Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Debt Recovery Appellate Tribunal (DRAT) in Chennai has dismissed an appeal concerning a ₹115 crore loan recovery, referencing a significant delay of 2,417 days.
The NCLT has determined that leased vehicles owned by a corporate debtor are part of the insolvency estate and must be returned to the Resolution Professional during CIRP.
The NCLT ruled that fraud allegations made after a demand notice do not constitute a pre-existing dispute to negate the CIRP process against Montecarlo Ltd.
The NCLT has admitted an insolvency plea against Montecarlo Ltd., affirming that fraud claims raised after a demand notice do not constitute a pre-existing dispute under CIRP.
The NCLAT ruled to dismiss an insolvency plea against SBI loans, referencing fraud allegations that invalidated the loan documents.
The NCLAT ruled that the appeal against the resolution plan is not maintainable. However, the Ayra Consortium retains the right to argue its intervention application at a later stage.
The NCLAT has upheld the authority of the Committee of Creditors by limiting the insolvency professional's remuneration to ₹3 lakh, reinforcing the framework set by the IBC and IBBI regulations.
The Calcutta High Court has ordered the completion of liquidation processes for 32 banking companies within six months, with regular reporting to the RBI.
The NCLAT has affirmed the CoC's authority to approve remuneration for insolvency resolution professionals (IRPs), limiting claims to ₹3 lakh in a specific case. This reinforces regulations governing insolvency practices.
The NCLAT has ruled to classify a ₹8 crore consortium payment as operational debt, allowing an application for insolvency under Section 9.
The NCLAT orders APDCL to pay ₹37.66 lakh with interest, ruling against the set-off plea, reinforcing the distinct nature of legal entities under the IBC.
The NCLT has ruled that the invocation of a loan-cum-pledge agreement during a CIRP moratorium is void, reinforcing the protection of assets.