Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLAT affirmed forfeiture of earnest money deposit and part payment after a successful liquidation auction bidder failed to complete payment as per terms.
NCLT Chandigarh admitted a Section 9 IBC application against SynergyByte for default of ₹1.06 crore in unpaid digital marketing dues, finding no pre-existing dispute.
Calcutta High Court holds that Rs 20 lakh SARFAESI threshold for NBFCs does not apply to banks acquiring secured assets, upholding recovery proceedings.
NCLAT Delhi closed the CIRP after creditors settled claims and the appellant agreed to pay costs, despite procedural impasse under Section 12A.
NCLAT upheld the restoration of Ganton Projects but reduced the ₹10 lakh cost imposed to ₹5 lakh, holding the original amount to be disproportionate under Rule 87A of the Companies Rules.
The Securities Appellate Tribunal (SAT) has consistently held that SEBI cannot impose penalties on a corporate debtor for pre-acquisition defaults after an NCLT-approved resolution plan under the IBC. Sections 31 and 32A of the Insolvency and Bankruptcy Code protect the corporate entity post-resolution, barring regulatory penalties for past conduct.
NCLT admits insolvency petition for ₹1.05 crore operational debt; no genuine dispute raised prior to default.
NCLAT holds personal insolvency applications cannot be misused as shield against SARFAESI possession proceedings.
NCLAT rules arbitral award imposing joint liability doesn’t alter personal guarantee; guarantor remains distinct from borrower.
NCLT admitted petition holding that demand notice clearly indicated intention to enforce personal guarantees under IBC.
NCLT ruled that absence of separate postal receipt or acknowledgement does not invalidate a demand notice under IBC if other proof of service exists.
NCLT ruled that leasehold rights over land constitute assets of the company and are transferable in liquidation proceedings under IBC.