NCLAT, New Delhi - Deduction of TDS itself is not sufficient to conclude the transaction. Appellant ...has miserably failed to prove that the amount of Rs. 10 Lakh, reflected in the ledger account was paid by the Respondent towards the part payment of the amount due in order to extend the period of limitation of three years from the said date specially in the absence of the evidence of any writing in this regard or otherwise an admission of the Respondent who has categorically denied the same in its reply. Appellant cannot take the advantage of the note for the purpose of brining the application filed under Section 7 within the period of limitation.The application filed under Section 7 by the Appellant was barred by limitation and has rightly been dismissed by the Adjudicating Authority. show more

NCLAT, Chennai - The Resolution Plan was approved by the Adjudicating Authority after almost a year ...after the lodging of the initial FIR and this Tribunal does not have jurisdiction to decide the title of the land more so when a Civil Suit has already been preferred by the Appellant and they have already opted for seeking a remedy before the Civil Court. Appeal is with respect to the Dispute regarding the Title of the Subject Land which the Appellant claims was erroneously included in the assets of the Corporate Debtor by the Resolution Professional, which subject matter is already seized by the Civil Court. Appellant may work out its remedy for redressal of its grievances, before the `Civil Court of Law itself, ofcourse, in accordance with `Law, if it so desires / advised show more

NCLAT, New Delhi - The restoration of the name of the Company is subject to filing of all the outsta...nding documents required by law and completion of all statutory formalities including payment of any late fee for the outstanding period and any other charges leviable by ROC and also payment of cost of Rs. 50,000/- to be paid to the ‘Prime Minister’s Relief Fund’ within two weeks. The name of the Company shall stand restored on the Register of ‘Registrar of the Companies’ as if the name of the Company was not struck off in accordance with Section 248 (5) show more

NCLAT, New Delhi - Judgement/decree for money or Certificate of Recovery or Arbitral Award in favour... of the ‘Financial Creditor’, constitutes an ‘acknowledgement of debt’ and gives rise to a fresh cause of action, provided it is within three years of the default. The ‘date of default’ defined under Section 3(12) of the Code is to mean ‘non-payment of a date which has become ‘due and payable’ whether in whole or any part and is not paid by the Corporate Debtor’. The material on record shows that the ‘Corporate Debtor’ has been consistently acknowledging its ‘debt’ by way of letters in Restructuring Packages, and also by way of communication the Appellant/‘Financial Creditor’ for Restructuring, apart from the liability being shown in the Balance Sheets. Section 7 Application is not ‘barred by Limitation’, and that there is a ‘debt’ and ‘default’ show more

NCLAT, Chennai - A Lease, more than 12 months has to be registered in the manner known to Law and in... accordance with Law and an unregistered Lease / Documents cannot be looked into by a Court of Law / Tribunal even for a collateral purpose. Adjudicating Authority had in the impugned order had mentioned that Dr. A.M. Arun had already paid the amount towards the Lease Rental and came to the right conclusion that IA is not maintainable but had directed the Resolution Professional to pay the rent at Rs.2,25,000/- till the continuation of the Corporate Insolvency Resolution Process which was agreed to be paid. show more

NCLAT, New Delhi - Regulation 20 (6) of CCI(General) Regulations, 2009 can be used in furtherance of... exercise of jurisdiction under Section 26(7) which is required to be invoked in a case where DG under Section 26(5) submits report regarding non contravention of the provisions of the Act. In any event taking shelter of Regulation 20(6) of Regulation 2009 CCI was not authorised to pass an order for further investigation and the same cannot be justified. The order impugned is liable to be set aside since the order is primarily passed on the supplementary investigation report submitted by the DG which was conducted on a void order of the CCI. The matter is remitted back to the CCI to pass order afresh on the basis of the 1st DG Report submitted by the DG. show more

  NCLAT, New Delhi - There being no consensus between the parties, Memo filed by ‘Indi...abulls Housing Finance Ltd.’ could not have been taken notice or Resolution Professional appointed on the basis of said Memo. Adjudicating Authority committed error in appointing Mr. Sapan Mohan Garg as Resolution Professional whose name was submitted by Memo filed by ‘Indiabulls Housing Finance Ltd.’. The order appointing Mr. Sapan Mohan Garg as Resolution Professional is set aside and the Adjudicating Authority is directed to pass an order appointing any Resolution Professional from the eligible Resolution Professional as it deem fit and proper. Adjudicating Authority to pass an order appointing a Resolution Professional within one week from the date copy of this order is produced. show more

NCLAT, New Delhi - The sale deeds executed in favour of the Appellant Company and Audited Balance sh...eet of the Appellant Company shows that the Appellant Company is having substantial movable as well as immovable assets and it cannot be said that the Appellant Company is not carrying on any business or operations. The name of the Appellant Company be restored to the Register of Companies subject to Appellant shall pay costs of Rs. 50,000/- to the Registrar of Companies, and After restoration of the Company's name in the Register maintained by the Registrar of Companies, the Company shall file all their Annual Returns and Balances Sheets. The Company shall also pay requisite charges/fee as well as late fee/charges as applicable. show more

NCLAT, New Delhi - The Appellant has not denied the fact that he did not file any claim but its whol...e case is that the books of accounts of the Corporate Debtor would have reflected the liability of the Appellant but the RP did not examine the books of accounts and included the same in the IM and the resolution plan is not inconformity with the statutory requirement of the Code. Being a statutory authority, it cannot feign ignorance about the necessity to file claim after having been informed by the RP of the CIRP proceedings. If the claims are not submitted to the RP and are not part of the resolution plan then the same shall be deemed to have been extinguished. show more

NCLAT, New Delhi - The sale deeds executed in favour of the Appellant Company and Audited Balance sh...eet of the Appellant Company shows that the Appellant Company is having substantial movable as well as immovable assets and it cannot be said that the Appellant Company is not carrying on any business or operations. The name of the Appellant Company be restord to the Register of Companies subject to Appellant shall pay costs of Rs. 50,000/- to the Registrar of Companies, and After restoration of the Company's name in the Register maintained by the Registrar of Companies, the Company shall file all their Annual Returns and Balances Sheets. The Company shall also pay requisite charges/fee as well as late fee/charges as applicable. show more

NCLAT, New Delhi - Having failed to raise any invoices on the Appellant by the Respondent, claiming ...any dues from the Appellant, the question of set off, the claim between the Appellant and the Respondent does not arise. As per Section 8(2)(a) the existence of dispute, if any or, record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute. Respondent failed to raise any dispute prior to issue of demand notice and claim of set off is only an afterthought. The Adjudicating Authority miserably failed to take into consideration the pecuniary jurisdiction under which the application ought to have been admitted show more

NCLAT, New Delhi - Appellant Bank filed the Petition under Section 7 of the IBC and Within three mon...ths, the Appellant Bank filed an application in the NCLT, for permission to place additional documents on record including the final judgment and order/decree and the Recovery Certificate enabling the Appellant Bank to recover the dues. The judgment and order/decree of the DRT and the Recovery Certificate gave a fresh cause of action to the Appellant Bank to initiate a petition under Section 7. show more

NCLAT, New Delhi - In order to become corporate debtor entity has to be a corporate person but a fin...ancial service provider is not a corporate person. Sungrowth having the registration in terms of Section 3(17) as financial service provider by the financial service regulator in terms of Section 3(18) by RBI as on 28.03.2001 which continued up to 09.07.2018/11.07.2018 cannot in any case be called a banking institution.  If the Adjudicating Authority does not have the jurisdiction to initiate the proceedings then the said proceedings are nonest in the eyes of law and such an issue can be raised even in appeal also. show more

  NCLAT, New Delhi - At this belated stage no fund is available out of the kitty of the Reso...lution Plan which can be earmarked to the Appellant as informed by the RP and the Resolution Applicant also. Both Resolution Applicant and RP has confirmed implementation of the plan and nothing remains to be adjudicated. The Appeal has been filed after the plan has been approved by the Adjudicating Authority. As a result of which the Appellant has not complied with the provisions of Section 13 & 15 of the Code. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan.   show more

NCLAT, New Delhi - The insistence for the Appellant for certified copy of entries of relevant accoun...t of the Bankers Book as defined in Clause (3) Section 2 of the Bankers Book Evidence Act, was not necessary requirement in facts of the present case. Financial statement was supported by HDFC Bank statement reflecting the transactions between the parties. There being no denial by the Corporate Debtor to the disbursement by the Financial Creditor in the reply, the Adjudicating Authority did not commit any error in admitting Section 7 application. show more