The Supreme Court of India ruled in K. Kishan vs. Vijay Nirman Company that a pending challenge to an arbitral award constitutes a pre-existing dispute, which can block insolvency proceedings under the IBC.
The Court agreed, observing that vicarious liability in criminal law requires explicit statutory provision or specific allegations linking the individual to the offence. Granting an interim stay on all proceedings against the directors, it reaffirmed that corporate officers cannot be criminally implicated merely by virtue of their office.
The NCDRC ruled in favor of SBI Life, stating no insurance contract was formed since the insurer had not communicated its acceptance before the proposer’s death.
The NCDRC ruled on a hotel’s insurance claim, stating that a surveyor’s report is valid unless challenged with credible evidence. The hotel’s appeal was dismissed.
The NCDRC has ruled that a surveyor’s report is not binding. The court ordered United India Insurance to pay a ₹3.5 crore claim, finding the denial of a fire claim was a deficiency in service.
NCDRC dismisses an appeal from Nancy Overseas, upholding the rejection of an insurance claim due to insufficient premium payment and non-disclosure of material facts.
The NCLAT, Mumbai, ruled that the Limitation Act applies to CIRP applications, affirming that an application for a time-barred debt cannot be entertained.
Madras High Court ruled that mere possession of proceeds of crime is enough to invoke PMLA. It dismissed a discharge petition, stating the act’s scope is not limited to projecting the money as untainted.
The NCLT Kolkata ruled that a bank guarantee can be invoked during the Corporate Insolvency Resolution Process (CIRP) moratorium, citing the IBC’s Section 14(3)(b) and key precedents.
NCLT Mumbai admits Avendus Finance’s insolvency petition against Acute Retail Infra. The court found debt and default, rejecting the corporate debtor’s objections, including the argument about a lack of specific board resolution.
