Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT admitted SIDBI's insolvency petition against a media company, relying on NeSL records that established a ₹2.52 crore financial default. The deemed authentication under IBC allowed initiation of CIRP without further proof of debt.
NCLT refused to appoint a Resolution Professional as Liquidator of the same corporate debtor, citing the amended Section 34(4) of IBC which prohibits such dual roles to ensure impartiality.
NCLAT upheld the rejection of a resolution plan worth ₹7 crore, agreeing it failed to address the cause of default and contravened mandatory IBC requirements under Section 30(3).
NCLAT dismissed recall petitions seeking review of a prior order rejecting impleadment, holding that IBC does not permit review applications absent proof of fraud. Exemplary costs of ₹5 lakh were imposed for abuse of process.
NCLT admitted SIDBI’s insolvency application against a media company based on NeSL’s deemed-authenticated default record showing ₹2.52 crore outstanding debt. The record under IBC Section 5(8) was held sufficient to establish financial debt.
NCLAT dismissed applications seeking recall of an earlier order rejecting impleadment, ruling that review is impermissible under IBC unless fraud is proven. The tribunal levied exemplary costs of ₹5 lakh for misuse of process.
The NCLT admitted SIDBI's petition for insolvency against a media company, relying on NeSL's deemed-authenticated record showing a ₹2.52 crore unpaid financial debt. The ruling underscores the evidentiary weight of NeSL data under IBC.
NCLT rejected appointment of a Resolution Professional as Liquidator for the same corporate debtor, invoking amended Section 34(4) of IBC to prevent conflict of interest.
NCLAT affirms rejection of ₹7 crore resolution plan for failing to address root cause of default and non-compliance with mandatory IBC requirements.
NCLT admitted a Section 7 insolvency petition after re-filing, citing financial debt over ₹1 crore and valid procedural compliance, leading to appointment of interim resolution professional.
NCLT admitted a Section 7 petition within limitation, holding that a part payment in 2025 reset the limitation period for the insolvency claim.
NCLT admitted an insolvency petition filed by homebuyers, holding that the corporate debtor failed to disprove the existence of 540 homebuyer units, thereby meeting the threshold under IBC.