Liquidator Must Not Restrict Sale Of Corporate Debtor’s Assets Through Private Sale To Single Buyer, Must Strategise To Attract Multiple Buyers: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench of Shri Anil Raj Chellan (Judicial Member) and Shri K. R. Saji Kumar (Technical Member) while disallowing the Liquidator’s application for the private sale of the Corporate Debtor’s assets, it was held that the Liquidator must not restrict the private sale to a single buyer but should…

Corporate Debtor Not Barred From Raising Pre-Existing Dispute Even When No Reply Was Given To Demand Notice Within 10 Days U/S 8 Of IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench of Hon’ble Shri K. R. Saji Kumar (Judicial Member) and Hon’ble Shri Sanjiv Dutt (Technical Member) has held that failure to respond to a demand notice within 10 days under Section 8 of the Insolvency and Bankruptcy Code, 2016 (the Code) does not bar the Corporate Debtor…

Petition U/S 7 Of IBC Against Corporate Guarantor Cannot Be Admitted Unless Valid Delivery Of Guarantee Invocation Notice Is Established: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench of Hon’ble Reeta Kohli (Judicial Member) and Hon’ble Madhu Sinha (Technical Member) has held that an insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) against the corporate guarantor of the corporate debtor cannot be admitted unless the delivery of the demand-cum-guarantee…