Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
FeaturedThe NCLT has upheld the finality of a resolution plan, ruling that an income tax claim filed 1305 days late is inadmissible under the IBC. This reinforces the judicial emphasis on adherence to timelines in insolvency contexts.
FeaturedThe NCLT has ruled that a guarantee claim amounting to ₹34.82 crore was time-barred, asserting that SARFAESI notices and DRT proceedings do not extend limitation periods under the IBC. This clarification is crucial for creditors in understanding their claim timelines.
FeaturedThe NCLT has ordered the liquidation of APS Infra Engineers, ruling that the resolution plan was non-compliant due to fraudulent and undervalued transactions. This decision clearly prioritizes creditor protection and transparency within insolvency proceedings.
FeaturedThe Supreme Court affirmed the constitutional validity of Sections 95-100 of the IBC, addressing the insolvency of personal guarantors. The Court rejected a challenge based on Article 14, reinforcing the legal framework for personal guarantees in insolvency proceedings.
FeaturedThe NCLT has initiated Corporate Insolvency Resolution Process (CIRP) against a corporate debtor, appointing an Interim Resolution Professional and enforcing a moratorium, highlighting the judiciary's stance on insolvency matters.
FeaturedThe NCLAT has confirmed that a Resolution Professional (RP) is authorized to recover assets of a corporate debtor from unauthorized occupants without the need to file a civil suit, streamlining asset recovery under the Insolvency and Bankruptcy Code.
NCLAT dismissed appeals filed by a removed Resolution Professional (RP), holding that the RP had no vested rights in the insolvency process. The tribunal upheld the successor RP’s authority to convene a meeting of creditors under the IBC.
NCLT Mumbai held that CIRP cannot be withdrawn unilaterally if it adversely affects other creditors’ rights under IBC.
The NCLT admitted an insolvency application of ₹3.96 crore, rejecting the corporate debtor's claim of a pre-existing dispute. It held that post-petition mediation cannot constitute a valid pre-existing dispute under Section 9 of the IBC.
The NCLAT dismissed an appeal holding that a claim based on liability determined after liquidation initiation cannot be admitted outside the prescribed timeline. The date of crystallisation of liability does not override the IBC's claim submission deadlines.
The National Company Law Appellate Tribunal ruled that a claim based on liability determined after liquidation initiation cannot be admitted outside the statutory timeline. The decision reinforces strict compliance with IBC claim filing deadlines.
RBI extends regulatory directions issued under Section 35A of the Banking Regulation Act, 1949 to Sri Guru Raghavendra Sahakara Bank, Bengaluru.