Opportunities in NCLT. P H Arvindh Pandian Senior Advocate
|
|
- Aileen Spencer
- 5 years ago
- Views:
Transcription
1 Opportunities in NCLT P H Arvindh Pandian Senior Advocate 1
2 BUSINESS CONVENTIONS ARE IMPORTANT BECAUSE THEY DEMONSTRATE HOW MANY PEOPLE A COMPANY CAN OPERATE WITHOUT 2
3 Opportunities before NCLT for CS Existing Important Areas of Practice before CLB- Oppression & Mismanagement Rectification of Register of Members Compounding of Offences Repayment of Deposits Other approvals under the Act 3
4 Important New Areas before NCLT for CS Mergers / Demergers Reduction of Capital Winding Up & Insolvency Class Action Restoration of Companies Other approvals under the Act 4
5 Preparing for the opportunities Time Management As more time needs to be spent in Court, schedule and allocate time for other work. Court s Time To be precise and brief in presentation so that precious time of the Court is not wasted.
6 Preparing for the opportunities Getting the Facts To get the facts completely before taking the brief and to prepare a case sheet for all the cases showing the plus and minus of each case. Judgments Keeping track of Judgments passed by other Tribunals, High Courts and Supreme Court in Corporate Laws. To subscribe for various law journals and legal websites for judgments.
7 Preparing for the opportunities Tracking the dates To keep track of the dates of hearing by maintaining a diary exclusively for NCLT. Adhering to the time lines To complete the pleadings as per the directions of the tribunal.
8 M&A Practice Synopsis mandatory specifying the page numbers, newspapers for advertisement and notices to regulators. Dispensation of meetings are allowed for shareholders which is not permitted before other benches. Advertisements to be undertaken, though there are no meetings. Relaxation on quorum requirements. Quorum as present at the meeting post half an hour would be considered valid quorum. Dispatch of notice permitted by . 8
9 M&A Practice Deemed Consent a misnomer. Reports of the Official Liquidator and Regional Directors mandatory. Notices served upon the IT and the CCI afford a response by an affidavit with requisite undertakings. Schemes are sometimes sanctioned on admission without a second advertisement. 9
10 Preparing for the opportunities Understanding the other counsel To observe and analyze the strength of the other side counsel. ALWAYS BE YOURSELF BECAUSE THE PEOPLE THAT MATTER DON T MIND AND THE ONES THAT MIND DON T MATTER
11 Preparing for the opportunities Understanding the Member To present the case and to refer the documents taking into consideration the background of the member i.e., Technical / Judicial 11
12 Preparing for the opportunities To refer to Case laws To analyze and identify case-law from the journals/website to support the legal position. Maintaining Files Proper storage space to be provided in office. Each case shall have separate file.
13 Preparing for the opportunities Thinking on the feet Possible only when we are strong on facts and law and very importantly not getting nervous during the course of arguments. A GOOD TIME TO KEEP YOUR MOUTH SHUT IS WHEN YOU RE IN DEEP WATER Observing in the Court To observe other matters in the court to know the approach of the judge.
14 Preparing for the opportunities Devil s Advocate Approaching the client as other side counsel in order to prepare answers for all probable questions that may be raised by other side. Making things simple Even complicated matter has to be presented to the court in a simplified manner.
15 Preparing for the opportunities Cordial Relationship To maintain cordial relationship with fellow professionals. Not to have any personal grievance against the other side counsel/representative. IF YOU DON T HAVE A SENSE OF HUMOUR YOU PROBABLY DON T HAVE ANY SENSE AT ALL Last but not the least To act as a Court Officer and assist the Court for the speedy and proper disposal of the matter.
16 Evolution of IBC since inception Mobilox Innovations Vs. Kirusa Software Existence of Dispute Innoventive Industries Vs. ICICI Bank Applicability of Section 238 overriding State Bank of India Vs. V. Ramakrishna - Application of Moratorium to Guarantor 16
17 Chitra Sharma v Union of India Homebuyers as 17 Financial Creditors Evolution of IBC since inception Arcelormittal India Pvt Ltd Vs. Satish Kumar Gupta & Ors Applicability of Section 29A & Resolution Plan B.K. Educational Services Pvt Ltd Vs. Parag Gupta and Associates Limitation till 6/6 Swiss Ribbons Private Ltd & Another Vs. Union of India Constitutional validity of Code
18 Mobilox Innovations Vs. Kirusa Software IBC is not intended to be substitute to a recovery forum. Whenever there is existence of real dispute, the IBC provisions cannot be invoked. The word pre-existing should mean that a dispute existed prior to the demand notice. The AA does not examine the merits of the dispute but only sees whether the dispute truly exists in fact and is not spurious, hypothetical or illusory. 18
19 Innoventive Industries Vs. ICICI Bank Non-obstante clause, in the widest terms possible, is contained in Section 238 of the Code, so that any right of the corporate debtor under any other law cannot come in the way of the Code. The moment AA is satisfied that a default is occurred the application u/s.7 must be admitted unless incomplete. 19
20 State Bank of India Vs. V. Ramakrishna Moratorium u/s.14 can have no manner of application to personal guarantors of CD. Individual personal guarantors will continue to be proceeded against two Insolvency Acts (Presidency- Towns Insolvency Act, 1909 and Provincial Insolvency Act, 1920) and not under the Code. Section 2(e) that refers to application of Code to a personal guarantor, apply only for the limited purpose contained in Section 60(2) and (3). 20
21 Arcelormittal India Pvt Ltd Vs. Satish Kumar Gupta & Ors Balance to be maintained between timely completion of CIRP and CD otherwise being put into liquidation. If there is a resolution applicant who can continue to run the CD as a going concern, every effort must be made to try and see that this is made possible. 21
22 Arcelormittal India Pvt Ltd Vs. Satish Kumar Gupta & Ors Stage of ineligibility attaches when the resolution plan is submitted by a resolution applicant. Period of time taken in litigation ought to be excluded. 22
23 B.K. Educational Services Pvt Ltd Vs. Parag Gupta and Associates Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code from the inception of the Code. If default has occurred over 3 years prior to the date of filing of application, the application would be barred under Article 137 of the Limitation Act. 23
24 Chitra Sharma & Ors Vs. Union of India & Ors Amounts raised from allottees under real estate projects are deemed to be amounts having a commercial effect of a borrowing. Hence outstanding s to allottees in real estate projects are statutorily regarded as financial debts. Such allottees are brought within the purview of the definition of financial creditors. 24
25 Chitra Sharma & Ors Vs. Union of India & Ors The concerns of the home buyers have been sought to be assuaged by the Insolvency and Bankruptcy (Amendment) Ordinance, 2018 which came into force on 6 June As a result of the Ordinance, home buyers are brought within the purview of financial creditors under the IBC. Exercising powers under Article 142, the SC reconstituted the CoC as the amendment was brought in after the initiation of the CIRP Process and the constitution of the CoC. 25
26 Swiss Ribbons Private Ltd & Another Vs. Union of India Preamble does not, in any manner, refer to liquidation, which is only availed of as a last resort if there is either no resolution plan or the resolution plans submitted are not up to the mark. Union of India shall set up Circuit Benches of the NCLAT within a period of 6 months. CoC has primary responsibility of financial restructuring. 26
27 Swiss Ribbons Private Ltd & Another Vs. Union of India Regulation 30A(1) of CIRP Regulations is not mandatory but is directory. Application for withdrawal may be allowed in exceptional cases even after issue of invitation for EOI under Regulation 36A. Proceeding before AA is a proceeding in rem. CoC does not have the last word. NCLT can always set aside decision of COC under section 60 of the Code. 27
28 Swiss Ribbons Private Ltd & Another Vs. Union of India RP has no adjudicatory powers. He has administrative powers as opposed to quasijudicial powers. RP is really a facilitator of the resolution process, whose administrative functions are overseen by the CoC and by the AA. A statute is not retrospective merely because it affects existing rights; nor because a part of requisites for its action is drawn from a time antecedent to its passing. 28
29 Swiss Ribbons Private Ltd & Another Vs. Union of India Preamble does not, in any manner, refer to liquidation, which is only availed of as a last resort if there is either no resolution plan or the resolution plans submitted are not up to the mark. Union of India shall set up Circuit Benches of the NCLAT within a period of 6 months. CoC has primary responsibility of financial restructuring. 29
30 Swiss Ribbons Private Ltd & Another Vs. Union of India Regulation 30A(1) of CIRP Regulations is not mandatory but is directory. Application for withdrawal may be allowed in exceptional cases even after issue of invitation for EOI under Regulation 36A. Proceeding before AA is a proceeding in rem. CoC does not have the last word. NCLT can always set aside decision of COC under section 60 of the Code. 30
31 Swiss Ribbons Private Ltd & Another Vs. Union of India RP has no adjudicatory powers. He has administrative powers as opposed to quasijudicial powers. RP is really a facilitator of the resolution process, whose administrative functions are overseen by the CoC and by the AA. A statute is not retrospective merely because it affects existing rights; nor because a part of requisites for its action is drawn from a time antecedent to its passing. 31
32 Swiss Ribbons Private Ltd & Another Vs. Union of India Approximately 3300 cases have been disposed of based on out-of-court settlements amounting to over INR 1,20,390 crores. 80 cases resolved by resolution plans. Liquidation value of 63 cases is INR 29, crores. Amount realized from the resolution process is in the region of INR 60,000 crores, which is over 202% of the liquidation value. 32
33 Swiss Ribbons Private Ltd & Another Vs. Union of India Credit exposure by banks and financial institutions to the commercial sector (other than food) has jumped up from INR crores in , to INR crores in , and to INR crores for the first six months of Credit flow from non-banks has gone up from INR crores in , to INR 4718 crores for the first six months of
34 Swiss Ribbons Private Ltd & Another Vs. Union of India Total flow of resources to the commercial sector in India, both bank and non-bank, and domestic and foreign (relatable to the nonfood sector) has gone up from a total of INR crores in , to INR crores in , and to INR crores in the first six months of
35 Chitra Sharma & Ors Vs. Union of India & Ors Amounts raised from allottees under real estate projects are deemed to be amounts having a commercial effect of a borrowing. Hence outstanding s to allottees in real estate projects are statutorily regarded as financial debts. Such allottees are brought within the purview of the definition of financial creditors. 35
36 Chitra Sharma & Ors Vs. Union of India & Ors The concerns of the home buyers have been sought to be assuaged by the Insolvency and Bankruptcy (Amendment) Ordinance, 2018 which came into force on 6 June As a result of the Ordinance, home buyers are brought within the purview of financial creditors under the IBC. Exercising powers under Article 142, the SC reconstituted the CoC as the amendment was brought in after the initiation of the CIRP Process and the constitution of the CoC. 36
37 Important Amendments in IBC The Insolvency and Bankruptcy (Amendment) Ordinance, /11/2017 Section 29A and 235A inserted The Insolvency and Bankruptcy (Amendment) Ordinance, /06/2018 Section 5(8),12, 12A, 14(3)(b), 238A 37
38 CS AS IRP/RP New Area of Practice Good alternate to secretarial practice Understanding the role and responsibilities under IBC Ethical discharge of duties Maintain Independence 38
39 LIFE ISN T TIED WITH A BOW BUT IT S STILL A GIFT 39
40 THANK YOU 40
Analysis of NCLT & NCLAT orders on IBC, 2016
Analysis of NCLT & NCLAT orders on IBC, 2016 {Halfia-day seminar by ICSI Hyderabad Chapter} by CS R.Ramakrishna Gupta Senior Partner, R & A Associates June 2, 2017 1 Agenda 1) Operating Provisions of IBC
More informationKNOWLEDGE REPONERE. (A Weekly Bulletin) (06 to 10, 13 to 17 and 20 to 24 November, 2017)
KNOWLEDGE REPONERE (A Weekly Bulletin) (06 to 10, 13 to 17 and 20 to 24 November, 2017) All rights reserved. No part of this Publication may be translated or copied in any form or by any means without
More informationIMPORTANT PRONOUNCEMENTS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 : ISSUE ANALYSIS
C.V.O. CA S NEWS & VIEWS VOL. 21 NO. 7 / JANUARY 2018 IMPORTANT PRONOUNCEMENTS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 : ISSUE ANALYSIS DISCLAIMER: This write up is the personal property of the
More informationDUE DILIGENCE OF RESOLUTION APPLICANTS SECTION 29A
OCTOBER 2018 DUE DILIGENCE OF RESOLUTION APPLICANTS SECTION 29A RECENT DEVELOPMENTS Impact of recent judgment of Honourable Supreme Court of India dated October 4, 2018 CORPORATE PERFORMANCE IMPROVEMENT
More informationIN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL COMPANY APPELLATE JURISDICTION. Company Appeal (AT) (Insolvency) No. 181 of 2017
1 IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL COMPANY APPELLATE JURISDICTION (Arising out of Order dated 27 th July, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai
More informationRole of Company Secretary In National Company Law Tribunal (NCLT) & National Company Law Appellate Tribunal (NCLAT) By CS Jitesh Gupta
Role of Company Secretary In National Company Law Tribunal (NCLT) & National Company Law Appellate Tribunal (NCLAT) By CS Jitesh Gupta www.jkgupta.com 1 Who is Company Secretary? As per Companies Act,
More informationSC: Existence of dispute or pending proceedings entail Operational Creditor s insolvency application dismissal
SC: 7-day time limit for removing defects in insolvency application not mandatory SC holds that 7-day time limit prescribed under Insolvency & Bankruptcy Code, 2016 ('the Code') for removal of defects
More informationCourt No Case :- WRIT - C No of 2017
Court No. - 29 Case :- WRIT - C No. - 32444 of 2017 Petitioner :- Deepak Singhania Respondent :- Union Of India And 9 Others Counsel for Petitioner :- Dinesh Kacker,Akash Chandra Maurya Counsel for Respondent
More informationA THOUGHT PAPER ESSAR STEEL CASE: SUPREME COURT LAYS DOWN THE LAW ON SECTION 29A OF THE BANKRUPTCY CODE. October 11, 2018
ESSAR STEEL CASE: SUPREME COURT LAYS DOWN THE LAW ON SECTION 29A OF THE BANKRUPTCY CODE October 11, 2018 A THOUGHT PAPER MUMBAI I DELHI I BENGALURU I KOLKATA Contents Page no. Introduction 1 A quick rewind
More informationTHE INSOLVENCY AND BANKRUPTCY CODE (SECOND AMENDMENT) BILL, 2018
AS INTRODUCED IN LOK SABHA Bill No. 127 of 2018 31 of 2016. 5 THE INSOLVENCY AND BANKRUPTCY CODE (SECOND AMENDMENT) BILL, 2018 A BILL further to amend the Insolvency and Bankruptcy Code, 2016. BE it enacted
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI. Company Appeal (AT) (Insolvency) No. 788 of 2018
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI (Arising out of Order dated 10 th October, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, in C.P.
More informationIN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO OF 2018 [ARISING OUT OF SLP(CIVIL) NO OF 2018] VERSUS
REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 12023 OF 2018 [ARISING OUT OF SLP(CIVIL) NO.18598 OF 2018] JAIPUR METALS & ELECTRICALS EMPLOYEES ORGANIZATION THROUGH
More informationMORATORIUM UNDER THE INSOLVENCY AND BANKRUPTCY CODE
MORATORIUM UNDER THE INSOLVENCY AND BANKRUPTCY CODE RP Vats & Yashika Sarvaria VGC Law Firm The Insolvency and Bankruptcy Code (hereinafter I&B Code ) came into effect from 1 st December, 2016. It incorporates
More informationCompany Appeal (AT) (Insolvency) No. 33 of Alongwith Company Appeal (AT) (Insolvency) No. 34 of 2017
1 NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI COMPANY APPELLATE JURISDICTION Company Appeal (AT) (Insolvency) No. 33 of 2017 (arising out of Order dated 07.04.2017 passed by the National Company
More informationKSR & Co Company Secretaries LLP PRACTISING COMPANY SECRETARIES & TRADE MARK AGENTS COIMBATORE & CHENNAI
KSR & Co Company Secretaries LLP PRACTISING COMPANY SECRETARIES & TRADE MARK AGENTS COIMBATORE & CHENNAI Assuring Assuring Compliances Compliances & Solutions & Solutions Beyond Beyond Challenge Challenge
More informationPronouncements under the Insolvency and Bankruptcy Code, 2016 : Issue Analysis
Pronouncements under the Insolvency and Bankruptcy Code, 2016 : Issue Analysis INSOLVENCY PROFESSIONALS AGENCY (A Wholly Owned Subsidiary of ICSI and Registered with IBBI) NOVEMBER 2017 Price : Rs. 400/-
More informationM A R C H The design of India s insolvency code
M A R C H 2 0 1 9 The design of India s insolvency code SAMEER SHARMA, Ph.D, D. Litt 1 The Insolvency and Bankruptcy Code (IBC) of India is most likely to succeed because of its distinct design. The design
More informationBetween the lines... Key Highlights. November, 2018
Key Highlights New Delhi Mumbai Bengaluru Celebrating over 45 years of professional excellence I. Supreme Court decides on stage of ineligibility under Section 29A of the Insolvency and Bankruptcy Code
More informationPresent: Mr. Arun Kathpalia, Senior Advocate assisted by Mr. Rudreshwar Singh, Mr. Swapnil Gupta, Mr. Ujjal Banerjee and Ms. Ankita Sinha, Advocates
NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI [arising out of Order dated 27.04.2018 by NCLT, Hyderabad Bench, Hyderabad in C.A. No. 93 of 2018 in CP(IB) No. 97/7/HDB/2017] IN THE MATTER OF: Quinn
More informationNCLAT- 1 VERSUS. TRACTORS INDIA PRIVATE LIMITED. Respondent Creditor) Section 8 and 9 of the Code
NCLAT- 1 P.K. ORES PRIVATE LIMITED Applicant and (Corporate Debtor) VERSUS TRACTORS INDIA PRIVATE LIMITED. Respondent Creditor) (Operational Section 8 and 9 of the Code - The present appeal was filed by
More informationWELCOME ALL MEMBERS OF NOIDA CHAPTER
WELCOME ALL MEMBERS OF NOIDA CHAPTER P R E S E N TAT I O N B Y J K B U D H I R A J A EX- C H I E F E X E C U T I V E O F F I C E R ( C E O ) I N S O LV E N C Y P R O F E S S I O N A L A G E N C Y O F I
More informationIN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO OF 2017 K. KISHAN APPELLANT VERSUS
REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 21824 OF 2017 K. KISHAN APPELLANT VERSUS M/S VIJAY NIRMAN COMPANY PVT. LTD....RESPONDENT WITH CIVIL APPEAL NO. 21825
More information11. To give effect to this guarantee, the IRBI may act as though the guarantors were the principal debtor to the IRBI. 6. The appellant sanctioned the
Hon'ble Judges: Dalveer Bhandari and H.L. Dattu, JJ. Dalveer Bhandari, J. IN THE SUPREME COURT OF INDIA Civil Appeal No. 4613 of 2000 Decided On: 18.08.2009 Industrial Investment Bank of India Ltd. Vs.
More informationSECTION 138 NI ACT OUTSIDE THE PURVIEW OF MORATORIUM UNDER SECTION 14 OF IBC
SECTION 138 NI ACT OUTSIDE THE PURVIEW OF MORATORIUM UNDER SECTION 14 OF IBC In the National Company Law Appellate Tribunal IN THE MATTER OF Shah Brothers Ispat Pvt. Ltd v. P. Mohanraj & Ors. New Delhi
More informationIN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO OF 2018 VERSUS V. RAMAKRISHNAN & ANR.
REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 3595 OF 2018 STATE BANK OF INDIA APPELLANT VERSUS V. RAMAKRISHNAN & ANR. RESPONDENTS WITH CIVIL APPEAL NO. 4553 OF
More informationInsolvency Round-Up. Vol. I, Issue IV
Insolvency Round-Up Vol. I, Issue IV PREFACE Here we are yet again, with the new edition of Insolvency Round-Up news-bulletin. I&B Code is developing with each passing order and its provisions are put
More informationInsolvency Round-Up. Vol. I, Issue VI
Insolvency Round-Up Vol. I, Issue VI All Copyrights owned by Singh & Associates All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any
More informationNational Company Law Tribunal. HITESH BUCH & ASSOCIATES Company Secretaries
National Company Law Tribunal Genesis On 22 nd Oct 1999, a Committee consisting of experts to examine the then existing law relating to winding up proceedings of companies under the Chairmanship of Shri
More informationMEHTA & MEHTA. Powers vested with Supreme Court by 9 th August Dipti Mehta LEGAL & ADVISORY ARTICLE.
MEHTA & MEHTA LEGAL & ADVISORY ARTICLE Powers vested with Supreme Court by 9 th August 2017 Dipti Mehta Mehta & Mehta Legal and Advisory Services Private Limited Address: 201-206, Shiv Smriti Chambers,
More informationBetween the lines... Key Highlights. October, 2018
Key Highlights I. Supreme Court: CIRP cannot be initiated against the corporate debtor if the challenge to arbitral award is pending II. Supreme Court: No stamping required in case of enforcement of foreign
More informationVoting Results for the Second Meeting of the Committee of Creditors (CoC) of Jaypee Infratech Limited held on 17 th Oct 2018
Voting Results for the Second Meeting of the Committee of Creditors (CoC) of Jaypee Infratech Limited held on 17 th Oct 2018 Venue: Pullman & Novotel Hotel, Aerocity IGI, New Delhi 110 037 Determination
More informationBetween the lines... Key Highlights. September, 2018
Key Highlights New Delhi Mumbai Bengaluru Celebrating over 45 years of professional excellence I. Moratorium passed against the Corporate Debtor is not applicable to Personal Guarantor: Supreme Court decides
More informationIN THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH
1 IN THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH CP (IB) No.155/Chd/Hry/2018 In the matter of: Under Section 9 of IBC, 2016. M/s Hind Tradex Limited having its registered office at B-8/195,
More informationWinding up. Tribunal. Voluntary (Now governed by the Insolvency and Bankruptcy Code)
Winding up Tribunal (the provision relating to the inability to pay debts now covered by the Insolvency and Bankruptcy Code) Voluntary (Now governed by the Insolvency and Bankruptcy Code) JURISDICTION:
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI. Company Appeal (AT) (Insolvency) No. 137 of 2017
1 NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI [Arising out of Order dated 11 th July, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, Chennai in Company
More informationBar & Bench (
1 IN THE HIGH COURT OF JUDICATURE AT MADRAS Reserved on : 22.11.2018 Delivered on : 04.12.2018 CORAM THE HON'BLE MR.JUSTICE M.SUNDAR C.S.(Comm. Div.) D.No.41408 of 2018 1.Mrs.Jai Rajkumar 2.Mr.V.R.Heamntraj..
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI. W.P.(C) No.8693/2014. George. Versus. Advs. for UOI. HON BLE MR. JUSTICE RAJIV SAHAI ENDLAW
IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 27th November, 2015 W.P.(C) No.8693/2014 HENNA GEORGE... Petitioner Through: Ms. Purti Marwaha, C.S. Chauhan, Mr. Arvind Kumar & Ms. Henna George.
More informationHow to prepare for Limited Insolvency Examination under IBC, Some Practical Tips
IBC How to prepare for Limited Insolvency Examination under IBC, 2016 - Some Practical Tips CMA J K Budhiraja CEO, Insolvency Professional Agency of Institute of Cost Accountants of India & Senior Director
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI. Company Appeal (AT) (Insolvency) No. 499 of 2018
1 NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI (Arising out of Order dated 21 st August, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai in CP- (IB)-2051/NCLT/MB/MAH/2018
More informationBRITISH VIRGIN ISLANDS INSOLVENCY ACT, 2003
BRITISH VIRGIN ISLANDS INSOLVENCY ACT, 2003 LAST UPDATED: APRIL 2017 BVI INSOLVENCY ACT COMPENDIUM PREFACE We have prepared this Insolvency Act, 2003 Compendium as a service to our clients. The principal
More informationTHE LAWS OF THE VIRGIN ISLANDS. STATUTORY INSTRUMENT No. 45 of 2005 INSOLVENCY RULES, 2005
THE LAWS OF THE VIRGIN ISLANDS STATUTORY INSTRUMENT No. 45 of 2005 INSOLVENCY RULES, 2005 Based on the Insolvency Rules, 2005 (Statutory Instrument No. 45 of 2005) and amendments made by the Insurance
More information2011 No. 586 (L. 2) SENIOR COURTS OF ENGLAND AND WALES COUNTY COURTS, ENGLAND AND WALES. The Civil Proceedings Fees (Amendment) Order 2011
S T A T U T O R Y I N S T R U M E N T S 2011 No. 586 (L. 2) SENIOR COURTS OF ENGLAND AND WALES COUNTY COURTS, ENGLAND AND WALES The Civil Proceedings Fees (Amendment) Order 2011 Made - - - - 28th February
More informationRegulations. entitled. European Communities (Electronic Money) Regulations 2002
S.I. No. 221 of 2002 Regulations entitled European Communities (Electronic Money) Regulations 2002 Presentation No.: 11644 Price: 4.06 European Communities (Electronic Money) Regulations 2002 Arrangement
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI. Company Appeal (AT) (Insolvency) No. 154 of Mr. Senthil Kumar Karmegam
IN THE MATTER OF: NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Mr. Senthil Kumar Karmegam...Appellant Vs. 1. Dolphin Offshore Enterprises (Mauritius) Pvt. Ltd. 2. Unison Engineering & Construction
More informationIN THE HIGH COURT OF JHARKHAND AT RANCHI W. P. (C) No of 2013
IN THE HIGH COURT OF JHARKHAND AT RANCHI W. P. (C) No. 7504 of 2013 M/s Narayani Fuels Private Limited through its Director, Dhanbad Petitioner Versus 1. Punjab National Bank through its Chairman, New
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeals (AT) No.101 to 105 of 2017 (arising out of Order dated 06.02.2017 passed by the National Company Law Tribunal, New Delhi in CP Nos. 16/152/2015,
More informationCOMPARISON BETWEEN COMPANIES ACT, 2013 AND INSOLVENCY AND BANKRUPTCY ACT, 2016 W.R.T. WINDING UP
An Open Access Journal from The Law Brigade (Publishing) Group 412 COMPARISON BETWEEN COMPANIES ACT, 2013 AND INSOLVENCY AND BANKRUPTCY ACT, 2016 W.R.T. WINDING UP Written by Nisha Dhillon, 5 th year B.Com,
More informationTHE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) BILL, 2017
1 AS PASSED BY LOK SABHA ON 29.12.2017 Bill No. 280-C of 2017 THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) BILL, 2017 A BILL to amend the Insolvency and Bankruptcy Code, 2016. BE it enacted by Parliament
More informationDRAFT RULES UNDER COMPANIES ACT 2013 CHAPTER XV COMPROMISES, ARRANGEMENT AND AMALGAMATIONS
DRAFT RULES UNDER COMPANIES ACT 2013 CHAPTER XV COMPROMISES, ARRANGEMENT AND AMALGAMATIONS 15.1 Application for order of a meeting (1) An application along with a Notice of Admission supported by an affidavit
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI. Company Appeal (AT) (Insolvency) No. 239 of 2017
1 NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No. 239 of 2017 (Arising out of Order dated 28.08.2017 passed by the Adjudicating Authority (National Company Law Tribunal),
More informationDRAFT RULES UNDER THE COMPANIES ACT, 2013
DRAFT RULES UNDER THE COMPANIES ACT, 2013 CHAPTER XX COMPANIES (WINDING UP) RULES 2013 Ministry of Corporate Affairs Notification New Delhi Dated GSR No..:- In exercise of the powers conferred by section
More information$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on: 22 nd November, 2017 Pronounced on: 11 th December, 2017 POWER GRID CORPORATION
$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on: 22 nd November, 2017 Pronounced on: 11 th December, 2017 + O.M.P.(COMM.) 397/2016 POWER GRID CORPORATION OF INDIA LTD.... Petitioner Through
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : Sections 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Ordinance (II) 2002 W.P.(C) 191/2008
More informationKARNATAKA ACT NO 21 OF 2004 THE KARNATAKA SOUHARDA SAHAKARI (AMENDMENT) ACT,
169 KARNATAKA ACT NO 21 OF 2004 THE KARNATAKA SOUHARDA SAHAKARI (AMENDMENT) ACT, 2004 Arrangement of Sections Sections: 1. Short title and commencement 2. Amendment of section 2 3. Amendment of section
More informationSec408 to Sec 434 of Cos Act, 2013 pertain to NCLT and NCLAT. Sec 408 : Constitution of National Company Law Tribunal.
NCLT Cases for Limited Solvency Examination CHAPTER XXVII f the Companies Act Sec408 to Sec 434 of Cos Act, 2013 pertain to NCLT and NCLAT Section 407 of Companies Act, 2013 deals with Definitions. Sec
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI
1 NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI Company Appeal (AT) (Insolvency) No. 133 of 2017 [Arising out of order dated 10 th August, 2017 passed by the Adjudicating Authority (National Company
More informationF-19 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI. MANKIND PHARMA LIMITED... Plaintiff Through: Ms. Ishanki Gupta, Advocate. versus.
F-19 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + CS(OS) 2982/2015 MANKIND PHARMA LIMITED... Plaintiff Through: Ms. Ishanki Gupta, Advocate. versus SUDHANSHU KUMAR & ANR. Through: None... Defendants
More informationTHE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, JUNE 1, 2018
THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, JUNE 1, 2018 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 31 st of May, 2018 SECURITIES AND EXCHANGE
More informationIN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL COMPANY APPELLATE JURISDICTION. Company Appeal (AT) (Insolvency) No. 213 of 2017
1 IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL COMPANY APPELLATE JURISDICTION (Arising out of Order dated 18 th September, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Chennai
More informationHong Kong Civil Procedure Notes
Hong Kong Civil Procedure Notes 2017 1 st Edition PCLLConversion.com Copyright PCLLConversion.com 2017 Page 1 TABLE OF CONTENTS 1. INTRODUCTION... 6 A. How to use Conversion Notes... 6 B. Abbreviations...
More informationMardia Chemicals Ltd. vs Union Of India on 8 April, 2004
Supreme Court of India Mardia Chemicals Ltd. vs Union Of India on 8 April, 2004 Equivalent citations: 2004 136 TAXMAN 360 SC Author: B Kumar JUDGMENT Brijesh Kumar, J. Leave granted in Special Leave Petition
More informationHousing and Planning Bill
EXPLANATORY NOTES Explanatory notes to the Bill, prepared by the Department for Communities and Local Government, are published separately as HL Bill 87 EN. EUROPEAN CONVENTION ON HUMAN RIGHTS Baroness
More informationArrangement /Compromise When a Company is a Going Concern
1 1. CORPORATE LAW A. COMPROMISE AND ARRANGEMENTS (SECTION 391-393) What is a Compromise: Compromise is a scheme of give and take in a dispute. It presupposes the existence of a dispute over some matter,
More informationIN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO OF 2017 MACQUARIE BANK LIMITED APPELLANT VERSUS
REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.15135 OF 2017 MACQUARIE BANK LIMITED APPELLANT VERSUS SHILPI CABLE TECHNOLOGIES LTD....RESPONDENT WITH CIVIL APPEAL
More informationTRANSFER TO SOUTH WEST AFRICA: This Act post-dated the transfer proclamations. as amended by
(RSA GG 9634) came into force in South Africa and South West Africa on date of publication: 27 March 1985 (see section 52 of original Act) APPLICABILITY TO SOUTH WEST AFRICA: Section 1 defines Republic
More informationTOPIC 7 BUSINESS RESCUE, COMPROMISE WITH CREDITORS, WINDING-UP AND DEREGISTRATION OF COMPANIES TOPIC OVERVIEW
TOPIC 7 BUSINESS RESCUE, COMPROMISE WITH CREDITORS, WINDING-UP AND DEREGISTRATION OF COMPANIES TOPIC OVERVIEW Many factors may lead to a company s failure, for example, poor management, no demand for the
More informationGlobal Restructuring & Insolvency Guide
Global Restructuring & Insolvency Guide Singapore Overview and Introduction Given the notable preference of creditors and stakeholders in companies for restructuring as opposed to liquidation, this chapter
More informationIN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO OF 2017 VERSUS WITH
REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.23988 OF 2017 B.K. EDUCATIONAL SERVICES PRIVATE LIMITED APPELLANT VERSUS PARAG GUPTA AND ASSOCIATES RESPONDENTS WITH
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI. Company Appeal (AT) (Insolvency) No. 112 of 2018
1 NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI (Arising out of Order dated 3 rd January, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in Company
More informationOverview of Key Provisions of Companies Act 2013
Overview of Key Provisions of Companies Act 2013 1 Overview Number of sections reduced from 658 Sections and 15 Schedules in old Act to 470 sections and 7 schedules in new bill. A very substantial part
More information557. Hearing of proceedings otherwise than in public Power of court to order the return of assets which have been improperly transferred.
557. Hearing of proceedings otherwise than in public. 558. Power of court to order the return of assets which have been improperly transferred. 559. Reporting to Director of Corporate Enforcement of misconduct
More informationNational Company Law Tribunal and Appellate Tribunal
15 National Company Law Tribunal and Appellate Tribunal Important Note: Keeping in view the fact that the NCLT and NCLAT are not in operation till date, students are hereby informed that this chapter is
More informationWinding up by court 568. Application of Chapter 569. Circumstances in which company may be wound up by the court
PART 11 WINDING UP CHAPTER 1 Preliminary and interpretation 559. Interpretation (Part 11) 560. Restriction of this Part 561. Modes of winding up general statement as to position under Act 562. Types of
More informationLIMITED PARTNERSHIP ACT
ANGUILLA INTERIM REVISED STATUTES OF ANGUILLA 2000 CHAPTER 7 LIMITED PARTNERSHIP ACT Showing the Law as at 16 October 2000 Published by Authority Printed in The Attorney General s Chambers ANGUILLA Government
More informationHENQUE 2890 CC T/A BRAZIER & ASSOCIATES (IN LIQUIDATION) MASTER S REFERENCE NUMBER: C3/2018
HENQUE 2890 CC T/A BRAZIER & ASSOCIATES (IN LIQUIDATION) MASTER S REFERENCE NUMBER: C3/2018 REPORT SUBMITTED AT THE STATUTORY SECOND MEETING OF CREDITORS AND MEMBERS, IN TERMS OF SECTION 79 OF THE CLOSE
More informationWORLD BANK REPORT ON DOING BUSINESS :INDIA ENFORCING CONTRACTS-
WORLD BANK REPORT ON DOING BUSINESS :INDIA ENFORCING CONTRACTS- QUALITY OF JUDICIAL PROCESS INDEX Department of Justice, Ministry of Law & Justice 2 1. Legal Reforms Legal Reforms 3 1. Commercial Courts,
More informationBODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT, 1963 (ACT 180). ARRANGEMENT OF SECTIONS PART I OFFICIAL LIQUIDATIONS
BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT, 1963 (ACT 180). ARRANGEMENT OF SECTIONS PART I OFFICIAL LIQUIDATIONS Commencement of Proceedings Section 1. Modes of winding up. 2. Procedure on resolution.
More informationCORPORATE SOCIAL RESPONSIBILITY
CORPORATE SOCIAL RESPONSIBILITY Workshop on Corporate Social Responsibility Introduction & Overview of the Presentation Regulatory Framework Non Compliances & Penalties Analysis of Sections 134, 135 &
More informationINDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT 1978 INDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT LONG TITLE
INDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT 1978 INDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT 1978 - LONG TITLE AN ACT TO AMEND THE INDUSTRIAL AND PROVIDENT SOCIETIES ACTS, 1893 TO 1971, AND
More informationTHE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2004
~ THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2004 # NO. 30 OF 2004 $ [29th December, 2004.] + An Act to amend the Securitisation and Reconstruction of Financial Assets
More informationCOASTLINE CREDIT UNION LTD ABN
CORPORATIONS LAW CONSTITUTION Of COASTLINE CREDIT UNION LTD ABN 88 087 649 910 This Constitution was adopted by a special resolution of the Credit Union on the 8 th day of November 2000 Amendment 12 October
More informationDEBT RECOVERY TRIBUNAL: AN ANALYSIS
Open Access Journal available at www.jlsr.thelawbrigade.com 239 DEBT RECOVERY TRIBUNAL: AN ANALYSIS Written By Nidhi Singh & Ritika Rishi 4 th year, B.A.LLB, Chanakya National Law University, Patna Banks
More information1 of 16. Notified Earlier Notified on March 26, 2013 Not Notified
Section 1 - Short title, extent, commencement and application Section 2 - Definitions Clause (1) abridged prospectus Clause (2) accounting standards Clause (3) alter or alteration Clause (4) Appellate
More informationRules of the High Court (Amendment) Rules 2008
Rules of the High Court (Amendment) Rules 2008 The Rules of the High Court (Cap. 4A) Order 102 THE COMPANIES ORDINANCE Remarks 1. Definitions (O. 102, r. 1) In this Order the Ordinance means the Companies
More informationSec408 to Sec 434 of Cos Act, 2013 pertain to NCLT and NCLAT. Chairperson, JM, Member, President, Tech Member
NCLT Cases for Limited Solvency Examination CHAPTER XXVII f the Companies Act Sec408 to Sec 434 of Cos Act, 2013 pertain to NCLT and NCLAT Section 407 of Companies Act, 2013 deals with Definitions. Chairperson,
More information$~28 * IN THE HIGH COURT OF DELHI AT NEW DELHI. versus. % Date of Decision: 06 th November, 2017 J U D G M E N T
$~28 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CS(COMM) 563/2017 MANKIND PHARMA LIMITED... Plaintiff Through: Ms.Ishanki Gupta with Mr.Harsh Vardhan, Advocates. versus SHAM LAL & ORS Through: None...
More informationChapter 4 Creditors Voluntary Winding Up Application of Chapter. MKD/096/AC#
[PART 11 WINDING UP Chapter 1 Preliminary and Interpretation 549. Interpretation (Part 11). 550. Restriction of this Part. 551. Modes of winding up - general statement as to position under Act. 552. Types
More informationfinancial difficulty means a situation where company becomes or may become insolvent immediately or in the near future if the company is not
Insolvency Act, 2063 (2006) Date of authentication and publication: 4 Mangsir 2063 (20 November 2006) Act number 20 of the year 2063 (2006) An Act Made to Provide for Insolvency Proceedings Preamble: Whereas,
More informationCharltons. Hong Kong Law. August 2014
FSTB Publishes Consultation Conclusions on Improving Corporate Insolvency Law and Proposals for a New Statutory Corporate Rescue Procedure Introduction In April 2013, the Financial Services and the Treasury
More informationHousing (Amendment) (Scotland) Bill [AS INTRODUCED]
Housing (Amendment) (Scotland) Bill [AS INTRODUCED] CONTENTS Section Regulatory intervention by Scottish Housing Regulator 1 Managers appointed by, or on the requirement of, the Scottish Housing Regulator
More informationCORPORATIONS ACT CONSTITUTION
CORPORATIONS ACT CONSTITUTION of POLICE FINANCIAL SERVICES LIMITED ABN 33 087 651 661 Constitution as ratified by the 2017 Annual General Meeting on 16 November 2017 i TABLE OF CONTENTS PREAMBLE... ii
More informationICSI-CCGRT. Charges & Its Registration (through the Court s eyes)
Charges & Its Registration (through the Court s eyes) Continued from Geeta Saar edition 16 10. Duty of company to register charge Every company creating a charge within or outside India on its property
More informationBUSINESS CORPORATIONS ACT
PDF Version [Printer-friendly - ideal for printing entire document] BUSINESS CORPORATIONS ACT Published by As it read between June 23rd, 2006 and June 30th, 2007 Updated To: Important: Printing multiple
More information* IN THE HIGH COURT OF DELHI AT NEW DELHI. + ARB.A. 5/2015 & IA 2340/2015 (for stay) versus
* IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.A. 5/2015 & IA 2340/2015 (for stay) Judgment reserved on February 05, 2015 Judgment delivered on February 13, 2015 M/S VARUN INDUSTRIES LTD & ORS... Appellants
More informationACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT (ZFPPIPP-C) Article 1
ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT (ZFPPIPP-C) Article 1 Point 6 of Article 4 of the Financial Operations, Insolvency Proceedings and Compulsory
More informationINSOLVENCY ACT NO. 18 OF 2015 LAWS OF KENYA
LAWS OF KENYA INSOLVENCY ACT NO 18 OF 2015 Revised Edition 2016 [2015] Published by the National Council for Law Reporting with the Authority of the Attorney-General wwwkenyalaworg [Rev 2016] No 18 of
More informationCONCORDANCE TABLE. Please Note: As this is not an official Concordance, we recommend that you consult the legislation for further interpretation.
CONCORDANCE TABLE On March 29, 2004, the Business Corporations Act, c. 57, was brought into force. For your convenience, we are providing the following table which lists sections of the Company Act with
More informationKENYA GAZETTE SUPPLEMENT
SPECIAL ISSUE Kenya Gazette Supplement No. 159 (Acts No. 18) REPUBLIC OF KENYA KENYA GAZETTE SUPPLEMENT ACTS, 2015 NAIROBI, 15th September, 2015 CONTENT Act PAGE The Insolvency Act, 2015...1023 PRINTED
More informationIN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO OF 2018 [ARISING OUT OF SLP(CIVIL) NO.
REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 10873 OF 2018 [ARISING OUT OF SLP(CIVIL) NO.5895 OF 2018] M/S HINDON FORGE PVT. LTD. & ANR. APPELLANTS VERSUS THE
More informationCONSTITUTION AUSTRALIAN PACKAGING AND PROCESSING MACHINERY ASSOCIATION LIMITED ACN
CONSTITUTION OF AUSTRALIAN PACKAGING AND PROCESSING MACHINERY ASSOCIATION LIMITED ACN 051 288 053 A Company Limited by Guarantee under the Corporations Act 2001 (Cth) CONSTITUTION OF AUSTRALIAN PACKAGING
More information