Limitation in Filing Appeal before the NCLAT — Interesting Development
by Akaant Kumar Mittal†
Cite as: 2023 SCC OnLine Blog Exp 8
NCLAT
Adjudication of an avoidance application is independent of the resolution of the corporate debtor and can survive CIRP: Delhi High Court
The Delhi High Court held that adjudication of an avoidance application was independent of the resolution of the corporate debtor and could survive Corporate Insolvency Resolution Process (CIRP) and a Resolution Professional would not be functus officio with respect to adjudication of avoidance application.
‘Findings not contrary to the weight of record’; Supreme Court affirms NCLAT’s order refusing to stay CCI’s Rs 1,338 crore penalty on Google LLC for anti-competitive practices
The Supreme Court had reservation to express its opinion on the merits of the case which would otherwise affect the proceedings pending before NCLAT and stated that the findings of the CCI at the interlocutory stage was neither without jurisdiction nor suffered from any error which would necessitate interference in the appeal.
Successful Auction Purchaser can withdraw from e-Auction; NCLAT upheld refund of EMD and first instalment
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.
NCLAT| After closure of Challenge Process and consequent receipt of resolution plan, Adjudicating Authority cannot direct consideration of the revised plan submitted thereafter
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.
Deduction of TDS and deposit in Form 16-A under Section 194-A of Income Tax Act proves the deduction was TDS relating to ‘Interest other than interest on securities’: NCLAT observes
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.
Strong reason required to keep the application in abeyance; NCLAT dismisses appeal finding no error in Adjudicating Authority’s order
The Tribunal observed that an application under S. 12A cannot be entertained after approval of Resolution Plan by CoC.
NCLAT refuses to grant interim relief to Google; directs to deposit 10% of ₹ 936 crore penalty
National Company Law Appellate Tribunal, New Delhi: While deciding an appeal filed against the Competition Commission of India's (CCI) order imposing a
Adjudicating Authority is obligated to give direction for liquidation only when CoC’s decision is in accordance with IBC: NCLAT
In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.
Rectificatory jurisdiction under Section 111A of the Companies Act, 1956 cannot be invoked for violation of SEBI Regulations: Supreme Court
The Supreme Court observed that the important role of the Regulator cannot be circumvented by simply asking for rectification under Section 111A of the Companies Act, 1956.
NCLAT cannot direct modifications of claims once the Resolution Plan is approved
In instant matter, the appellants filed an appeal challenging the NCLT order approving the Resolution Plan approved by the CoC. The NCLAT held that once Resolution plan is approved by CoC, it cannot direct modifications of claims to Resolution Plan as the Tribunal does not have residual equity-based jurisdiction.
No inconsistency between Section 33 IBC and Section 11-B of the Central Excise Act, 1944; NCLAT partly allows appeal
In the present case, a Liquidator filed an application before for release/refund of unlawful payment by the applicant. The Tribunal, partly allowing the appeal, upheld the refund of the amount of Rs.25,46,588/- and of the amount of Rs.1,08,797/- as no application for refund was filed for the said amount.
NCLAT | Once the resolution plan is submitted for approval, it is binding between the Committee of Creditors and successful resolution applicant
NCLAT while deciding the appeal held that the CoC after approving the resolution plan cannot seek direction from Adjudicating Authority to consider the new resolution plan of a third party who was not a part of the CIRP as it would fall outside the timeline and defeat the very scope and objective of the Code.
Whether CoC after approval a Resolution Plan can seek direction to consider a new Resolution Plan of a third party who was not a part of the CIRP Proceedings? NCLAT answers
National Company Law Appellate Tribunal, New Delhi: A bench consisting of Anant Bijay Singh, J., and Shreesha Merla* (Technical Member)
NCLAT sets aside clean chit to DLF in allegations of abuse of dominant position case; CCI to hear matter afresh
In the case at hand, a buyer of an apartment in a DLF Project had allegedly found several clauses of the buyer-seller agreement reflecting abuse of dominance position by DLF which was “highly unfair and discriminatory” to the buyer.
Leniency application is like admission of guilt in a cartel; NCLAT upholds penalty imposed on United Breweries, Carlsberg and All India Breweries Association
NCLAT while deciding the issue of cartelisation by breweries observed that lesser penalty application indicates admission of guilt and held United Breweries, Carlsberg India Pvt. Ltd. and All India Breweries Association liable for cartelisation.
DECEMBER 2022 WRAP UP: 22 captivating judgments of Tribunals, Regulatory Bodies and Commissions
Presenting to you tour d’horizon of all the significant decisions covered in the month of December 2022 of the Tribunals, Commissions and Regulatory Bodies.
NCLAT | No Liquidator has any ‘personal rights’, to continue in Liquidation Process; Adjudicating Authority can order for replacement of Liquidator
National Company Law Appellate Tribunal | The bench comprising of M. Venugopal, J. and Naresh Salecha* (Technical Member) held that
Rule 11 of NCLAT Rules 2016 cannot be invoked even if there is no provision in IBC to deal with certain circumstances: NCLAT
National Company Law Appellate Tribunal | Dismissing the appeals, a bench comprising of Rakesh Kumar Jain*, J. and Kanthi Narahari