IBC

Landmark Judgments by the Hon’ble NCLAT from 1st to 15th October 2023

We are pleased to share the October edition of our newsletter, which covers landmark judgments from 1st to 15th October 2023

STATE BANK OF INDIA VS. INDIA POWER CORPORATION LTD. COMPANY APPEAL (AT)(CH)(INS) NO.87/2023 (IA NOS.310 & 309/2023) WITH COMPANY APPEAL (AT)(CH)(INS) NO.69/2023 (IA NO.252/2023) – NCLAT CHENNAI- (DATE: 04.10.2023)
DIWAKAR SHARMA VS. ANAND SONBHADRA RP- COMPANY APPEAL (AT) (INSOLVENCY) NO. 1182 OF 2023 & I.A. NO. 4088 OF 2023- (D.O.J. 05.10.2023)
SANJAY PANDURANG KALATE VS. VISTRA ITCL (INDIA) LTD.- COMPANY APPEAL (AT)(INSOLVENCY) NO. 742 OF 2023 [ARISING OUT OF ORDER DATED 19.05.2023 PASSED BY NCLT, MUMBAI BENCH-V IN CP (IB) NO.283 OF 2023.]- [D.O.J. 05.10.2023]
RAIYAN HOTELS AND RESORTS PVT. LTD. VS. UNRIVALLED PROJECTS PVT. LTD- COMPANY APPEAL (AT) (INSOLVENCY) NO. 1071 OF 2023 & I.A. NO.3694 OF 2023 WITH COMPANY APPEAL (AT) (INSOLVENCY) NO. 588 OF 2023 & I.A. NO.1956 OF 2023 (D.O.J. 11.10.2023)

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AAAIP in NEWS

Reverse CIRP – An appraisal of the NCLAT’s Insolvency Voyage

The concept of ‘Reverse Insolvency’ was alien to the Insolvency and Bankruptcy Code, 2016. It is a well acknowledged fact that the Code has undergone several amendments since its inception. One of the most prominent being, inclusion of homebuyers as financial creditors. But the corporate insolvency resolution process of Real Estate Company was not that uncomplicated. The process posed a major hurdle in terms of the rigorousness that could prejudice the rights of homebuyers.
Compliance Check At The Time of Statutory Audit

After the commencement of the Companies Act, 2013, the exemptions which were earlier available to unlisted companies under the Companies Act, 1956 has been withdrawn in the new act and after so many amendments and modifications, the companies now needs to comply with all the provisions of the Companies Act, 2013, wherever applicable.
A company can run as a 'going concern' in liquidation: NCLAT

A company can run usual operations or as a “going concern” even if it is in the process of being wound up in an administered sale, said a recent order by a bankruptcy appeals court, boosting recovery prospects for lenders that want to maximise value on soured loans.
CEP ON PRACTICAL PERSPECTIVE OF INSOLVENCY PROFESSIONALS & REGISTERED VALUERS IN VALUATIONS UNDER IBC

CEP ON PRACTICAL PERSPECTIVE OF INSOLVENCY PROFESSIONALS & REGISTERED VALUERS IN VALUATIONS UNDER IBC
NCLT passes liquidation order against Nirav Modi’s flagship firm Firestar International and appointed Santanu T Ray of AAA Insolvency as Liquidator

The dedicated bankruptcy court has ordered the liquidation of Nirav Modi’s flagship firm Firestar International Ltd and has appointed Shantanu T Ray as liquidator.
CEP ON PRACTICAL PERSPECTIVE OF INSOLVENCY PROFESSIONALS & REGISTERED VALUERS IN VALUATIONS UNDER IBC

Anil Goel is the Founder Chairman of AAA Insolvency Professionals LLP, one of the two 'Insolvency Professionals Entity, recognised by IBBI
No TDS on buying property under liquidation: NCLAT

“The landmark case will set a precedent, making the liquidation process easy,” said Anil Goel, a chartered accountant who appeared before NCLAT for submissions on behalf of the liquidator, Om Prakash Agarwal.
Deccan Chronicle insolvency case: Delhi HC stays attachments of properties by ED

the National Company Law Tribunal approved a resolution plan, submitted by the SREI Multiple Asset Investment Trust- Vision India Fund, on June 3, 2019. Implementation of the resolution plan was also in process. “This High Court order shall help ongoing insolvency processes and pave the way for unlocking the assets stuck in similar proceedings,” said Anil Goel, founder and chairman of AAA Insolvency.
NCLT orders liquidation for Lanco Babandh

The bankruptcy court removed the resolution professional for the Lanco group company and appointed a liquidator from AAA Insolvency Professionals to sell off the assets
Lanco Thermal Power receive a claim of Rs 24,000 crore

Mr. Parveen Bansal, designated partner of AAA Insolvency Professionals LLP, has been appointed as resolution professional of Lanco Thermal Power Limited, a company having over Rs 24,000 crore of debts.