Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT has admitted a plea by Bank of India for ₹23.66 crore, determining that financial debt and default were established independently of any questioned NPA classifications. This decision reiterates the strict criteria for proving insolvency.
The NCLT upheld an insolvency plea of ₹1.65 crore, ruling that unsupported claims of adjustment failed to demonstrate any genuine pre-existing dispute prior to the issuance of a demand notice. This ruling highlights the threshold for disputing insolvency claims.
The NCLT in Mumbai held that the insolvency proceedings against a corporate guarantor can proceed regardless of the ongoing Corporate Insolvency Resolution Process (CIRP) of the principal borrower. The ruling emphasizes the liability of corporate guarantors.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) petition for ₹11.83 crore after bank records conclusively established financial debt and ongoing default. This development emphasizes the importance of documentation in insolvency cases.
The NCLT Delhi has admitted an application under Section 9 of the Insolvency and Bankruptcy Code, ruling that unauthorized WhatsApp chats do not establish a pre-existing dispute over supplies. This sets a precedent for the parameters of dispute resolution.
The NCLT has admitted a plea from Bank of India for insolvency proceedings worth ₹23.66 crore, ruling that irregularities in NPA classification do not negate an independently established financial default under the IBC.
NCLAT has ruled that unregistered defaults with an Information Utility do not preclude the admission of Section 7 applications under the Insolvency and Bankruptcy Code, based on valid loan documents.
The Kerala High Court has overturned an earlier order regarding ICICI Bank's Section 14 SARFAESI application. The court directed fresh consideration, ruling the previous order functus officio and highlighting the need for adherence to procedure.
The Gujarat High Court has granted interim relief against the cancellation of an IBBI IP registration. The court has raised concerns regarding the participation of an investigator in the disciplinary committee reviewing the registration.
In a recent ruling, the NCLAT upheld the resolution plan approved by the Committee of Creditors (CoC), denying the suspended promoter's request for a fresh valuation post-approval, underscoring the principle of commercial wisdom.
The NCLT has admitted the Corporate Insolvency Resolution Process (CIRP) for a financial default of ₹55.45 Crores. The Tribunal rejected the argument regarding pledge enforcement as a valid defence, underlining the significance of the debt threshold exceeding ₹1 crore.
The Insolvency and Bankruptcy Board of India has suspended Harish Taneja for two years due to violations during the Corporate Insolvency Resolution Process (CIRP). This suspension serves to uphold conduct standards within the insolvency framework.