Shri Narendra Kumar Bhola

As per Section 18 of IBC, Resolution Professional is only bound to include information for previous two years and not beyond – M/s Indian Sources Vs. M/s Vas Data Services Pvt. Ltd. Through RP – NCLT New Delhi Bench Court-III

Prayer regarding direction to the resolution Professional to provide the C-Forms for the Invoices, goods related to the year 2016, which is more than 2 years from the date of commencement of CIRP. The Adjudicating Authority held that from the plain reading of the Section 18 of the IBC, it is clear that the resolution professional is only bound to include information for previous two years and not beyond that and as per record, CIRP of Corporate Debtor commenced 09.04.2019, therefore, the resolution professional is duty bound to have financial position of Corporate Debtor for the year F.Y. 2017-18 and 2018-19 and not for the year 2016.

As per Section 18 of IBC, Resolution Professional is only bound to include information for previous two years and not beyond – M/s Indian Sources Vs. M/s Vas Data Services Pvt. Ltd. Through RP – NCLT New Delhi Bench Court-III Read Post »

Inherent powers under Rule 11 of NCLT Rules, 2016 cannot be invoked when express provisions have been made in the Regulation 32A of Liquidation Process Regulations, 2016 for levy of interest in case of delayed payments – Sarda Mines Pvt. Ltd. Vs. Shailendra Ajmera Liquidator of Kwality Ltd. – NCLT New Delhi Bench Court-III

The Adjudicating Authority held that it is amply clear that interest is chargeable in case the payment is not made within 30 days from the execution of the LOI. Further, nowhere in the IBC or the Regulations thereto, there is any provision which empower the Tribunal to waive interest. It held that when express provisions have been made in the IBBI (Liquidation Process) Regulations, 2016 for levy of interest in case of delayed payments and also the process memorandum and terms of sale under the LOI provide for levy of interest, we do not feel it appropriate invoke the inherent powers under Rule 11 of NCLT Rules, 2016 in the present case.

Inherent powers under Rule 11 of NCLT Rules, 2016 cannot be invoked when express provisions have been made in the Regulation 32A of Liquidation Process Regulations, 2016 for levy of interest in case of delayed payments – Sarda Mines Pvt. Ltd. Vs. Shailendra Ajmera Liquidator of Kwality Ltd. – NCLT New Delhi Bench Court-III Read Post »

Amount given as advance to the Corporate Debtor doesn’t fall under the definition of Operation Debt as defined under Section 5(21) of IBC – CG Finco Pvt. Ltd. & Ars Vs. Nextgen Telesolutions Pvt. Ltd. – NCLT New Delhi Bench Court-III

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Amount given as advance to the Corporate Debtor doesn’t fall under the definition of Operation Debt as defined under Section 5(21) of IBC – CG Finco Pvt. Ltd. & Ars Vs. Nextgen Telesolutions Pvt. Ltd. – NCLT New Delhi Bench Court-III Read Post »

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