31/07/2023

Resolution Professional can reject the claim based on the records and audited books of accounts – M/s. Pani Trading Corporation Vs. Mr. Jagadishchandra B Mistri – NCLT Ahmedabad Bench

The present application is filed against the rejection of the claim of the applicant by the Resolution Professional (RP). There is no written loan agreement between the applicant and the Corporate Debtor. The applicant had explained that the claim was based on ledger account. It has been held by the Hon’ble Supreme Court in the case of Swiss Ribbons Pvt. Ltd. & Another vs. Union of India & Ors. (2019) ibclaw.in 03 SC that Resolution Professional is given administrative as opposed to quasi-judicial powers. Resolution Professional had rejected the claim of the applicant based on the records and audited books of accounts and his action in doing so cannot be faulted with. As sequel to the above discussion, application is rejected and disposed of.

Resolution Professional can reject the claim based on the records and audited books of accounts – M/s. Pani Trading Corporation Vs. Mr. Jagadishchandra B Mistri – NCLT Ahmedabad Bench Read Post »

Payment of refunds to Passengers of Go Airlines whose Airline Tickets have been cancelled, NCLT issues notice to IBBI – Go Airlines (India) Ltd. – NCLT New Delhi Bench Court-V

I. Case Reference Case Citation : (2023) ibclaw.in 415 NCLT Case Name : Go Airlines (India) Ltd. Corporate Debtor :

Payment of refunds to Passengers of Go Airlines whose Airline Tickets have been cancelled, NCLT issues notice to IBBI – Go Airlines (India) Ltd. – NCLT New Delhi Bench Court-V Read Post »

Supreme Court upholds the view taken by the Five Judges Bench of the NCLAT on the power to Review and Recall the judgment – Union Bank of India Vs. Financial Creditors of M/s. Amtek Auto Ltd. & Ors. – Supreme Court

The Five Judges Bench of the NCLAT in Union Bank of India Vs. Dinkar T. Venkatasubramanian & Ors. (2023) ibclaw.in 381 NCLAT held that NCLAT is not vested with any power to review the judgment, however, in exercise of its inherent jurisdiction this Tribunal can entertain an application for recall of judgment on sufficient grounds. The judgment of this Tribunal in Agarwal Coal Corporation Pvt. Ltd. vs Sun Paper Mill Limited & Anr. (2021) ibclaw.in 493 NCLAT and Rajendra Mulchand Varma & Ors vs K.L.J Resources Ltd & Anr. (2022) ibclaw.in 827 NCLAT observing that this Tribunal cannot recall its judgment does not lay down the correct law.
Hon’ble Supreme Court in this case held that we are in agreement with the view taken by the Five Judges Bench of the NCLAT and thus find no reason to interfere with the impugned judgment.

Supreme Court upholds the view taken by the Five Judges Bench of the NCLAT on the power to Review and Recall the judgment – Union Bank of India Vs. Financial Creditors of M/s. Amtek Auto Ltd. & Ors. – Supreme Court Read Post »

Whether TDS deduction and deposit by the Corporate Debtor itself proves that there is Financial Debt – M/s. Agarwal Polysacks Ltd. Vs. M/s. Samdari Strips Pvt. Ltd. – NCLT Jaipur Bench

NCLT Jaipur Bench held that it is true that the deduction of TDS and deposit by the Corporate Debtor does not itself prove that there is any financial debt but the deduction of TDS and deposit in Form 26AS under Section 194A of the Income Tax Act clearly proves that the deduction which was deposited was TDS relating to Interest other than interest on securities. Form 26AS was filed by the Financial Creditor along with the present petition under Section 7 of the Code, 2016 supporting the case of the Applicant that the loan which was granted to the Corporate Debtor was with interest.

Whether TDS deduction and deposit by the Corporate Debtor itself proves that there is Financial Debt – M/s. Agarwal Polysacks Ltd. Vs. M/s. Samdari Strips Pvt. Ltd. – NCLT Jaipur Bench Read Post »

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