29/08/2024

Replacement of Resolution Professional in Personal Insolvency on the basis of suspension of registration by IBBI in Disciplinary proceedings – Sandeep Kumar Bhatt Vs. State Bank of India and Ors. – NCLAT New Delhi

In this case, the Resolution Professional in personal guarantee insolvency has been replaced on application field by a creditor taking ground of suspension of registration of the resolution professional by the IBBI.

Replacement of Resolution Professional in Personal Insolvency on the basis of suspension of registration by IBBI in Disciplinary proceedings – Sandeep Kumar Bhatt Vs. State Bank of India and Ors. – NCLAT New Delhi Read Post »

Whether an application under Section 12A of IBC for withdrawal of the CIRP can be filed after commencement of the Liquidation Proceedings? – Asha Chopra and Ors. Vs. Hind Motors India Ltd. and Ors. – NCLAT New Delhi

Hon’ble NCLAT held that:

(i) The CoC exist till continuation of the CIRP and after the Order passed under Section 33 for Liquidation, the CoC does not continues so as to take a decision for withdrawal of an Application under Sections 7, 9 & 10.
(ii) In the Liquidation Process, Compromise or Arrangement is contemplated as per Regulation 2B which clearly negates the submission of the Appellant that withdrawal is permissible only under Section 12A.
(iii) In view of the clear Statutory Scheme as delineated by 12A, Section 33 and Regulation 2B of the Liquidation Regulation, the Hon’ble Bench is of the view that during Liquidation period, an Application under Section 12A is not permissible.
(iv) The Hon’ble NCLAT also does not subscribe to the observation made in V. Navaneetha Krishnan v. Central Bank of India, Coimbatore and Anr. (2018) ibclaw.in 298 NCLAT that even during Liquidation period, any person can make an Application under 12A.

Whether an application under Section 12A of IBC for withdrawal of the CIRP can be filed after commencement of the Liquidation Proceedings? – Asha Chopra and Ors. Vs. Hind Motors India Ltd. and Ors. – NCLAT New Delhi Read Post »

Whether Ex-Director who has resigned prior to initiation of CIRP can be held to be a Suspended Director and is entitled for the copy of Resolution Plan and other relevant documents? – Jagdish Valecha Vs. Anurag Kumar Sinha, RP of Valecha Engineering Ltd. and Ors. – NCLAT New Delhi

Hon’ble NCLAT defines the meaning of Suspended Director under Insolvency Code as “Suspended Directors are Directors whose power to act as Directors are suspended by virtue of initiation of CIRP. Suspended Directors may include those Directors of the Corporate Debtor who were working in such capacity on the date of initiation of the CIRP.” Appellant has resigned more than two years prior to initiation of the CIRP and cannot be held to be a Suspended Director and is not entitled for the copy of the Resolution Plan and other relevant documents

Whether Ex-Director who has resigned prior to initiation of CIRP can be held to be a Suspended Director and is entitled for the copy of Resolution Plan and other relevant documents? – Jagdish Valecha Vs. Anurag Kumar Sinha, RP of Valecha Engineering Ltd. and Ors. – NCLAT New Delhi Read Post »

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