Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT has ordered liquidation after finding that no Expressions of Interest (EOI) or resolution plans were received despite multiple Form G publications, backed by an 83.10% vote from the Committee of Creditors (CoC).
The NCLAT has temporarily stayed the NCLT's rejection of an 83.97% Committee of Creditors (CoC)-approved resolution plan due to concerns over related-party transactions and share valuation, necessitating further appellate review.
The NCLT has admitted a corporate insolvency resolution process (CIRP) for a ₹6.58 crore claim, highlighting that disputes over reconciliation and pricing raised post-demand notice were insufficient to block the process. Emails acknowledging outstanding dues played a crucial role in this decision.
The Kerala High Court has mandated that Micro, Small, and Medium Enterprises (MSMEs) must proactively seek rehabilitation when facing incipient financial stress.
The NCLT has appointed a new liquidator following the previous liquidator's death, ensuring continuity in liquidation proceedings through a unanimous resolution by lenders. This highlights the importance of maintaining oversight in liquidation processes.
The NCLT has admitted a ₹2.47 crore insolvency plea, ruling that WhatsApp chats are inadequate to prove a pre-existing dispute without corroborating evidence. The decision underscores the importance of substantive documentary support in insolvency matters.
The NCLT has ruled that the absence of NeSL Form D does not preclude the admission of an insolvency petition if financial debt and default are established. This emphasizes the need for substantive evidence over procedural technicalities.
The NCLT has admitted a voluntary insolvency plea under Section 10 of the IBC, citing persistent financial distress and continuing defaults. This decision underscores the tribunal's reliance on financial stability criteria for insolvency.
The National Company Law Tribunal ruled that pending one-time settlement proposals cannot delay adjudications of valid applications under Section 7 of the Insolvency and Bankruptcy Code (IBC). This clarifies procedural precedence in insolvency cases.
The National Company Law Tribunal ruled that unsubstantiated mala fide allegations do not defeat proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). This establishes clear standards for claims in insolvency matters.
The Bombay High Court ruled that auction sale certificates issued under the IBC are exempt from stamp duty, as the duty only applies if the certificate is later used for registration or other purposes. This decision clarifies the applicability of stamp duty on insolvency proceedings.
The Debt Recovery Appellate Tribunal (DRAT) in Chennai has dismissed an appeal concerning a ₹115 crore loan recovery, referencing a significant delay of 2,417 days.