Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLAT maintains that supply dues between consortium partners are actionable under IBC, reinforcing the status of such obligations as operational debt. This ruling strengthens the position of suppliers in corporate insolvency processes.
The NCLT Mumbai has ordered a director to refund rental income that was diverted through forged lease agreements, mandating the amount to be returned with 12% interest. This decision highlights the tribunal's stance against fraudulent conduct and its implications for corporate governance.
The Insolvency and Bankruptcy Board of India (IBBI) has imposed a three-year suspension on an insolvency professional for failing to disclose a conflict of interest during the resolution of a RERA-linked scheme. This highlights the regulatory body's commitment to uphold ethical standards in insolvency management.
The National Company Law Appellate Tribunal (NCLAT) has ruled that financial proposals in the Corporate Insolvency Resolution Process (CIRP) cannot be altered after the challenge process begins. This prevents any post-bid modifications that could undermine the resolution process.
The article explores the complexities faced by the Committee of Creditors under the Insolvency and Bankruptcy Code. It analyzes the provisions pertaining to Section 29A and Section 30(5).
The NCLT ruled that employees of Jet Lite cannot be recognized as workmen of Jet Airways during liquidation due to their payroll status.
The Calcutta High Court has stayed an NCLT-ordered administrator meeting, allowing petitioners additional time to seek appellate redress.
The NCLAT has overturned an admission of insolvency against Vikram Solar, citing the claim was below the threshold of ₹1 Crore. The tribunal ordered the refund of the deposited amount.
The NCLT has dismissed an insolvency plea regarding defaults under a post-dispute settlement deed, emphasizing that such breaches must be pursued in a suitable forum for resolution and are not considered operational debts under the IBC.
The Calcutta High Court denied an ad-interim injunction related to a consent decree during a CIRP moratorium, citing the absence of necessary documentation.
In a recent ruling, the NCLT clarified that financing under the TReDS framework is not considered financial debt and does not involve disbursing funds to the corporate debtor.
The NCLT has ruled that financing through the TReDS platform does not equate to financial debt under the IBC, as it merely involves the assignment of trade receivables.