AI Overview...
- Insolvency Petition Filed against Private Finance Companies
Several cases involve petitions under the Insolvency and Bankruptcy Code, 2016, against private finance companies and corporate debtors. - M/s. Piramal Capital & Housing Finance Limited filed a petition against Edweena Real Estate Private Limited on September 1, 2023, which was admitted by the NCLT on January 22, 2024, leading to the initiation of CIRP Edween Real Estate Pvt Ltd vs ITO – Ward 12(2)(1) - Income Tax Appellate Tribunal.
- Ritwik Finance Enterprises Private Limited sought to initiate CIRP against Grenesiis Constr, but the application was dismissed Ritwik Finance Enterprises Private Limited vs Grenesiis Constro Pvt. Ltd. - National Company Law Tribunal.
- In other instances, petitions were withdrawn or dismissed due to procedural issues or lack of insolvency acts, such as the withdrawal of CIRP in a case involving JLL Building Operations Private Limited Indiabulls Housing Finance Limited VS Jones Lang LaSalle Building Operations Private Limited - National Company Law Tribunal and procedural failures in voluntary liquidation applications GREENSILL INDIA FINANCE PRIVATE LIMITED VS - National Company Law Tribunal.
- Cases also include disputes over maintainability, where petitioners argued that debts owed by companies not included in proceedings should not be subject to insolvency actions REENU ZACHARIAH Vs K.I.PHILIPOSE AND OTHERS - Kerala.
-
The scope of the process and allegations of collusion or favoritism have been scrutinized, emphasizing the need for compliance with procedural and substantive provisions of the IBC Ganga Construction (Consortium) vs Anil Kumar Mittal, Resolution Professional of Varutha Developers Pvt. Ltd. - National Company Law Tribunal.
-
Analysis and Insights
- The NCLT actively admits petitions against defaulting companies, but petitions can also be dismissed or withdrawn if procedural requirements are unmet or if the petitions are contested.
- The courts have underscored the importance of proper claim verification and adherence to legal procedures in insolvency proceedings.
- Disputes over maintainability and procedural compliance are common, with courts emphasizing the need for petitions to clearly establish insolvency acts and debts owed by the companies involved.
- There is ongoing judicial scrutiny regarding allegations of collusion, favoritism, and procedural irregularities in the CIRP process, reinforcing the importance of transparency and adherence to legal standards.
References:
- Edween Real Estate Pvt Ltd vs ITO – Ward 12(2)(1) - Income Tax Appellate Tribunal
- Ritwik Finance Enterprises Private Limited vs Grenesiis Constro Pvt. Ltd. - National Company Law Tribunal
- GREENSILL INDIA FINANCE PRIVATE LIMITED VS - National Company Law Tribunal
- Indiabulls Housing Finance Limited VS Jones Lang LaSalle Building Operations Private Limited - National Company Law Tribunal
- Jones Lang LaSalle Building Operations Private Limited VS Epitome Residency Private Limited - National Company Law Tribunal
- Riddhi Siddhi Developers Pvt. Ltd. vs Ms. Vandana Garg - National Company Law Tribunal
- REENU ZACHARIAH Vs K.I.PHILIPOSE AND OTHERS - Kerala
- SAIVI FINANCE PRIVATE LIMITED VS AKJ METALS PRIVATE LIMITED - National Company Law Tribunal
- M/s Saivi Finance Private Limited vs M/s AKJ Metals Private Limited - National Company Law Tribunal
- Ganga Construction (Consortium) vs Anil Kumar Mittal, Resolution Professional of Varutha Developers Pvt. Ltd. - National Company Law Tribunal
Search Results for "Insolvency Petition Filed against Private Finance Company"
2025 Supreme(Online)(ITAT) 3991 • India - Income Tax Appellate Tribunal (Mumbai Bench)
SANDEEP GOSAIN, J, OM PRAKASH KANT, ACJ
Insolvency and Bankruptcy Code , 2016. 2. That, M/s. Piramal Capital & Housing Finance Limited filed petition against Edweena Real Estate Private Limited on 01st September 2023. 3. That, Hon. ... National Company Law Tribunal (NCLT) vide order dated 22nd January 2024, admitted the petition of Piramal Capital & Housing Finance Limited thereby admitting M/s Edweena Real Estate Private Limited under CIRP w.e.f. that date. 4. ... That, ....
2025 Supreme(Online)(NCLT) 3011 • India - National Company Law Tribunal
Justice V. G. Bisht (Retd.), Sh. Prabhat Kumar, JJ
(A) Insolvency and Bankruptcy Code, 2016 - Section 7 - Corporate Insolvency Resolution Process (CIRP) - Application dismissed as ... This Company Petition is filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Ritwik Finance Enterprises Private Limited ("hereinafter referred to as the Financial Creditor/Applicant"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Grenesiis Constro ......
2024 Supreme(Online)(NCLT) 12 • India - National Company Law Tribunal
Mr. Anil Raj Chellan, Mr. Kuldip Kumar Kareer, JJ
due to the insolvency of its parent company and inability to commence business. ... for dissolution of a corporate person was filed by the liquidator, but the company failed to meet procedural requirements for voluntary ... (A) Insolvency and Bankruptcy Code, 2016 - Section 59(7) - Companies Act, 2013 - Section 10A - Voluntary liquidation - Application ... This Company Petition is an application filed by Ms. Purnima Shetty of M/s. Greensill India #HL....
2025 Supreme(Online)(NCLT) 287 • India - National Company Law Tribunal
MS. REETA KOHLI, MS. MADHU SINHA, JJ
The Tribunal noted that the Corporate Debtor's admission to CIRP was rendered nonest due to the withdrawal of the Company Petition ... (Paras 2-3) ... ... Findings of Court: ... The Company Petition was withdrawn, rendering the CIRP ... (A) Insolvency and Bankruptcy Code, 2016 - Section 9 and Section 65 - Corporate Insolvency Resolution Process (CIRP) - The Applicant ... The case of the Applicant is that the Respondent JLL Building Operations Private Limited i.e.,....
2025 Supreme(Online)(NCLT) 281 • India - National Company Law Tribunal
MS. REETA KOHLI, MS. MADHU SINHA, JJ
(Paras 1-5) ... ... (B) Withdrawal of Corporate Insolvency Resolution Process - The Corporate Petition ... (Paras 6-8) ... ... Facts of the case: ... The Applicant, Indiabulls Housing Finance Limited, alleged ... (A) Insolvency and Bankruptcy Code, 2016 - Section 65 - Corporate Debtor - Fraudulent CIRP proceedings - Applicant sought penalty ... The case of the Applicant is that the Respondent JLL Building Operations Private Limited i.e., the Operational Creditor in the Company #H....
2025 Supreme(Online)(NCLT) 5610 • India - National Company Law Tribunal
Sh. Mohan Prasad Tiwari, Member (Judicial), Sh. Charanjeet Singh Gulati, Member (Technical)
(A) Insolvency and Bankruptcy Code, 2016 - Sections 60(5) - Application for execution of agreements for sale in respect of commercial ... Creditors - The Resolution Professional's duty to prioritize verifiable claims must be observed, with claims existing even if not filed ... The above Interlocutory application (IA) is filed by Riddhi Siddhi Developers Pvt Ltd (“Applicant”) in C.P. NO. 498(IB)/MB/2021. The company petition was filed by Moon Star Securities Trading and Financ....
2009 Supreme(Online)(KER) 47184 • India - High Court of Kerala
S.S.SATHEESACHANDRAN, J
Fact of the Case: The petitioner challenged the maintainability of an insolvency petition filed against her, arguing ... that she had not committed any act of insolvency and the debts were owed by a company not included in the proceedings. ... Insolvency - Maintainability of Petition - Kerala Insolvency Act, 1956 - Sections 7 & 9 - The court emphasized the necessity of ... forth by them was that the respondents in the I.P. were conducting #HL_START....
2025 Supreme(Online)(NCLT) 470 • India - National Company Law Tribunal
SHRI MANNI SANKARIAH SHANMUGA SUNDARAM, DR. SANJEEV RANJAN, JJ
Insolvency and Bankruptcy Code, 2016 (for brevity ‘the Code’) against M/s Saivi Finance Private Limited (“Financial Creditor” / “Respondent No.1”) and M/s AKJ Metals Private Limited (“Corporate Debtor”/ “Respondent No.2”) seeking the following reliefs ... Further, the Hon’ble Appellate Tribunal in Hytone Merchants Private Limited vs Satabadi Investment Consultants Company Appeal (AT) (Insolvency) No. 258 of 2021 has held as follows: “37.
2025 Supreme(Online)(NCLT) 1717 • India - National Company Law Tribunal
Manni Sankariah Shanmuga Sundaram, Dr. Sanjeev Ranjan, JJ
Insolvency and Bankruptcy Code, 2016 (for brevity ‘the Code’) against M/s Saivi Finance Private Limited (“Financial Creditor” / “Respondent No.1”) and M/s AKJ Metals Private Limited (“Corporate Debtor”/ “Respondent No.2”) seeking the following reliefs ... Further, the Hon’ble Appellate Tribunal in Hytone Merchants Private Limited vs Satabadi Investment Consultants Company Appeal (AT) (Insolvency) No. 258 of 2021 has held as follows: “37.
2025 Supreme(Online)(NCLT) 1089 • India - National Company Law Tribunal
SMT. BIDISHA BANERJEE, SHRI. D. ARVIND, JJ
(A) Insolvency and Bankruptcy Code, 2016 - Section 60(5), Section 30(6), Section 31 - Corporate Insolvency Resolution Process (CIRP ... 80) ... ... Issues: Whether the process amidst allegations of collusion and favoritism is compliant with the Insolvency ... (Paras 20, 38, 80) ... ... Facts of the case: ... The application was filed ... Initiation of Corporate Insolvency Resolution Process 31. Company Petition in C.P. ... (IB) No. 26/KB/2023 was filed#....
Filter by Legal Phrase
