Contents A-
RESOLUTION APPLICANT - PERSONS NOT ELIGIBLE TO BE- Resolution plan submitted by a shareholder company of corporate debtor company un-
der CIRP was ineligible in terms of section 29 A - C. Mahendra International Ltd. v. Naren
Sheth (NCL-AT)
L (^) ICorporate liquidation processQUIDATOR
-^ -^ POWERS^ AND^ DUTIES^ OF
(^) hWighhere corporate debtor under liquidation became non-operational, it did not require
tran^ stemnisssiioonn^ power^ connection;^ power^ distribution^ company^ was^ directed^ to^ change^ high^
supply of higher tariff to low transmission on application by liquidator - Sree
Ramakrishna Alloys Ltd. v. Eastern Power Distribution Company of AP Ltd. (NCLT - Hyd.)
INI^187 TIATION
OF
- Where no resolution plan had been approved despite completion of CIR period, order for
liquidation of corporate debtor was to be passed - Andhra Bank v. Sterling Biotech Ltd.
(NCLT - Mum.) (Mag.)
PREFERENTIAL TRANSACTIONS AND RELEVANT TIME - Where corporate debtor being real estate developer transferred land allotted to it by Noida
Authority to respondents, since, respondents were not related party to corporate debtor
nor transfer had been made during one year preceding insolvency commencement date,
it could not be said that said transfer being preferential transfer had been carried out
with an intent to defraud creditors - Anup Kumar v. BDR Builder & Developers (P.) Ltd.
(NCL-AT) - Where liquidator noticed siphoning off of funds of corporate debtor and filed application
for a direction to respondent directors/promoters to pay sum in respect of benefits received
by them from corporate debtor, respondents were directed to return said sums and to
revert back an equal amount of benefits received by them from corporate debtor - Ram
Ratan Kanoongo v. Sunil Kathuria (NCLT - Mum.)
A Corporate Persons Adjudicating AuthoritiesDJUDICATING
-^ AUTHORITY
(^) aWthere registered office of corporate debtor was situated in Jaipur, Adjudicating Authority
Jaipur had territorial jurisdiction to entertain and try application under section 9 - Avon
Clothing (P.) Ltd. v. Siddarth Intercrafts (P.) Ltd. (NCLT - Jaipur)
Limitation period
- Where default took place on or after 22 - 3 - 2017 , instant application filed in year 2019 to
initiate CIRP against corporate debtor was within limitation period, and thus, same was
to be admitted - Avon Clothing (P.) Ltd. v. Siddarth Intercrafts (P.) Ltd. (NCLT - Jaipur)
-^215
(^) vSiennccey Bankruptcy Code came into effect on 1 -^12 -^2016 , right to apply for initiating insol-
debto^ rprocess^ accrued^ only^ after^1 -^12 -^2016 ;^ where^ default^ was^ committed^ by^ corporate^
from^ in^ July^2018 ,^ application^ to^ initiate^ CIRP^ filed^ much^ prior^ to^ end^ of^ three^ years^
1 -^12 -^2016 could not be held to be barred by limitation - Babulal Vardhaji Gurjar v.
Veer Gurjar Aluminium Industries (P.) Ltd. (NCL-AT) (Mag.) 44
INSOLVENCY AND BANKRUPTCY CODE, 2016-
Section 7
- Section 5 ( 6 ) 215, 216, 45
- Section 29 A
SEBI AND CORPORATE LAWS JULY 15 - JULY 21 , 2019 E-JOURNAL