REEDNews

Latest News on the Insolvency, Bankruptcy and Debt Recovery laws

Parliamentary Panel Recommends Dedicated NCLT and NCLAT Benches to Expedite IBC Cases

Shri Bhartruhari Mahtab, Chairperson of the Parliamentary Standing Committee on Finance, is leading the push for dedicated NCLT and NCLAT...

1 day ago3 min read

CIRP Admission Set Aside as Operational Creditor Suppressed Payments and Failed to Meet ₹1 Crore Threshold: NCLAT

NCLAT set aside the admission of CIRP against the Corporate Debtor, holding that the Operational Creditor had suppressed material...

1 day ago3 min read

Ratified IRP Fee Binding on CoC: NCLAT Affirms ₹9 Lakh Payment to Interim Resolution Professional (IRP)

NCLAT held that the ratified fee of ₹9 lakh for the Interim Resolution Professional (IRP) is binding on the Committee of Creditors (CoC)...

2 days ago3 min read

General WhatsApp Message Cannot Constitute Pre-Existing Dispute to Defeat Section 9 IBC Petition: NCLAT

NCLAT held that a general WhatsApp message lacking specificity cannot constitute a pre-existing dispute sufficient to defeat a petition...

4 days ago4 min read

Dishonour of Cheques During CIRP and Liquidation Not Attributable to Former Directors: Bombay High Court Quashes Criminal Proceedings

Bombay High Court held that dishonour of cheques during the Corporate Insolvency Resolution Process and liquidation cannot be attributed...

5 days ago3 min read

Insolvency and Bankruptcy Code Cannot Override PMLA; ED’s Asset Attachment to Remain, Rules NCLAT

The National Company Law Appellate Tribunal (NCLAT) has ruled that the Insolvency and Bankruptcy Code (IBC) cannot override the...

5 days ago4 min read

SC Seeks Immediate Repossession of CJI Bungalow from Justice Chandrachud After Extended Stay Beyond Permissible Limit

Supreme Court asks Centre to reclaim official CJI residence from Justice D.Y. Chandrachud, citing overstay beyond permitted...

6 days ago2 min read

RBI’s Deputy Governor Pushes for Real-Time Credit Reporting and Standardised Borrower IDs to Deepen Trust and Democratise Credit Access

RBI Deputy Governor M. Rajeshwar Rao urged Credit Information Companies to adopt real-time credit data reporting and implement...

Jul 42 min read

NCLAT Holds Discretion Under Section 7 Not Permissible Once Debt and Default Are Established; Sets Aside Rejection Based on Misapplication of Vidarbha

The NCLAT held that discretion under Section 7 of the IBC is not permissible once debt and default are established, and accordingly set...

Jul 34 min read

NCLAT Invokes Inherent Jurisdiction to Set Aside CIRP Admission Without Requiring Section 12A Withdrawal in Absence of Other Claims

The National Company Law Appellate Tribunal (NCLAT) invoked its inherent jurisdiction to set aside the admission of the Corporate...

Jul 33 min read

NCLAT Sets Aside Mechanical Rejection for Lack of Individual Assessment; Revives Allottee Claims for Fresh Consideration

The National Company Law Appellate Tribunal (NCLAT) set aside the mechanical rejection of claims for lack of individual assessment by the...

Jul 23 min read

Guarantors of Sole Proprietorship Firms Cannot Invoke Interim Moratorium Under Section 96 to Stall SARFAESI Proceedings

The Madhya Pradesh High Court held that guarantors of sole proprietorship firms cannot invoke the interim moratorium under Section 96 of...

Jul 23 min read

EPFO Bound by BIFR’s Final Rehabilitation Scheme: Tribunal Quashes Rejection of Section 14B Waiver

The Central Government Industrial Tribunal (CGITLC) held that the Employees’ Provident Fund Organisation (EPFO) is bound by the final...

Jul 23 min read

NCLAT Sets Aside Rejection of Homebuyer’s Claim Based on Cash Payment Dispute, Upholds Evidentiary Value of Settlement and Allotment Documents

The NCLAT set aside the rejection of the homebuyer’s claim based on a cash payment dispute and upheld the evidentiary value of the...

Jul 13 min read

High Court Rules Interim Moratorium Under IBC Inapplicable to Guarantors of Sole Proprietorship Firms

The High Court ruled that the interim moratorium under the Insolvency and Bankruptcy Code (IBC) is inapplicable to guarantors of sole...

Jul 13 min read

CoC Barred from Recalling Resolution Plan Once Submitted for Approval Under IBC Framework

NCLAT held that the Committee of Creditors (CoC) is barred from recalling or remitting a resolution plan once it has been submitted to...

Jul 13 min read

Bombay High Court: MSME Director Lacks Locus to Challenge Recovery; SARFAESI and IBC Actions Stand Despite Revival Framework Claims

The Bombay High Court held that the director of an MSME lacks the legal locus to challenge recovery actions and upheld the proceedings...

Jun 283 min read

Binding Force of BIFR’s Rehabilitation Scheme Prevails Over EPFO’s Discretion in Waiver of Damages under Section 14B

The CGITLC held that the binding force of the BIFR’s rehabilitation scheme prevails over the EPFO’s discretion in waiving damages under...

Jun 273 min read

Balance Sheet Acknowledgment Must Be Dated from Signing, Not Filing: NCLAT Upholds Time-Barred Dismissal of Section 7 Application

NCLAT held that acknowledgement of debt in a balance sheet triggers a fresh limitation period from the date of signing, not from the date...

Jun 273 min read

NCLAT Sets Aside Section 9 Admission Due to Pre-Existing Dispute Under Facility Agreement: Upholds Mobilox Principle

The NCLAT set aside the admission of a Section 9 application under the IBC, holding that the existence of a pre-existing dispute under...

Jun 253 min read

Acknowledged Debt under Fresh Loan by ARC Held Enforceable: NCLAT Upholds Section 7 Admission Despite Limitation and Procedural Challenge

The NCLAT upheld the admission of a Section 7 application, holding that the acknowledged debt under a fresh loan granted by an Asset...

Jun 244 min read

IBC Progresses Amid Persistent Pain Points: Elevated Haircuts, Delayed Resolutions Undermine Systemic Gains

Despite improved recoveries and increased deterrence effect, the ICRA report flags persistent challenges under the IBC framework,...

Jun 182 min read

NCLAT Upholds Reversal of Preferential Transactions Made by Suspended Directors During CIRP Look-Back Period

The NCLAT upheld the reversal of preferential transactions made by the suspended directors during the CIRP look-back period. The National...

Jun 183 min read

Belated Claims Post-Resolution Plan Approval Not Maintainable: NCLAT Reiterates Finality of CIRP Under IBC

NCLAT held that belated claims filed after the approval of the resolution plan are not maintainable, reiterating the finality of the...

Jun 163 min read

NCLAT Rules Promoters Not Liable Under Section 65 IBC Without Direct Role in Fraudulent Initiation of CIRP

The NCLAT ruled that promoters cannot be held liable under Section 65 of the IBC unless they had a direct role in the fraudulent...

Jun 163 min read

NCLAT Denies Post-Argument Filing of Reply; Upholds Finality of Tribunal Proceedings

The NCLAT denied the filing of a reply after conclusion of arguments and upheld the finality of proceedings before the Tribunal. On 2...

Jun 153 min read

NCLAT Dismisses Time-Barred Appeal Under IBC Section 61 as per Supreme Court Verdict on Non-Extendable Limitation

The NCLAT dismissed a time-barred appeal filed under Section 61 of the Insolvency and Bankruptcy Code, holding that the limitation period...

Jun 143 min read

NCLAT Grants Conditional Relief from CIRP Based on Undertaking to Settle Debt Within One Month

The NCLAT granted conditional relief from the Corporate Insolvency Resolution Process (CIRP) to the appellant, based on an undertaking to...

Jun 143 min read

NCLAT Rejects Conditional Withdrawal of Appeal Citing Finality of Supreme Court-Confirmed Property Sale

The NCLAT rejected the conditional withdrawal of the appeal, citing the finality of the property sale as confirmed by the Supreme Court....

Jun 133 min read

Supreme Court: Developer Not Liable for Home Loan Interest Due to Delay in Flat Delivery, Absent Exceptional Circumstances

The Supreme Court held that a developer is not liable to reimburse the interest paid by a homebuyer on a home loan due to a delay in flat...

Jun 133 min read

Suspension of Insolvency Professional’s AFA Doesn’t Affect Ongoing Assignments: Delhi High Court

Delhi High Court held that the suspension of an Insolvency Professional’s Authorisation for Assignment (AFA) does not affect ongoing...

Jun 122 min read

Pre-Existing Dispute over Legal Fees Bars CIRP: NCLAT Affirms Dismissal of Section 9 Petition by Senior Advocate for Non-Payment of Professional Services

NCLAT held that the existence of a pre-existing dispute precluded the initiation of CIRP and accordingly upheld the dismissal of the...

Jun 123 min read

NCLAT Chennai Dismisses Byju’s Appeal Against NCLT’s Interim Order in Aakash Shareholding Dispute

The National Company Law Appellate Tribunal (NCLAT), Chennai, dismissed Byju’s appeal challenging the interim order passed by the NCLT in...

Jun 113 min read

NCLAT Sets Aside Adverse Observations Against Resolution Professional Misattributed from CoC Member’s Submissions

The NCLAT set aside the adverse observations made against the Resolution Professional, holding that they were incorrectly based on...

Jun 103 min read

NCLAT Sets Aside NCLT Order and Restores Section 95 IBC Application Applying Supreme Court’s COVID-19 Limitation Exclusion

The NCLAT set aside the NCLT order and restored the Section 95 IBC application by applying the Supreme Court’s COVID-19 limitation...

Jun 92 min read

Supreme Court Affirms Compliance of Resolution Plan with IBC – Declines Interference in Approved Judgment

The Supreme Court affirmed that the approved resolution plan was in compliance with the provisions of the Insolvency and Bankruptcy Code,...

Jun 92 min read

NCLAT Sets Aside NCLT Order, Grants 90-Day Extension for CIRP Completion Citing Changed Circumstances and CoC Reconstitution

The National Company Law Appellate Tribunal (NCLAT) set aside the NCLT’s order and granted a 90-day extension for completion of the...

Jun 93 min read

NCLAT Holds Adjudicating Authority Lacks Jurisdiction Over Customs Liability Disputes Under IBC Framework

The NCLAT held that the Adjudicating Authority lacks jurisdiction to adjudicate customs liability disputes under the framework of the...

Jun 92 min read

NCLAT Rules Interest-Free Maintenance Security (IFMS) Not a Financial Debt: Rejects Section 7 IBC Plea

The NCLAT ruled that Interest-Free Maintenance Security (IFMS) is not a financial debt and rejected the Section 7 plea under the IBC. The...

Jun 83 min read

Supreme Court Upholds NCLAT’s Rejection of Delayed Appeal in Company Restoration Case: Condonation Beyond Statutory Limit Not Permissible

The Supreme Court upheld the NCLAT’s rejection of a delayed appeal in a company restoration case, ruling that condonation of delay beyond...

Jun 83 min read

IBC Application Under Section 9 Not Maintainable for Unagreed Interest Claims Based Solely on Invoice Clause

NCLAT held that an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is not maintainable when the claim pertains...

Jun 73 min read

NCLAT Upholds Resolution Plan Approved Within CIRP Timeline; Dissenting Unsecured Creditors Bound by CoC’s Commercial Wisdom

The NCLAT upheld the resolution plan approved within the CIRP timeline, ruling that dissenting unsecured creditors are bound by the...

Jun 73 min read

Supreme Court Sets Aside CIRP Admission on Settlement; Affirms Corporate Debtor’s Obligation to Pay CIRP Costs

The Supreme Court set aside the admission of the Corporate Insolvency Resolution Process (CIRP) in light of a settlement between the...

Jun 73 min read

NCLAT Upholds CIRP Extension: Dissenting Creditor Cannot Undermine CoC’s Commercial Wisdom and Revival Efforts

The NCLAT upheld the CIRP extension, holding that a dissenting creditor cannot override the commercial wisdom of the Committee of...

Jun 63 min read

Essential Supply Protection under Section 14(2) IBC: Electricity Disconnection Prohibited During CIRP Moratorium Despite Non-Payment

NCLAT held that under Section 14(2) of the IBC, electricity as an essential supply cannot be disconnected during the CIRP moratorium...

Jun 63 min read

Limitations on Condonation: NCLAT Clarifies Inapplicability of Holiday Exclusion to Discretionary Period under Section 61(2) IBC

The NCLAT clarified that the exclusion of holidays under the Limitation Act does not apply to the discretionary 15-day condonation period...

Jun 54 min read

Calcutta High Court Upholds Employee’s Right to Full Gratuity Despite CIRP Approval; Declares Gratuity Outside Liquidation Estate Under IBC

The Calcutta High Court upheld the employee’s right to receive full gratuity despite the approval of the Resolution Plan under CIRP,...

Jun 53 min read

NCLAT Sets Aside NCLT’s Perjury Conviction: Holds Special Courts Have Exclusive Jurisdiction Under IBC

The NCLAT set aside the NCLT’s perjury conviction, holding that only Special Courts have exclusive jurisdiction to try offences under the...

Jun 44 min read

NCLAT Affirms Shareholders’ Absolute Right to Replace Voluntary Liquidator Without NCLT Intervention

The NCLAT affirmed that shareholders have the absolute right to replace a voluntary liquidator under Section 59 of the IBC without...

Jun 43 min read

Moratorium Under IBC Bars Section 138 NI Act Proceedings Against Corporate Debtor but Not Against Directors

The moratorium under the Insolvency and Bankruptcy Code bars proceedings under Section 138 of the Negotiable Instruments Act against the...

Jun 33 min read

Adverse CIBIL Report Valid Ground to Cancel Bank Appointment, Holds Madras High Court

The Madras High Court held that an adverse CIBIL report and a poor history of loan repayment constitute valid grounds for cancellation of...

1 day ago3 min read

Bank Cannot Insist on Aadhaar for Opening Account Post-Puttaswamy Verdict: Bombay High Court Awards ₹50K Compensation

The Bombay High Court held that a bank cannot insist on an Aadhaar card for opening an account after the Supreme Court’s verdict in...

3 days ago3 min read

Dishonour of Cheques During CIRP and Liquidation Not Attributable to Former Directors: Bombay High Court Quashes Criminal Proceedings

Bombay High Court held that dishonour of cheques during the Corporate Insolvency Resolution Process and liquidation cannot be attributed...

5 days ago3 min read

Insolvency and Bankruptcy Code Cannot Override PMLA; ED’s Asset Attachment to Remain, Rules NCLAT

The National Company Law Appellate Tribunal (NCLAT) has ruled that the Insolvency and Bankruptcy Code (IBC) cannot override the...

5 days ago4 min read

SC Seeks Immediate Repossession of CJI Bungalow from Justice Chandrachud After Extended Stay Beyond Permissible Limit

Supreme Court asks Centre to reclaim official CJI residence from Justice D.Y. Chandrachud, citing overstay beyond permitted...

6 days ago2 min read

SC Declines to Quash FIR Against HDFC Bank CEO: Lilavati Trust Alleges Bribery and Fraud in Governance Dispute

SC refuses to quash FIR against HDFC Bank CEO in Lilavati Trust bribery case, citing upcoming July 14 hearing before Bombay High Court....

Jul 53 min read

RBI Bans Pre-Payment Charges for MSEs and Individuals on Floating Rate Loans: A Major Push Towards Fair Lending and Borrower Mobility

In a major reform, the RBI eliminates pre-payment penalties on select floating rate loans for individuals and MSEs, empowering borrowers...

Jul 52 min read

RBI’s Deputy Governor Pushes for Real-Time Credit Reporting and Standardised Borrower IDs to Deepen Trust and Democratise Credit Access

RBI Deputy Governor M. Rajeshwar Rao urged Credit Information Companies to adopt real-time credit data reporting and implement...

Jul 42 min read

Bombay High Court: MSME Director Lacks Locus to Challenge Recovery; SARFAESI and IBC Actions Stand Despite Revival Framework Claims

The Bombay High Court held that the director of an MSME lacks the legal locus to challenge recovery actions and upheld the proceedings...

Jun 283 min read

Interest Subsidy from RBI Not Taxable under Interest Tax Act: High Court Rules in Favour of Assessee

The Bombay High Court ruled in favour of the Assessee, holding that the interest subsidy received from the Reserve Bank of India under...

Jun 253 min read

Bank Liable for Encashment of Forged Cheques: High Court Sets Aside Trial Court’s Dismissal, Upholds Customer’s Claim for Negligent Payment

The Kerala High Court held the Bank liable for encashment of cheques bearing forged signatures and set aside the trial court’s dismissal...

Jun 203 min read

Mere Professional Engagement by Party’s Law Firm Does Not Disqualify Arbitrator Under Schedule VII: High Court

The High Court held that mere professional engagement of the arbitrator by the party’s law firm does not amount to disqualification under...

Jun 153 min read

Supreme Court Restores NI Act Proceedings, Holds Unsubstantiated Retirement No Shield from Partner Liability

The Supreme Court restored proceedings under the Negotiable Instruments Act, holding that an unsubstantiated claim of retirement does not...

Jun 143 min read

Loan Settled, Yet Gold Revalued and Auctioned — Supreme Court Restores FIR Alleging Fraud by Bank Officials

The Supreme Court held that once the loan was settled, the subsequent revaluation and auction of the pledged gold raised serious doubts,...

Jun 113 min read

Supreme Court Upholds Mandatory Pre-Deposit for MSMED Act Appeals Despite Writ Invocation

The Supreme Court upheld the mandatory pre-deposit requirement under the MSMED Act for appeals, even when the party invoked the writ...

Jun 43 min read

Moratorium Under IBC Bars Section 138 NI Act Proceedings Against Corporate Debtor but Not Against Directors

The moratorium under the Insolvency and Bankruptcy Code bars proceedings under Section 138 of the Negotiable Instruments Act against the...

Jun 33 min read

Arbitration in Loan Disputes: Limited Jurisdiction of Courts and Fraud Allegations Do Not Bar Reference Unless Arbitration Clause Is Vitiated

The High Court held that arbitration in loan disputes is not barred by fraud allegations or the limited jurisdiction of courts unless the...

Jun 23 min read

Essence of Contract, Forfeiture of Earnest Money, and Specific Pleadings in Enforcement of Sale Agreements: Supreme Court Ruling

The Supreme Court, in a recent ruling, examined the essence of contract, the forfeiture of earnest money, and the necessity of specific...

May 273 min read

Supreme Court Affirms: Encashment of Bank Guarantee Is Not Duty Payment — Clarifies Refund Eligibility Under Customs Act

The Supreme Court has affirmed that the encashment of a bank guarantee does not constitute payment of duty and has clarified the...

May 203 min read

Commercial Execution Proceedings Withdrawn Following Settlement – Liberty Granted to Restore on Breach of Terms

The High Court allowed the withdrawal of commercial execution proceedings following a settlement agreement between the parties, while...

Apr 112 min read

Proceedings under Section 138 of NI Act Against an Individual are Barred During Interim Moratorium Under Section 96 of the IBC

The High Court held that proceedings under Section 138 of the Negotiable Instruments Act against an individual are barred during the...

Apr 102 min read

Personal Insolvency Proceedings Cannot Shield Individuals from Prosecution under Section 138 of the N.I. Act Despite Interim Moratorium under Section 96 of the IBC

The Supreme Court held that personal insolvency proceedings under the IBC cannot shield individuals from prosecution under Section 138 of...

Apr 54 min read

Supreme Court Reaffirms Statutory Presumption Under NI Act – Mere Denial by Accused Insufficient to Rebut Liability

The Supreme Court reaffirmed the statutory presumption under the Negotiable Instruments Act, holding that mere denial by the accused was...

Apr 33 min read

Wilful Defaulter Classification Must Adhere to Principles of Natural Justice – High Court Strikes Down Arbitrary Declaration Based on a Discredited Audit Report

The High Court ruled that the classification of a wilful defaulter must adhere to the principles of natural justice and struck down the...

Apr 24 min read

Banking Laws (Amendment) Bill, 2024: Key Reforms in Nomination, Substantial Interest, and Regulatory Compliance

Parliament has passed the Banking Laws (Amendment) Bill, 2024 , introducing significant reforms in banking regulations. The Rajya Sabha...

Mar 272 min read

Cheque Bounce Proceedings Against Director Unsustainable as Cause of Action Arose Post-Moratorium Under IBC

Supreme Court ruled that cheque bounce proceedings against the director are unsustainable as the cause of action arose after the...

Mar 193 min read

Cheque Dishonour Complaint Maintainable at Payee’s Bank Location; Accused’s Convenience Not a Ground for Transfer: Supreme Court

The Supreme Court had ruled that a cheque dishonour complaint is maintainable at the payee’s bank location and that the accused cannot...

Mar 133 min read

IBBI Celebrates International Women’s Day 2025 with Inspiring Deliberations

The Insolvency and Bankruptcy Board of India (IBBI) commemorated International Women’s Day 2025 through a virtual event on March 06,...

Mar 71 min read

Post-Dated Cheques Issued for Security Deposit Amount to a Legally Enforceable Debt; Supreme Court Upholds Conviction and Enhanced Compensation Under Section 138 of NI Act

The Supreme Court upheld the conviction and enhanced compensation under Section 138 of the NI Act, ruling that post-dated cheques issued...

Mar 64 min read

Borrower Not a 'Consumer' If Loan Is for Profit-Making, Complaint Against Bank Not Maintainable

The Supreme Court rules that a borrower is not a 'consumer' if the loan is taken for profit-making purposes, making a complaint against...

Mar 23 min read

MSMED Act Will Prevail Over Arbitration Act In Disputes Pertaining To A Party Which Is An MSME

The High Court held that in disputes involving an MSME, the provisions of the MSMED Act will override the Arbitration Act. On 24-02-2025,...

Feb 273 min read

RBI Issues Draft Guidelines on Foreclosure Charges and Pre-Payment Penalties for Loans – Seeks Public Comments

The Reserve Bank of India (RBI) has released a draft circular inviting comments from stakeholders and the public on its proposed...

Feb 242 min read

Supreme Court Rules on Priority of Charges and Enforceability of Equitable Mortgages Under the Transfer of Property Act, 1882

The Supreme Court Clarified the Priority of Charges and the Enforceability of Equitable Mortgages Under the Transfer of Property Act,...

Feb 226 min read

Byju's committee of creditors votes to Replace Resolution Professional Following NCLT’s Scrutiny

The National Company Law Tribunal (NCLT) has taken a decisive step in the ongoing insolvency proceedings against Byju’s parent company,...

Feb 192 min read

Acquittal in Criminal Proceedings Does Not Preclude Disciplinary Action; Supreme Court Upholds Dismissal for Bank Fraud

The Supreme Court held that an acquittal in criminal proceedings does not preclude disciplinary action and upheld the respondent’s...

Feb 73 min read

Revised Guidelines on Settlement of Dues by Asset Reconstruction Companies (ARCs)

The Reserve Bank of India (RBI) issued today the revised guidelines on the settlement of dues payable by borrowers of Asset...

Jan 202 min read

Validity of MSME Registration in CIRP Context: Supreme Court Allows Challenge via Writ Petition, Stays Proceedings

The Supreme Court permitted the Central Bank of India to challenge the validity of the MSME Registration Certificate issued to the...

Jan 162 min read

Government to Launch New Collateral-Free Credit Guarantee Scheme for MSMEs Covering Loans up to Rs 100 Crore to Boost Economic Growth

The Government of India is set to introduce a new credit guarantee scheme for Micro, Small, and Medium Enterprises (MSMEs), aimed at...

Jan 111 min read

MSME Ministry Hosts Consultation to Ease Compliance Under Companies Act, 2013

The Ministry of Micro, Small, and Medium Enterprises (MSME) is set to host a Stakeholder Consultation on January 10, 2025, in New Delhi...

Jan 91 min read

No Loans or Utility Connections for Buildings Without Completion/Occupation Certificate, Orders Supreme Court

The Supreme Court of India, in a decisive ruling, has issued comprehensive guidelines aimed at curbing the rise of unauthorized...

Jan 62 min read

Strengthening Support for MSMEs: FISME's Budget Recommendations for Improved Financial Frameworks and Growth

In its budget recommendations, the Federation of Indian Micro and Small & Medium Enterprises (FISME) stressed the need to enhance the...

Jan 62 min read

Limitation Period for Objections to Arbitral Award Starts from Awareness of Award, Not Formal Notice: Supreme Court Clarifies under Section 14(2) of the Arbitration Act, 1940

Supreme Court clarified that the limitation period for objections to an arbitral award commenced from the objector's awareness of the...

Jan 52 min read

Validity of Complaints Filed by Authorized Representatives Under Section 138 NI Act: Authorization and Knowledge as Trial Issues

Supreme Court upheld the validity of complaints filed by authorized representatives under Section 138 of the NI Act, emphasizing that...

Jan 53 min read

Authorized Signatories Excluded from Interim Compensation Liability under Section 143-A of the NI Act: Supreme Court Upholds Strict Interpretation

The Supreme Court upheld a strict interpretation of Section 143-A of the NI Act, ruling that authorized signatories are excluded from...

Dec 24, 20243 min read

Judicial Rejection of Procedural Delays in NI Act Cases: Upholding Trial Efficiency and Evidentiary Principles

The High Court rejected procedural delays in NI Act cases, emphasizing trial efficiency and reaffirming that expert opinions are...

Dec 23, 20242 min read

Arbitration Petition Dismissed as Claims are Ex Facie Time-Barred and Beyond the Limitation Period

The Supreme Court dismissed the arbitration petition, holding that the claims were ex facie time-barred and beyond the limitation...

Dec 20, 20243 min read

Sanjay Malhotra Appointed as the New RBI Governor

Sanjay Malhotra has been appointed as the 26th Governor of the Reserve Bank of India (RBI) for a three-year term, beginning December 10,...

Dec 9, 20241 min read

Strengthening Governance and Customer Convenience: Key Highlights of the Banking Laws (Amendment) Bill, 2024

The Banking Laws (Amendment) Bill, 2024 , introduced by Finance Minister Nirmala Sitharaman, aims to modernize governance frameworks,...

Dec 4, 20242 min read

Appellate Court's Power to Waive 20% Deposit Under Section 148 of the Negotiable Instruments Act: A Key Ruling

High Court ruled that the Appellate Court had the power to waive the 20% deposit under Section 148 of the Negotiable Instruments Act in...

Nov 26, 20242 min read

Supreme Court Rules Against Awarding Interest on Interest in Absence of Statutory or Contractual Provision

The Supreme Court ruled against awarding interest on interest in the absence of a statutory or contractual provision. The Supreme Court...

Nov 26, 20242 min read

High Court Upholds Bank’s First Charge Over Hypothecated Goods Despite Dealership Dispute and Ownership Claims by Supplier

The Delhi High Court upheld the bank’s first charge over hypothecated goods, rejecting the supplier’s ownership claims and...

9 hours ago3 min read

DRT Cannot Deny Joint Applications Under SARFAESI Act: High Court Affirms Tenants' Right to Collective Redressal

The Kerala High Court held that the Debts Recovery Tribunal cannot deny joint applications filed under the SARFAESI Act, affirming that...

1 day ago3 min read

District Magistrate Can Re-Entertain Fresh Section 14 SARFAESI Plea When Possession Is Lost Due to Illegal Trespass: Allahabad High Court

Allahabad High Court held that the District Magistrate can re-entertain a fresh application under Section 14 of the SARFAESI Act when...

3 days ago2 min read

SC Seeks Immediate Repossession of CJI Bungalow from Justice Chandrachud After Extended Stay Beyond Permissible Limit

Supreme Court asks Centre to reclaim official CJI residence from Justice D.Y. Chandrachud, citing overstay beyond permitted...

6 days ago2 min read

RBI’s Deputy Governor Pushes for Real-Time Credit Reporting and Standardised Borrower IDs to Deepen Trust and Democratise Credit Access

RBI Deputy Governor M. Rajeshwar Rao urged Credit Information Companies to adopt real-time credit data reporting and implement...

Jul 42 min read

Guarantors of Sole Proprietorship Firms Cannot Invoke Interim Moratorium Under Section 96 to Stall SARFAESI Proceedings

The Madhya Pradesh High Court held that guarantors of sole proprietorship firms cannot invoke the interim moratorium under Section 96 of...

Jul 23 min read

High Court Rules Interim Moratorium Under IBC Inapplicable to Guarantors of Sole Proprietorship Firms

The High Court ruled that the interim moratorium under the Insolvency and Bankruptcy Code (IBC) is inapplicable to guarantors of sole...

Jul 13 min read

Bombay High Court: MSME Director Lacks Locus to Challenge Recovery; SARFAESI and IBC Actions Stand Despite Revival Framework Claims

The Bombay High Court held that the director of an MSME lacks the legal locus to challenge recovery actions and upheld the proceedings...

Jun 283 min read

Mandatory Pre-Deposit Upheld: DRAT Rejects Waiver Plea for Lack of Prima Facie Case and Financial Hardship

The DRAT upheld the requirement of mandatory pre-deposit under Section 18(1) of the SARFAESI Act, rejecting the appellants’ plea for...

Jun 193 min read

Bank’s Recovery Right Under RDB Act Overrides State’s Charge Under VAT Act; High Court Enforces Section 31-B

The Andhra Pradesh High Court, by invoking Section 31-B of the RDB Act, held that the Bank’s right of recovery takes precedence over the...

Jun 193 min read

Secured Creditors’ Priority Upheld: Gujarat High Court Rules Crown Debts Subordinate to SARFAESI Charge in Mutation Disputes

The Gujarat High Court upheld the priority of secured creditors under the SARFAESI Act, ruling that Crown debts are subordinate and...

Jun 184 min read

High Court Slams Bank’s Arbitrary Reversal of Auction Sale; Orders Compensation to Auction Purchaser

The High Court condemned the Bank’s arbitrary and unlawful reversal of a concluded auction sale and directed it to compensate the auction...

Jun 142 min read

High Court Recalls Direction to Pay Interest on Auction Deposit Upon Disclosure of Suppressed Facts; Holds Remedy Lies Before DRT

The High Court recalled its earlier direction to pay interest on the auction deposit upon discovering that material facts had been...

Jun 102 min read

Bombay High Court: Mortgage of Leasehold Industrial Property Without MIDC Consent Not Void; MIDC Lacks Power to Impose Subletting Charges

Bombay High Court held that the mortgage of leasehold industrial property without the prior consent of MIDC was not void, and further...

Jun 53 min read

Supreme Court Upholds Mandatory Statutory Arbitration u/s 11 SARFAESI Act for Inter-Creditor Disputes Involving Priority of Charge Between Banks on the Same Secured Asset

The Supreme Court has upheld mandatory statutory arbitration under Section 11 of the SARFAESI Act for inter-creditor disputes involving...

May 293 min read

High Court Quashes Unreasoned DRT Order; Emphasises Judicial Application of Mind, Urges Finance Ministry to Consider Officer Training

The High Court quashed an unreasoned order passed by the DRT, emphasised the necessity of judicial application of mind, and urged the...

May 252 min read

Department of Financial Services (DFS) organises a colloquium of Chairpersons of Debts Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs)

Various key initiatives taken by the Department highlighted at the colloquium, such as the adoption of revised DRT Regulations, mandatory...

May 251 min read

Secured Creditors Have No Priority Over MPID Attachments: Supreme Court Affirms Limits of Article 142 Powers

The Supreme Court held that secured creditors have no priority over properties attached under the MPID Act and reaffirmed that its powers...

May 213 min read

Reinitiation of SARFAESI Proceedings Not a Valid Ground to Claim Refund of Forfeited Earnest Money under Rule 9(5)

High Court held that the reinitiation of SARFAESI proceedings by the bank does not constitute a valid ground to seek refund of forfeited...

May 113 min read

NCLAT Cannot Declare Registered Sale Deed as Non-binding in Absence of Title Transfer through Registered Conveyance or Suit for Specific Performance

The Supreme Court held that the NCLAT could not have declared the registered sale deed as non-binding on the company in the absence of a...

Apr 173 min read

Wilful Defaulter Classification Must Adhere to Principles of Natural Justice – High Court Strikes Down Arbitrary Declaration Based on a Discredited Audit Report

The High Court ruled that the classification of a wilful defaulter must adhere to the principles of natural justice and struck down the...

Apr 24 min read

Chandigarh DRT Presiding Officer Challenges Suspension Extension in Delhi High Court, Cites Unjust Harassment

Mr. M.M. Dhonchak, Presiding Officer of Debts Recovery Tribunal (DRT)-2, Chandigarh, has filed an appeal before the Division Bench of the...

Mar 312 min read

Banking Laws (Amendment) Bill, 2024: Key Reforms in Nomination, Substantial Interest, and Regulatory Compliance

Parliament has passed the Banking Laws (Amendment) Bill, 2024 , introducing significant reforms in banking regulations. The Rajya Sabha...

Mar 272 min read

Although Non-Adjudicatory, a Chief Judicial Magistrate’s Role Under Section 14 of the SARFAESI Act Mandates Due Application of Mind

The High Court held that although non-adjudicatory, a Chief Judicial Magistrate’s role under Section 14 of the SARFAESI Act mandates due...

Mar 253 min read

IBBI Celebrates International Women’s Day 2025 with Inspiring Deliberations

The Insolvency and Bankruptcy Board of India (IBBI) commemorated International Women’s Day 2025 through a virtual event on March 06,...

Mar 71 min read

Banks Can Initiate Proceedings Under SARFAESI Act If Not a Party to the Resolution Plan

The High Court ruled that banks could initiate proceedings under the SARFAESI Act if they were not a party to the resolution plan. The...

Mar 53 min read

Borrower Not a 'Consumer' If Loan Is for Profit-Making, Complaint Against Bank Not Maintainable

The Supreme Court rules that a borrower is not a 'consumer' if the loan is taken for profit-making purposes, making a complaint against...

Mar 23 min read

Supreme Court Rules on Priority of Charges and Enforceability of Equitable Mortgages Under the Transfer of Property Act, 1882

The Supreme Court Clarified the Priority of Charges and the Enforceability of Equitable Mortgages Under the Transfer of Property Act,...

Feb 226 min read

Supreme Court Upholds Validity of Section 101 IBC, Addresses Concern Over Post-Moratorium Creditor Actions in Individual Insolvency

The Supreme Court upheld the validity of Section 101 of the IBC and addressed concerns over post-moratorium creditor actions in...

Feb 203 min read

Byju's committee of creditors votes to Replace Resolution Professional Following NCLT’s Scrutiny

The National Company Law Tribunal (NCLT) has taken a decisive step in the ongoing insolvency proceedings against Byju’s parent company,...

Feb 192 min read

DRT Cannot Restore Possession of Secured Assets to Non-Borrower or Non-Possessor – Civil Court Jurisdiction and DRT's Powers under SARFAESI Act

The Supreme Court held that the DRT could not restore possession of the secured asset to a person who was neither the borrower nor the...

Jan 254 min read

Supreme Court Directs Centre to Provide Additional Staff for DRTs to Ensure Uninterrupted Functioning

The Supreme Court, on January 17, 2025, ruled that the Union of India must provide additional staff to the Debts Recovery Tribunals...

Jan 212 min read

Revised Guidelines on Settlement of Dues by Asset Reconstruction Companies (ARCs)

The Reserve Bank of India (RBI) issued today the revised guidelines on the settlement of dues payable by borrowers of Asset...

Jan 202 min read

Remand of Securitisation Application for Reconsideration in Light of Fresh Adjudication of Original Application

DRAT remanded the Securitisation Application to the DRT for fresh adjudication, directing it to reconsider the matter alongside the...

Jan 162 min read

Government to Launch New Collateral-Free Credit Guarantee Scheme for MSMEs Covering Loans up to Rs 100 Crore to Boost Economic Growth

The Government of India is set to introduce a new credit guarantee scheme for Micro, Small, and Medium Enterprises (MSMEs), aimed at...

Jan 111 min read

Rights of Secured Creditors under Section 26E of the SARFAESI Act Take Precedence Over Crown Debts

The High Court ruled that the rights of secured creditors under Section 26E of the SARFAESI Act take precedence over Crown debts,...

Jan 92 min read

Procedural Irregularities in SARFAESI Auctions Do Not Invalidate Sales Without Collusion, Fraud, or Prejudice

DRT held that procedural irregularities in SARFAESI auctions did not invalidate sales unless collusion, fraud, or substantial prejudice...

Jan 82 min read

No Loans or Utility Connections for Buildings Without Completion/Occupation Certificate, Orders Supreme Court

The Supreme Court of India, in a decisive ruling, has issued comprehensive guidelines aimed at curbing the rise of unauthorized...

Jan 62 min read

Strengthening Support for MSMEs: FISME's Budget Recommendations for Improved Financial Frameworks and Growth

In its budget recommendations, the Federation of Indian Micro and Small & Medium Enterprises (FISME) stressed the need to enhance the...

Jan 62 min read

Kerala High Court Upholds Borrowers' Privacy: Public Shaming Declared Unlawful for Debt Recovery

The Kerala High Court upheld borrowers' privacy and declared public shaming as an unlawful method for debt recovery. The Single-Judge...

Dec 27, 20242 min read

Tribunal Affirms Joint and Several Liability of Borrower and Guarantor for Loan Default with Modified Interest Rate

DRT affirmed the joint and several liability of the borrower and guarantor for loan default while modifying the interest rate. The Debts...

Dec 23, 20242 min read

Borrower’s Right to Redeem Extinguished Post-Sale Notice; Auction Validity Upheld, Contempt for Obstructing Court’s Order

The Supreme Court held that the borrower's right to redeem the mortgage was extinguished after the sale notice was issued, upheld the...

Dec 22, 20243 min read

Auction Sale Set Aside for Non-Compliance with Mandatory 30-Day Notice Requirement Under Rules 8(6) and 9(1) of SARFAESI Rules

The DRAT set aside the auction sale for non-compliance with the mandatory 30-day notice requirement under Rules 8(6) and 9(1) of the...

Dec 19, 20244 min read

Applicant Estopped from Challenging Sale Notice Under SARFAESI Act Following Dismissal of Previous Application

The DRT held that the Applicant was estopped from challenging the Sale Notice under the SARFAESI Act, following the dismissal of the...

Dec 18, 20242 min read

Ex-Parte Recovery Order Passed in Favour of Bank with Reduction in Penal Interest and Capping of Future Interest at 9% Per Annum

DRT passed an ex-parte recovery order in favour of the Bank, reducing the penal interest and capping the future interest at 9% per annum....

Dec 18, 20242 min read

Right of Redemption Under Section 13(8) of SARFAESI Act Limited to Mortgagor; Third-Party Possession Insufficient to Challenge Secured Creditor’s Measures

DRAT held that the right of redemption under Section 13(8) of the SARFAESI Act is limited to the mortgagor, and a third party in...

Dec 17, 20243 min read

Procedural Fairness and Enforceability of Personal Guarantee Document Amid Pending Insolvency Proceedings

The DRT examined the procedural fairness and enforceability of a personal guarantee document in light of pending insolvency proceedings...

Dec 15, 20243 min read

Non-filing of Written Statement Not Enough for Counter-claim Success - Review Limited to Errors Apparent on Record

The DRAT held that the non-filing of a written statement by SBI did not automatically entitle the counter-claim to succeed and emphasized...

Dec 13, 20243 min read

Substitution of Authorized Officer by District Magistrate under SARFAESI Act Validated by DRAT

DRAT validated the substitution of the authorized officer by the District Magistrate under the SARFAESI Act. The Debts Recovery Appellate...

Dec 13, 20242 min read

Rectification of Typographical Errors in Section 14 Orders is Ministerial and Does Not Render the Magistrate Functus Officio

DRAT held that the rectification of typographical errors in Section 14 orders was ministerial in nature and did not render the Magistrate...

Dec 13, 20243 min read

High Court Upholds Bank’s First Charge Over Hypothecated Goods Despite Dealership Dispute and Ownership Claims by Supplier

The Delhi High Court upheld the bank’s first charge over hypothecated goods, rejecting the supplier’s ownership claims and...

9 hours ago3 min read

Parliamentary Panel Recommends Dedicated NCLT and NCLAT Benches to Expedite IBC Cases

Shri Bhartruhari Mahtab, Chairperson of the Parliamentary Standing Committee on Finance, is leading the push for dedicated NCLT and NCLAT...

1 day ago3 min read

CIRP Admission Set Aside as Operational Creditor Suppressed Payments and Failed to Meet ₹1 Crore Threshold: NCLAT

NCLAT set aside the admission of CIRP against the Corporate Debtor, holding that the Operational Creditor had suppressed material...

1 day ago3 min read

DRT Cannot Deny Joint Applications Under SARFAESI Act: High Court Affirms Tenants' Right to Collective Redressal

The Kerala High Court held that the Debts Recovery Tribunal cannot deny joint applications filed under the SARFAESI Act, affirming that...

1 day ago3 min read

Adverse CIBIL Report Valid Ground to Cancel Bank Appointment, Holds Madras High Court

The Madras High Court held that an adverse CIBIL report and a poor history of loan repayment constitute valid grounds for cancellation of...

1 day ago3 min read

Ratified IRP Fee Binding on CoC: NCLAT Affirms ₹9 Lakh Payment to Interim Resolution Professional (IRP)

NCLAT held that the ratified fee of ₹9 lakh for the Interim Resolution Professional (IRP) is binding on the Committee of Creditors (CoC)...

2 days ago3 min read

Bank Cannot Insist on Aadhaar for Opening Account Post-Puttaswamy Verdict: Bombay High Court Awards ₹50K Compensation

The Bombay High Court held that a bank cannot insist on an Aadhaar card for opening an account after the Supreme Court’s verdict in...

3 days ago3 min read

District Magistrate Can Re-Entertain Fresh Section 14 SARFAESI Plea When Possession Is Lost Due to Illegal Trespass: Allahabad High Court

Allahabad High Court held that the District Magistrate can re-entertain a fresh application under Section 14 of the SARFAESI Act when...

3 days ago2 min read

General WhatsApp Message Cannot Constitute Pre-Existing Dispute to Defeat Section 9 IBC Petition: NCLAT

NCLAT held that a general WhatsApp message lacking specificity cannot constitute a pre-existing dispute sufficient to defeat a petition...

4 days ago4 min read

Dishonour of Cheques During CIRP and Liquidation Not Attributable to Former Directors: Bombay High Court Quashes Criminal Proceedings

Bombay High Court held that dishonour of cheques during the Corporate Insolvency Resolution Process and liquidation cannot be attributed...

5 days ago3 min read

Insolvency and Bankruptcy Code Cannot Override PMLA; ED’s Asset Attachment to Remain, Rules NCLAT

The National Company Law Appellate Tribunal (NCLAT) has ruled that the Insolvency and Bankruptcy Code (IBC) cannot override the...

5 days ago4 min read

SC Seeks Immediate Repossession of CJI Bungalow from Justice Chandrachud After Extended Stay Beyond Permissible Limit

Supreme Court asks Centre to reclaim official CJI residence from Justice D.Y. Chandrachud, citing overstay beyond permitted...

6 days ago2 min read

SC Declines to Quash FIR Against HDFC Bank CEO: Lilavati Trust Alleges Bribery and Fraud in Governance Dispute

SC refuses to quash FIR against HDFC Bank CEO in Lilavati Trust bribery case, citing upcoming July 14 hearing before Bombay High Court....

Jul 53 min read

RBI Bans Pre-Payment Charges for MSEs and Individuals on Floating Rate Loans: A Major Push Towards Fair Lending and Borrower Mobility

In a major reform, the RBI eliminates pre-payment penalties on select floating rate loans for individuals and MSEs, empowering borrowers...

Jul 52 min read

RBI’s Deputy Governor Pushes for Real-Time Credit Reporting and Standardised Borrower IDs to Deepen Trust and Democratise Credit Access

RBI Deputy Governor M. Rajeshwar Rao urged Credit Information Companies to adopt real-time credit data reporting and implement...

Jul 42 min read

NCLAT Holds Discretion Under Section 7 Not Permissible Once Debt and Default Are Established; Sets Aside Rejection Based on Misapplication of Vidarbha

The NCLAT held that discretion under Section 7 of the IBC is not permissible once debt and default are established, and accordingly set...

Jul 34 min read

NCLAT Invokes Inherent Jurisdiction to Set Aside CIRP Admission Without Requiring Section 12A Withdrawal in Absence of Other Claims

The National Company Law Appellate Tribunal (NCLAT) invoked its inherent jurisdiction to set aside the admission of the Corporate...

Jul 33 min read

NCLAT Sets Aside Mechanical Rejection for Lack of Individual Assessment; Revives Allottee Claims for Fresh Consideration

The National Company Law Appellate Tribunal (NCLAT) set aside the mechanical rejection of claims for lack of individual assessment by the...

Jul 23 min read

Guarantors of Sole Proprietorship Firms Cannot Invoke Interim Moratorium Under Section 96 to Stall SARFAESI Proceedings

The Madhya Pradesh High Court held that guarantors of sole proprietorship firms cannot invoke the interim moratorium under Section 96 of...

Jul 23 min read

EPFO Bound by BIFR’s Final Rehabilitation Scheme: Tribunal Quashes Rejection of Section 14B Waiver

The Central Government Industrial Tribunal (CGITLC) held that the Employees’ Provident Fund Organisation (EPFO) is bound by the final...

Jul 23 min read

NCLAT Sets Aside Rejection of Homebuyer’s Claim Based on Cash Payment Dispute, Upholds Evidentiary Value of Settlement and Allotment Documents

The NCLAT set aside the rejection of the homebuyer’s claim based on a cash payment dispute and upheld the evidentiary value of the...

Jul 13 min read

High Court Rules Interim Moratorium Under IBC Inapplicable to Guarantors of Sole Proprietorship Firms

The High Court ruled that the interim moratorium under the Insolvency and Bankruptcy Code (IBC) is inapplicable to guarantors of sole...

Jul 13 min read

CoC Barred from Recalling Resolution Plan Once Submitted for Approval Under IBC Framework

NCLAT held that the Committee of Creditors (CoC) is barred from recalling or remitting a resolution plan once it has been submitted to...

Jul 13 min read

Bombay High Court: MSME Director Lacks Locus to Challenge Recovery; SARFAESI and IBC Actions Stand Despite Revival Framework Claims

The Bombay High Court held that the director of an MSME lacks the legal locus to challenge recovery actions and upheld the proceedings...

Jun 283 min read

Binding Force of BIFR’s Rehabilitation Scheme Prevails Over EPFO’s Discretion in Waiver of Damages under Section 14B

The CGITLC held that the binding force of the BIFR’s rehabilitation scheme prevails over the EPFO’s discretion in waiving damages under...

Jun 273 min read

Balance Sheet Acknowledgment Must Be Dated from Signing, Not Filing: NCLAT Upholds Time-Barred Dismissal of Section 7 Application

NCLAT held that acknowledgement of debt in a balance sheet triggers a fresh limitation period from the date of signing, not from the date...

Jun 273 min read

NCLAT Sets Aside Section 9 Admission Due to Pre-Existing Dispute Under Facility Agreement: Upholds Mobilox Principle

The NCLAT set aside the admission of a Section 9 application under the IBC, holding that the existence of a pre-existing dispute under...

Jun 253 min read

Interest Subsidy from RBI Not Taxable under Interest Tax Act: High Court Rules in Favour of Assessee

The Bombay High Court ruled in favour of the Assessee, holding that the interest subsidy received from the Reserve Bank of India under...

Jun 253 min read

Acknowledged Debt under Fresh Loan by ARC Held Enforceable: NCLAT Upholds Section 7 Admission Despite Limitation and Procedural Challenge

The NCLAT upheld the admission of a Section 7 application, holding that the acknowledged debt under a fresh loan granted by an Asset...

Jun 244 min read

Bank Liable for Encashment of Forged Cheques: High Court Sets Aside Trial Court’s Dismissal, Upholds Customer’s Claim for Negligent Payment

The Kerala High Court held the Bank liable for encashment of cheques bearing forged signatures and set aside the trial court’s dismissal...

Jun 203 min read

Mandatory Pre-Deposit Upheld: DRAT Rejects Waiver Plea for Lack of Prima Facie Case and Financial Hardship

The DRAT upheld the requirement of mandatory pre-deposit under Section 18(1) of the SARFAESI Act, rejecting the appellants’ plea for...

Jun 193 min read

Bank’s Recovery Right Under RDB Act Overrides State’s Charge Under VAT Act; High Court Enforces Section 31-B

The Andhra Pradesh High Court, by invoking Section 31-B of the RDB Act, held that the Bank’s right of recovery takes precedence over the...

Jun 193 min read

IBC Progresses Amid Persistent Pain Points: Elevated Haircuts, Delayed Resolutions Undermine Systemic Gains

Despite improved recoveries and increased deterrence effect, the ICRA report flags persistent challenges under the IBC framework,...

Jun 182 min read

NCLAT Upholds Reversal of Preferential Transactions Made by Suspended Directors During CIRP Look-Back Period

The NCLAT upheld the reversal of preferential transactions made by the suspended directors during the CIRP look-back period. The National...

Jun 183 min read

Secured Creditors’ Priority Upheld: Gujarat High Court Rules Crown Debts Subordinate to SARFAESI Charge in Mutation Disputes

The Gujarat High Court upheld the priority of secured creditors under the SARFAESI Act, ruling that Crown debts are subordinate and...

Jun 184 min read

Belated Claims Post-Resolution Plan Approval Not Maintainable: NCLAT Reiterates Finality of CIRP Under IBC

NCLAT held that belated claims filed after the approval of the resolution plan are not maintainable, reiterating the finality of the...

Jun 163 min read

NCLAT Rules Promoters Not Liable Under Section 65 IBC Without Direct Role in Fraudulent Initiation of CIRP

The NCLAT ruled that promoters cannot be held liable under Section 65 of the IBC unless they had a direct role in the fraudulent...

Jun 163 min read

NCLAT Denies Post-Argument Filing of Reply; Upholds Finality of Tribunal Proceedings

The NCLAT denied the filing of a reply after conclusion of arguments and upheld the finality of proceedings before the Tribunal. On 2...

Jun 153 min read

Mere Professional Engagement by Party’s Law Firm Does Not Disqualify Arbitrator Under Schedule VII: High Court

The High Court held that mere professional engagement of the arbitrator by the party’s law firm does not amount to disqualification under...

Jun 153 min read

NCLAT Dismisses Time-Barred Appeal Under IBC Section 61 as per Supreme Court Verdict on Non-Extendable Limitation

The NCLAT dismissed a time-barred appeal filed under Section 61 of the Insolvency and Bankruptcy Code, holding that the limitation period...

Jun 143 min read

NCLAT Grants Conditional Relief from CIRP Based on Undertaking to Settle Debt Within One Month

The NCLAT granted conditional relief from the Corporate Insolvency Resolution Process (CIRP) to the appellant, based on an undertaking to...

Jun 143 min read

High Court Slams Bank’s Arbitrary Reversal of Auction Sale; Orders Compensation to Auction Purchaser

The High Court condemned the Bank’s arbitrary and unlawful reversal of a concluded auction sale and directed it to compensate the auction...

Jun 142 min read

Supreme Court Restores NI Act Proceedings, Holds Unsubstantiated Retirement No Shield from Partner Liability

The Supreme Court restored proceedings under the Negotiable Instruments Act, holding that an unsubstantiated claim of retirement does not...

Jun 143 min read

NCLAT Rejects Conditional Withdrawal of Appeal Citing Finality of Supreme Court-Confirmed Property Sale

The NCLAT rejected the conditional withdrawal of the appeal, citing the finality of the property sale as confirmed by the Supreme Court....

Jun 133 min read

Supreme Court: Developer Not Liable for Home Loan Interest Due to Delay in Flat Delivery, Absent Exceptional Circumstances

The Supreme Court held that a developer is not liable to reimburse the interest paid by a homebuyer on a home loan due to a delay in flat...

Jun 133 min read

Suspension of Insolvency Professional’s AFA Doesn’t Affect Ongoing Assignments: Delhi High Court

Delhi High Court held that the suspension of an Insolvency Professional’s Authorisation for Assignment (AFA) does not affect ongoing...

Jun 122 min read

Pre-Existing Dispute over Legal Fees Bars CIRP: NCLAT Affirms Dismissal of Section 9 Petition by Senior Advocate for Non-Payment of Professional Services

NCLAT held that the existence of a pre-existing dispute precluded the initiation of CIRP and accordingly upheld the dismissal of the...

Jun 123 min read

NCLAT Chennai Dismisses Byju’s Appeal Against NCLT’s Interim Order in Aakash Shareholding Dispute

The National Company Law Appellate Tribunal (NCLAT), Chennai, dismissed Byju’s appeal challenging the interim order passed by the NCLT in...

Jun 113 min read

Loan Settled, Yet Gold Revalued and Auctioned — Supreme Court Restores FIR Alleging Fraud by Bank Officials

The Supreme Court held that once the loan was settled, the subsequent revaluation and auction of the pledged gold raised serious doubts,...

Jun 113 min read

High Court Recalls Direction to Pay Interest on Auction Deposit Upon Disclosure of Suppressed Facts; Holds Remedy Lies Before DRT

The High Court recalled its earlier direction to pay interest on the auction deposit upon discovering that material facts had been...

Jun 102 min read