Separate Eviction Proceedings Not Required for RP to Reclaim Corporate Debtor’s Assets During CIRP: NCLAT [Read Order]

Liquidation

The National Company Law Appellate Tribunal (NCLAT) has held that a Resolution Professional is not required to institute separate eviction proceedings to recover possession of assets belonging to a corporate debtor during the Corporate Insolvency Resolution Process (CIRP). The issue arose when the Resolution Professional, after taking charge of the corporate debtor, discovered that several…

Winding-Up Proceedings Cannot Override Revival Under IBC: NCLT Admits SBI’s ₹178 Cr Insolvency Plea [Read Order]

Bankruptcy

The National Company Law Tribunal (NCLT) Kolkata Bench has admitted a Section 7 insolvency application filed by State Bank of India (SBI) against Martina Bio Genics Private Limited and held that pending winding-up proceedings cannot override the objective of corporate revival under the Insolvency and Bankruptcy Code, 2016 (IBC). SBI submitted that Martina Bio Genics…

SARFAESI Action by Secured Creditor Does Not Bar IBC Proceedings: NCLT Admits ₹1.96 Cr Insolvency Application [Read Order]

Bankruptcy

The National Company Law Tribunal (NCLT) Bengaluru Bench has admitted an insolvency application and held that proceedings initiated by a secured creditor under the Securitisation and Reconstruction of Financial Assets and Enforcement ofSecurity Interest Act, 2002 (SARFAESI) does not operate as a bar to the initiation of corporate insolvency resolution process (CIRP) under the Insolvency…

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Liquidation

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Bankruptcy

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