Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLT admitted a CIRP application for ₹1.05 crore operational debt after finding the invoices undisputed and no pre-existing dispute demonstrated by the corporate debtor.
NCLAT dismissed a personal guarantor’s application for personal insolvency, finding misuse of IBC moratorium to delay SARFAESI possession proceedings.
NCLT admitted Union Bank’s insolvency petition holding that revival letters and audited balance sheets acknowledging debt extended the limitation period for filing under IBC.
The NCLT admitted an insolvency petition against a corporate debtor, finding the demand notice demonstrated clear intention to enforce personal liability of guarantors. Reliance placed on Innoventive Industries precedent.
The NCLT ruled that absence of a separate postal receipt or acknowledgement does not invalidate a demand notice under Section 8 of the IBC, provided other proof of service exists. Service via registered post with postal indices suffices.
The National Company Law Tribunal (NCLT) held that leasehold rights in land constitute assets of a corporate debtor, allowing an interim application in insolvency proceedings. The ruling clarifies the scope of 'assets' under the IBC during liquidation.
The Delhi High Court held that a pre-CIRP Customs demand, not filed before the resolution professional, cannot be enforced after the approval of the resolution plan. This ruling has significant implications for corporate insolvency proceedings.
In a significant ruling, the NCLT treated the sale and leaseback of cloud storage as a financial lease, allowing for the admission of a ₹1.63 crore insolvency petition.
In the Subhash Chandra insolvency matter, the NCLT ruled that a repayment plan can bind dissenting creditors, excluding claims filed for 1,260 individuals. This clarification may impact how creditors' rights are managed in insolvency proceedings.
The Bombay High Court has upheld the transfer of winding-up proceedings to the NCLT, determining that asset sales by secured creditors do not render the revival of the company impossible. This ruling emphasizes that the potential for revival remains intact despite such sales.
The NCLT ordered liquidation of a corporate debtor as no viable resolution plan emerged, following an 80.86% vote by the Committee of Creditors (CoC). This ruling underscores the challenges in achieving resolutions under the Insolvency and Bankruptcy Code.
The NCLT has admitted Canara Bank's insolvency plea against a corporate guarantor worth ₹119.64 crore, confirming that the Corporate Insolvency Resolution Process (CIRP) of a principal borrower does not preclude the initiation of insolvency proceedings against the guarantor.