Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLT admits insolvency application citing ₹8.42 crore default; petition held within limitation due to acknowledgment of debt via last repayment.
NCLT admitted an insolvency application due to default of ₹3.43 crore, holding that the corporate debtor failed to disprove baseline eligibility of 540 homebuyers.
Rajasthan High Court ruled that insolvency of a supplier under IBC does not excuse compliance with Section 16(2)(c) GST conditions for claiming ITC, even if tax remains unpaid.
NCLT approved voluntary liquidation after full debt settlement but held directors liable for future dues beyond the ₹14.99 lakh fund, preserving post-liquidation accountability.
NCLT admitted a ₹32.35 crore CIRP application despite procedural defects in Form-1, ruling that such errors are curable if the existence of debt and default are established by records.
NCLT admitted a ₹32.35 crore CIRP petition despite procedural defects in Form-1, holding that such defects are curable once debt and default are established. The tribunal rejected reliance on Section 10A of IBC, affirming its directory nature.
NCLT approves voluntary liquidation under Section 59 IBC but holds directors liable for future contingent dues despite debt settlement.
The NCLT held that pending winding-up proceedings do not preclude initiation of CIRP under IBC if no irreversible steps toward liquidation have been taken.
NCLAT held that a consent arbitral award does not discharge a continuing guarantee. Personal guarantor insolvency proceeding upheld; recovery credits required.
NCLT Ahmedabad held that revival letters and financial statements toll limitation for IBC petitions under Section 7. Debt acknowledgment resets time for insolvency initiation.
NCLAT Delhi remanded a VCare oppression petition, holding that commercial restructuring does not preclude findings of unfair prejudice. Status quo on shares and assets restored.
NCLT Mumbai upheld a resolution plan for Zicom Electronics with 75.46% CoC approval after reconsideration of valuation and feasibility. The tribunal found the revised plan compliant with IBC requirements and in the best interest of stakeholders.