Ltd. & Anr. – NCLAT New Delhi Read Post »

NCLAT allows restoration of the name of a Company on payment of costs of Rs.75,000/- to the Prime Minister’s Relief Fund – HIFFCO Farming Ltd. Vs. Registrar of Companies, West Bengal – NCLAT New Delhi

NCLAT held that the Restoration of the Name of the Appellant’s company is subject to its filing of all outstanding relevant documents required by law and fulfilling all the Statutory Requirements (including the payment of any late fee or any other charges which are leviable by the Respondent for belated filing of Statutory Returns for the periods in question) and also on payment of costs of Rs.75,000/-, to be paid to the “Prime Minister’s Relief Fund”. The name of the Appellant/Company shall then, as a consequent effect, shall stand restored to the Register of the Registrar of Companies as if the name of the Company was not struck off in accordance with Section 248(5) of the Companies Act, 2013.

In this judgment, important judgments related to restoration of name are also listed.

NCLAT allows restoration of the name of a Company on payment of costs of Rs.75,000/- to the Prime Minister’s Relief Fund – HIFFCO Farming Ltd. Vs. Registrar of Companies, West Bengal – NCLAT New Delhi Read Post »

Amount given as Share Application Money cannot be treated as a financial debt to trigger the insolvency process under Section 7 of the IBC – Pramod Sharma Vs. Karanaya Heart Care Pvt. Ltd. – NCLAT New Delhi

NCLAT held that the amount was given as a Share Application Money on which no share was allotted. Under some settlement, the principal amount was refunded and thereafter, the Application under Section 7 was filed by the Appellant. We are of the view that the Adjudicating Authority rightly took the view that the amount which was given by the Appellant as Share Application Money cannot be treated to be a financial debt so as to enable the Appellant to trigger the Insolvency Process under Section 7 of the Code.

Amount given as Share Application Money cannot be treated as a financial debt to trigger the insolvency process under Section 7 of the IBC – Pramod Sharma Vs. Karanaya Heart Care Pvt. Ltd. – NCLAT New Delhi Read Post »

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