The appellate tribunal quashed orders permitting bankruptcy against personal guarantors after a creditor consented to grant additional time to submit repayment plans under the insolvency framework.
NCLAT held that a rights issue offering proportionate shares to existing shareholders does not by itself dilute a corporate debtor’s stake and refused to restrain the proposed EGM.
The tribunal ruled that unpaid municipal property tax backed by a statutory first charge qualifies as secured debt in liquidation. The key takeaway is that statutory charges under municipal law can confer secured creditor status under the IBC.
The appellate tribunal upheld approval of a resolution plan, rejecting challenges by operational creditors. The ruling reaffirms that courts cannot interfere with the commercial wisdom of the CoC if statutory requirements are met.
NCLAT Delhi held that provisions of section 9(2) of the CST Act doesn’t create statutory charge on the assets of the Corporate Debtor. Thus, unpaid CST dues are unsecured debt. Accordingly, appeal is dismissed and order of Adjudicating Authority upheld.
NCLAT held that once a resolution plan is approved and implemented, later challenges by creditors cannot be entertained. The key takeaway is the finality of an implemented resolution plan.
The issue was whether default was limited to a single instalment below the threshold. The tribunal held that continued defaults across multiple instalments and recall of the loan justified admission of the insolvency application.
The appellate tribunal held that substituting the investigating agency did not amount to a review or recall. Since the original investigation order remained intact, the appeal was dismissed.
NCLAT upheld rejection of a claim filed nearly three years late during liquidation. The ruling confirms that inordinate delays without valid explanation cannot be condoned.
The tribunal held that a petition is not maintainable where the applicant is neither a shareholder nor member, and where disputes stem from a private MoU rather than company affairs.
