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NCLAT Continues Interim Order and Directs Listing of Appeals for Hearing in Insolvency Matter. The Tribunal ordered that the interim order granted in one of the appeals shall continue until the next hearing date....

The National Company Law Appellate Tribunal (NCLAT) at Chennai, in Company Appeal (AT) (CH) (Ins) No.128/2023 and 129/2023, passed an order on 20.12.2024. The appeals were filed by Umesh Mishra, the s...

Tribunals

NCLAT Allows Appeal Against NCLT Order Directing Refund of Bank Guarantee Invoked During CIRP — Bank Guarantee Invocation Not Barred by Moratorium Under Section 14 IBC. The NCLAT held that the moratorium under Section 14(1)(c) does not prohibit invocation of bank guarantees, as they are independent contracts and not property of the corporate debtor....

The appeal was filed by WAPCOS Ltd. against an order of the National Company Law Tribunal, Special Bench Mumbai, dated 20.01.2022, which directed the appellant to refund an amount of Rs.11,95,41,056/-...

Tribunals

NCLAT Dismisses Appeal Against CIRP Admission Due to 45-Day Delay Without Sufficient Cause Under Section 61(2) of IBC. The appeal against admission of corporate debtor into CIRP was dismissed as time-barred, with the court holding that the delay of 45 days beyond the statutory period was not satisfactorily explained....

The judgment pertains to two connected company appeals filed by Kalyan Muppaneni, the suspended director and founder shareholder of M/s. Pi Data Centers Private Limited, against M/s. K. Computers and ...

Tribunals

NCLAT Allows Interim Deposit in CIRP Challenge Based on Pre-Existing Dispute. Appellant permitted to deposit Rs. 1 crore pending final decision, subject to outcome of appeal under Section 9 of Insolvency and Bankruptcy Code, 2016....

The case involves an appeal filed by B. Parvathaiah, erstwhile director of Vivin Drugs & Pharmaceuticals Pvt. Ltd., against an order dated 11.01.2024 passed by the NCLT, Hyderabad Bench in CP (IB) No....

Tribunals

NCLAT Sets Aside Direction for Inspection of Liquidator's Conduct for Violation of Natural Justice. Adverse remarks and inspection order quashed as liquidator was not given opportunity of hearing under Insolvency and Bankruptcy Code, 2016....

The appellant, CA Ramasamy Shanmuggam, the liquidator of RLS Alloys Pvt. Ltd., challenged an order dated 02.06.2022 passed by the Adjudicating Authority (NCLT) in IA No.796/2021. The challenge was lim...

Tribunals

NCLAT Allows Withdrawal of CIRP After Full Settlement of Financial Creditors' Dues — Corporate Debtor to Be Handed Back as Going Concern. The Tribunal directed that upon compliance with conditions (bank guarantee and undertaking), the corporate debtor be handed over to the appellant as a going concern under Section 12A of the Insolvency and Bankruptcy Code, 2016....

The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, passed an order on 18 November 2024 in IA No.937/2022 in Company Appeal (AT) (CH) (Ins) No.358/2022. The appeal was filed by Mr. Bab...

Tribunals

NCLAT Allows Appeal for Non-Compliance of Section 24(3)(c) IBC — Mandatory Notice to Operational Creditor for COC Meetings. Compliance of Section 24(3)(c) of Insolvency and Bankruptcy Code, 2016 held mandatory as per Supreme Court judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni....

The case involves an appeal by Binjusaria Ispat Pvt Ltd, an operational creditor of Abhirama Steels Ltd, against an order dated 17.09.2024 passed by the National Company Law Tribunal (NCLT) in IA No.1...

Tribunals

NCLAT Allows Personal Guarantor to File Objection to RP Report Under Section 99 IBC — Right of Hearing Not Extinguished by Filing of Report. Personal Guarantor Entitled to File Objections to Resolution Professional's Report Before Adjudicating Authority Passes Order Under Section 99 of Insolvency and Bankruptcy Code, 2016....

The case involves an appeal filed by Comandur Parthasarathy, the personal guarantor, against an order dated 21.10.2024 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, in IA No. 19...

Tribunals

NCLAT Allows Section 95 Application Against Personal Guarantors in IBC Case — Limitation Period for Filing Application Under Section 95 Commences from Date of Default in Demand Notice Under Guarantee Contract, Not from Date of NCLT Order Admitting Corporate Debtor. The court held that the limitation for filing an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 against a personal guarantor runs from the date of default in the demand notice under the guarantee contract, and not from the date of the NCLT order admitting the corporate debtor....

The National Company Law Appellate Tribunal (NCLAT) at Chennai, by a common judgment dated 22.10.2024, allowed two appeals filed by the State Bank of India (SBI) against the rejection of its applicati...

Tribunals

NCLAT Dismisses Liquidator's Appeal Against Dismissal of Contempt Petition in Insolvency Case — No Willful Disobedience of Tribunal Order Established. Liquidator's Contempt Plea Fails as Respondent's Actions Did Not Amount to Willful Disobedience of Judgment Dated 02.08.2023 Under Section 60(5) of IBC, 2016....

The Appellant, Mr. Pankaj Dhanuka, the Liquidator of Lanco Kondapalli Power Limited, filed a contempt petition before the National Company Law Tribunal (NCLT), Hyderabad Bench, alleging that the Respo...

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