NCLAT ruled that a registered agreement for sale alone does not transfer ownership and affirmed that property remains part of the liquidation estate.
Citing the Supreme Court’s Jaypee Kensington judgment, the NCLAT ruled that minority creditors in a class cannot challenge a resolution plan approved by a significant majority. The appeal lacked grounds for Section 30(2) non-compliance.
NCLAT dismissed the appeal, holding that debt and default under Section 7 of the IBC were established despite partial loan disbursement.
NCLAT Chennai held that there would be no Security Interest which could be said to have been created in absence of there being any Registered Sale Deed. Thus, by not registering the MoDT, retention of title deeds of property of Corporate Debtor not justifiable.
NCLAT dismissed an application seeking to deposit ₹15.62 crore to demonstrate bona fides and stay judgment, holding that once a matter is reserved for judgment, no rights or proceedings remain pending between the parties.
NCLAT Delhi set aside an NCLT order and remanded the case, holding that the Adjudicating Authority must provide reasons for denying or refusing any reliefs sought by the appellant.
NCLAT dismissed PNB’s insolvency plea against Concast Morena as time-barred, ruling that a pending recovery case in DRT doesn’t qualify for Section 14 exclusion. the rejection of a bank’s Section 7 petition, stating the application was time-barred and the RDDB Act recovery suit didn’t reset the deadline.
NCLAT Delhi dismisses appeals by personal guarantors against Bank of Baroda, upholding NCLT’s direction for the bank to allow inspection of lending documents.
NCLAT Delhi ruled that IBBI has no authority to issue a general circular under Section 34(4)(b) recommending appointment of insolvency professionals other than IRP/RP as liquidator, reaffirming limits on IBBI’s regulatory powers.
NCLAT Delhi ruled that ESI contributions held by a Corporate Debtor are assets in trust of IBC, setting aside the NCLT’s order and excluding the amount from the liquidation estate.
