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11999100Section 14 Moratorium Payment of EMIs during moratorium Contravention of provisions of Code and Regulations Imposition of penalty -- The Financial Creditor (FC) advanced a rental discounting loan facility to Corporate Debtor (CD). The rental income of CD was pledged to FC and an Escrow Account was opened in which receivables had to be deposited and continuously maintained till financial facility was fully paid. Later, CIRP was initiated against CD and moratorium was declared. During moratorium, Resolution Professional (RP) sought approval from Committee of Creditors (CoC) to continue making payments through EMIs to FC. CoC ap......
2020 TaxPub(CL) 0944 (IBBI) : (2020) 160 SCL 0838 Mohan Lal Jain, In re Petition Disposed off, IBBI, No. IBBI/DC/24/2020, 30-May-2020

12210900Section 14 Provisions of this Code to override other laws Application against maintaining status quo in recovery proceedings initiated by SEBI Whether sections 14 and 238 of IBC, have overridding effect on provision of section 28A of SEBI Act -- Corporate debtor raised capital from Public through issuance of sureties without issuing any prospectus or offer document. SEBI found that the corporate debtor had not complied with public issue norms. SEBI directed the corporate debtor and its directors jointly and severally to refund the monies collected from investors with interest, but they failed to comply with the direction of refund. SEBI initiated recovery proceedings under section 28A of the SEBI Act, by drawing up a Recovery Certificat......
2020 TaxPub(CL) 1397 (NCLT-Koc) SEBI v. Kerala Housing Finance Ltd. & Ors. Against Applicant, NCLT-Kochi, Interlocutory Application No. 3/KOB/2020 in TIBA/10/KOB/2019 and Interlocutory Application No. 4/KOB/2020 in TIBA/31/KOB/2019, 12-Mar-2020

12118600Sections 3(12) & 9 Default Non-payment of outstanding dues Existence of dispute or not Maintainability of CIRP petition -- Operational Creditor was hired for handling cargo operations at Airport for corporate debtor. The corporate debtor failed to make partial payments towards few invoices, therefore, operational creditor issued demand notice. In reply, corporate debtor sent reply that parties were engaged in settlement discussions and sought time to finalise settlement and work out modalities. However, operational creditor filed petition to initiate CIRP against corporate debtor. Held: It was observed that all e......
2020 TaxPub(CL) 1221 (NCLT-Mum) : (2020) 161 SCL 0173 Avia Xpert (P) Ltd. v. Sovika Aviation Services (P) Ltd. In favour of Petitioner, NCLT-Mum, CP (IB) No. 4663/MB.IV/2018, 16-Jul-2020

12115200Sections 20 & 7 Management of operations as going concern Appointment of non-professional for support services in CIRP process Siphoning off of huge funds for ulterior purposes Imposition of penalty -- An Insolvency Professional ‘VK’ had appointed a company ‘D’ to provide support services to it in CIRP of corporate debtors, who did not qualify as a professional, thereby, contravened provisions of Code, Regulations and directions issued thereunder. Further, ‘D’ had no authorization of a regulator of any profession to render any professional service and fee payable to him was also unreasonable. VK had created an additional burden on corporate debtor by unnecessarily extending benefits to ‘D’ and......
2020 TaxPub(CL) 1212 (IBBI) : (2020) 161 SCL 0074 Vijay Kumar Garg, In re Petition Disposed off, IBBI, No. IBBI/DC/26/2020, 08-Jun-2020

12231900Section 7 Initiation of corporate insolvency resolution process by financial creditor Petition against non- repayment of loan facilities Objection of existence of dispute not raised by corporate debtor Default proved by evidences -- Financial creditor provided loan facilities to corporate debtor. The corporate debtor committed default in repayment of the loan facilities. Therefore, the financial creditor filed petition under section 7 against the corporate debtor. Held: The financial creditor filed affidavit of service, wherein it was stated that notice under section 8 was duly served upon the corporate debtor. Accordingly, opportunity was afforded to the corporate debtor to file its reply, but there had been no representat......
2020 TaxPub(CL) 1427 (NCLT-Chd) Punjab National Bank v. Maruti Kesri Nandan Agrofoods (P) Ltd. In favour of Petitioner, NCLT-Chd, CP (IB) No. 167/Chd/Hry/2019, 06-Feb-2020

12320100Section 7 Initiation of corporate insolvency resolution process by financial creditor Application admitted by Tribunal by Ex-parte order Plea that notice from Tribunal was not received as there was change in office of corporate debtor -- Housing loan facility was sanctioned by the financial creditor to the corporate debtor. Property which was mortgaged to the financial creditor in relation to the above said loan amount was repossessed by the Financial Creditor after the account being declared as a non-performing asset (NPA) under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Case of corporate debtor was that it was under a belief that the mortgaged propert......
2020 TaxPub(CL) 1577 (NCLT-Jp) : (2020) 222 CompCas 0251 Fort Biotech (P) Ltd. v. DCB Bank Ltd. In favour of Assessee, NCLT-Jp, IA No. 109/JPR/2019 & IB No. 81/7/JPR/2018, 07-Jun-2019

12348000 2021 TaxPub(CL) 0078 (NCLT-Hyd) : (2020) 162 SCL 0318 J. Kumar Infra Projects Ltd. v. Kanta Rubber (P) Ltd. NCLT-Hyd, CP (IB) No. 230/9/HDB/2019, 13-Feb-2020

12348100 2021 TaxPub(CL) 0079 (NCLAT-Del) : (2020) 162 SCL 0336 Phool Chand Goyal v. Avneet Goyal NCLAT-Del, Company Appeal (AT) (Insolvency) No. 1393 of 2019, 07-Feb-2020

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