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The National Company Law Tribunal (NCLT) at Jaipur has held that alleged defects in the certified copy of a Board Resolution, including objections that it did not disclose the date of the Board meeting or carried mechanically reproduced signatures, do not invalidate an insolvency application where the Operational Creditor has, in substance, authorized the initiation…
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The National Company Law Appellate Tribunal (NCLAT) has held that a Resolution Professional (RP) cannot be personally faulted for permitting a sole Operational Creditor to vote on its own Resolution Plan where such action was taken in a bona fide discharge of statutory duties under the Insolvency and Bankruptcy Code (IBC). Consequently, the Appellate Tribunal…
The National Company Law Tribunal (NCLT) has held that a financial creditor’s insolvency application cannot be rejected merely because the Record of Default from an Information Utility (IU) was not filed along with the initial petition provided that the financial debt and default are otherwise established through admissible evidence. The Financial Creditor submitted that it…
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The Mumbai Bench of the National Company Law Tribunal (NCLT) has dismissed a insolvency application filed by Canara Bank Ltd. against Globiz Exim Private Ltd. and held that a corporate guarantor cannot be subjected to the Corporate Insolvency Resolution Process (CIRP) through a fresh demand notice after the limitation period has already expired. The Canara…