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e Juris

Electronic Judgement References


Chairman’s Message
Dear Insolvency Practitioner,

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.

My best wishes to IIIPI for the initiative.


CEO’S Message
Dear Insolvency Practitioner,

The fast-changing landscape of emerging jurisprudence is effectively re-writing


the legal benchmarks of Insolvency and Bankruptcy regulations. Possibly, nowhere
in the world has the stream of rulings and regulations erected such a formidable
structure of edicts and enactments in so short a time. Sunil Pant
CEO-IIIPI
The effectiveness of the above process depends substantially on the ready
accessibility of the practitioners to the body of law as it evolves. To facilitate the task,
the Knowledge SBU (K-SBU) of IIIPI has published the decisions of the NCLAT,
High Courts and Supreme Courts in in the form of an eBook – “e-Juris”.

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.

We look forward to your suggestions to build on a collaborative approach in this


area with further innovations and initiatives.
NCLAT JUDGMENTS FOR THE MONTH OF SEPT 2018
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

I. A. No. 1564 of 2018 in Appellant is to file fresh application after


Company Appeal (AT)
R. Mangalam Dismissal of an insolvency complying with the mandate of law. The AA is
(Insolvency) No. 596 of Section 7 of I&BC,
01 Vs. application not submitted in the directed to entertain the same.
2018 2016
SPML Infra Ltd. prescribed form.
Click here for full judgement
(28thSept, 18)

(i) M/s. Dynepro Private


Limited (i)Company Appeal (AT)
Vs. (Insolvency) No. 229 of
Mr. V. Nagarajan Both the Appellants are allowed to bring
2018
Resolution Professional the allegation to the notice of the Hon’ble
& Allegation against Resolution
& Chairperson of the IBBI.
02 (ii)Company Appeal (AT) ~ Professional relating to violation of
(ii) M/s. IU (Insolvency) No. 262 of NCLAT’s order
International Holdings Click here for full judgement
2018
PTE Limited
Vs. (26thSept, 2018)
Mr. V. Nagarajan
Resolution Professional

As each workman’s due is more than rupees


one lakh and the ‘Corporate Debtor’ defaulted
Mr. Suresh Narayan Company Appeal (AT) to pay the amount, the Application is fit to be
Singh (Insolvency) No. 112 of Maintainability of filling of joint
03 Section 9 of admitted.
Vs. 2018 application by Operational
I&BC, 2016 2. The matter, accordingly, is remitted to the
Tayo Rolls Limited Creditors.
(26thSept, 2018) AA .

Click here for full judgement

5
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Achuthan Thazhathehil As no resolution plan was submitted by any of


& Ors. Company Appeal (AT) the Resolution Applicants, the RP/CoCs and
Vs. (Insolvency) No. 579 of Liquidation of Corporate Debtor in
Section 33(1)(a) the AA had no other option but to pass order
04 CS Satyadevi Alamuri, 2018 the absence of receipt of resolution
of I&BC, 2016 for liquidation of the Company..
R.P. of M/s GB plan.
Engineering Enterprises (25thSept, 2018) Click here for full judgement
Pvt. Ltd. & Ors

(i) Approval of a ‘Resolution


Plan’ without notice/ hearing There is no requirement to issue notice to
the Operational Creditor/Other Operational Creditor/other creditors while
Creditors
Madhya Gujrat Vij Company Appeal (AT) approving the Resolution Plan.
Company Ltd. (Insolvency) No. 211 of Appeal u/s 61 of (ii) Non restoration of Electric
05 Vs. 2018. the (ii) Resolution Plan is binding on all
connection in favour of the
M/s. Kalptaru Alloys ‘I&B Code’ stakeholders including Operational Creditors.
‘Corporate Debtor’
Pvt. Ltd. & Ors. (24thSept, 2018) until dues to the Electricity
Company (appellant herein) are Click here for full judgement
cleared.

(i) No interference is required as term of IRP is


Mrs. Madhurima Mridul Appointment of Interim Resolution about to over.
& Anr Company Appeal (AT) Professional by the AA without
Vs. (Insolvency) No. 573 of Section 9 of the calling for name(s) from (ii)There is no infirmity/irregularity in
06 Raj Infrastructures 2018 ‘I&B Code, 2016 the IBBI. admission of application by AA.
Development (India) (ii) Passing of orders by AA on
Pvt. Ltd. (24thSept, 2018) the very first day when the matter Click here for full judgement
& Ors. came for admission.

6
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

As prior to admission of the application,


Company Appeal (AT)
Ashok Advani Non maintainable of admission of the parties had already settled the matter,
(Insolvency) No. 489 of Section 7 of the
07 Versus Insolvency petition in the absence application is not maintainable.
2018 ‘I&B Code, 2016’
S. H. Khatod Trust of any default.
(20thSept, 2018) Click here for full judgement

Transfer of funds, during the period of


Bijay Kumar Garodia Company Appeal (AT) moratorium, in favour of the Creditors by
Status of amount received by
& Ors. (Insolvency) No. 569 of Corporate Debtor is illegal. Accordingly, the
creditors from Corporate Debtor
08 Vs. 2018. _ amount so received by creditors is to be
after the order of moratorium by
Anadya Properties Pvt. refunded.
NCLT.
Ltd. & Ors (20thSept, 2018)
Click here for full judgement

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

(i) There is no illegality in engaging/


appointment of Valuer/Accountant by
(i)legality of appointment of the ‘Resolution Professional’
‘Valuer’/’Accountant’
Haravtar Singh Arora Company Appeal (AT) Section 25 (ii) As all the proceedings pending before
Vs. (Insolvency) No. 567 of
10 & 14 of the (ii) Non stoppage of cases pending all court against the ‘Corporate Debtor’
Punjab National Bank 2018.
& Ors (20thSept, 2018) ‘I&B Code, 2016 against the ‘Corporate Debtor’ by automatically comes to halt, the ‘Resolution
Resolution Professional during the Professional’ is not required to take any
moratorium period. further step.

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

(i).Since, debt is due to Appellant and there is


Dismissal of Insolvency reference a default on the part of the Corporate Debtor,
M/s Asset Advisory Company Appeal (AT) on the grounds:- dismissal of Insolvency reference by AA is set
Services India Pvt. Ltd. (Insolvency) No. 227 of aside.
Vs. 2017 Section 7 of the (i) there is a dispute in existence
12 M/s VSS Projects Pvt. I&B Code, 2016 (ii) Case is remitted back to the AA for
Ltd., (18thSept, 2018) (ii) application filed with malicious admission of the application.
intent.
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

Mahipal Sharan Gupta, Company Appeal (AT)


IRP for Clutch Auto Ltd. There is no ground to interfere and the appeal
(Insolvency) No. 542 of Payment of inadequate
Vs. is dismissed.
14 2018. _ fees to the Interim
Sandeep Kumar Gupta, Resolution Professional
Liquidator for Clutch Click here for full judgement
(14thSept, 2018)
Auto Ltd

Central Bank of India Section 30 (4) of


Company Appeal (AT) Discrimination between the As the successful Resolution Applicant
Vs. I&B Code, 2016.
(Insolvency) No. 526 of ‘Financial Creditors’ on the ground treated all the ‘Financial Creditors’ equally at
Resolution Also Regulation
15 2018 of dissension and voting against the same level and made no discrimination,
Professional Of the 38(1)© of the Resolution Plan by a Financial there is no violation of Regulations.
Sirpur Paper Mills Ltd. ‘IBBI (IRPCP),
(12thSept, 2018) Creditor.
& Ors. Regulation Click here for full judgement

G. M. Lingaraju Company Appeal (AT) There is ‘existence of dispute’ prior to issuance


Vs. (Insolvency) No. 385 of Section 8 Existence of dispute’ prior to the of demand notice. Therefore, the insolvency
16 Gurudatt Sugars 2018 & 9 of the ‘I&B issuance of demand notice. petition is not maintainable.
Marketing Private Code, 2016
Limited & Anr. (10thSept, 2018) Click here for full judgement

In case of non-completion of Resolution


Process, it is the duty of the Resolution
Company Appeal (AT) Professional to submit the progress report to
Anil Goel (Resolution (Insolvency) No. 131 of AA.
Professional) Adverse remarks against the
17 2018. - However, the observation is not to be taken
Vs. Resolution Professional as a complaint against the RP for initiation of
LML Ltd (7thSept, 2018) disciplinary proceeding.

Click here for full judgement

9
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

(i)‘Numetal Ltd.’ is eligible to submit the


Resolution Plan
(ii) ‘Resolution Plan’ submitted by ‘AM India
Numetal Limited. Ltd. Company Appeal (AT) Ltd.’ to be considered subject to deposit of
Vs. (Insolvency) No. 169 of Section 29A of Ineligibility to submit resolution requisite amount
18 Satish Kumar Gupta 2018 the ‘I&B Code’ plans (iii)AA to exclude the period the appeal was
(R.P.) & Ors. (7thSept, 2018) pending for the purpose of counting the total
period of 270 days

Click here for full judgement

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

There is ‘disbursement’ of money by the


O.A.A Company Appeal (AT) Respondent for which the ‘consideration is
Ananthapadmanaban (Insolvency) No. 520 of Section 7, 5(7) & time value of money’. As such, the Respondent
Chettiar
20 2018. 5(8) of the ‘I&B Definition of the Financial Creditor. comes within the meaning of ‘Financial
Vs. Code2016’ Creditor’
Sri Mahalakshmi (5thSept, 2018)
Textiles 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

Company Appeal (AT)


Mr. Vimal Saraf & Ors. ‘M/s. Maheshwar Textiles’ is not different
(Insolvency) No. 510 of M/s. Maheshwar Textile & M/s.
Vs. Section 9 of the from ‘M/s. Maheshwar Textiles (HUF)’
22 2018 Maheshwar Textile (HUF)’ are two
M/s. Maheshwar Textile ‘I&B Code, 2016 different firms
& Anr. Click here for full judgement
(4thSept, 2018)

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

Company Appeal (AT)


R.G.G. Vyapaar Pvt. Ltd. (Insolvency) No. 509 of Adjudicating Authority has no jurisdiction to
Vs. Filing of the Claim application
2018 Section 31 of I&B reopen resolution process.
01 Arun Kumar Gupta & after approval of Resolution Plan
Code,2016
Anr. by AA
(31ST August,18) Click here for full judgement

Company Appeal (At) As the movement of Ex-Directors is not


Amandeep Singh Bhatia (Insolvency) No.502 Of The Ex- Directors of the company stayed but only instructed not to leave the
& Ors Section 60(5)(c)
2018 are not allowed to leave the country without prior permission of the AA,
02 Vs. & Section 67 of I&B country without prior permission the order is not of permanent injunction.
Vitol S.A. & An Code,2016
(30th August,18) of AA.
Click here for full judgement

The appellant is allowed to take fresh


Company Appeal(At)
Eastern Travels Pvt Ltd service of notice. Thereafter, if no reply
(Insolvency)No.503 Of
Vs. Return of Demand Notice”, sent by is received or amount is not paid within
2018 Section 8 & 9 of
03 Swash Convergence post, with the remarks “No such 10 days, the appellant may prefer a fresh
I&B Code, 2016
Technologies Ltd Company is located there”. application before the AA.
(30th August,18)
Click here for full judgement

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

Pravinbhai Raninga Company Appeal (At)


Vs. Records are doubtful. Debt is not in
(Insolvency) No.140/2018 Section 7 of
1.The Kotak Resources Debt, inclusive of a disputed claim, existence, hence not payable.
05 I&B Code,2016
2.M/s Raninga Ispat is neither due nor payable
(29th August,18)
Private Limited Click here for full judgement

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

Company Appeal (AT)


S. Sriharan Seeking of information by
(Insolvency) No. 490 of As the ‘Resolution Plan’ has taken care of
Vs. the promoter with regard to a
2018 Section 60(5) of the shareholders, no relief is granted.
07 Malabar Hotels Pvt. Ltd. ‘Resolution Plan’ since approved
I&B Code,2016
& Anr. by CoC and pending with AA for
(28th August,18) Click here for full judgement
their approval.

13
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Company Appeal (AT) Adjudicating Authority’s directions to


Dharmendra Kumar (Insolvency) No. 313 of Request by Interim Resolution impose cost and to refer the matter to IBBI
Vs. 2018 Sections 16 & 22 of
08 Professional to withdraw and for initiating action is uncalled for.
IBBI & Ors. I&B Code,2016 discharge himself from the CIRP.
(24th August,18) Click here for full judgement

Date of admission cannot be shifted to


Joseph Philip Company Appeal (AT) To shift the date of admission subsequent date of notification of the order
Vs. (Insolvency) No. 467 of Section 60(5) of of application under Section 7 to
09 by the Registry.
Ashish Rathi & Anr 2018 I&B Code.,2016 the date of communication of the
(21st August,18) order Click here for full judgement

Company Appeal (AT)


Sanjeev Shriya (Insolvency) No. 154 of It is not a fit case to be entertained at this
Non-conducting of resolution
Vs. 2018 Section 60(5) of belated stage. The appeal is dismissed
10 process in a legal manner by the
LML Ltd. & Ors I&B Code,2016 Resolution Professional
(20th A ugust,18) Click here for full judgement

Company Appeal (AT)


Saraogi Udyog Pvt. Ltd. As the ‘Resolution Plan’ has already been
(Insolvency) No. 265, 402, ‘Resolution Plan’ submitted by
Vs. Sections 24(3)(c) approved and acted upon, individual claim
414, 418, 419, 421, 422, 361, the ‘resolution applicant’ has
11 Vedanta Ltd. & Ors & 30(2)(b) of I&B is not to be decided at this stage.
362, 363 TO 399 of 2018 not taken proper care of the
( Also other appeals) Code,2016
(20th A ugust,18) ‘Operational Creditors’. Click here for full judgement

Company Appeal (AT) The CoCs should act in terms of its


Huzefa Fakhri Sitabkhan Section 30(2)
(Insolvency) No. 460 of proceedings and factual aspect as noticed
Vs. of the I&B Reservation on the observation of
12 2018 by the AA
Committee of Creditors Code,201+6 the Adjudicating Authority.
(20th A ugust,18)
Click here for full judgement

14
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Company Appeal (AT) Submission is not accepted as the order


ESS DEE Aluminium Ltd. (Insolvency) No. 453 – 455 of admission of application is not under
Vs. of 2018 Section 9 of the Insolvency application admitted
13 challenge.
Cytech Coatings Pvt. Ltd. I&B Code,2016 without service of Demand Notice.
(16th A ugust,18) Click here for full judgement

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

Jagmohan Bajaj Company Appeal (AT)


Vs. (Insolvency) No. 428 of Appeal is frivolous and lacks merit.
1. Shivam Fragrances Section 7
2018 Dispute inter-se the Directors of Accordingly, it is dismissed with cost.
15 Private Limited of I&B Code, 2016 Corporate Debtor
2. Amiga Informatics (14th A ugust,18) Click here for full judgement
Pvt. Ltd

Company Appeal (AT)


Export Import Bank of (Insolvency) No. 304 of EXIM Bank comes within the meaning
India 2017, Section 5(7) & of ‘Financial Creditor. Further to treat
EXIM Bank is not covered within
Vs. 5(8) (h) the Bank as members of Committee of
16 the definition of ‘Financial
Resolution Professional (With three other of I&B Code. Creditors(CoCs)
Creditor’
JEKPL Private Limited appeals)
Click here for full judgement
(14th A ugust,18)

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)


Fernas Construction (Insolvency) No. 448 of The application was filed within the period
India Pvt. Ltd. 2018 Section 9 of I&B Application for filling insolvency of limitation. The appeal is dismissed.
17 Vs. Code, 2016 petition was time barred.
RVR Projects Pvt. Ltd (13th A ugust,18) Click here for full judgement

Company Appeal (AT)


(Insolvency) No 175 of
Renaissance Steel India Both Vedanta Limited & Tata Steel Limited
2018. Section 29A
Pvt. Ltd Vedanta Ltd. and Tata Steel Ltd. are eligible to
of the
18 Vs. are not eligible as Resolution file the ‘Resolution Plans’.
( With five other appeals) ‘I&B Code’2016.
Electrosteel Steels Ltd. Applicant.
Click here for full judgement
(10th A ugust,18)

Company Appeal (AT)


Wianxx Impex Pvt. Ltd. The appellant is given an opportunity to file
(Insolvency) No. 446 of
Vs. Section 7 a reply within ten days for consideration of
2018 Prohibition from raising objection
19 Srei Equipment Finance of I&B Code, 2016 AA.
to the compliance affidavit by AA.
Ltd. (10th A ugust,18) Click here for full judgement

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

Rajesh Gupta Company Appeal (AT)


Vs. (Insolvency) No. 317 of Sections 5(7) and
1Mr. Dinesh Chand Jain Respondents are not covered Respondents are ‘Financial Creditors’.
2018 (8)
21 2.Ms. Lata Jain within the meaning of ‘Financial
of I&B Code, 2016
3.DJ Tradelink Private Creditors’ Click here for full judgement
(9th A ugust,18)
Limited

(i)The appellant comes within the meaning


Company Appeal (AT) Appellant is not covered within of ‘Operational Creditor’ and there is no
AVON Capital (Insolvency) No. 256 of the meaning of ‘Operational dispute in existence.
Vs. Section 9
2017 Creditor’
22 M/s. Tattva & Mittal of I&B Code, 2016 (ii) There is an ‘existence of (ii) The case is remitted to the AA for
Lifespaces Pvt. Ltd (9th A ugust,18) dispute admission.

Click here for full judgement

Company Appeal (AT)


V. Navaneetha Krishnan (Insolvency) Nos. 288 & No relief is granted, as the ‘resolution plan’
Vs. Section 31
289 of 2018 Non acceptance of ‘resolution was submitted at the fag end.
23 Central Bank of India, of I&B Code, 2016 plan’.
Coimbatore & Another (9th A ugust,18) Click here for full judgement

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.

Company Appeal (AT)


R.C. Dhandapaani The appellant/promoter being ineligible u/s
(Insolvency) No. 391 of
Vs. Sections 29A and Non submission of resolution 29A, no opportunity can be for submission
2018
26 Vengarai Seshadri 31 of I&B Code, plan by the ‘potential resolution of ‘resolution plan’
Sowrirajan & Anr. 2016 applicants’
(8th A ugust,18) Click here for full judgement

Company Appeal (AT) During moratorium period, the Corporate


Raj Builders (Insolvency) No. 304 of Non- handing over possession Debtor cannot be evicted from the premises.
Vs. 2018 Section 14 of I&B of the premises occupied by the Only on its expiry, the landlord can approach
27 Raj Oil Mills Limited & Code, 2016 Corporate Debtor, on expiry of the competent Court.
Anr (8th A ugust,18) tenancy agreement.
Click here for full judgement

Resolution plan is not a proceeding of


Rashidbhai Ismail Company Appeal (AT) recovery. In case recovery proceedings have
Tharadra & 2 Ors. (Insolvency) No. 297 of been initiated against the Appellant, being
Vs. 2018 Section 30(2) of Recovery of total amount due
28 the guarantor, he may seek recourse from
Raj Oil Mills Limited & I&B Code, 2016 from the Resolution Applicant. the competent court.
Anr (8th A ugust,18)
Click here for full judgement

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)

Company Appeal (AT)


Ramesh Kumar Suneja In view of existence of dispute application
(Insolvency) No. 163 of
Vs. Section 7 of I&B Dispute as to who is the Financial preferred to AA is not maintainable.
30 2018
Brij Mohan Sahni Code, 2016 Creditor
(7th A ugust,18) Click here for full judgement

1.Pankaj Yadav Company Appeal (AT)


2.Brainer Impex Limited (Insolvency) No. 28 of
Vs. The appellant is held as ‘related party.’
2018 Section 5(24) of Appellant, an assignee of debt is
31 1.State Bank of India Ltd I&B Code,2016 a ‘related party’
2.Fortune Pharma Pvt. Click here for full judgement
(7th A ugust,18)
Ltd

Demand notice was not served on


Company Appeal (AT)
Sh. Sharad Kesarwani Vs. the ‘Corporate Debtor’. However, the
(Insolvency) No. c of 2018
M/s. Planetcast Media Sections 8 & 9 of ‘Operational Creditor’ is at liberty to issue
32 Non-service of demand notice.
Services Limited & Anr. I&B Code, 2016 demand notice afresh
(7th A ugust,18)
Click here for full judgement

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

The issue cannot be decided in this appeal,


Company Appeal (AT)
Sunil Jain as the ‘resolution plan’ has already been
(Insolvency) No. 430 of
Vs. approved and the order of approval
2018 The ‘corporate resolution process’
35 Punjab National Bank _ by Adjudicating Authority is pending
not completed as per law.
& Ors consideration in another appeal.
(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

Stressed Assets Company Appeal (AT)


Stabilization Fund (Insolvency) No. 416 of Appellant being a related party is ineligible
Section 7 Appellant, Financial Creditor,
Vs. 2018 to be a member COCs
37 of I&B Code 2016 not allowed to be a member of
Vistar Financiers Pvt. Committee of Creditors( COCs)
Ltd. & Ors (1st A ugust,1 Click here for full judgement

20
NCLAT JUDGMENTS FOR THE MONTH JULY 2018

S Name of the Case Reference & Section


Issue Adjudication/Gist
No. Parties with date No.

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.

Company Appeal (AT) After admission of the application by AA,


Zapp India Ltd. (Insolvency) Permission granted to OC appeal is not maintainable
Section 9 of
02 Vs. No. 314 of 2018 to propose a new Resolution
I&B,2016
Maheshwar Textile Professional is illegal Click here for full judgement
( 31st July,18)

Company Appeal (AT)


Shah Brothers Ispat (Insolvency) The proceeding u/s 138 of NI Act may continue
Pvt. Ltd. No. 306 of 2018 Non- -maintainability of even during the period of moratorium.
Section 14 of
03 Vs. proceeding u/ s 138 of NI Act
I&B,2016
P. Mohanraj & Ors. during the period of moratorium. Click here for full judgement
( 31st July,18)

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)

Company Appeal (AT) Since appellant is a Co-Borrower, he cannot


Gaurav Aggarwal (Insolvency) Applicability of moratorium to take advantage of the moratorium.
Vs. No. 215 of 2018 Section 14 of
05 the personal property of the
Religare Finvest Ltd I&B,2016 guarantor. 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

Yogesh Kumar & Ors. Company Appeal (AT)


Vs. Resolution Professional is to decide as to who
(Insolvency)
Shantanu T. Ray, is the existing employee.
No. 403 of 2018 Dispute regarding status of
07 Resolution Professional - employees.
of M/s. AML Steel and Click here for full judgement
( 30th July,18)
Power Ltd. & Ors.

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

Company Appeal (AT)


(Insolvency) As the principle amount has already been paid
Krishna Enterprises No. 144 of 2018 and no interest is payable, as per agreement.
Vs. Section 9 of the Recovery of interest on delayed
09 ( With three other ther
Gammon India Ltd I&B Code,2016 payment.
appeals) 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

Appellant may move an application as


Company Appeal (AT)
M/s. Daya Engineering Financial Creditor, in case he feels that earlier
(Insolvency)
Works Pvt. Ltd. Sections 5(7)(8) he wrongly filed application as Operational
No. 394 of 2018 To be considered as Operational or
12 Vs. and 9 of the I&B Creditor to AA.
Financial Credtior
M/s. UIC Udyog Ltd. Code,2016
( 26th July,18) Click here for full judgement

Company Appeal (AT) Without expressing any opinion, a request


Deepak Seth (Insolvency) is made to AA to pass appropriate order in
Vs. Delay in admission
No. 395 of 2018 Section7 of the accordance with law
13 Moods Hospitality Pvt. of the application
I&B Code
Ltd ( 26th July,18) Click here for full judgement

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)

R. Sridharan Company Appeal (AT) Misunderstanding between the members of


Vs. (Insolvency) the Consortium of Banks cannot be treated as
Section 7
15 Assets Care & No. 241 of 2018 of I&B Code,2016 No default on the part of the default on the part of the Corporate Debtor.
Reconstruction Corporate Debtor.
Enterprise Ltd. (ACRE) ( 25th July,18) Click here for full judgement

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)


Vijender Kumar Singla (Insolvency) Sections 7 & 12A
Vs. Bank is allowed to withdraw the application.
No. 143 of 2018 of I & B Code,
16 Oriental Bank of Settlement between the parties.
2016
Commerce & Anr. Click here for full judgement
( 24th July,18)

Shri Ram Residency


Private Limited Company Appeal (AT) Adjudicating Authority to approve the
Vs. (Insolvency) Section 31 Resolution Plan submitted by Appellant, the
Kuldeep Verma, No. 202 of 2018 To call for further ‘Resolution
of I & B Code successful ‘Resolution Applicant
17 designated Plan’ by AA without recording any
2016
as Resolution reasons, thereof. Click here for full judgement
Professional, Jalan ( 24th July,18)
Intercontinental Private
Limited & Ors

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

Company Appeal (AT) There exists a dispute relating to quality of


Grasim Industries Ltd. (Insolvency) products. Hence appeal dismissed.
Vs. No. 393 of 2018 Section 9 of the
19 Existence of dispute
Spentex Industries Ltd. I&B Code,2016 Click here for full judgement
( 24th July,18)

25
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

(i)There is no existence of dispute


Company Appeal (AT)
Durlum India Pvt. Ltd. (Insolvency) (i)Non- existence of dispute
Vs. Sections 8(1)& (ii)Issue Demand Notice afresh and proceed
No. 103 of 2018 (ii) Exact amount of claim not
20 Piccadily Hotels Pvt. 9 of the I&B further in accordance with law.
given in the Demand Notice.
Ltd. Code,2016
( 24th July,18) Click here for full judgement

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

Company Appeal (AT)


K. Kesava There is a dispute about the claim. Hence,
(Insolvency)
Vs. appeal is allowed.
No. 36 of 2018 Section 7 of the Dispute in existence about the
25 Ajay Gopaldas Samat I&B Code,2016 debt and default.
(HUF) & Ors. Click here for full judgement
.( 18th July,18)

Company Appeal (AT)


Anil Kumar Saha Retainer is not an ‘Operational Creditor’
(Insolvency) Sections 9(5)(i),
Vs. Status of Retainer as an
26 No. 371 of 2018 20 and 21 of the
Rakesh Mehra & Anr. ‘Operational Creditor’ Click here for full judgement
( 13th July,18) I&B Code

Company Appeal (AT) Andhra Bank come within the definition


Andhra Bank (Insolvency) Sections of Financial Creditor and is allowed to be a
Vs. Claim of Andhra Bank, as a
No. 61 of 2018 3(6),5(7) &(8) member of the CoCs.
27 M/s. F.M.Hammerle Financial Creditor, being Guarantor
of the I&B
Textile Ltd. to CD
( 13th July,18) Code,2016 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

Company Appeal (AT) In the absence of any viable plan, the


Mr. S. Ravi Srinivas (Insolvency) Adjudicating Authority has rightly ordered for
Vs. Section
No. 124 of 2018 Non-consideration of Resolution liquidation of the ‘Corporate Debtor.
28 M/s. Super Agri Seeds 30(2)&(4) of the Plan by CoCs.
Pvt. Ltd. & Ors. I&B Code,2016
( 11th July,18) Click here for full judgement

Company Appeal (AT) The parties have already reached settlement


Sandeep Anand (Insolvency) and there is no default.
Director G.S. Express Sections 9 &
No. 342 of 2018 Settlement of dispute prior to Hence, the appeal is allowed.
29 Private Limited 12A of the I&B admission of application by AA.
Vs. Code,2016
( 10th July,18) Click here for full judgement
APL Apollo Tubes Ltd.

Company Appeal (AT)


M/s. Subasri Realty There is an ‘existence of dispute’ about arrears
(Insolvency)
Private Limited of salary.
No. 290 of 2017 Section 9 of the
30 Vs. Existence of dispute’
I&B Code,2016
Mr. N. Subramanian & Click here for full judgement
( 10th July,18)
Anr.

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

Company Appeal (AT)


Nisheet Ranjan (Insolvency) There exit a dispute about the debt.
Vs. No. 350 of 2018 Section 9 of the
32 No existence of dispute
Letstark Tech Pvt. Ltd. I&B Code,2016 Click here for full judgement
( 9th July,18)

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

Company Appeal (AT)


Aditya Enterprises (Insolvency) No financial debt is due.
Section 5(7) &
35 Vs. No. 335 of 2018 (8) of the ‘I & B’ Existence of financial transaction.
Rajratan Exim Pvt. Ltd. Click here for full judgement
Code,2016
( 6th July,18)

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)

Company Appeal (AT)


Parmod Yadav & Anr. There is an existence of dispute.
(Insolvency)
Vs. Section 9 of the
39 No. 251 of 2017 Existence of dispute
Divine Infracon Pvt. I&B Code,2016 Click here for full judgement
Ltd. ( 4th July,18)

Minimum 75% of the voting share is


Company Appeal (AT)
ICICI Bank Limited mandatory for appointment of RP. However, as
(Insolvency)
Vs. the appointment has already been confirmed
No. 113-114 of 2018 Section 22 of the Appointment of ‘Resolution
40 Oceanic Tropical Fruits by IBBI after more than 90 days of his
I&B Code,2016 Professional’
Private Limited & appointment, no interference at this stage.
( 4th July,18)
Ors.
Click here for full judgement

30
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Shreyans Realtors Company Appeal (AT) Appellants cannot be claimed to be a ‘Financial


Private Limited & Anr. (Insolvency) Section 5(7) & Creditor’.
Vs. No. 311 of 2018 (8) of the
41 Status of ‘Financial Creditor’.
Saroj Realtors & ‘I & B’ Code,2016 Click here for full judgement
Developers Private ( 4th July,18)
Limited

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

Order for removal of Resolution Professional


Seth Thakurdas Company Appeal (AT) cannot be passed in this appeal, as he can only
Khinvraj Rath (Insolvency) Section 27(2) Removal of ‘Resolution be removed in accordance with the law.
43 Vs. No. 333 of 2018 of the I&B Professional’
Cals Refineries Code,2016 Click here for full judgement
Ltd. & Ors. ( 2nd July,18)

Appellant is to remove all the defects and


Company Appeal (AT)
R. B. Synthetics & Anr. enclose the authorization letter. Thereafter,
(Insolvency)
Vs. Section 9 of the Non-filing of authorization letter proceed further in accordance with the law.
44 No. 106 of 2018
Bee Ceelene Textile I&B Code,2016 by Financial Creditor.
Mills Pvt. Ltd Click here for full judgement
( 2nd July,18)

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

S Name of the Case Reference & Section


Issue Adjudication/Gist
No. Parties with date No.

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

Kamal Kumar Kandpal,


Ex-Director, Lepton Company Appeal
Projects Private Limited (AT) (Insolvency) (i) Non-service of Demand Notice In view of the settlement of dues, the order of
Section 8(1)
& Anr. No. 273 of 2018 AA is set aside.
02 and 9 of the I&B
Vs. Settlement of dues by the parties
Code, 2016
Sanghvi Movers Limited (31ST May,18) Click here for full judgement
& Anr.

Mr. Neeraj Gupta,


Suspended Director Company Appeal
& Shareholder of (AT) (i) Non-service of Demand Notice In view of the settlement of dues, the order of
Sardhana Papers Pvt. (Insolvency) Section 8(1) AA is set aside.
03 Ltd. No. 247 of 2018 and 9 of the I&B Settlement of dues by the parties
Vs. Code, 2016 Click here for full judgement
M/s Raj Duplex Pvt. Ltd. (31ST May,18)
& Anr.

33
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Indiabulls Housing Company Appeal


Finance Ltd. (AT) (Insolvency) Maintainability of Insolvency Initiation of CIRP is not maintainable.
Vs. No. 252 of 2018 Section 7 of the reference when winding up
04 Shree Ram Urban ‘I&B Code,2016 proceeding against the ‘Corporate Click here for full judgement
Infrastructure Ltd (30TH May,18) Debtor’ has already been initiated.

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.

Company Appeal (AT) There exists a dispute. The insolvency reference


Aditya Raheja (Insolvency) is not maintainable. However, the case is
Existence of Dispute
Vs. No. 248 of 2018 Section 9 of the not remitted to AA as settlement has since
06 Heritage Marble Pvt. ‘I&B Code,2016 reached.
Settlement of dues.
Ltd. & Anr. (29TH May,18)
Click here for full judgement

Company Appeal (AT) There is no existence of dispute.


Kanti Commercial Pvt. (Insolvency) Sections Existence of dispute
Ltd. Vs. No. 250 of 2018 5(7),5(8) and The assignee of loan is to be treated as a
07 Edelweiss Asset 7 of the ‘I&B Status of assignee of Loan as Financial Creditor
Reconstruction Co. Ltd. Code,2016 Financial Creditor
& Ors. (28TH May,18) Click here for full judgement

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

The reasons for non-appointment of RP are not


justified.
Company Appeal (AT)
Sharvan Kumar Vishnoi Sections 9(4)
(Insolvency) No. 253 of Non-appointment of the
Vs. and 16(3)(b) However, the order of AA will not affect his
09 2018 Resolution Professional proposed
Crown Alba Writing of the ‘I&B career for his appointment as IRP/RP in any
by OC.
Instrument P. Ltd. Code,2016 other case.
(28TH May,18)
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

Company Appeal (AT) The ‘Operational Creditors’ are allowed to


ANG Industries Ltd (Insolvency) No. 109 of Sections 24(3)© attend the meeting of CoCs, as their aggregate
Vs. To allow Operational Creditors to
11 2018 of the ‘I&B dues are not less than 10% of the debt.
Shah Brothers Ispat attend the meeting of CoCs.
Code,2016
Pvt. Ltd. & Ors. (24TH 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.

Company Appeal In the absence of any reason and evidence,


(AT) (Insolvency) No.128
Indian Bank & Ors. the part of the order relating to imposition of
of 2018 Imposition of costs on F.Cs, CD
Vs. costs on the FCs, CD and adverse remarks made
13 - and passing of adverse remarks
Kadevi Industries Ltd. against RP is set aside
( With two other appeals) against the RP.
& Ors
Click here for full judgement
(24TH May,18)

GAC Logistics Pvt. Ltd. Company Appeal


Vs. (AT)(Insolvency) There exists a dispute. No merit in the appeal.
Section 9 of the
14 AI Nafees Frozen Foods No. 237 of 2018 No existence of dispute
I&B Code,2016
Exports Pvt. Ltd. Click here for full judgement
(24TH May,18)

Company Appeals Promoters are not allowed to withdraw


Vijay Kumar Modi & Anr. (AT) (Insolvency) To refund the amount drawn by funds from CD’s accounts once CIRP is
Vs. Sections 9 of the
15 Nos. 230-231 of 2018 promoters after initiation of the commenced.
Singhania International I&B Code,2016 CIRP
Ltd. & Anr. (22nd May,18) Click here for full judgement

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)

Company Appeal (AT) The Respondent- comes within the meaning


Mack Soft Tech Pvt Ltd. (Insolvency) of ‘Financial Creditor’. There exits ‘debt’ and
Vs. No. 143 of 2017 Section 7 of the Non-existence of debt and
17 ‘default’ on the part of the ‘Corporate Debtor’.
Quinn Logistics India ( With two others) I&B Code,2016 default.
Ltd. Click here for full judgement
(21st May,18)

Company Appeal (AT)


Dhoom Singh Though, the parties have settled the dispute,
(Insolvency)
Vs. Section 7 of the Settlement of matter between no relief is granted as CIRP has started.
18 No 204 of 2018
Centenary Polytex Pvt. I&B Code,2016 the parties.
Ltd Click here for full judgement
(21st May,18)

Company Appeal (AT) In the absence of relationship as of Operational


Rahul Gupta (Insolvency) Creditor and Corporate Debtor between two,
Vs. Section 9 of the There exists no relationship as of
19 No. 03 of 2018 reference made is not maintainable.
Mahesh Madhavan I&B Code,2016 OC and CD between two entities.
& Ors. (21st May,18) Click here for full judgement

37
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Company Appeal (AT) Since CIRP period has elapsed, liquidation


(Insolvency) proceedings started and the appellant is
Chirag Gada Sections 25(2)
No. 71 of 2018 Calling for Resolution Plan from ineligible ‘Resolution Applicant’, no relief is
20 Vs. (h) & 29 A of the other than the Appellant. granted.
Bank of Baroda & Anr. I&B Code,2016
(18th May,18)
Click here for full judgement

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

The period between the admission of


application and receipt of the intimation by
Velamur Varadan Company Appeal (AT) RP, be excluded for the purpose of counting the
Anand Vs. (Insolvency) No. 161 of How the period of 180 days is to be
22 - period of CIRP. Further, The observation made
Union Bank of India & 2018 counted for CIRP. by the AA against the RP is expunged.
Anr (16th May,18)
Click here for full judgement

1. Section 30(2) Resolution Professional is to examine whether


I.A. No. 594 of 2018 in of the I&B 1. Resolution Professional is not to resolution plan received confirms the provisions
Rajputana Properties Company Appeal (AT) Code,2016 decide the eligibility of Resolution of Section 30(2). Further, he is directed not
Pvt. Ltd. (Insolvency) No. 188 of Applicant. to take any comment from one or other
23 Vs. 2018 2. Interim Order Resolution Applicant(s), if such step has been
Ultra Tech Cement Ltd. of Appellate 2. Violation of the interim order of taken be ignored.
& Ors (15th May,18) Tribunal dated Appellate Tribunal.
4th May, 2018. 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

(Company Appeal (AT)


Mr. Chetan Sharma Debt and default is established. Hence the
(Insolvency) No. 66 of Despite admission of liability, the
Vs. Sections 9 of the appeal is dismissed.
26 2017) ‘Corporate Debtor’ failed to pay
Jai Lakshmi Solvents I&B Code,2016
( With four other appeals) the amount.
(P) Ltd. & Anr. Click here for full judgement
(10th May,18)

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

Quinn Logistics India


Pvt. Ltd Company Appeal (AT) The AA is directed to exclude 166 days
Vs. Exclusion of period, for which
(Insolvency) No. 185 of (Period for which the resolution process
1. Mack Soft Tech Pvt. the resolution process remained
2018 stayed) for the purpose of counting total
29 Ltd., - stayed, for the purpose of period of CIRP.
2. Mohd. Sabir Parvez, counting the total period of
(8th May,18)
3.ML Jain (Resolution Resolution Process Click here for full judgement
Professional).

Laxmichand Bansidhar, Company Appeal (AT)


Vs. There is no evidence/record of any of debt. The
(Insolvency) No. 190 of
M/s. Juggilal Kamlapat Section 9 of the appeal is devoid of merit.
30 2018 Evidence of debt.
Jute Mills Company I&B Code,2016
Limited (now known as Click here for full judgement
(7th May,18)
Geo Jute Limited)

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

Mr. Naresh Hansrajmal There is debt and default. Appeal is dismissed


Company Appeal(AT)
Bulchandani Sections 8(2) with cost of Rs. 1.00 lakh to be paid by
(Insolvency) No. 70 of
32 Vs. & 9 of the I&B Non- existence of debt. Appellant.
2018
Deep Constructions Co. Code,2016
(4th May,18)
& Anr. Click here for full judgement

Arise India Limited Where the ‘Provisional Liquidator’ has


Company Appeal (AT)
Vs. been appointed, the question of initiation
(Insolvency) No. 153 of
TCI Freight Section 9 of the of Resolution Process against the same
33 2018 Initiation of Resolution Process
(A division of Transport I&B Code,2016 ‘Corporate Debtor’ does not arise.
Corporation of India (3rd May,18)
Ltd.) Click here for full judgement

Kusum Products Rule 11 of There is no such provision to grant extension of


Company Appeal (AT) Extension of time for compliance
Limited NCLT,2016 read time for compliance of the Scheme.
34 (Insolvency) No.69 of 2018 of Scheme formulated under SICA
Vs. with ‘SICA
(3rd May,18) Act 85
Union of India Repeal Act, 2003’ Click here for full judgement

Order of Moratorium is not applicable for


Company Appeal (AT) Initiation of CIRP against
ICICI Bank Ltd. triggering CIRP against the Guarantor.
(Insolvency) No. 13 of 2018 Section 14 of the ‘Guarantor’ during the pendency
35 Vs. Therefore, the case is remitted to the AA.
I&B Code,2016 of proceedings against the
Vista Steel Pvt. Ltd. (2nd May,18) Principal Borrower. Click here for full judgement

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

Company appeal (AT)


Mr. Atul Mittal (Insolvency) Sections Respondent is not a Financial Creditor u/s 5(7)
Vs. 86 of 2018 5(7),5(8) and Respondent does not come within & 5(8) of the Code.
37 Khushal Infratech ( With three others) 7of the ‘I&B the meaning of Financial Creditor.
Private Limited & An Code,2016 Click here for full judgement
(1st May,18)

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

Atul Roy As there is existence of dispute, the application


Company Appeal (AT)
Vs. u/s 9 is not maintainable.
(Insolvency) No. 74 of 2018 Section 9 of
02 M/s. Technofac Contracts Existence of dispute
I&B,2016
Pvt. Ltd. & Click here for full judgement
(26th April 2018)
Ors.

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

The resolution process cannot be set aside


Company Appeal (AT)
Blue Stamping and on the ground that the parties agreed for
(Insolvency) No. 160 of
Forgings Ltd. Section 9 of Settlement of dues after admission settlement.
06 2018
Vs. I&B,2016 of reference under the Code.
BMM Ispat Ltd. & Anr. Click here for full judgement
(25th April 2018)

‘Moratorium’ is applicable to the property of the


‘Corporate Debtor’ and also on the ‘Personal
Guarantor’.
Company Appeal (AT) To initiate the insolvency
State Bank of India Vs. (Insolvency) No. 87 of 2018 Sections 14 & (60) However, it is not applicable for filing
07 proceedings against the personal
D.S. Rajendra Kumar ( With three others) (2) of I&B,2016 application for triggering ‘CIRP’ against the
guarantors.
(18th April 2018) ‘Guarantor’ or the ‘Personal Guarantor’ under
Section 60(2).

Click here for full judgement

Mr. Anirudha Balkrishna The moratorium is applicable on the personal


Company Appeal
Joshi & Ors (AT)(Insolvency) guarantor besides property of the ‘Corporate
Vs. Section 14 of To extend protection of Debtor’.
08 No. 132 of 2018
The Bharat Co-operative I&B,2016 moratorium to personal guarantor
Bank (Mumbai) Ltd. & Click here for full judgement
(16th April 2018)
Ors.

44
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06
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

Company Appeal (AT) As per SIDBI General Regulations, the officer


M/s Rajnish Gupta Vs. (Insolvency) No.126 OF concerned is authorised to issue proceedings
Small Industrial The Officer concerned of the
2018 Section 7 of before the Adjudicating Authority
10 Development Bank of financial creditor is not duly
I&B,2016
India authorised to file the application.
(9th April 2018) Click here for full judgement

In the absence of the cooperation of the


directors with RP/CoCs and completion of 180
Company Appeal (AT)
Mahesh Kumar Panwar The resolution process has not been days, the AA is left with no option but to pass
(Insolvency) No. 117 of 2018 Section 33 of
11 Vs. completed in accordance with the order for liquidation proceedings.
I&B,2016
Abhishek Anand Code, 2016.
(6th April 2018) Click here for full judgement

There exists debt and default and application


Company Appeal (AT) filed is complete in all respects, the appeal is not
Mahesh Kumar Sureka (Insolvency) No. 319 of 2017 Section 7 of Recovery application already filed maintainable.
12 Vs. I&B,2016 under DRT Act.
SBER Bank & Ors. (3RD April 2018) Click here for full judgement

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

Civil Appeal No. 3595 Of Moratorium u/s 14 of Code, against Personal


State Bank of India 2018 Applicability of moratorium Guarantee and his property is not applicable
Section 14 of
02 Vs. With Civil Appeal No. against Personal Guarantor and
IBC,2016
V. Ramakrishnan & Anr 4553 Of 2018 his property. Click here for full judgement
(14thAug, 18)

Income Tax Dues do not take precedence


Pr. Commissioner of SLP© No(S). 6483/2018 Inconsistency in provisions over secured creditors. The Code overrides
Income Tax With Other SLPs. Section 238 of of other enactments vis a vis inconsistent contained in any other enactment.
03 Vs. Code 2016 Insolvency and Bankruptcy SLPs are dismissed
Monet Ispat and Energy (10thAug, 18 Code,2016
Ltd. Click here for full judgement

A pre-existing dispute which culminates at


Civil Appeal No. 21824 Invocation of IBC,16 in respect the first stage of the proceedings in an Arbitral
Of 2017
K. Kishan of an Operational debt where Award continues to be in existence till the final
With Civil Appeal No. Section 8 & 9
Vs. an Arbitral Award has been adjudication. Therefore, the judgment of the
04 21825 Of 2017 of IBC,2016
M/s Vijay Nirman passed against the Operational Appellate Tribunal is set aside and is reversed.
Company Pvt. Ltd. Debtor which is yet to be finally
(14thAug, 18) adjudicated Click here for full judgement

46
S Name of the Case Reference & Section
Issue Adjudication/Gist
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.

Click here for full judgement

The appellant is a Financial Creditor and


the petition filed by an advocate would be
Civil Appeal Nos. 21794- maintainable.
Sunrise 14 A/S Denmark Non-Filing of statutory form u/s
21795 Of 2017. Section 7(3)(a),
06 Vs. 7(3(a) and maintainability of
IBC,2016 The judgment of NCLAT is set-aside.
Ravi Mahajan application filed by advocate
(03rd Aug, 18)
Click here for full judgement

Settlement arrived at between the parties prior


Settlement that has since been
M/S Shipra Hotels Ltd. Civil Appeal No. 7405 Of to insertion of Section 12A (i.e. withdrawal of
arrived at
Vs. 2018. Section 12A, application admitted by AA is allowed.
07 between the parties prior to
M/S. Value Lines IBC,2016 insertion of Section 12 A in the
Interiors Pvt. Ltd. (03rd Aug, 18) Click here for full judgement
Code,2016

47
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Civil Appeal No.6848 Settlement between the parties after


Settlement arrived
Of 2018. (Arising out of admission of insolvency petition by AA is
M/S UT Limited between the appellant and the
S.L.P. (C) No.14029 OF Article 142 of allowed.
08 Vs. respondent after admission
2018) Constitution.
M/S Bango Industries of Insolvency Petition by Click here for full judgement
Adjudicating Authority.
(20th July, 18)

Settlement between the parties after


Srimaa Import And Civil Appeal No.6173 Of admission of insolvency petition by AA is
Export Pvt. Ltd. 2018 Arising Out Of SLP The parties entered into a
Article 142 of allowed.
09 Vs. (Civil) No. 13417 Of 2018) settlement after admission of
Constitution.
Azzura Marina Liners Insolvency reference by NCLT. Click here for full judgement
Pvt. Ltd (6th July, 18)

Civil Appeal No(S). The National Company Law Tribunal Order is


Of 2018 (Arising Out
Ashoke Kumar Pan Settlement of the matter and set-aside taking into account the settlement
Of SLP (C) Nos. /2018
Vs. Article 142 of the payment of amounts after arrived between the parties.
10 (Arising Out Of Diary
Maithan Ceramic Constitution. admission of Insolvency Petition
Nos.19031/2018)
Limited & Anr by NCLT. Click here for full judgement
(3rd July, 18)

Civil Appeal No. 5639 Of The compromise settlement arrived at


2018 Settlement of matter, by way of a between the parties after admission of
Anand Parasrampuria (Arising Out Of S.L.P. (C) Article 142 of Compromise between the parties insolvency petition is allowed.
11 Vs. No. 13047 Of 2018) Constitution after admission of Insolvency
J. J. Plastalloy Pvt. Ltd petition by the NCLT Click here for full judgement
(17th May, 18)

48
S Name of the Case Reference & Section
Issue Adjudication/Gist
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)

Taking on record the settlement between the


Pawan Mantri Civil Appeal No. Of 2018 Settlement of matter, by way of a parties after admission of insolvency petition,
Vs. (D 16558) Article 142 of Compromise between the parties the order of AA is set-aside.
13 Bmm Ispat Limited And Constitution after admission of Insolvency
Ors (7th May, 18) petition by the NCLT Click here for full judgement

Petition(s) for Special


Leave to Appeal (C) Settlement of dues between the parties is
Versatile Process No(s). Settlement of dues, by way of a allowed and accordingly order passed by AA is
Controls Pvt. Ltd. 10212/2018 Article 142 of compromise between the parties set-aside.
14 Vs. (Arising out of impugned Constitution after admission of Insolvency
Swift Solutions MSC final judgment and order petition by AA. Click here for full judgement
SDN BHD dated 02-04-2018
in CP No. 1255/2017 )

Petition(s) for Special


Leave to Appeal (C) The reference is remitted back to the NCLAT
No(s) 8145/2018 Non-maintainable of reference u/s for fresh disposal in the light of the judgment
Valia And Co. (Arising out of impugned 9 being incomplete and in absence in Macquarie Bank Limited Vs. Shilpi Cable
Vs. final judgment and order Section 9 of
15 Jord Engineers India dated IBC,2016 of proper demand notice under Technologies Limited.
sub-section (1) of Section 8 of I&B
Ltd. 13-10-2017 Code. Click here for full judgement
in CAAT No. 158/2017
passed by the NCLAT
(2nd April, 18)

49
High Court Judgments, From April to September, 2018
S Name of the Case Reference & Section
Issue Adjudication/Gist
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)

The Income Tax Department cannot claim


priority in recovery of their dues merely because
the order of attachment of property issued was
prior to the initiation of liquidation proceedings
under the Code.
Leo Edibles & Fats
Limited 2 Though the order of attachment constitutes
and Writ Petition No.8560 Of Refusal to register purchase of an encumbrance on the property under
The Tax Recovery Officer 2018 Section 33 & 238 immovable reference, it does not have the effect of taking
02 (Central), of the Code Property under attachment by IT property out of the purview of Section 36(3) (b)
Income Tax Department, (26th July, 2018) Department. of the Code.
Hyderabad
and others 3. The sub-registrar is to entertain and register
the sale transaction effected by the liquidator.

Click here for full judgement

50
S Name of the Case Reference & Section
Issue Adjudication/Gist
No. Parties with date No.

01 02 03 04 05 06

Availability of remedy against the Since no extraordinary circumstances exist, the


SEL Manufacturing CWP No.9131 of Section 61 of order of Adjudicating Authority petitioner is relegated to alternative remedy of
Company Ltd. & Anr 2018(O&M). the Code & also with NCLAT u/s 61 of the Code vis appeal as provided under the Code.
03 Vs. Articles 226/227 of a vis invocation of jurisdiction of
Union of India & Ors. ( 1st May, 2018) the Constitution High Court under Article 226 of the Click here for full judgement
Constitution.

51