IBC- NCLAT Fortnightly Summary (October 1 – October 15, 2024)

The following is a snapshot of the important orders passed by the National Company Law Appellate Tribunal ("NCLAT"), under the Insolvency and Bankruptcy Code, 2016 ("Code"), during the period between October 1 and October 15, 2024.

A. Pre-admission

1.InVisa Coke Limited v. Mesco Kalinga Steel Limited (Comp. App. (AT) (Ins) No. 247 of 2023), the NCLAT held that a Section 8 demand notice which was addressed to the Key Managerial Personnel (KMP) of the corporate debtor would not be a valid notice merely because the notice was delivered to the registered office of the corporate debtor, if the notice itself was not addressed to the corporate debtor.

2.InRahul H. Mehta v. Gajendra Investment Limited (Company Appeal (AT) (Insolvency) No. 739 of 2022),the NCLAT held that even where the name of the financial creditor is not specifically stated in the balance sheet, if the disbursement can be proved otherwise, a written financial contract is not a pre-condition or an