Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLAT ruled that challenges regarding an approved resolution plan could not be reopened as they had already attained finality, reinforcing the principle of finality in insolvency proceedings.
The NCLAT declared the appointment of a Resolution Professional invalid due to misrepresentation, highlighting the importance of accurate representation in insolvency applications.
The NCLT has approved a ₹17.25 crore resolution plan, stating that statutory obligations cannot be waived due to COVID-19-related disturbances. This ruling addresses the challenges during CIRP amid financial uncertainties.
The NSE clarified that regulatory exemptions applicable to IBC Section 31 resolution plans do not extend to plans approved under Section 54L in the PPIRP framework, necessitating compliance with SEBI requirements.
Justice Pankaj Mithal raises concerns regarding persistent appeals from the NCLAT to the Supreme Court, questioning the effectiveness of the tribunal system.
Recent amendments to the PPIRP rules by the IBBI enhance transparency and clarity in the appointment of valuers, aiming to avoid conflicts of interest.
The NCLAT upheld that conditional payments linked to internal assessments are recognized as acknowledgment of operational debt.
The NCLT ordered the liquidation of a corporate debtor after the Committee of Creditors rejected the only resolution plan submitted during the CIRP.
The NCLAT reaffirmed that once operational debt is admitted, disputes regarding defective supply cannot hinder the Corporate Insolvency Resolution Process (CIRP).
The NCLAT has classified a conditional payment linked to a consequence sheet as an acknowledgment of operational debt, sustaining the admission of the Corporate Insolvency Resolution Process (CIRP).
The NCLT has ordered the liquidation of a corporate debtor after the Committee of Creditors rejected the only resolution plan submitted during the Corporate Insolvency Resolution Process (CIRP).
The NCLAT has ruled that pre-existing disputes regarding defective supply and delays cannot obstruct the Corporate Insolvency Resolution Process (CIRP) after the admission of undisputed operational debt.