Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
I am happy to note that the Knowledge SBU of the Indian Institute of Insolvency
Professionals of ICAI (IIIPI) has taken this initiative to publish a digital book
of orders issued by NCLAT, High Courts and the Supreme Court on Corporate
Insolvency Resolution Processes (CIRP) for the period April – September 2018. Justice (Retd.) A.R. Dave
Chairman-IIIPI
The “e-Juris” eBook is expected to be a useful instrument in the hands of Insolven-
cy Practitioners for a ready reference to case laws in the fast-evolving landscape
of the Insolvency and Bankruptcy Code. Out of the Four Pillars of the Code, the
role of the Adjudicating Authority and the related judicature assumes enormous
significance since their interpretation of the provisions forms the basis of the
outcomes.
The decisions of the Appellate Authorities of NCLAT, High Courts and the Su-
preme Court, therefore, have a significant role in the evolving legal framework by
providing direction and guidance to the stakeholders.
I am confident that the initiative by the K-SBU of IIIPI will prove to be of value for
speedier references and ease of decision making by all stakeholders.
President’s Message
Dear Insolvency Practitioner,
I am pleased that Insolvency Professional Agency, IIIPI, has introduced a welcome
innovation by way of their electronic book, “e-Juris”, to make available the recent orders
of various designated authorities.
One of the most remarkable changes in the present body of Indian jurisprudence has
been the recent transition from a fragmented legal system dealing with the commercial
CA. Naveen N.D. Gupta
demise of enterprises to a unified Insolvency and Bankruptcy Code in 2016 (IBC). This President
also requires a new approach to reaching out to users for optimising outcomes– hence The Institute of Chartered
this initiative. Accountants of India
The role of the stakeholders is also becoming increasingly complex as the applicable
jurisprudence evolves rapidly with the passage of time. This can broadly be divided into
Managing the Process and Managing the Corporate.
In both the above instances, the role of the judicial bodies becomes critical as their orders
not only provide a resolution for the issue under reference but also pave the way forward
by setting a precedence for future action. As such, a handy reference to orders on record
is likely to be of considerable assistance to the insolvency practitioners.
I am advised that the present issue of “e-Juris” will be followed by other compilations to
conveniently bridge the information availability gap for the IBC stakeholders.
e-Juris provides the list of orders issued by the above three bodies in a simple PDF
format with a headline reference hyperlinked to the related order. In the present
version, an attempt has been made to provide a limited search facility, which will
be reviewed based on your feedback.
01 02 03 04 05 06
5
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
6
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Mr. G.K. Badrinaraya Company Appeal (AT) Respondents come within the meaning of
Prasad (Insolvency) No. 565 of Non issuance of notice by the AA ‘Operational Creditor’. No merit is in the
Section 9 of the
09 Vs. 2018. prior to admission of application appeal.
‘I&B Code, 2016
Godrej Tyson Foods Ltd. preferred by Operating Creditor.
& Anr (20thSept, 2018) Click here for full judgement
7
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
G. Rama Manohar Company Appeal (AT) Since the matter was settled between
Reddy (Insolvency) No. 457 of Section 8 & 9 of Existence of dispute prior to Appellant and Respondents ,order passed
11 Vs. 2018. the I&B Code, admission of the insolvency by the AA is set aside.
SEI Trading India Pvt. 2016 petition.
Ltd. & Anr (19thSept, 2018) Click here for full judgement
Randhiraj
Thakur,Director
Mayfair Capital Private Company Appeal (AT)
Limited Insolvency reference is not maintainable
(Insolvency) Nos. 32 & 50 Non maintainability of Insolvency
Vs. against the ‘financial service provider’ (non-
of 2018. Section 7 of the Corporate Resolution Process
13 1.M/s. Jindal Saxena financial company).
. I&B Code, 2016 (CIRP) against ‘financial service
Financial Services providers’.
Private Limited Click here for full judgement
(18thSept, 2018)
2.Mayfair Capital
Private Limited
8
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
9
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Kamineni Steel & Company Appeal (AT) The case is remitted to the AA for initiation of
Power India Pvt. Ltd. (Insolvency) No. 45 of Approval of Resolution Plan by
Section 21 of the liquidation proceeding
19 Vs. 2018 plus CoC/AA with voting rights less than
‘I&B Code’
Indian Bank & Ors (6thSept, 2018) 75%. Click here for full judgement
10
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Industrial Services Company Appeal (AT) As there is no power to condone the delay
Section 61 (2)of
(Gases) Vs. (Insolvency) No. 516 of Condonation of delay in filling of beyond 15 days the petition is dismissed.
21 the of the ‘I&B
Electrosteel Steels Ltd. 2018. beyond 15 days.
Code2016’
& Ors (5thSept, 2018) Click here for full judgement
11
NCLAT JUDGMENTS FOR THE MONTH AUGUST, 2018
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
12
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
V. R. Hemantraj,
Shareholder of Rajkumar Company Appeal (AT) The 1st Respondent is ‘Financial Creditor’.
Impex Pvt Ltd (Insolvency) No.213/2018 Section 5(7) (i) Meaning of ‘financial creditor’ There is no dispute regarding debt and
Vs. & 5(8) of I&B (ii) Absence of document of debt
04 default. There is no merit in the appeal.
1.Stanbic Bank Ghana Ltd Code,2016 or default
2. Deepa V Ramani IRP of (29th August,18) Click here for full judgement
Rajkumar Impex Pvt Ltd
Sai Krishna Company Appeal (AT) Resolution Plan cannot be accepted at the
Vs. (Insolvency) No. 463 Of Filing of Resolution Plan by belated stage.
06 Malabar Hotels Pvt. Ltd. 2018 - Resolution Applicant at the fag-
& Anr. (28th August,18) end of the CIRP Click here for full judgement
13
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
14
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
M/s. Laina Power Company Appeal (AT) There is no merit in the appeal as it was not
Engineering (Insolvency) No. 452 of Sections 8 & 9 a fit case for admission of application under
Vs.
14 2018 of I&B Code, 2016 Existence of dispute Section 9.
Sokeo Power Private (16th A ugust,18)
Limited Click here for full judgement
15
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Company Appeal (AT) Section 12A, The Appellant is allowed to draw the
Shipra Hotels Ltd. (Insolvency) No. 290 of IBC,2016 & amount from the Escrow Account, to give
Vs. 2018 Supreme Court Settlement arrived at between effect to settlement reached between the
20 Value Line Interiors Pvt. Order dated 3rd the parties. parties.
Ltd (10th A ugust,18) August, 2018
Click here for full judgement
16
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Premium Mouldings and Company Appeal (AT) There was an existence of dispute but the
Pressing Pvt. Ltd. (Insolvency) No. 441 of Section 9 claim has since been settled between the
Vs. 2018
24 of I&B Code, 2016 Existence of dispute parties, the order of AA is set aside.
Yusen Logistic (India)
Pvt. Ltd. & Anr (9th A ugust,18) Click here for full judgement
17
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Regulations 19
Company Appeal (AT)
Vijay Kumar Jain and 21 of I&B It is not required to provide copies of
(Insolvency) No. 442 of Non-providing of copies of the
Vs. Code (Insolvency ‘resolution plan’ to the member of the
2018 ‘resolution plans’ to the members
25 Standard Chartered Bank Resolution (suspended) Board of Director.
of the (suspended) Board of
Ltd. & Ors. Process for
(9th A ugust,18) Directors.
Corporate Persons) Click here for full judgement
Regulations, 2016.
18
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
I.A. Nos. 125-126 of 2018 Time consumed because of pendency of
In Company Appeal(AT)
M/s Shilpi Cable appeals before this Appellate Tribunal and
(Insolvency) 101 of 2017
Technologies Ltd. Computation of period of 180 days the Hon’ble Supreme Court be excluded for
29 Vs. _ for completion of the ‘Resolution the purposes of counting the period of 180
(Together with another
Macquarie Bank Ltd process’ days/270 days
IA)
Click here for full judgement
(8th A ugust,18)
19
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Prem Sagar Mishra Company Appeal (AT) The Adjudicating Authority is to treat the
Vs. (Insolvency) No. 116 of Sections 9 & 12- A Settlement of the matter between application disposed of as withdrawn.
33 Orissa Stevedores Ltd. 2018 of I&B Code, 2016 the parties during the pendency
& Anr. of the case with AA Click here for full judgement
(7th A ugust,18)
Canara Bank Company Appeal (AT) As the application is complete and there is
Vs. (Insolvency) No. 429 of no ‘existence of dispute’ and there is a ‘debt’
Section 9
Sri Chandramoulishvar 2018 Corporate Debtor is in collusion and ‘default’, the AA is bound to admit the
34 of I&B Code, 2016
Spinning Mills Pvt. Ltd. with Operational Creditor. application.
& Anr. (3rdt A ugust,18)
Click here for full judgement
Insolvency and Company Appeal (AT) IBBI having no locus standi cannot challenge
Bankruptcy Board of (Insolvency) No. 415 of the finding of AA. However, IBBI is at liberty
Section 29 A
India 2018 Selection of an ineligible to inform the Resolution Professional to
36 of I&B Code, 2016
Vs. Resolution Applicant. move an appeal.
Wig Associates Pvt. Ltd. (1st A ugust,18)
& Ors Click here for full judgement
20
NCLAT JUDGMENTS FOR THE MONTH JULY 2018
01 02 03 04 05 06
LML Mazdoor Ekta
Sangathan Through ITS Company Appeal (AT)
Secretary Ram Kumar There is no jurisdiction to condone the delay
(Insolvency)
Trivedi beyond thirty days.
No. 406 of 2018 Section 61 of Condonation of delay in filling the
01 Vs. I&B,2016 appeal.
The National Click here for full judgement
( 31st July,18)
Company Law Tribunal,
Allahabad & Anr.
21
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Axis Bank Ltd. Company Appeal (AT) Apart from Corporate Debtor and Financial
Vs. (Insolvency) Creditor , no other person to be heard at the
Impleading of shareholder/
Lotus Three No. 246 of 2018 Section 7 of the stage of admission of application.
04 personal guarantor at the stage of
Developments Ltd. & I&B Code admission of application.
Ors. Click here for full judgement
( 31st July,18)
Abhay Kumar Jain Company Appeal (AT) As the respondent invested money for
Vs. (Insolvency) consideration for time value of the money, he
Section 5(7) &
Shree Siyaram No. 137 of 2018 comes within the meaning of Financial Creditor.
06 (8) of the I&B Status of Financial Creditor
Automations Pvt. Ltd. Code,2016
& Anr ( 30th July,18) Click here for full judgement
22
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
M/s. Navbharat Company Appeal (AT) The recovery of property by the owner, occupied
Castings LLP. (Insolvency) by the ‘Corporate Debtor’, is not permissible
Section 14(1)
Versus No. 323 of 2018 Vacation of the premises under during the period of moratorium.
08 (d) of I&B Code,
M/s. Moser Baer India occupation of Corporate Debtor..
2016,
Ltd. & Anr. ( 30th July,18) Click here for full judgement
( 27th July,18)
Shri Fidaali Moiz Company Appeal (AT) Since the petitioners are delaying the matter
Mithiboewala & Anr. (Insolvency) and are not cooperating, their appeals for
Vs. No 212 of 2018 restoration of petitions are dismissed.
10 - Restoration of petitions.
Aceros Fortune Pvt.
Ltd. & Ors. ( 26th July,18) Click here for full judgement
Company Appeal (AT) The AA was not required to make any passing
(Insolvency)
Jitender Kumar Jain observations about the Liquidator
No. 214 of 2018 Certain observation made against
11 (Liquidator of Roofit - the Liquidator.
Industries Ltd.) Click here for full judgement
( 26th July,18)
23
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Apogee Manufacturing Company Appeal (AT) The allottees of real estate are Financial
Pvt. Ltd. (Insolvency) I & B Code Treating allottees of real estate Creditors.
Vs. No. 384 of 2018 (Amendment)
14 purchase as ‘Financial Creditor’ in
Hari Kishan Sharma & Ordinance, 2018’ terms of amendment of Code. Click here for full judgement
Ors. ( 25th July,18) (No. 6 of 2018)
24
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Company Appeal (AT) In the absence of ‘resolution plan’, the CoCs has
Chandra Kalian Parkash (Insolvency) Section 33(2) no option but to go ahead with the liquidation
Prior to completion of 180 days
Vs. No. 149 of 2018 of I & B Code, of the company.
18 the ‘Committee of Creditors’
Rajeev Mannadiar & 2016 proceeded with the liquidation.
Ors. ( 24th July,18) Click here for full judgement
25
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
M/s. Bhaskara Agro Company Appeal (AT) Viability and feasibility of the Resolution Plan
Agencies (Insolvency) is to be decided by the CoCs.
Vs. No. 380 of Section 33 of the Resolution Plan submitted is
21 M/s. Super Agri Seeds 2018 I&B Code,2016 viable and feasible. Click here for full judgement
Pvt. Ltd. ( 23rd July,18)
J. Technologies India Company Appeal (AT) Appellant admitted non- payment of the
Ltd. (Insolvency) amount.
Vs. No. 378 of 2018 Section 9 of the
22 Existence of dispute.
Jura IT Solutions Pvt. I&B Code,2016 Click here for full judgement
Ltd. ( 23rd July,18)
SREI Infrastructure Company Appeal (AT) Appellant is not a ‘related party.’ Further,
Finance Ltd. (Insolvency) No. 316 and Sections 5 Appellant is to be treated as Financial Creditor.
23 Vs. 317 of 2018 (24) of the I&B Appellant is a ‘related party’.
Canara Bank & Ors. ( 20th July,18) Code,2016 Click here for full judgement
26
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
M/s. Gobins India Company Appeal (AT) ‘Operational Creditors’ having less than 10% of
Engineering Pvt. Ltd. (Insolvency) the total debt amount are not to be provided
Section 31(1)
Vs. No. 356 of 2018 Non-providing of documents by with all documents.
24 of the I&B
M/s. Basai Steels & the ‘Resolution Professional
Code,2016
Power Pvt. Ltd. & Ors. ( 19th July,18) Click here for full judgement
27
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
M/s. Drulum India Pvt. Company Appeal (AT) There is ‘existence of dispute. Hence appeal
Ltd. (Insolvency) stands dismissed.’
Vs. No. 351 of 2018 Section 9 of the
31 No existence of dispute
M/s. Sharma Kalypso I&B Code,2016 Click here for full judgement
Pvt. Ltd. ( 9th July,18)
28
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Suprabha Protective
Products Pvt. Ltd. Company Appeal (AT)
(Insolvency) There is dispute about quality of goods,
Vs. No. 345 of 2018 Section 9 of the
33 Existence of dispute.
I&B Code,2016 Click here for full judgement
Phoenix Trading & ( 9th July,18)
Consulting Pvt. Ltd.
Company Appeal (AT) (i)Issue of Demand Notice by (i) Issuance of notice by Advocate is valid.
Jord Engineers India (Insolvency) Advocate.
Ltd. Sections 8(1)
No. 158 of 2017 (ii) Claim filed is within the limitation period.
34 Vs. & 9 of the I&B (ii)Claim amount is barred by
Valia & Co. Code,2016
( 9th July,18) limitation Click here for full judgement
29
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Mr. Brijesh Kumar Company Appeal (AT) The application filed is not barred by limitation
Agarwal (Insolvency) Section 7 of the Amount due is barred by
36 Vs. No. 312 of 2018 I&B Code,2016 ‘limitation’ Click here for full judgement
Punjab National Bank
& Anr. ( 5th July,18)
Tomorrows Sales Company Appeal (AT) The amended Resolution Plan of the
Agency Pvt. Ltd. (Insolvency) Successful Resolution Applicant stands
Sections 30 & Refusal to grant approval to
Vs. No. 162 of 2018 approved and all concerned are directed to take
37 31 of the I&B Resolution Plan duly approved by
Rajiv Khurana, R.P. for immediate steps for its execution .
Code,2016 CoCs.
Power Himalayas Ltd. ( 5th July,18)
& Ors. Click here for full judgement
Mitcon Consultancy & Company Appeal (AT) The application was wrongly rejected on the
Engineering Services (Insolvency) ground that the appellant included legal claim.
Ltd. No. 101 of 2018 Section 9 of the Inclusion of Legal expenses in the The case is remitted to AA for its admission.
38 Vs. I&B Code,2016 Demand Notice.
Vitthal Click here for full judgement
Corporation Ltd. ( 5th July,18)
30
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Company Appeal (AT) The appeal filed well beyond the maximum
State Bank of India (Insolvency) prescribed period of 45 days. Hence, not
Vs. No. 336 of 2018 Section 61 of the maintainable
42 Delayed filing of an appeal.
MBL Infrastructures I&B Code,2016
Ltd. & Ors. ( 3rd July,18) Click here for full judgement
31
NCLAT JUDGMENTS FOR THE MONTH JUNE 2018
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Company Appeal (AT)
Uttam Galva Metallics (Insolvency)
Ltd. No. 315 of 2018
Vs. No such direction to AA to defer the
With
State Bank of India pronouncement of admission or rejection of
Company Appeal (AT) To defer pronouncement of
And Section 7 of ‘I&B pending Insolvency Applications.
01 (Insolvency) orders of admission/rejection of
Uttam Value Steels Ltd. Code
No. 316 of 2018 insolvency references.
Vs. Click here for full judgement
State Bank of India (25th June,18)
32
NCLAT JUDGMENTS FOR THE MONTH MAY 2018
01 02 03 04 05 06
Company Appeal
V. Ramakrishnan In the absence of any ‘Resolution Applicants’,
(AT) (Insolvency)
Vs. there is no other option for the AA but to go for
No. 186 of 2018 The ‘Committee of Creditors’
M/s. Veesons Energy Section 31 of I&B liquidation.
01 obstructed revival of the
Systems Private Limited Code,2016
(31ST May,18) Company.
and Ors. Click here for full judgement
33
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Sections 31 & 61
of the ‘I&B Code,
Company Appeal 2016.
National Engineering (AT) (Insolvency) Also Notification To entertain appeal filed after Both the appeals filed after forty-five days of
Industries Ltd. No. 151 of 2018 and No. S.O. 1683 forty-five days of knowledge knowledge of the order are not maintainable
05 Vs. 192 of 2018 (E) dated 24th of the order passed by the
Cimmco Birla Ltd. (30TH May,18) May, 2017 of Adjudicating Authority. Click here for full judgement
the Central
Government.
34
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Pr. Director General of Sections 61 & 242
Company Appeals (AT) Both the appeals preferred against the
Income Tax (Admn. & of the ‘I&B Code,
(Insolvency) Sanction of Scheme by BIFR by Scheme framed under SICA are barred by
TPS) 2016.
No. 160 & 258 of 2017 flouting norms of justice/ violation limitation and also not maintainable under
08 Vs. of the principle of natural justice Section 61 of the ‘I&B Code.
M/s. Spartek Ceramics Section 18 of
(28TH May,18) and provisions of ‘SICA Act, 1985’
India Ltd. & Anr. SICA Act,1985 Click here for full judgement
Company Appeal (AT) The records of Post Office reflect that the
Prateek Gupta (Insolvency) No. 133 of Sections 8(1) Demand Notice was served on the Corporate
Vs.
10 2018 and 9 of the ‘I&B Non-service of Demand Notice Debtor.
M/s Columbia Petro Code,2016
Chem Pvt. Ltd. & Anr. (28TH May,18) Click here for full judgement
35
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
The State Trading Company Appeal (AT) In the absence of ‘default’, order of initiation
Corporation of India (Insolvency) of ‘corporate insolvency resolution process’ is
Ltd. Section 9 of the Existence of a ‘debt’ but no
12 No. 236 of 2018 illegal.
Vs. I&B Code,2016 ‘default’
Gandhar Oil Refinery (24TH May,18) Click here for full judgement
India Ltd.
36
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Mr. Satyaprakash Company Appeal (AT) Before rejecting the application, an opportunity
Aggarwal & Ors. (Insolvency) No. 136 of Section 7 of the Rejection of application on is to be given to rectify the defect.
16 Vs. 2018 I&B Code,2016 technical grounds
Vistar Metal Industries Click here for full judgement
Pvt. Ltd. (21st May,18)
37
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
PCK Buderus (India) Company Appeal (AT) A notice sent by a lawyer is in order. As such,
Sections 8(1)
Special Steel Pvt. Ltd. (Insolvency) No. 311 of 2017 Issuance of demand notice by an the case is remitted back to AA.
21 & 9 of the I&B
Vs. advocate
Code,2016
Sungil India Pvt. Ltd. (17th May,18) Click here for full judgement
38
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
In case no order is passed in next hearing,
Vaman Fabrics Private Company Appeal (AT) despite presence of parties, the Appellant
Limited (Insolvency) No. 212 of may bring the fact to the notice of the Hon’ble
Sections 10 of the Delay in admitting or rejecting the
24 Vs. 2018 President, NCLT, and New Delhi for appropriate
I&B Code,2016 application by AA.
Punjab National Bank order.
and Anr. (15th May,18)
Click here for full judgement
Dr. H. N. Nagaraj Company Appeal (AT) There exists is a default. The reason for default
Vs. (Insolvency) No. 210 of of payment cannot be a ground to reject the
Section 7 of the There is ‘debt’ but there is no
25 Edelweiss Asset 2018 application.
I&B Code,2016 ‘default’
Reconstruction
Company Ltd. & Anr. (14th May,18) Click here for full judgement
Mr. V. V. Nagarajan
Director, M/s Sri Company Appeal (AT) Admission of application does not suffer from
Nagananthana Mills (Insolvency) No. 30 of Sections 9 of the Existence of a pre-existing dispute any legal infirmity.
27 Ltd., Vs. 2018 I&B Code,2016 inter-se the parties
1. M/s Vishnusudha Click here for full judgement
2. M/s Sri (10th May,18)
Nagananthana Mills Ltd
39
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
The Adjudicating Authority is directed to
Company Appeal (AT) exclude 55 days instead of 35 days, on account
Rajendra K. Bhuta (Insolvency) No. 183 of Exclusion of period from counting of litigation, for the purpose of counting the
(R.P.) Vs. 2018
28 - the total period of Corporate period of Corporate Insolvency Resolution
Guruashish Insolvency Resolution Process. Process.
Construction Pvt. Ltd (9th May,18)
Click here for full judgement
Surendra Trading
Company Company Appeal (AT) In the absence of evidence of debt, the
Vs. (Insolvency) No. 189 of Section 9 of the reference is not maintainable.
31 M/s. Juggilal Kamlapat 2018 Absence of evidence of debt,
I&B Code,2016
Jute Mills Company Ltd. Click here for full judgement
(now known as Geo (7th May,18)
Jute Limited) & Ors.
40
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
41
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Darshak Enterprise Pvt. Company Appeal (AT) The ‘Resolution Plan’ has taken care of the
Ltd. (Insolvency) No. 327 & also claims, despite delayed submission, by the
Section 31 of the
36 Vs. 328 of 2017 Claims of Operational Creditors Operational Creditors.
I&B Code,2016
Chhaparia Industries
Pvt. Ltd. & Ors. (2nd May,18) Click here for full judgement
42
NCLAT JUDGMENTS FOR THE MONTH APRIL, 2018
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
During the period of moratorium, the appellant
State Bank of India Company Appeal (AT) cannot debit any amount from the Corporate
Vs. (Insolvency) No. 49 of 2018 Section 14 of Recovery of amount after the order Debtor’s account.
01 Debashish Nanda I&B,2016 of moratorium.
(27th April 2018) Click here for full judgement
Company Appeal (AT) All the procedural have been followed in letter
Shri Ashish Mohan Gupta (Insolvency) No. 239 of CIRP completed without following and spirit.
Vs. 2017 Sections 10 & 31
03 prescribed provisions of the
M/s. Hind Motors ( and two others) of I&B,2016 Code2016 Click here for full judgement
Limited
(26th April 2018)
Company Appeal (AT) Reference is not maintainable as FC There is debt and default. Reference is
(Insolvency) Nos. 292 &
Aditya Kumar Jajodia Vs. has already initiated proceedings maintainable
293 of 2017 Section 9 of
04 Srei Infrastructure under SARFAESI Act.
I&B,2016
Finance Ltd. & Ors. Click here for full judgement
Mismatch of Claim amount
(26th April 2018)
43
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
In terms of the Limitation Act, the period of
three years’ is to be counted from the date right
Skyway RMC Plants Pvt. to apply accrues to a ‘Operational Creditor’.
Company Appeal (AT)
Ltd. Rejection of insolvency reference on
(Insolvency) No. 81 of 2018 Section 9 of
05 Vs. ground that the petition filed is hit The case is remitted to AA for appropriate
I&B,2016
Trans Tech Turnkey Pvt. by law of limitation orders.
(25th April 2018)
Ltd.
Click here for full judgement
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S Name of the Case Reference & Section
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No. Parties with date No.
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Revised Demand Notice sent is on record and
Crompton Greaves there is existence of debt and default. Hence, the
Consumer Electricals Company Appeal (AT) application is remitted back to AA to proceed in
Limited (Insolvency) No. 12 of 2018 Sections 8 & 9 of Demand Notice issued by Advocate
09 terms of provisions of Code, 2016.
Vs. I&B,2016 is not on prescribed format.
K. P. R. Industries (India) (12th April 2018) Click here for full judgement
Limited
45
Supreme Court Decisions, (31.10.2018)
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.
01 02 03 04 05 06
Krishna Enterprises Civil Appeal No(S). 9212 Settlement by the parties after admission of
India Private Limited Of 2018 (Arising Out Of Settlement by the parties after
Article 142 of insolvency petition by NCLT is allowed.
01 Vs. SLP(C) No.24108/2018) admission of insolvency petition
Constitution.
Knight Frank (India) (10thSept, 18) by NCLT. Click here for full judgement
Private Limited
46
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No. Parties with date No.
01 02 03 04 05 06
) Initial period of 180 days for the conclusion of
the CIRP shall commence from the date of this
order.
(ii) CoC be constituted afresh in accordance
with the provisions of the I &B
(Amendment) Ordinance, 2018.
Chitra Sharma And Ors Article 32 & (iii)IRP to invite fresh expressions of interest.
To protect the interests of home
Vs. Writ Petition (Civil) No 142 of the (iv) JIL/JAL and their promoters shall be
05 buyers in projects floated by
Union Of India And Ors Of 2017. (09thAug, 18) Constitution ineligible to participate in the CIRP.
Jaypee Infratech Limited. (v)RBI can initiate CIRP against JAL under the
IBC
(vi)The amount deposited in this Court by JAL/
JIL with the interest be transferred to the NCLT.
47
S Name of the Case Reference & Section
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No. Parties with date No.
01 02 03 04 05 06
48
S Name of the Case Reference & Section
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No. Parties with date No.
01 02 03 04 05 06
RT Network Solutions Civil Appeal No. 5256 Of Settlement arrived at between the parties is
Settlement between the parties
Private Limited 2018. allowed and NCLT order is set aside.
Article 142 of after admission of Insolvency
12 Vs. (Arising Out Of S.L.P. (C) Constitution petition u/s 9 of I&BCoe,2016 by
Projects India No. 13009 Of 2018). Click here for full judgement
the NCLT
Enterprise (16th May, 18)
49
High Court Judgments, From April to September, 2018
S Name of the Case Reference & Section
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No. Parties with date No.
01 02 03 04 05 06
Writ Petition
No.15817/2018(GM- As rules would not affect the petitioners
Companies
Mr. HK Sharma & 131 RES)& 21803-21929/2018 in discharging their duties under other
(Registered Permission to render valuation
others & 21930-21933/2018 enactments, interim stay granted on 11.06.2018
01 Valuers and services without certificate of
Vs. stands vacated
Valuations Registration under the rules,2017
Union of India & others (7th June, 18) Rules),2017
& Click here for full judgement
(17th July,18)
50
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01 02 03 04 05 06
51