My Fare Tours & Travels Private Limited v. Premier Futsal Management Pvt. Ltd. 441...

Ex-Parte order for Corporate Insolvency Resolution Process

Nuvision (Delhi) Private Limited v. Flywheel Logistics Solution Private Limited 651 / 2020

The Application stands admitted and Corporate Insolvency Resolution Process initiated

Iputs Panel Equipment Pvt Ltd. v. The Registrar of Companies, Karnataka 141 / 2020

Corporate Debtor is voluntarily liquidated and dissolved as it is financially non- viable to continue the business

Valuefirst Digital Media Private Limited v. Voonik Technologies Private Limited 378 / 2019

Petition seeking to initiate CIRP proceedings against the corporate debtor is disposed of as withdrawn

Aanchal Iron & Steels Private Limited v. Shyam Sel and Power Limited 1778 /...

Corporate Insolvency Resolution Process initiated

Jai Balaji Industries v. Orissa Minerals Development Company Ltd. 676 & 688 / 2020

Corporate Insolvency Resolution Process initiated against the Corporate Debtor

V.K.Building Services Private Limited v. Marymatha Infrastructure Private Limited 18 / 2020

The Application was dismissed due to pre-existence of dispute

Spectra Kolors v. Saalim Shoes Private Limited 1104 / 2019

The application filed by the Operational Creditor is admitted and Corporate Insolvency Resolution Process initiated against the Corporate Debtor

Trend Arrest Clothing Pvt Ltd. v. Inmark Retail Pvt Ltd. IA 318/2020 in CP...

CIRP application disposed due to pre-existing dispute and parties are directed to settle the issues

Shri Babu Phutane Sakamani v. Bhagyalakshmi Homes LLP 211 / 2019

An incomplete and unsupported document to repay the amount paid for purchase of plots will not make the debt a financial debt

The Federal Bank Limited v. Sargam Builders Pvt Ltd. 07 / 2019

An order of Liquidation was passed against the Corporate Debtor

Special Proposals to Succour – Relaxations to Post-CIRP Companies

The Insolvency and Bankruptcy Code, 2016 (“IBC”) proved to be successful in reviving the companies and in maximizing the assets of the Corporate Debtor (“CD”). The IBC has foreseen several legal and economic problems and resolved the same through multiple amendments. The role of an Insolvency Professional (“IP”), Resolution Professional (“RP”) and Liquidator are discussed in detail but it cannot be denied that the fraudulent practices evolves with time and one such occurrence is the Avoidance Transaction. The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a Facilitation Document to guide the IPs on how to deal with Avoidance Transactions and pointed out a few potential Red Flags that one must be cautious about. This article attempts to brief and highlight the potential Red Flags under various heads as detailed in the Facilitation Document.

Venkata Subbarao Kalva Liquidator of TSI Townships (Bangalore) Private Limited v. Registrar of Companies,...

NCLT ordered to dissolve the corporate person and disposed of the application

Famous Innovations Digital Creative Pvt Ltd. v. Umaiyal Enterprises Services Pvt Ltd. 140 /...

NCLT is not a recovery forum to recover the outstanding dues

Fairchild Semiconductor (India) Private Limited v. Registrar of Companies, Karnataka 119 / 2020

NCLT ordered to dissolve the corporate person and disposed of the application

Pradeep Kumar & Ors. v. Gruha Kalyan Housing Pvt Ltd. IA 219/ 2020 in...

Resolution Professional is appointed as the Liquidator

Vinod Balachandran v. Albanna Engineering (India) Pvt Ltd. 38 / 2019

Extension of time granted for completion of Corporate Insolvency Resolution Process

C&S Electric Ltd. v. Unilec Engineers Ltd. 1340 / 2018

Corporate Insolvency Resolution Process initiated

B. Naga Bhushan, RP v. Ramanasree Consumer Products Private Limited 158/10 / 2019

An extension of time was granted for further 90 days

Guide to Insolvency Professionals – List of Alerts

The Insolvency and Bankruptcy Code, 2016 (“IBC”) proved to be successful in reviving the companies and in maximizing the assets of the Corporate Debtor (“CD”). The IBC has foreseen several legal and economic problems and resolved the same through multiple amendments. The role of an Insolvency Professional (“IP”), Resolution Professional (“RP”) and Liquidator are discussed in detail but it cannot be denied that the fraudulent practices evolves with time and one such occurrence is the Avoidance Transaction. The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a Facilitation Document to guide the IPs on how to deal with Avoidance Transactions and pointed out a few potential Red Flags that one must be cautious about. This article attempts to brief and highlight the potential Red Flags under various heads as detailed in the Facilitation Document.

B. Naga Bhushan, RP v. Nithin Proteins Private Limited 159/10 / 2019

An extension of time was granted for further 90 days

B. Naga Bhushan, RP v. Nithin Nutritions Private Limited 160/10 / 2019

An extension of time was granted for further 90 days for the Corporate Insolvency Resolution Process

M.S. Sudarshan v. Broadvision Services Pvt Ltd. 102 / 2020

CIRP application disposed due to pre-existing dispute and parties are directed to settle the issues

B. Naga Bhushan, RP v. Nithin Grains and Mills Private Limited 157/10 / 2019

An extension of time was granted for further 90 days for the Corporate Insolvency Resolution Process

Lakshmi Durga Chalasani v. Cheftalk Food and Hospitality Services Pvt Ltd. 169 / 2020

CIRP application is dismissed due to absence of valid agreement or evidence