Corporate Law : Explains how recent tribunal decisions shaped the rules for selling corporate debtors as going concerns, highlighting compliance...
Corporate Law : The Tripartite Agreement Trap: When Banks Lose Financial Creditor Status in Real Estate Insolvency This case memo discussed the ru...
Corporate Law : NCLAT holds that time spent in pending Debt Recovery Tribunal proceedings cannot be excluded under Section 14 of the Limitation Ac...
Corporate Law : RTI inquiry into NCLT/NCLAT reveals member vacancies, lack of consolidated case data, and opaque appointments, highlighting need f...
Corporate Law : The NCLAT ruled that provident fund dues are not corporate debtor assets and must be paid in full during CIRP, prioritizing them o...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Corporate Law : From 2022-23 to 2024-25, appeals filed at NCLAT rose steadily, with IBC cases forming the majority, reflecting active engagement i...
Corporate Law : Supreme Court ruled that CoC and RP can surrender financially burdensome assets voluntarily, clarifying moratorium under section 1...
Corporate Law : SC clarifies limits of High Court's writ powers in IBC cases and recognises Indian CIRP as foreign main proceeding in cross-border...
Corporate Law : NCLT & NCLAT eligibility criteria, insolvency rules, and case statistics from 2022-2024. Updates on financial irregularities and r...
Corporate Law : NCLAT held that foreign oil and gas assets owned through Videocon subsidiaries could not be included in the CIRP of Videocon Indus...
Corporate Law : NCLAT held that a joint venture arrangement did not prevent insolvency proceedings where separate agreements clearly imposed suppl...
Company Law : A resolution applicant could not unilaterally alter its financial proposal through a last minute addendum after completion of the ...
Corporate Law : NCLAT held that the Corporate Debtor’s email offering payment subject to acceptance of a consequence sheet amounted to acknowled...
Company Law : The Appellate Tribunal upheld findings that the arrangement allowing the Successful Resolution Applicant to receive 50% of PUFE re...
Corporate Law : IBBI orders disciplinary action against Mr. S Vasudevan for alleged violations in the insolvency process of Mega Foods Products Ma...
Corporate Law : IBBI suspends IP for Failure to act during CIRP despite NCLAT directive and for Delay in convening Committee of Creditors (CoC) me...
Corporate Law : Read about the IBBI's disciplinary action against Mr. Venkata Sivakumar, an Interim Resolution Professional, for sharing asset mem...
Corporate Law : Govt issued a circular detailing vacancies for Judicial & Technical Members posts in NCLAT with detailed guide to apply for these...
Fema / RBI : It is clarified that cases admitted with National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT) unde...
NCLAT Delhi held that application under section 7 of the Insolvency and Bankruptcy Code [IBC] filed by the security Trustee is duly admissible since application was filed after obtaining valid authorisation from the lender. Accordingly, appeal dismissed.
NCLAT Delhi held that termination of concession agreement has no relation with default in repayment of dues of the Financial creditor. Accordingly, application u/s. 7 of IBC rightly admitted against Supreme Manor Wada Bhiwandi Infrastructure Pvt. Ltd. [Corporate Debtor] as debt and default established.
RTI inquiry into NCLT/NCLAT reveals member vacancies, lack of consolidated case data, and opaque appointments, highlighting need for tribunal reforms.
NCLAT Delhi held that demand made by the EPFO on the basis of an inspection report made after initiation of moratorium is not enforceable as Section 14(1) of the IBC prohibits the initiation or continuation of assessment during the moratorium period.
NCLAT Delhi held that claim of wages and salaries after the issuance of the layoff notice rightly rejected since the appellant workmen due to issuance of the layoff notice has not worked after issuance of this layoff notice. Accordingly, appeal dismissed.
NCLAT Delhi Held that a written agreement is not a condition precedent to prove the existence of a financial debt. Accordingly, CIRP application u/s. 7 of IBC duly admitted as debt and default proved.
NCLAT Delhi held that suspended directors, who invested about 5.5 crores and having 51% equity in Corporate Debtor, cannot claim that they were not aware about initiation of CIRP. Accordingly, observation of Adjudicating Authority that Suspended Board of Directors of the Corporate Debtor were not cooperating with the IRP/RP/Liquidator was justifiable.
NCLAT Delhi held that demand of EPFO raised on the basis of inspection report dated 10.05.2023 and assessment order dated 25.09.2023 which is subsequent to initiation of CIRP on 17.02.2023 cannot be sustained. Accordingly, appeal set aside.
The NCLAT Delhi reversed a lower court’s refusal to extend the CIRP for Torque Automotive, granting a 45-day final extension to allow the Committee of Creditors to finalize a resolution plan, prioritizing a corporate debtor’s revival over liquidation.
Held that the statutory right of a Financial Creditor bestowed u/s. 7 of the ‘IBC’ cannot be curtailed to any ‘Inter-Creditor Agreement’ or Consortium agreement executed between the lender banks, as the same was only for regulating the inter se affairs of the consortium and the OTS proposal cannot be claimed by a borrower as a matter of right.
