Justice R. Vardharajan

The pendency of an application challenging the constitution of the voting share percentage of creditors cannot prevent AA in disposing of the replacement of IRP to RP application – Vishwanath Sharma Vs. Pawan Kumar Singal IRP of Piyush IT Solutions Pvt. Ltd. – NCLT Principal Bench

NCLT held that the pendency of an application challenging the constitution of the voting share percentage of creditors cannot prevent AA in disposing of the replacement of IRP to RP application as resolved by the members of the CoC having requisite voting share on the given date. Since the CIRP is required to be a seamless procedure in light of the provisions of IBC and in this regard it is to be observed that if there is any change in the constitution of the CoC in view of any change in the computation of the claim the same shall take effect only prospectively and will not affect the decisions of the CoC taken in the past in relation to the CIRP of the Corporate Debtor taking into consideration CIRP Regulation 12 and Regulation 14.

The pendency of an application challenging the constitution of the voting share percentage of creditors cannot prevent AA in disposing of the replacement of IRP to RP application – Vishwanath Sharma Vs. Pawan Kumar Singal IRP of Piyush IT Solutions Pvt. Ltd. – NCLT Principal Bench Read Post »

NCLT Chennai Bench directs IBBI to share the database of IPs including the details about the disciplinary proceeding, if any which is pending against them, for effective adjudication of matters listed under Section 95 of IBC, 2016 – M/s. Tata Capital Financial Services Limited Vs. G. Ramakrishna Reddy – NCLT Chennai Bench

Rule 8 of the AAIRPPG Rules, 2019 states that the Board  may share a  database  of the Insolvency Professionals, including the information about the disciplinary proceedings against them with the Adjudicating Authority from time to time. However, upon enquiry from the Registry of this Tribunal, it was found that no such database including in relation to disciplinary proceedings, if  any, of  the insolvency professionals is being shared to the Chennai Bench of NCLT by the Board under the relevant Rules as above. Hence, in this regard, we hereby direct the IBBI also to share the database of the insolvency professionals including  the details about the disciplinary proceeding, if any which is pending against them, for effective adjudication of matters listed under Section 95 of IBC, 2016.

NCLT Chennai Bench directs IBBI to share the database of IPs including the details about the disciplinary proceeding, if any which is pending against them, for effective adjudication of matters listed under Section 95 of IBC, 2016 – M/s. Tata Capital Financial Services Limited Vs. G. Ramakrishna Reddy – NCLT Chennai Bench Read Post »

NCLT passed Garnishee order prohibiting the debtors from paying any amount which is due to the Respondent and also to attach the Bank accounts of the Respondents – Kavitha Surana Liquidator of M/s. Shri Veerganapathi Steels Pvt. Ltd. Vs. Devmata Exim Pvt. Ltd. – NCLT Chennai Bench

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NCLT passed Garnishee order prohibiting the debtors from paying any amount which is due to the Respondent and also to attach the Bank accounts of the Respondents – Kavitha Surana Liquidator of M/s. Shri Veerganapathi Steels Pvt. Ltd. Vs. Devmata Exim Pvt. Ltd. – NCLT Chennai Bench Read Post »

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