IBC - Case Law (Offences & Penalties) Reference Library: December 2024

25 Dec 2024

Hierarchy of Indian Courts

Teena Saraswat Pandey (RP) Vs. Kishore Associates AOP - Whether the SRA’s failure to meet the payment schedule amounts to a “wilful” failure to implement the approved resolution plan attracting penal action under Section 74(3) this is answered in negative.

NCLT Indore (2026.06.05) in Teena Saraswat Pandey (RP) Vs. Kishore Associates AOP [(2026) ibclaw.in 1976 NCLT, I.A. 502 of 2025 and I.A. 5...

Sh. Ashish Chaturvedi & Anr Vs. Sh. Sanjay Garg - In IA No 1253 of 2020, the resolution professional had sought directions under Section 19(2) for the suspended board of directors for providing the record and other information of the Corporate Debtor. After hearing in detail, the adjudicating authority, on 9/11/2020 ordered that both directors of the CD namely Ashish Chaturvedi and Sanjay Kapoor have grossly violated the provisions of Section 128(5) of the Companies Act 2013, for which the punishment is provided under Section 128(6) of Companies Act 2013. Invoking the provisions under Section 128(6) of the Company Act 2013, the adjudicating authority imposed a penalty of Rs 5,00,000 on each namely Mr Ashish Chaturvedi and Mr Sanjay Kapoor.

NCLAT (2025.04.23) in Sh. Ashish Chaturvedi & Anr Vs. Sh. Sanjay Garg [Company Appeal (AT) (Insolvency) No. 432 & 433 of 2025] hel...
Phenix Building Solutions Pvt. Ltd. Vs. Mascot Suryapur LLP - Such conduct amounts to an abuse of the process of law and misuse of the provisions of the Code, as the interest claim is unsupported by any binding contractual term, rendering the aggregation mala fide as the artificial aggregation of un-agreed interest to circumvent the threshold constitutes abuse of process

NCLT Ahd. (2025.10.27) in Phenix Building Solutions Pvt. Ltd. Vs. Mascot Suryapur LLP [(2025) ibclaw.in 2363 NCLT, CP (IB) No. 73/9/AHM/2024...
Mr. Sunil Gutte Vs. Mr. Avail Menezes & Ors. - From the simple reading of the provisions it is evident that after initiation of Corporate Insolvency Resolution Process once moratorium starts no person can recover any amount from the account of the Corporate Debtor. It is true that the cheque dates back to the date of handover but it cannot be encashed after the moratorium starts, in view of the specific provisions, to recover the amount from the Corporate Debtor as referred above.

NCLAT (2025.05.30) in Mr. Sunil Gutte Vs. Mr. Avail Menezes & Ors. [Company Appeal (AT) (Insolvency) No. 515 of 2025] Tribunal in Pra...