Bringing you the Best Analytical Legal News
On 3-3-2-2023, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for
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In matter related to reconsideration of Resolution Plan after approval, NCLAT held that thought the object of the CIRP is maximisation of value of the Corporate Debtor, but the said maximisation must be achieved within the timeline provided in the scheme.
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In a case related to rejection of Resolution Plan by the Adjudicating Authority, which was once approve the Adjudicating Authority, the Tribunal opined that the Adjudicating Authority was right on non-approval of the Resolution Plan as the Adjudicating Authority’s order was not followed in its true spirit.
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The NCLAT granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) by staying bankruptcy proceedings against them, after the NCLT admitted S. 7 application and directed the initiation of CIRP against the Corporate Debtor/ZEEL.
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ITAT reiterated that IBC has overriding effect on all the acts including Income Tax Act (‘IT Act’) which has been specifically provided under Section 178(6) of the IT Act as amended w.e.f. 01-11-2016.
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In the instant matter an appeal was preferred before NCLAT challenging the order of the Adjudicating Authority remitting a Resolution Plan back to the CoC for reconsideration in accordance with law.
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While dealing with a challenge against the order of the State Commission, Delhi, the National Consumer Dispute Redressal Commission found the same reasoned, and the compensation to be just and adequate, thereby dismissing both the appeals.
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The Election Commission in consequence, allowed the Uddhav Thackeray faction to retain the name of ‘Shiv Sena (Uddhav Balasaheb Thackeray)’ and the symbol of ‘Flaming Torch’ as per the October 2022 interim order.
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In the instant matter, the petitioner preferred an appeal challenging the order of Adjudicating Authority dismissing application in view of the “pre-existing dispute”. NCLAT held that when the reply to Demand Notice was not filed within 10 days, the Corporate Debtor is not precluded from raising the question of dispute or pleading that there is no amount due and payable.
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While dismissing the appeal challenging the order of Adjudicating Authority which dismissed a S. 7 IBC application on the ground of want of limitation, the Tribunal held that there is no question of going into the merits of the case and the application is barred by limitation.
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While hearing an appeal challenging an impugned order passed by the Adjudicating Authority dismissing a S. 7 IBC application on the ground that the appellant was not able to establish debt and default, the Tribunal held that it is clear from the facts and circumstances the definition of debt and default is rightly established by the appellant and the Adjudicating Authority has committed a patent error while passing the impugned order.
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While deciding the present matter dealing with mistake in demand notice, NCLAT held that “the Corporate Debtor has not and would not be prejudiced by fact that Operational Creditor has mentioned the wrong date of default due to its inadvertence.”
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National Company Law Appellate Tribunal held that Adjudicating Authority cannot direct Resolution Professional to pay lease amount under Section 14(1)(d) of Insolvency and Bankruptcy Code, 2016, during CIRP
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While upholding the NCLT’s order of admission of fresh application and initiation of CIRP against the Corporate Debtor, the Tribunal held that the nature of financial debt would not change on account of breach of the consent terms.
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While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.
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National Company Law Appellate Tribunal held that rejection of application for initiation of Corporate Insolvency Resolution Process is inevitable if it is filed fraudulently and maliciously for purpose other than resolution of insolvency.
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In a case challenging the Adjudicating Authority’s order to withdraw from e-auction process and refund of EMD and first instalment, the Tribunal held that the Adjudicating Authority can allow the Successful Auction Purchaser to withdraw from e-auction process when the balance bid amount is due because of the attachment of the assets of the Corporate Debtor.
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The Central Electricity Regulatory Commission held that the imposition of Safeguard Duty through notification issued by Department of Revenue is a ‘Change in Law’ event as per Article 12 of Power Purchase Agreement.
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National Company Law Appellate Tribunal observed that once the CoC has decided to vote on the resolution plans after closure of challenge process, the Adjudicating Authority cannot direct the CoC to consider any revised plan submitted thereafter.
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In the instant matter an appeal was preferred against the order of NCLT admitting S. 7 IBC application or repayment of financial debt. Upholding the order of the NCLT, the Tribunal held that even if there is no proof of loan agreement other materials on record can prove the financial debt.
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