NCLT retained the freeze on assets citing serious SFIO findings but ordered defreezing of the salary account and family members’ accounts.
NCLT admitted the Section 9 petition after holding that campaign-related emails did not constitute a genuine pre-existing dispute.
NCLT Amaravati held that the corporate debtor’s OTS proposals constituted acknowledgments of debt, giving rise to a fresh limitation period. The Tribunal admitted the Section 7 petition after finding the debt and default established.
NCLT held that courts cannot interfere with CoC’s commercial decisions where the resolution plan satisfies statutory requirements.
NCLT held TReDS reverse factoring dues remained operational debt, not financial debt, making a Section 7 IBC insolvency petition not maintainable.
NCLT permitted stakeholder meetings after accepting clarifications on forfeited warrants, disclosures, and scheme compliance under the Companies Act.
NCLT held that debt acknowledgments in audited balance sheets and an OTS proposal kept the Section 7 IBC application within limitation.
The NCLT held that limitation against the personal guarantor commenced when the continuing guarantee was invoked and not from the date of default. It admitted the insolvency petition after finding it was filed within the applicable limitation period.
The NCLT held that partial repayments do not wipe out a financial default once the debt has become due and remains unpaid. Finding financial debt and default established, it admitted the Section 7 insolvency application and initiated CIRP.
The NCLT held that a DRT Recovery Certificate provides a fresh cause of action, making the Section 7 application filed within three years maintainable. It admitted the CIRP after finding that financial debt and default were established.
