courtkutchehry.com National Company Law Tribunal

State Bank Of India And Ors. Vs. Rohit Ferro Tech Limited And Ors., (2020) 08 NCLT CK 0006 NCLT dismissed the appeal filed vide I.A. (IB) No. 611/KB/2020 by the applicant, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016, seeking grant of leave to conduct auction and to have access to the Plant of the Respondent at Jajpur, Odisha and for inspection and for removal of the said goods upon completion of sale through e-auction/tender to be conducted by the applicant. While dismissing the Appeal NCLT held that we do not find any substance in the arguments of the applicant that he still has any right to the goods or raw material lying in the premises of the CD, even after the order of CIRP. The provisions of the Code are very much clear in this regard. The RP is the final authority who will take possession of the moveable and immovable properties of the CD after the order of CIRP. Anybody has any claim a...

Rra Developers Private Limited Vs. Registrar Of Companies, Uttar Pradesh And Uttarakhand, (2020) 08 NCLT CK 0008 NCLT allowed appeal filed by the Appellant U/s 252(3) of the Companies Act, 2013 read with Rule 87A of the National Company Law Tribunal Rules, 2016 for restoration of name of the Appellant Company struck off by the Registrar of Companies, Uttar Pradesh U/s 248 of the Companies Act, 2013 read with Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, from the Register of Companies maintained by the Registrar of Companies, Uttar Pradesh. While allowing the appeal NCLT held that the Appellant has been able to satisfy this bench that it has certain assets which necessitate and justify the restoration of its name in the Register of Companies. A step as stringent as what has been taken at least requires an opportunity to the appellant to take remedial measures. Merely to disallow restoration on grounds of its failure to file annual retur...

Radhey Krishna Hotels Private Limited Vs. Registrar Of Companies, Uttar Pradesh And Uttarakhand, (2020) 08 NCLT CK 0011 NCLT allowed appeal filed by the Appellant U/s 252(3) of the Companies Act, 2013 read with Rule 87A of the National Company Law Tribunal Rules, 2016 for restoration of name of the Appellant Company struck off by the Registrar of Companies, Uttar Pradesh U/s 248 of the Companies Act, 2013 read with Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, from the Register of Companies maintained by the Registrar of Companies, Uttar Pradesh. While allowing the appeal NCLT held that the Appellant has been able to satisfy this bench that it has certain assets which necessitate and justify the restoration of its name in the Register of Companies. A step as stringent as what has been taken at least requires an opportunity to the appellant to take remedial measures. Merely to disallow restoration on grounds of its failure to file annua...

        NAME MOBILE NO. E-MAIL I’D RANJEET   KUMAR 8383098478 ,  9667769795 rk@courtkutchehry.com JAI THAKUR 8130703334 ,  9355723300 jai.thakur@courtkutchehry.com RAJEEV   RANJAN 9334553249 rajiv.ranjan@courtkutchehry.com ASHOK   MISHRA 9718327746 sales@courtkutchehry.com RAVI   KUMAR ravi.singh@courtkutchehry.com Kumud Mishra Vs. Reverse Logistics Company Pvt. Ltd., (2020) 08 NCLT CK 0012 NCLT allowed the application filed by the applicant/Resolution Professional under Section 12(2)of IB Code, 2016 read with Regulation 40 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking extension of CIRP Process fora further period. While allowing the application NCLT held that the Application is accordingly allowed directing the Resolution Applicant to complete the CIRP within a period of 90 days from the order date.

        NAME MOBILE NO. E-MAIL I’D RANJEET   KUMAR 8383098478 ,  9667769795 rk@courtkutchehry.com JAI THAKUR 8130703334 ,  9355723300 jai.thakur@courtkutchehry.com RAJEEV   RANJAN 9334553249 rajiv.ranjan@courtkutchehry.com ASHOK   MISHRA 9718327746 sales@courtkutchehry.com RAVI   KUMAR ravi.singh@courtkutchehry.com Kumar Brothers Pharma Pvt. Ltd. Vs. Vascular Therapeutics India Pvt. Ltd., (2020) 08 NCLT CK 0009 NCLT admitted the application filed by the Operational Creditor/Petitioner, under Section 9 of Insolvency & Bankruptcy Code, 2016 (Code) against the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). While allowing the application NCLT held that this Bench has no doubt that the amount payable by the Corporate Debtor is a liability which is due from the Corporate Debtor and qualifies as Operational Debt both in terms of Section 3(11) and Section 5(21) of the IBC, 2016. This Bench also...

        NAME MOBILE NO. E-MAIL I’D RANJEET   KUMAR 8383098478 ,  9667769795 rk@courtkutchehry.com JAI THAKUR 8130703334 ,  9355723300 jai.thakur@courtkutchehry.com RAJEEV   RANJAN 9334553249 rajiv.ranjan@courtkutchehry.com ASHOK   MISHRA 9718327746 sales@courtkutchehry.com RAVI   KUMAR ravi.singh@courtkutchehry.com In Re: Indusind Media And Communications Limited And Ors Vs., (2020) 08 NCLT CK 0010 NCLT allowed the Petition filed by the Petitioner seeking sanction under sections 230 to 232 of the Companies Act, 2013 of the Scheme of Arrangement between the Demerged Company'/Petitioner Company 1 and the Resulting Company/Petitioner Company 2 and their respective shareholders. While allowing the Petition NCLT held that from the material on record, the Scheme appears to be fair and reasonable and does not violate of any provisions of law and is not contrary to public policy. Since all the requisite statutory compliances have been f...