vol 7th: june 12, 2017- june 18, 2017 - insolvencyservices.in · vol 7th: june 12, 2017-june 18,...

Vol 7th: June 12, 2017-June 18, 2017

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Vol 7th: June 12, 2017- June 18, 2017

Vol 7th: June 12, 2017-June 18, 2017

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WEEKLY BENCH-WISE HOLIDAY LIST

WEEKLY BENCH-WISE HOLIDAY LIST

INDEX GUIDE

INDEX GUIDE

INDEX GUIDE

Date Occasion/Festival Bench

June 02, 2017 to June 26, 2017 Summer Holidays Principal & New Delhi Bench

June 01, 2017 to June 30, 2017 Summer Holidays Ahmedabad Bench

June 02, 2017 to June 26, 2017 Summer Holidays Allahabad Bench

June 02, 2017 to June 26, 2017 Summer Holidays Chandigarh Bench

June 01, 2017 to June 30, 2017 Summer Holidays Guwahati Bench

June 01, 2017 to June 30, 2017 Summer Holidays Kolkata Bench

TOPIC PAGE NO.

About NCLT 4

Final Orders 5

General Awareness 5-7

Interim Orders 7-9

MCQs and Answers to previous questions

9-10

Our Contacts 11

Vol 7th: June 12, 2017-June 18, 2017

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From the Editor’s Desk

Dear Insolvency Professionals, Continuing from where I had left in the last issue, where I talked about that how IPs need to submit the resolution plan, in 180 days, passed by the COC to AA for starting the resolution of the stressed company, now we are reaching to the deadline of preparing a resolution plan in the very first (three cases which are reaching the deadline) accepted cases of NCLT under IBC’2016. In later this month or early next month the Ips for the said cases will have to file the resolution plans passed by COC to AA for approval and then would start the real work. I do not know what is happening with these Ips, but some how I am feeling jitters and getting impatient to know the outcome of the whole Insolvency and Bankruptcy Code. Will these companies be resolved or they would be forced into liquidation? So we all will have to wait for the final verdict meanwhile we need to work harder for the cases coming our way. Because, this is about just few cases, we all know that Indian banks only are sitting on a mountain of over Rs. 6 Lakh Crores bad loans, apart from these, there are many other Fis or NBFCs who has long list of defaulters. Furthermore, individual insolvency has yet to be notified. Once it would be notified there would be an ocean of cases that would be taken for adjudication and not only that as IBC will become popular even corporate insolvency cases would also rise. So another aspect to be worked upon is to increase the number of NCLTs and DRTs to take care of the increasing number of cases to be dealt with. And of course we would be needing more insolvency professionals also to cater to the increasing number of cases. Stay Alert! Anju Agarwal Partner ASC Insolvency Services LLP

About NCLT

Vol 7th: June 05, 2017-June 11, 2017

On June 1, 2016 the Ministry of Corporate Affairs (MCA) published a notification regarding the constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT). The setting up of the NCLT and NCLAT are part of the efforts to move to a regime of faster resolution of corporate disputes, thus improving the ease of doing business in India. NCLT and NCLAT will also pave the way for the faster implementation of the bankruptcy code. Their setting up is expected to reduce the burden on courts.

NCLT was conceptualized by Eradi Committee. It was initially introduced in Companies Act, 1956 in 2002 but the provisions of Companies (Second Amendment) Act, 2002 were never notified as they got mired in litigation surrounding constitutionality of NCLT. 2013 Act was enacted and the concept of NCLT was retained. However, the powers and functions of NCLT under 1956 Act and 2013 Act are different. The constitutionality of NCLT related provisions were again challenged and this case was finally decided in May 2015. The Apex Court upheld the constitutionality of the concept of NCLT but some of the provisions on constitution and selection process were found defective and unconstitutional. The establishment of the National Company Law Tribunal (NCLT) consolidates the corporate jurisdiction of the following authorities: 1. Company Law Board

2. Board for Industrial and Financial Reconstruction.

3. The Appellate Authority for Industrial and Financial Reconstruction

4. Jurisdiction and powers relating to winding up restructuring and other such provisions, vested in the High Courts.

With the establishment of the NCLT and NCLAT, the Company Law Board under the Companies Act, 1956 will stand dissolved.

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Vol 7th: June 12, 2017-June 18, 2017

FINAL ORDERS M/s Diamond Power Transformers Ltd.

BRIEF: Ahmedabad Bench of NCLT accepted an application filed under section 10 of Insolvency and Bankruptcy Code, 2016. M/s Diamond Power Transmission Ltd. filed an application u/s 10 of the Insolvency and Bankruptcy Code, 2016. According to the petitioner, the debts due to the financial creditors are as follows: Indian Overseas Bank: Rs. 46.98 Crores UCO Bank : Rs. 35.86 Crores SICOM : Rs. 31.00 Crores Charge was created on the assets of the petitioner company in favour of the financial creditors. As per

petitioner, SICOM sanctioned medium term loan of Rs. 20 Crores and another of Rs. 11 Crores.

Petitioner mortgaged properties in favour of SICOM and executed mortgage documents but SICOM has

not disbursed the loan till date. Petitioner has filed application in DRT against takeover notice u/s 13(4)

of Securitisation Act issued by SICOM. There were several disputes raised and hearings took place in

respect of SICOM and the petitioner. Also the guarantor of the petitioner company had issued blank

cheque as security for principal amount in favour of SICOM Ltd. and it was bounced. Finally the petition

was filed in Ahmedabad Bench and after analyzing the matter, it was proved that the Petitioner is not

able to pay debts to their Financial Creditor and hence the petition was accepted.

M/s Harshad V Vora V/s M/s Bhagwan Motors Pvt. Ltd.

BRIEF: Ahmedabad Bench of NCLT accepted an application filed under section 9 of Insolvency and Bankruptcy Code, 2016. Proprietor of Utkarsh Steel Corporation filed this petition u/s 9 of the Insolvency and Bankruptcy Code,

2016. Petitioner supplied goods worth Rs. 41,84,270/- to the Corporate Debtor and this amount should

be paid within one week from the date of invoice and thereafter it is payable with interest @30% p.a.

On April 18, 2017, petitioner issued demand notice to the corporate debtor to pay outstanding amount

but no reply was made by the respondent. Now this lead to filing of petition with NCLT and as the facts

was clear and default was confirmed, the petition was accepted accordingly.

General Awareness Launching website of ASC Insolvency Services LLP We are happy to announce that website of ASC Insolvency Services LLP has been launched. Now you can

go through our profile and team through it. We are having a good pool of IP’s as well as CA, CS and

MBA’s working with us. Please go through tab for IP’s Platform where you can get empaneled with us

for various Insolvency related work. Hope you would like our website.

Website Link: http://insolvencyservices.in

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http://insolvencyservices.in/

Vol 7th: June 12, 2017-June 18, 2017

Registered Insolvency Professional Till date there are 977 IP’s registered under Regulation 7 read with Regulation 9 of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 i.e. on provisional basis and 317 IP’s registered under Regulation 7 read with regulation 5 of Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.

IBC, 2016 and India: The Insolvency and Bankruptcy Code, 2016 has set up a benchmark for India. A code introduced last year has bought lawful practice in whole Country. Within such a short span of time, the Code has proved to be the most wanted change in the era of India. Now it is time for India to blow its’ own trumpet. The board seeks to consolidate and amend laws relating to 6reorganizing6ion as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

As per media coverage, the London based Global Restructuring Review (GRR) has shortlisted India and four other jurisdictions (Germany, Singapore, Bahamas and the UAE) as the most improved ones, “whose improvements over the past year mark them out for recognition”. The selected jurisdiction would be 6reorganizing at an awards function to be held later this month.

Workshop on IBC, 2016 for IP’s The Insolvency and Bankruptcy Board of India propose to conduct a two-day workshop on Insolvency and Bankruptcy Code, 2016 for the Insolvency Professionals who have registered with the Board under Regulation 7 of Insolvency Professionals Regulations, 2016 after having cleared the limited Insolvency Examination. The Workshop will be held on 15 th and 16th June, 2017 at ICAI, BKC, Mumbai. Details for the same are available at http://ibbi.gov.in/workshop.html

Moot Court Competition on Insolvency

The National Law University, Delhi, in collaboration with INSOL India and Society of Insolvency Practitioners of India (SIPI), supported by the Insolvency and Bankruptcy Board of India (IBBI) will be 6rganizing the first Moot Court Competition on Insolvency in India, 28-29 October 2017. Important dates: Release of Moot Problem and Commencement of Registration: 15th June, 2017 Last date for team registration: 15th July, 2017 Release of Moot Problem & Rules: 30th June Oral Rounds: 28-29th October, 2017 Details are available at http://nludelhi.ac.in/up-event1.aspx?id=3055

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http://ibbi.gov.in/workshop.html

http://nludelhi.ac.in/up-event1.aspx?id=3055

Vol 7th: June 12, 2017-June 18, 2017

Public Announcements

List of cases for which Interim Order is passed

Sr. No

Date of passing order

Name of Parties Bench Section

1 05/06/2017 M/s 24*7 Learning Pvt. Ltd. Bengaluru Bench Rule 7 of IBC, 2016

2 05/06/2017 M/s Subodha Entertainments Co. Ltd. V/s M/s Jackonblock Facility Services Pvt. Ltd.

Bengaluru Bench Rule 6 of IBC, 2016

3 05/06/2017 M/s STULZ-CHSPL (India) Pvt. Ltd. V/s M/s Akkhrutha Technocrats Ltd.

Bengaluru Bench U/s 8 & 9 of IBC, 2016

4 05/06/2017 M/s Sunrise Enterprises V/s Karuturi Foods Pvt. Ltd.


5 05/06/2017 C. Ganapathy V/s M/s Aruna Hotels Ltd. Chennai Bench U/s 9 of IBC, 2016

6 05/06/2017 N. Krishnan V/s M/s Aruna Hotels Ltd. Chennai Bench U/s 9 of IBC, 2016

7 05/06/2017 Sanjiv Goyal V/s M/s Antony Projects Pvt. Ltd.

Chennai Bench U/s 9 of IBC, 2016

8 05/06/2017 M/s United Motors & Heavy Equipment Pvt. Ltd. V/s M/s Sundaram Industries Pvt. Ltd.


9 05/06/2017 M/s Thirupur Surya Hitech Apparel Pvt. Ltd. Chennai Bench U/s 10 of IBC, 2016

10 05/06/2017 M/s Premier Steel Complex Pvt. Ltd. V/s M/s Vibgyor Automotive Pvt. Ltd.


11 05/06/2017 M/s Thirupur Surya Textiles Pvt. Ltd. Chennai Bench U/s 10 of IBC, 2016

12 05/06/2017 D. Ramjee V/s M/s Aruna Hotels Ltd. Chennai Bench U/s 9 of IBC, 2016

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Date Name of Corporate Debtor

Name of Applicant Name of Insolvency Professional

Announcement Under

05/06/2017 M/s. Shree Autotech Forge Private Limited

M/s. Shree Autotech Forge Private Limited

Mr. Umesh Harjivandas Ved

Voluntary Liquidation

05/06/2017 M/s. Abhayam Trading Limited

M/s. Chivas Trading Pvt. Ltd.

Mr. Rakesh Chaturvedi

Corporate Insolvency Resolution Process

06/06/2017 M/s. Burn Standard Company Limited

M/s. Burn Standard Company Limited

Mr. Partha Kamal Sen


07/06/2017 M/s. Diamond Power Transformers Limited

M/s Indian Overseas Bank & Others

Mr. Arvind Gaudana


Vol 7th: June 12, 2017-June 18, 2017

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13 05/06/2017 M/s Sakthi Industrial Corporation V/s M/s Kothari Industrial Corporation Ltd.


14 06/06/2017 M/s Handiman Services Ltd. V/s TNT India Pvt. Ltd.


15 06/06/2017 M/s Knight Frank (India) Pvt. Ltd. V/s Krishna Enterprises (Housing & Infrastructure) India Pvt. Ltd.


16 06/06/2017 M/s IDAC Solutions Pvt. Ltd. V/s M/s Liquid Space Entertainment Pvt. Ltd.


17 06/06/2017 M/s Shah Brothers Ispat Pvt. Ltd. V/s M/s Diamond Engineering (Chennai) Pvt. Ltd.


18 06/06/2017 Synergy Property V/s M/s Smartcity (Kochi) Infrastructure Pvt. Ltd.


19 06/06/2017 M/s Haldia Coke and Chemicals Pvt. Ltd. Chennai Bench U/s 10 of IBC, 2016

20 06/06/2017 M/s Ennore Coke Limited Chennai Bench U/s 10 of IBC, 2016

21 06/06/2017 M/s Nupower Renewables Pvt. Ltd. V/s M/s Cape Infrastructure Pvt. Ltd.

Chennai Bench Rule 6 of IBC, 2016

22 06/06/2017 M/s UPL Ltd. V/s M/s Merchem Ltd. Chennai Bench U/s 9 of IBC, 2016

23 06/06/2017 M/s Phoenix Global DMCC V/s M/s A&A International Trading Pvt. Ltd.


24 06/06/2017 M/s Arohul Foods Pvt. Ltd. Allahabad Bench U/s 9 of IBC, 2016

25 06/06/2017 Himalay Dassani V/s M/s South East UP Power Transmission Co. Ltd.

Allahabad Bench U/s 9 of IBC, 2016

26 06/06/2017 M/s J.R. Agro Industries Pvt. Ltd. Allahabad Bench U/s 9 of IBC, 2016

27 06/06/2017 M/s Lakshmi Solvent Pvt. Ltd. Allahabad Bench U/s 9 of IBC, 2016

28 06/06/2017 M/s Abhi Agro Industries Pvt. Ltd. Allahabad Bench U/s 9 of IBC, 2016

29 06/06/2017 M/s Rungta Industries Pvt. Ltd. Allahabad Bench U/s 9 of IBC, 2016

30 06/06/2017 Prabodh Kumar Gupta V/s M/s Jaypee Infratech Ltd.


31 06/06/2017 Rohendra Singh V/s M/s Wegilant Net Solutions Pvt. Ltd.


32 06/06/2017 Sudha Gupta V/s M/s Jaiprakash Associates Ltd.


33 06/06/2017 M/s Tecpro Systems Ltd. V/s M/s Jaiprakash Associates Ltd.


34 07/06/2017 Ajay Singhal V/s M/s A.V.J. Developers (India) Pvt. Ltd.

New Delhi Bench U/s 9 of IBC, 2016

35 07/06/2017 M/s Quantum Projects Infra Pvt. Ltd. V/s M/s Amrapali Silicon City Pvt. Ltd.


36 07/06/2017 Samir Menon V/s M/s A.V.J. Developers (India) Pvt. Ltd.


Vol 7th: June 12, 2017-June 18, 2017

Multiple Choice Questions: We wish all the luck for all those appearing for the limited

insolvency examination. Listed below are few questions to help and interpret the code.

1. Which of the following document shall be treated as deemed prospectus in the event of issue of securities to

the public?

a) Any document which is attached while issuing securities to public

b) Document which is issued while making first allotment of securities

c) Document by which the offer for sale to the public is made

d) Document which is approved by SEBI

2. No prospectus shall be issued by a company unless a copy signed by the ______________ of the company

has been delivered to the registrar for registration on or before its publication.

a) Chairperson

b) CEO

c) Director

d) Member

3. The reports and minutes made by the liquidator shall be made available to ________________ in either

electronic form or physical form.

a) Public

b) Creditors

c) Stakeholders

d) Corporate person of 11

37 07/06/2017 Mrs. Manish Mehta & Ors. V/s M/s A.V.J. Developers (India) Pvt. Ltd.


38 07/06/2017 M/s S2 Infotech International Ltd. V/s M/s Intarvo Technologies Pvt. Ltd.


39 07/06/2017 Vipin Kapooria V/s M/s Sunworld Residency Pvt. Ltd.


40 07/06/2017 Tanushri Enterprises V/s M/s Dhirglobal Industria (P) Ltd.


42 07/06/2017 M/s Macro Leafin Pvt. Ltd. V/s M/s Arrow Resources Ltd.


42 07/06/2017 M/s Benir E-Store Solutions Pvt. Ltd. V/s M/s Mindlogicx Infratec Ltd.


43 07/06/2017 M/s Communique Marketing Solutions Pvt. Ltd. V/s M/s Le Ecosystems Technology India Pvt. Ltd.


44 07/06/2017 B.H. Dinesh Kumar V/s M/s Apollo Med Skills Ltd.


45 07/06/2017 K. Bijju & 4 Ors. V/s M/s Madappura Chits & Kuries Pvt. Ltd. & Ors


46 07/06/2017 M/s Ineos Styrolution India Ltd. V/s M/s Anoli Polymers Pvt. Ltd.


47 07/06/2017 M/s Veesons Energy Systems Pvt. Ltd. Chennai Bench U/s 10 of IBC, 2016

48 07/06/2017 M/s Mayur Wovens Pvt. Ltd. V/s M/s Palmetto Industries India Pvt. Ltd.


Vol 7th: June 12, 2017-June 18, 2017

4. The voluntary liquidation of corporate person shall be deemed to have been commenced from the date of

_________________________

a) Filing of application

b) Acceptance of application

c) Passing the resolution by members

d) Appointment of liquidator 5. Can a creditor apply in relation to any partnership debt owed to him for initiating an insolvency resolution

process against any one or more partners of the firm?

a) True

b) False

6. The repayment plan or any modification to the repayment plan shall be approved by the majority of more than

_______________ in value of the creditors present in person or by proxy in a meeting of the creditors.

a) Half

b) One third

c) Three fourth

d) Two Third

7. If a bankruptcy trustee is not proposed by the debtor or creditor, then in what time the Adjudicating Authority

shall direct the Board to nominate a bankruptcy trustee?

a) Within 7 days of receiving the application

b) Within 10 days of receiving the application

c) Within 14 days of receiving the application

d) Within 21 days of receiving the application

8. A bankruptcy trustee who has completed the administration of the bankruptcy process shall be released of his

duties with effect from the date on which_________________.

a) The report is submitted by the bankruptcy trustee

b) The committee of creditors approves the report of the bankruptcy trustee

c) The AA approves the report of the Bankruptcy Trustee

d) The report submitted is not approved

9. The bankruptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has

been served on every _________________.

a) Creditor

b) Interested person

c) Debtor

d) Bankrupt

10. Who shall apply to the Adjudicating Authority for an order in respect of an undervalued transaction between a

bankrupt and any person?

a) The Creditor

b) The Liquidator

c) The Bankruptcy Trustee

d) Any interested person

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Answers to previous Edition Queries: 1)C 2)C 3)A 4)D 5)D 6)A 7)B 8)D 9)C 10)B

We may be contacted at the following offices:

Vol 7th: June 12, 2017-June 18, 2017

CORPORATE OFFICE C-100,Sector-2, Noida- 201301 Uttar Pradesh M: +91- 120-4354696/4354697

REGISTERED OFFICE 73, National Park Lajpat Nagar IV, New Delhi - 110024 INDIA P: +91-11-41729056-57, 41729656/57

GURGAON 605, Suncity Business Tower Golf Course Road, Sector-54, Gurgaon, Haryana - 122002 P: +91-124-4245110/116/117 +91-124-4245111

MUMBAI Haware Infotech Park, 7th Floor, Office No. 704. Sector 30A, Vashi, Navi Mumbai – 400703 P: 022 – 65515507/08 M: +91- 9022131399

ASSAM House No. 76, Near Godrej Interio, Forest Gate, P.O. Narangi, Guwahati – 781026 P: +91-0361-2552302 M: +91-9864857565

SINGAPORE

1 North Bridge Road #10-09 High Street Centre Singapore-(179094)

For enquiries related to:

• Insolvency Process,

• Bankruptcy Process,

• Filing petition with NCLT/DRT,

• Appointment of Insolvency Professionals,

• Assets Management of the Company,

• Fresh Start Process,

• Hearing of Cases or any other enquiries Please write us at: [email protected], [email protected]

Disclaimer: This e-bulletin is for private circulation only. Views expressed herein are of the editorial team. ASC or any of its employees do not accept any liability whatsoever direct or indirect that may arise from the use of the information contained herein. No matter contained herein may be reproduced without prior consent of ASC. While this e-bulletin has been prepared on the basis of published/other publicly available information considered reliable, we do not accept any liability for the accuracy of its contents.

© ASC Group 2015. All rights reserved.

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vol 7th: june 12, 2017- june 18, 2017 - insolvencyservices.in · vol 7th: june 12, 2017-june 18,...

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