Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLT disallowed appointment of a resolution professional as liquidator for the same corporate debtor under Section 34(4) of IBC, citing conflict of interest and legislative intent post-amendment.
NCLAT Chennai ruled that uncrystallised GST demands cannot be treated as secured creditor claims in insolvency proceedings.
NCLAT Delhi imposed ₹5 lakh in exemplary costs for non-disclosure of a prior NCLT order and multiplying litigation in a shareholder appeal linked to Dreams the Mall restructuring.
NCLT admitted insolvency petition after confirming financial debt and default exceeding statutory ₹1 crore limit, despite prior registry defect.
NCLT admitted petition under Section 7, ruling limitation period extended by last part repayment, affirming default within three years.
NCLT admitted a Section 7 petition by homebuyers, finding corporate debtor failed to disprove 540-unit threshold for financial creditor status.
NCLT ruled that a Resolution Professional cannot be reappointed as Liquidator for the same corporate debtor under Section 34(4) of IBC.
A legal commentary highlights the Insolvency and Bankruptcy Code’s exclusion of financial service providers and calls for urgent legislative intervention to create a resolution regime for distressed financial firms.
NCLT admits insolvency application citing ₹8.42 crore default; petition held within limitation due to acknowledgment of debt via last repayment.
NCLT admitted an insolvency application due to default of ₹3.43 crore, holding that the corporate debtor failed to disprove baseline eligibility of 540 homebuyers.
Rajasthan High Court ruled that insolvency of a supplier under IBC does not excuse compliance with Section 16(2)(c) GST conditions for claiming ITC, even if tax remains unpaid.
NCLT approved voluntary liquidation after full debt settlement but held directors liable for future dues beyond the ₹14.99 lakh fund, preserving post-liquidation accountability.