Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT Principal Bench has permitted the dissolution of a corporate debtor post asset assignment, affirming that such a dissolution is valid when no further assets are available for distribution.
The NCLAT has determined that conditional payments linked to internal calculations can be considered as admissions of undisputed operational liability. This ruling may affect ongoing insolvency cases.
The NCLT has ordered the liquidation of a corporate debtor following the rejection of its only resolution plan by the Committee of Creditors (CoC). This ruling outlines the procedure in case of plan rejections.
The NCLAT has upheld the admission of insolvency by emphasizing that operational debts cannot be offset by pre-existing disputes over supply delays or defects. The ruling clarifies the applicability of the IBC regarding admitted debts.
The NCLT Principal Bench has ordered the dissolution of AVJ Infrastructure following the completion of its liquidation process. This ruling confirms the eligibility for dissolution under Section 54 of the IBC.
The NCLT Principal Bench has permitted the dissolution of a corporate debtor after the assignment of avoidance proceedings and remaining assets during the liquidation process. This ruling highlights the conditions under which dissolution can be deemed valid.
The Bombay High Court emphasized the need for timely decisions in insolvency cases, directing NCLT to expedite JM Financial's ₹167 crore plea. The court's order underlines that delays undermine the purpose of the Insolvency and Bankruptcy Code (IBC).
The NCLAT has rejected Vedanta’s ₹17,926 crore resolution plan, affirming that the Committee of Creditors (CoC) may prioritize feasibility over the highest net present value. This decision underscores the CoC's authority in determining the most suitable resolution.
The Bombay High Court has emphasized the need for timely delivery of reserved orders in insolvency cases, directing the NCLT to expedite JM Financial’s ₹167 crore insolvency plea. This ruling highlights the court's commitment to uphold the integrity of the Insolvency and Bankruptcy Code (IBC).
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.