Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
FeaturedSAT Mumbai ruled that an approved resolution plan under IBC bars SEBI from imposing penalties on a corporate debtor, though penalties on defaulting directors may still apply.
FeaturedSAT holds approved resolution plan under IBC immunizes corporate debtor from SEBI penalties, though directors' violations may still attract sanctions.
FeaturedNCLAT dismissed a personal guarantor’s appeal, holding that an arbitral award enforcing joint liability does not convert a guarantor into a co-borrower under IBC.
FeaturedThe NCLAT has directed the NCLT to consider a third-party intervention alleging collusion between financial creditor and corporate debtor before finalising insolvency order. Decision underscores procedural fairness in IBC process.
FeaturedThe NCLT has ordered the liquidation of a corporate debtor due to multiple defaults under an approved resolution plan, despite a significant payment of ₹171.48 crore.
FeaturedSubhash Chandra has appealed against a recent NCLT decision reducing his liability from ₹22,000 crore to ₹6.25 crore. Creditors are expressing strong discontent, claiming the ruling significantly undermines their recovery prospects.
FeaturedThe NCLT has significantly reduced Subhash Chandra's liability in an insolvency case, scaling down claims from over ₹22,000 crore to ₹6.25 crore, indicating a drastic 99.97% haircut for creditors.
FeaturedThe NCLT Delhi has sanctioned a capital reduction and reorganization scheme under Sections 230-232 of the Companies Act for Western UP Tollway. This development is integral for the financial restructuring of the company.
FeaturedThe NCLAT Delhi has, by a 2:1 majority, upheld a corporate debtor's existing easementary right of way during the liquidation process, affirming the NCLT's jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC). This ruling emphasizes the significance of maintaining pre-existing rights in corporate insolvency scenarios.
FeaturedThe IBBI has revoked an Insolvency Professional's registration for facilitating fraudulent CIRPs and failing to disclose significant litigation.
FeaturedThe Insolvency and Bankruptcy Board of India (IBBI) has revoked the registration of an Insolvency Professional (IP) due to failures in investigating suspicious Corporate Insolvency Resolution Processes (CIRPs), valuation discrepancies, and potential fraudulent transactions.
FeaturedThe Supreme Court clarifies that the moratorium under the Insolvency and Bankruptcy Code (IBC) only protects corporate debtors, allowing consumer claims against promoters and co-respondents to proceed.