Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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.
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.