Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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 NCLT Mumbai has admitted a Section 7 application under the Insolvency and Bankruptcy Code following a default of over ₹11.83 crore, allowing the initiation of the Corporate Insolvency Resolution Process (CIRP).
The NCLT has stayed the repayment plan for a corporate debtor as no clear majority decision was reached, temporarily restraining Dr. Subhash Chandra from selling assets.
The NCLAT has dismissed a Corporate Insolvency Resolution Process (CIRP) application, deeming it malicious due to the unexplained removal of hypothecated assets during SARFAESI recovery proceedings.
The NCLT ruled that the demerger of a mortgaged asset does not discharge a continuing corporate guarantee, allowing J&K Bank's ₹87.43 crore insolvency plea to proceed.
In a significant ruling, the NCLT approved a ₹104 crore consolidated resolution plan despite ongoing fraud proceedings, clarifying the non-impediment of Corporate Insolvency Resolution Process (CIRP).
NCLT admitted Canara Bank's insolvency plea of ₹119.64 crore, stating that the pending Corporate Insolvency Resolution Process (CIRP) for the principal borrower does not impede seeking insolvency against a corporate guarantor.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) after bank records established financial debt and default. This plea involved a total financial claim of ₹11.83 crore.
The NCLT has admitted Canara Bank’s insolvency plea against a corporate guarantor of ₹119.64 Cr, confirming that pending insolvency of the principal borrower does not halt guarantor proceedings.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) based on bank records that established financial debt and ongoing default of ₹11.83 Cr, fulfilling statutory requirements.