Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) due to the failure of an OTS proposal, emphasizing the necessity of compliance and timely payments.
The NCLT Principal Bench ruled that the assignment of avoidance proceedings and residual assets during liquidation permits dissolution when no further assets remain for distribution.
The NCLAT determined that conditional payments linked to an internal consequence sheet constitute an acknowledgment of operational debt, upholding the admission into CIRP.
Following the rejection of the only resolution plan by the Committee of Creditors, the NCLT has ordered the liquidation of the corporate debtor, highlighting procedural routes in insolvency.
The NCLT Principal Bench has dissolved AVJ Infrastructure after it completed the liquidation process and assigned its residual assets, reinforcing the provisions under section 54 of the IBC.
The NCLT Principal Bench has permitted the dissolution of a corporate debtor post asset assignment, affirming that such a dissolution is valid when no further assets are available for distribution.
The NCLAT has determined that conditional payments linked to internal calculations can be considered as admissions of undisputed operational liability. This ruling may affect ongoing insolvency cases.
The NCLT has ordered the liquidation of a corporate debtor following the rejection of its only resolution plan by the Committee of Creditors (CoC). This ruling outlines the procedure in case of plan rejections.
The NCLAT has upheld the admission of insolvency by emphasizing that operational debts cannot be offset by pre-existing disputes over supply delays or defects. The ruling clarifies the applicability of the IBC regarding admitted debts.
The NCLT Principal Bench has ordered the dissolution of AVJ Infrastructure following the completion of its liquidation process. This ruling confirms the eligibility for dissolution under Section 54 of the IBC.
The NCLT Principal Bench has permitted the dissolution of a corporate debtor after the assignment of avoidance proceedings and remaining assets during the liquidation process. This ruling highlights the conditions under which dissolution can be deemed valid.
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).