NCLAT Clarifies that Flat Allottees can initiate CIRP Against an Assignee or Transferee of a Real Estate Project

The National Company Law Appellate Tribunal (“NCLAT”) in Anjani Kumar Prashar v. Manab Datta & Ors, Company Appeal (AT) (Ins) No.

Filed under:
India, Insolvency & Restructuring, Litigation, Real Estate, Khaitan & Co, Insolvency, Supreme Court of India, National Company Law Tribunal
Authors:
Thriyambak J. Kannan , Aditya Mukerjee , Hareepriya E. Narasimhan
Location:
India
Firm:
Khaitan & Co
ERGO Analysing Developments Impacting Business: SC Upholds NCLAT View that a Security Deposit may Constitute a Financial Debt in Certain Circumstances

The Supreme Court (SC) in Global Credit Capital Limited & Anr v. Sach Marketing Private Limited & Anr, 2024 SCC OnLine SC 649 upheld the judgment and order of the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT), dated 07 October 2021 (Impugned Order) by which Sach Marketing Private Limited (Sach) was held to be a ‘financial creditor’ of Mount Shivalik Industries Limited, the corporate debtor, (CD) in corporate insolvency resolution proceedings under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC).

Filed under:
India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, National Company Law Tribunal
Authors:
Kumar Saurabh Singh , Thriyambak J. Kannan , Ashwij Ramiah , Aditya Mukerjee , Hareepriya E. Narasimhan
Location:
India
Firm:
Khaitan & Co