NEW DELHI: The Enforcement Directorate on Friday claimed to have unearthed a case where the Insolvency and Bankruptcy Code (IBC) process was “misused” in the land sale of an insolvent real estate company. It said Rs 50 lakh in cash was seized during raids from a lawyer practising at the NCLT and another person. The…
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The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has upheld the Enforcement Directorate’s (ED) provisional attachment of the respondent’s properties and bank accounts made prior to the initiation of insolvency proceedings. The dispute arose from the resolution process of Alchemist Infra Realty Ltd., a real estate company incorporated in 2008. The Enforcement…
The National Company Law Appellate Tribunal (Principal Bench, New Delhi) has admitted a Section 9 application filed by Tremco CPG (India) Private Limited against Brite Proofings Private Limited, leading to the initiation of a Corporate Insolvency Resolution Process (CIRP). The Tribunal held that the Operational Creditor had established the existence of a debt exceeding the…
The Insolvency and Bankruptcy Board of India (IBBI) has disposed of a Show Cause Notice (SCN) issued against Insolvency Professional for an alleged conflict of interest, deferring any final action until the National Company Law Tribunal (NCLT) rules on a related application. The Disciplinary Committee (DC) found that while there was a prima facie case…
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