NCLT JUDGEMENT ON SECTION 60(5) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

 

 

 

 

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

Axis Bank Limited Vs. Ind-Barath Power Gencom Limited, (2020) 08 NCLT CK 0018

A Division Bench of the NCLT allowed the application filed by the Resolution Professional/applicant, under section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking extension of CIRP period by 90 days from 19.08.2020 for completion of Corporate Insolvency Resolution Process of Corporate Debtor. While allowing the application NCLT held that the RP is authorized to move the application before Adjudicating Authority for extension of CIRP. The grounds for extension is to complete the CIRP of the corporate debtor and comply with the timeliness as specified in CIRP Regulations and under IBC, 2016 and for the purpose to extend the CIRP period for 90 days beyond 180 days. There are genuine grounds for extension of CIRP by another 90 days. Accordingly, application is allowed and CIRP is extended by another 90 days beyond 180 days with effect from 20.08.2020.

Comments

Post a Comment

Popular posts from this blog

NCLT JUDGEMENT ON SECTION 8, 9, 13(1)(B), 13(1)(C), 14, 14(1), 15, 17, 18, 19, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

Image
Maloo Bhatt And Co. Vs. Pet Metal Private Limited, (2020) 08 NCLT CK 0024 NCLT allowed the Application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code,2016, to initiate Corporate Insolvency Resolution Process against Corporate Debtor for the amount of debt related to invoice raised for audit fees and other professional work. While allowing the appeal NCLT held that the amount of debt is more than Rs. 1 lacs which is not barred by law of limitation. The said amount has not been paid and no plausible defence has been put forward by Corporate Debtor. The Applicant has also provided MCA Data of the Corporate Debtor. The application is otherwise complete and defect free. It is also noted that no disciplinary proceedings are pending against the IRP whose consent is on record. Hence, he can be appointed to conduct Corporate Insolvency Resolution Process (CIRP). Accordingly, we admit this application and order.
Read more

NCLT JUDGEMENT ON SECTION 133, 230, 231, 232 OF THE COMPANIES ACT, 2013 AND RULE 3, 3(2) OF THE NATIONAL COMPANY LAW TRIBUNAL RULES, 2016

Image
Kalyankari Suppliers Private Limited And Ors Vs. Shiv Coal Benification And Power Private Limited, (2020) 05 NCLT CK 0015 NCLT allowed the application filed by the applicant under Section 230 to 232 read with Companies (Arrangements, Compromises and Amalgamations) Rules, 2016 in relation to Scheme of Amalgamation (For brevity "Scheme") proposed between the Applicants. While allowing the application NCLT held that taking into consideration the application and the documents filed herewith, we propose to issue the directions with respect to calling, convening and holding the meeting of Equity Shareholders, Partners, secured and unsecured creditors or dispensing the same.
Read more

NCLT JUDGEMENT ON SECTION 8, 8(1), 8(2), 9, 9(5)(1), 14, 15,16, 17, 18, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

Image
Centuary Road Transport Pvt. Ltd Vs. Tyson Retail Services Pvt. Ltd, (2020) 06 NCLT CK 0044 NCLT allowed the application filed by the applicant under Section 9 of the IB Code for initiation of the CIRP of Corporate Debtor.   While allowing the application NCLT held that in view of Section 8, after the receiving of the demand notice delivered under Section 8(1) of the IB Code the Corporate Debtor is required to send the reply to demand notice or raised the pre-existing dispute or show the documents regarding the payment of the unpaid debt but here as we noticed that the Corporate Debtor has neither raised the pre-existing dispute nor filed any document to show that the amount has been paid by the Corporate Debtor to the Operational Creditor. If we shall consider the case in hand in the light of aforesaid provision then we find that herein the case in hand neither pre-existing dispute is raised nor payment of the unpaid Operation Debt is made, the application is complete and the ...
Read more