NCLT JUDGEMENT ON SECTION 3(11), 3(12), 5(21), 7, 8(1), 8(2), 9 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

Brand Realty Services Ltd Vs. John Bakeries India Pvt. Ltd,(2020) 07 NCLT CK 0086

NCLT dismissed the application filed by the applicant under Section 9 of the Insolvency & Bankruptcy Code, 2016, (hereinafter referred to as the "Code") read with Rule 6 of the IBC, 2016 initiate corporate insolvency resolution process in respect of Corporate Debtor. While dismissing the application NCLT held that in the light of that facts, when we shall consider the case in hand then we find that the settlement agreement on the basis of which the present application is filed by the applicant does not come under the definition of operational debt. At this juncture, we would also like to refer a decision of NCLT Allahabad Bench in "Company Petition (IB) No. 343/ALD/2018 in the matter of M/ s Delhi Control Devices (P) Limited Vs. M/ s Fedders Electric and Engineering Ltd." decided on 14.05.2019, in which the NCLT Allahabad bench held that "unpaid instalment as per the settlement agreement cannot be treated as operational debt as per Section 5(21) of IBC. The failure or Breach of settlement agreement can't be a ground totrigger CIRP against Corporate Debtor under the provision of IBC 2016 and remedy may lie elsewhere not necessarily before the Adjudicating Authority".

Comments

Post a Comment

Popular posts from this blog

NCLT JUDGEMENT ON SECTION 5(7), 5(8), 7, 7(1), 7(2), 7(3), 7(5), 7(5)(A), 7(7), 8, 8(1), 8(2), 9, 14, 15, 17, 18, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, RULE 4, 4(3), 6 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016, SECTION 13(2), 17 OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 AND SECTION 433(E) OF THE COMPANIES ACT, 1956

Image
           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 Jammu And Kashmir Bank Ltd Vs. Vinayak Rathi Steels Rolling Mills Pvt. Ltd, (2020) 06 NCLT CK 0029 NCLT dismissed the application filed by the applicant, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'code') read with Rules 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), 2016 (for brevity 'the Rules') to initiate Corporate Insolvency Resolution process in respect of CD. While dismissing the application NCLT held that as we have already mentioned this fact that the loan has not been repaid by the CD which is due and payable and Hon'ble Supreme Court In Innove...
Read more

NCLT JUDGEMENT ON SECTION 7, 8, 8(1), 8(2), 9 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, RULE 5, 5(2), 6 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016

Image
          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 Jyoti Strips Private Limited Vs. JSC Ispat Private Limited, (2020) 06 NCLT CK 0046 NCLT dismissed the petition filed by the petitioner, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'code') read with Rules 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), 2016 (for brevity 'the Rules') with a prayer to initiate the Corporate Insolvency process against the Corporate Debtor. While dismissing the petition NCLT held that when we shall consider the case of the applicant, then We are of the considered view that under Rule 5 of the Insolvency & Bankruptcy (Application ...
Read more