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Wellworth Capital Services Private Limited Vs. Wellworth Financial Services Private Limited, (2020) 08 NCLT CK 0052 NCLT allowed the petition filed by the petitioner for seeking sanction, of the tribunal under Sections 230 to 232 of the Companies Act, 2013, to the Scheme of Amalgamation (Merger by Absorption) of the (Transferor Company) with the Transferee Company) and their respective shareholders ('Scheme'). While allowing the petition NCLT held that from the material on record, the Scheme appears to be fair and reasonable and does not violate any provisions of law and is not contrary to public policy or public interest. Since all the requisite statutory compliances have been fulfilled, C.P. (CAA)/939/MB/2020 have been made absolute in terms of prayer Clause 32(a) of the Petition mentioned therein. The Scheme of Amalgamation (Merger by Absorption) is sanctioned hereby, and the Appointed Date of the Scheme is 1st April, 2019. The Transferor Company is dissolved without wind...

Siripuram Developers Private Limited And Ors Vs. Andhra Bank (Now Merged With Union Bank Of India) And Ors., (2020) 08 NCLT CK 0031 NCLT allowed the application filed by the applicants under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, inter- alia to set aside the impugned possession notice dated 11.03.2020 and direct the Respondent No. 1 Bank to not take any coercive steps as against the Applicant companies till the closure of liquidation proceedings. While allowing the application NCLT held that though it is a settled position of Law that the liabilities of a surety is coextensive with that of principal debtor and further in view of the Law settled by the Hon'ble NCLAT and Hon'ble Supreme Court that a Financial Creditor can proceed to enforce the guarantees against the guarantors. Thus the settled position of Law, that there should not be any restraints on a Financial Creditor to proceed against the Guarantor even after the initiation of CIRP, approval of Res...

Saibaba Trading Private Limited And Ors. Vs. Mukund Fashion Private Limited, (2020) 08 NCLT CK 0020 NCLT allowed the joint application filed by the Transferor Companies and Transferee Company under Section 230-232 of the Companies Act, 2013, seeking sanction of this Tribunal to the Composite Scheme of Merger and Amalgamation of Transferor Company-1"], Transferor Company-2"] with Transferee Company"] with effect from the appointed date as mentioned in the Scheme. While allowing the application NCLT held that in compliance of sub-section (5) of Section 230 and Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, the Applicant Companies shall send a notice in Form No. CAA.3 along with disclosures mentioned under Rule 6, to, (i) the Central Government through the Regional Director, Northwestern Region, (ii) the Registrar of Companies, Gujarat, (iii) the Income Tax Authorities concerned and (iv) the Official Liquidator, stating that representat...

Radha Riddhi Enterprises Pvt. Ltd. And Ors Vs. Smg Realties Pvt. Ltd., (2020) 08 NCLT CK 0048 NCLT allowed the petition filed by the petitioner for seeking sanction, of the tribunal under Sections 230 to 232 of the Companies Act, 2013 and the Rules framed there under for the Scheme of Amalgamation of the First Transferor Company and the Second Transferor Company with the Transferee Company. While allowing the petition NCLT held that from the material on record, the Scheme appears to be fair and reasonable and does not violate any provisions of law and is not contrary to public policy or public interest. Since all the requisite statutory compliances have been fulfilled, Company Scheme Petition No. 944 of 2020 is made absolute in terms of clauses (a) to (c). Hence ordered.

Freebie Solutions Private Ltd Vs. Zaggle Prepaid Ocean Services Private Limited, (2020) 08 NCLT CK 0033 NCLT dismissed the petition filed by the petitioner filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process for an amount of Rs.10,28,69,811/-. The claim has been slashed to Rs.6,11,10,000/- by way of Affidavit dated 17.10.2019 for amendment, as dealt with during the course of the order. While dismissing the petition NCLT held that when there was a prior dispute between the parties, a petition under section 9 of the I&B Code cannot be admitted. Business transactions worth several hundreds of crores of rupees took place between the operational creditor and the corporate debtor. Therefore, the dispute raised by the corporate debtor cannot be said to be spurious, hypothetical or illusory. The next contention of the corporate debtor, in the alternative, is that the amount given as advance does not fall...

In Re: West Bengal Medical Services Corporation Limited Vs., (2020) 08 NCLT CK 0067 NCLT allowed application filed by the Appellant U/s 97 of the Companies Act, for enabling the applicant to convene Annual General Meeting of the company for the year 2019. While allowing the application NCLT held that it appears to me that this is a fit case to exercise the powers conferred under Section 97 of the Companies Act, 2013. It is always desirable to convene and call AGM as prescribed under the Act, so that company should not infringe the provisions of the Act. Accordingly interim application and CP are allowed directing the applicant to hold Annual General Meeting for the financial year ending on 31.03.2019 by complying all the requirements under the provisions of section 97 of the Companies Act, 2013 with in 45 days from the date of receipt of the e copy of the order.

Vishwa Printers And Packagers Private Limited Vs. Registrar Of Companies, Uttar Pradesh And Uttarakhand, (2020) 08 NCLT CK 0041 NCLT allowed appeal filed by the Appellant U/s 152(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 f...

Standard Chartered Bank And Ors Vs. Jvl Agro Industries Ltd. And Ors., (2020) 08 NCLT CK 0040 NCLT allowed the application filed by the Resolution Professional under Sec. 33(1) of the Insolvency & Bankruptcy Code, 2016 for liquidation of the Corporate Debtor. While allowing the application NCLT held that the Tribunal observes that upon failure of the resolution process and no approved resolution plan and further on completion of statutory CIRP process, there is no alternative left but to order in conformity with the decision of the CoC liquidation has to follow under Section 33 of the Code. Adherence of the statutory requirement has to be done, as the language of the Code is clear that the adjudicating authority must give effect to it whatever may be consequences.

Sidhant Career Concepts Private Limited Vs. Registrar Of Companies, Uttar Pradesh And Uttarakhand, (2020) 08 NCLT CK 0023 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 an...

Rafey Builders Private Limited And Ors Vs. Registrar Of Companies, Uttar Pradesh And Uttarakhand, (2020) 08 NCLT CK 0036 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 ann...

Rabia Textiles Private Limited Vs. Registrar Of Companies, Uttar Pradesh And Uttarakhand, (2020) 08 NCLT CK 0021 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 retu...

Pathology Laboratory Vs. Bigdream Ventures Private Limited, (2020) 08 NCLT CK 0053 NCLT dismissed 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 dismissing the application NCLT held that we need to look at the definition of an Operational Debt as defined under section 5(21) of the IBC reads as below; "a claim in respect of the provisions of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority". j) Be that as it may, the petitioner has not been able to establish a contractual relationship with the corporate Debtor, as the very basis of claim namely the Invoice is in the name of (third party) and as such the claim does not tantamount to a...

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.

Maheshkumar Narvarlal Patel Vs. Registrar Of Companies, (2020) 08 NCLT CK 0022 NCLT allowed appeal filed by the Appellant U/s 252(3) of the Companies Act, 2013 for restoration of name of the Appellant Company struck off by the Registrar of Companies, Ahmedabad 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 Company is no doubt having liabilities as well as assets in its balance sheet. Its also owing land which has got substantial value and disposal of the same cannot be done unless the company is revived. Thus, in our view the name of the company can be restored in the Register of Companies maintained by ROC, Ahmedabad from the date of its striking off. However, for noncompliance of provisions of Companies Act, 2013 relating to non-filing of statutory returns wi...