Archives for September 2019

Celebrating 100 Cases – AAA Insolvency Milestones!!

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View this email in your browser (https://mailchi.mp/31c39da1d4fd/celebrating-100-cases-aaa-insolvency-milestones-224593?e=2da00e8643) The AAA Insolvency Professionals is thrilled to celebrate this milestone with you. On this occasion, we hope that you will take a moment to reflect on the AAA Insolvency has played in your life and find time to celebrate this special milestone in a way that is meaningful to you. * Connect with our organization. * Learn what is happening in AAA Insolvency by visiting our website (https://insolvencyandbankruptcy.in) and following on social media. Let us know how you choose to celebrate! we love hearing from you Thanks & Regards AAA Insolvency Professionals LLP (India’s Largest Insolvency Professional Entity) Phone: 011-4666 4600 anilgoel@aaainsolvency.com (mailto:anilgoel@aaainsolvency.com) www.insolvencyandbankruptcy.in (https://insolvencyandbankruptcy.us20.list-manage.com/track/click?u=9aaeca745f2d1d45c4eeb7a47&id=197fd05876&e=46b084c9e8) AAA Branches (https://insolvencyandbankruptcy.us20.list-manage.com/track/click?u=9aaeca745f2d1d45c4eeb7a47&id=c631f002da&e=46b084c9e8) : Delhi I Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur ============================================================ ** Twitter (https://twitter.com/Anilgoelca) ** Facebook (https://www.facebook.com/anil.goel.7587) ** Website (https://insolvencyandbankruptcy.in) ** LinkedIn (https://in.linkedin.com/in/ca-anil-goel-aaa-insolvency) Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. You are receiving this email because you opted-in at our website Our mailing address is: AAA Insolvency Professionals LLP E-10A Kailash Colony Delhi 110048 India Want to change how you receive these emails? You can ** update your preferences (https://insolvencyandbankruptcy.us20.list-manage.com/profile?u=9aaeca745f2d1d45c4eeb7a47&id=99b53bbe97&e=2da00e8643) or ** unsubscribe from this list (https://insolvencyandbankruptcy.us20.list-manage.com/unsubscribe?u=9aaeca745f2d1d45c4eeb7a47&id=99b53bbe97&e=2da00e8643&c=2cdbccce7d) .

Promote your business form digital marketing

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We`re Creative by Birth https://gmail.us4.list-manage.com/track/click?u=fa0cac5cb853fd8632b40c77d&id=df5a785cda&e=e76a8adf22 Want Perfect Digital Marketing…? Let’s GO. ============================================================ ** (https://gmail.us4.list-manage.com/track/click?u=fa0cac5cb853fd8632b40c77d&id=c7ad38c99e&e=e76a8adf22) Email-info@digitalgoku.com Toll free- +91-9140850173 Copyright © 2019 ** Digitalgoku (https://gmail.us4.list-manage.com/track/click?u=fa0cac5cb853fd8632b40c77d&id=b508eca829&e=e76a8adf22) Pvt. Ltd. | All Rights Reserved This email was sent to radiosangharsh@gmail.com (mailto:radiosangharsh@gmail.com) why did I get this? (https://gmail.us4.list-manage.com/about?u=fa0cac5cb853fd8632b40c77d&id=83e6e861fa&e=e76a8adf22&c=58537f9d31) unsubscribe from this list (https://gmail.us4.list-manage.com/unsubscribe?u=fa0cac5cb853fd8632b40c77d&id=83e6e861fa&e=e76a8adf22&c=58537f9d31) update subscription preferences (https://gmail.us4.list-manage.com/profile?u=fa0cac5cb853fd8632b40c77d&id=83e6e861fa&e=e76a8adf22) Digital Goku . Neem sarai , mundera , allahabad . allahabad . Allahabad 211011 . India Email Marketing Powered by Mailchimp http://www.mailchimp.com/monkey-rewards/?utm_source=freemium_newsletter&utm_medium=email&utm_campaign=monkey_rewards&aid=fa0cac5cb853fd8632b40c77d&afl=1

NCLT has inherent power to impose Moratorium even prior to initiation of CIRP

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View this email in your browser (https://mailchi.mp/04e5ea1e7092/nclt-has-inherent-power-to-impose-moratorium-even-prior-to-initiation-of-cirp-224565?e=2da00e8643) The Hon’ble NCLAT has in a crucial decision held that the NCLT has the powers to declare moratorium prior to admission of the petition against the corporate debtor. In the case of “NUI Pulp and Paper Industries Pvt Ltd v. M/s Roxcel Trading GMBH”, an appeal was filed by M/s NUI Pulp and Paper Industries Pvt Ltd (Appellant/Corporate Debtor) against the order of the NCLT, Chennai wherein the NCLT had directed the directors of the corporate debtor not to alienate, encumber, or create any third party interest on the assets of the corporate debtor till admission/rejection of the petition by the NCLT. What exactly transpired: * Appellant contended that before Admission of the petition, NCLT has no powers to restrain the corporate debtor or its directors from alienating, encumbering or creating third party interest. * Respondent/Operational Creditor had expressed the apprehension that the Corporate Debtor or its directors are intended to sell assets of the corporate debtor to cause wrongful losses to the Respondent. * Counsel on behalf of the Corporate Debtor could not give any undertaking against selling, alienating or transferring assets of the Corporate Debtor. What was held by NCLAT: * Once an application under Section 7 or 9 is filed in the Adjudicating Authority, it is not necessary for the Adjudicating Authority to await hearing of the parties for passing order of ‘Moratorium’ under Section 14 of the I&B Code. * To ensure that one or other party may not abuse the process of the Tribunal or for meeting the ends of justice, it is always open to the Tribunal to pass an appropriate interim order. Thanks & Regards AAA Insolvency Professionals LLP (India’s Largest Insolvency Professional Entity) Phone: 011-4666 4600 anilgoel@aaainsolvency.com (mailto:anilgoel@aaainsolvency.com) www.insolvencyandbankruptcy.in (https://insolvencyandbankruptcy.us20.list-manage.com/track/click?u=9aaeca745f2d1d45c4eeb7a47&id=197fd05876&e=46b084c9e8) AAA Branches (https://insolvencyandbankruptcy.us20.list-manage.com/track/click?u=9aaeca745f2d1d45c4eeb7a47&id=c631f002da&e=46b084c9e8) : Delhi I Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur https://www.facebook.com/anil.goel.7587 https://www.twitter.com/Anilgoelca/ https://insolvencyandbankruptcy.in https://www.linkedin.com/in/ca-anil-goel-aaa-insolvency/ ============================================================ Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. You are receiving this email because you opted-in at our website Our mailing address is: AAA Insolvency Professionals LLP E-10A Kailash Colony Delhi 110048 India Want to change how you receive these emails? You can ** update your preferences (https://insolvencyandbankruptcy.us20.list-manage.com/profile?u=9aaeca745f2d1d45c4eeb7a47&id=99b53bbe97&e=2da00e8643) or ** unsubscribe from this list (https://insolvencyandbankruptcy.us20.list-manage.com/unsubscribe?u=9aaeca745f2d1d45c4eeb7a47&id=99b53bbe97&e=2da00e8643&c=58c4d66d62) .

NCLAT held that Workmen dues of Pension Fund, Provident Fund and Gratuity Trust Fund not part of Liquidation Assets.

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View this email in your browser (https://mailchi.mp/37ffca410681/nclat-held-that-workmen-dues-of-pension-fund-provident-fund-and-gratuity-trust-fund-not-part-of-liquidation-assets-224485?e=2da00e8643) The Legal Team of AAA Insolvency Professionals LLP has done a thorough analysis of a landmark judgment passed by NCLAT in the case of State bank of India v Moser Baer Karamchari Union & Anr. On 19th August, the NCLAT delivered a landmark judgment paving the way for thousands of aggrieved employees struggling to get their dues from the Companies going through liquidation. What transpired in Court: * Moser Baer Karamchari Union moved Court praying for directions to the Liquidator to exclude the amount due to them towards ‘Provident Fund’, ‘Pension Fund’ and ‘Gratuity trust Fund’ payable waterfall mechanism under Section 53. * Earlier, NCLT Delhi in its order dated 19.03.2019 held that Provident Fund’, ‘Pension Fund’ and ‘Gratuity trust Fund’ cannot be part of Section 53 of the IBC. * SBI (Secured Creditor/ Appellant) has appealed against the order of NCLT Delhi arguing that dues of employees including contribution to Provident fund, Pension fund and Gratuity fund should be included in liquidation estate as per Section 326 and Section 327 of the Companies Act. * On the other hand, Resolution Professional submitted that Section 36(4)(a)(iii) of the IBC specifically excludes all sums due to any workman or employee from the provident fund, the pension fund and the gratuity fund from liquidation estate. Question of law: Whether the provident fund, the pension fund and the gratuity fund come within the meaning of assets of the Corporate Debtor for distribution under Section 53 of the Code. What Court held: * In terms of Section 36(4)(a)(iii) of the Code, all sums due to any workman or employees from the provident fund, the pension fund and the gratuity fund, do not form part of the liquidation estate/ liquidation assets. * Explanation (iii) below Section 53, for the purposes of the meaning of ‘workmen’s dues’, cannot derive the meaning as assigned to it in Section 326 of the Companies Act, 2013. * Once the liquidation estate/ assets pf the Corporate Debtor under Section 36(1) read with Section 36(3) do not include all sum due to any workman/employees from provident fund, the pension fund and the gratuity fund, the same funds cannot be included under Section 53 for distribution of assets. Thanks & Regards AAA Insolvency Professionals LLP (India’s Largest Insolvency Professional Entity) Phone: 011-4666 4600 anilgoel@aaainsolvency.com (mailto:anilgoel@aaainsolvency.com) www.insolvencyandbankruptcy.in (https://insolvencyandbankruptcy.us20.list-manage.com/track/click?u=9aaeca745f2d1d45c4eeb7a47&id=197fd05876&e=46b084c9e8) AAA Branches (https://insolvencyandbankruptcy.us20.list-manage.com/track/click?u=9aaeca745f2d1d45c4eeb7a47&id=c631f002da&e=46b084c9e8) : Delhi I Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2F37ffca410681%2Fnclat-held-that-workmen-dues-of-pension-fund-provident-fund-and-gratuity-trust-fund-not-part-of-liquidation-assets-224485 Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2F37ffca410681%2Fnclat-held-that-workmen-dues-of-pension-fund-provident-fund-and-gratuity-trust-fund-not-part-of-liquidation-assets-224485) http://twitter.com/intent/tweet?text=NCLAT+held+that+Workmen+dues+of+Pension+Fund%2C+Provident+Fund+and+Gratuity+Trust+Fund+not+part+of+Liquidation+Assets.: https%3A%2F%2Fmailchi.mp%2F37ffca410681%2Fnclat-held-that-workmen-dues-of-pension-fund-provident-fund-and-gratuity-trust-fund-not-part-of-liquidation-assets-224485 Tweet (http://twitter.com/intent/tweet?text=NCLAT+held+that+Workmen+dues+of+Pension+Fund%2C+Provident+Fund+and+Gratuity+Trust+Fund+not+part+of+Liquidation+Assets.: https%3A%2F%2Fmailchi.mp%2F37ffca410681%2Fnclat-held-that-workmen-dues-of-pension-fund-provident-fund-and-gratuity-trust-fund-not-part-of-liquidation-assets-224485) http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=6fefa8decd&e=2da00e8643 Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=6fefa8decd&e=2da00e8643) https://www.facebook.com/anil.goel.7587 https://www.twitter.com/Anilgoelca/ https://insolvencyandbankruptcy.in https://www.linkedin.com/in/ca-anil-goel-aaa-insolvency/ ============================================================ Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. 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