top of page
REEDNews
Latest News on the Insolvency, Bankruptcy and Debt Recovery laws
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...
4 hours ago3 min read
51 views
NCLAT Affirms: Financial Creditor’s Project Oversight Does Not Nullify Corporate Debtor’s Default Under Section 7 IBC
NCLAT affirmed that the financial creditor’s oversight and involvement in the project through the Project Monitoring Committee does not...
1 day ago3 min read
37 views
Uninvoked Guarantees Are Not Admissible Claims Under CIRP: NCLAT Affirms Strict Cut-Off for Debt Maturity
NCLAT held that uninvoked corporate guarantees cannot form the basis of an admissible claim under the CIRP, affirming that only debts...
2 days ago3 min read
80 views
NCLAT Upholds Indian Bank’s Right to Initiate Insolvency Proceedings Despite Majority Lenders’ Assignment to NARCL
The NCLAT upheld the Indian Bank’s right to initiate insolvency proceedings under Section 7 of the IBC, despite the fact that a majority...
2 days ago3 min read
73 views
NCLAT Upholds Validity of Right of First Refusal (RoFR) Granted to Anchor Bidder Under Swiss Challenge Mechanism in Liquidation Process
The NCLAT upheld the validity of granting the Right of First Refusal to the anchor bidder under the Swiss Challenge Mechanism in the...
2 days ago3 min read
59 views
NCLAT Invalidates CIRP Initiation Due to Non-Compliance with Debenture Trust Deed and Limitation Bar
The NCLAT invalidated the initiation of the Corporate Insolvency Resolution Process (CIRP) due to non-compliance with the Debenture Trust...
3 days ago3 min read
33 views
Extinguishment of Pre-CIRP Claims Post Resolution Plan Approval: DVC Barred from Recovery Beyond Plan Allocation
NCLAT held that upon approval of the Resolution Plan, all pre-CIRP claims stood extinguished, thereby barring DVC from recovering any...
4 days ago3 min read
46 views
Threshold for Section 9 IBC Application to Be Determined on Date of Filing, Not Admission: NCLAT
NCLAT held that the threshold for a Section 9 application under the Insolvency and Bankruptcy Code, 2016, must be determined on the date...
6 days ago3 min read
49 views
Supreme Court Reaffirms: NCLAT Cannot Condonate Delay Beyond 45 Days Under Section 61(2) of the IBC
The Supreme Court reaffirmed that the NCLAT cannot condone any delay beyond 45 days under Section 61(2) of the Insolvency and Bankruptcy...
May 93 min read
47 views
No Operational Debt for Director Without Independent Remuneration Approval; Pre-Existing Dispute Bars Section 9 IBC Petition
NCLAT held that no operational debt arises in favour of a director in the absence of independent board-approved remuneration, and that...
May 83 min read
37 views
The NCLT cannot reject a duly approved resolution plan and order liquidation of the corporate debtor; NCLAT Sets Aside NCLT’s Liquidation Order
The NCLAT set aside the NCLT’s liquidation order on the grounds that it was passed without issuing notice to the resolution applicant and...
May 73 min read
150 views
Why No Full-Time Members at NCLT Indore Since 2017? MP High Court Seeks Centre’s Justification for Non-Posting Despite Member Availability
MP High Court sought the Centre’s justification for not having posted full-time members at the NCLT Indore Bench since its establishment...
May 53 min read
44 views
NCLAT Upholds CoC’s Discretion in Timeline Fixation During Continued CIRP Process Without Fresh Form-G
The NCLAT upheld the Committee of Creditors’ discretion in fixing timelines for submission of resolution plans during a continued CIRP...
May 53 min read
68 views
Supreme Court Restores Appeal Filed Within Exclusion Period; COVID-19 Limitation Relaxation Applies to NCLAT Appeals
The Supreme Court held that the COVID-19 limitation relaxation applies to appeals before the NCLAT and accordingly restored the appeal...
Apr 242 min read
31 views
Acknowledgement of Debt Extends Limitation for IBC Proceedings: NCLAT Upholds CIRP Admission Despite Appellant’s Possession Claims
NCLAT held that the acknowledgement of debt by the corporate debtor extended the limitation period for initiating IBC proceedings,...
Apr 233 min read
56 views
Validity of Section 95 Proceedings Against Personal Guarantors Post-Resolution Plan Approval
NCLAT upheld the validity of proceedings initiated under Section 95 of the IBC against Personal Guarantors, even after the approval of a...
Apr 213 min read
86 views
Restructuring Conduct Binds Debenture Trustee: NCLAT Rejects Section 7 Plea Amid Affirmed Moratorium
NCLAT held that the conduct of the Debenture Trustee in acting upon the restructuring proposal, including releasing securities and...
Apr 194 min read
36 views
NCLAT Clarifies Timing of Withdrawal Application Under Section 12A: Filing Date Determines Applicability of CoC Approval
NCLAT clarified that under Section 12A of the IBC, the applicability of Committee of Creditors (CoC) approval depends on the actual date...
Apr 184 min read
141 views
Section 9 Petition Dismissed: No Interest Without Agreement – Claim Below Threshold After Exclusion of 10A Period
NCLAT held that a Section 9 petition under the IBC was not maintainable as the interest component, lacking any prior agreement, could not...
Apr 173 min read
51 views
Electricity Dues in Liquidation: No Recovery from Auction Purchaser Beyond IBC Waterfall Mechanism
NCLAT held that electricity dues in liquidation cannot be recovered from the auction purchaser, as such claims must be settled strictly...
Apr 173 min read
60 views
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
86 views
Immovable Property Cannot Form Part of Resolution Plan Without Registered Ownership Transfer – Agreement to Sell Does Not Confer Title
NCLAT held that immovable property cannot form part of the resolution plan unless there is a registered transfer of ownership, as an...
Apr 163 min read
148 views
Suppression of Allottee Data Amounts to Fraud—Recall under Rule 11 to Prevent Miscarriage of Justice Upheld
NCLAT held that suppression of allottee data by the Corporate Debtor amounted to fraud, and upheld the recall of the dismissal order...
Apr 133 min read
48 views
Authorised Representative of Homebuyers Cannot Be Replaced by Inherent Powers of the Adjudicating Authority—Statutory Mechanism under Regulation 16A(3A) Must Be Followed
NCLAT held that the Authorised Representative of homebuyers cannot be replaced by invoking the inherent powers of the Adjudicating...
Apr 123 min read
49 views
Exclusion of Interim Restraint Period from Resolution Plan Timeline Justified Due to Hindrance in Fund Generation by the Successful Resolution Applicant
NCLAT held that the exclusion of the interim restraint period from the Resolution Plan implementation timeline was justified, as the...
Apr 123 min read
29 views
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
28 views
Writ Jurisdiction under Article 226 Cannot Be Invoked by Homebuyers Once Claims Are Submitted in Ongoing CIRP Proceedings under the IBC
The High Court held that writ jurisdiction under Article 226 of the Constitution cannot be invoked by homebuyers once their claims have...
Apr 112 min read
44 views
Supreme Court Leaves Settlement Dispute to Adjudicating Authority—Permits Consideration of Withdrawal under Section 12A of the IBC
The Supreme Court left the dispute concerning the settlement to be adjudicated by the Adjudicating Authority and permitted consideration...
Apr 112 min read
60 views
Section 95 Application Maintainable—Personal Guarantee Enforceable through Security Trustee; Limitation Validly Extended
NCLAT held that the Section 95 application was maintainable as the personal guarantee was enforceable through the Security Trustee and...
Apr 113 min read
67 views
Section 9 Petition Dismissed Due to Pre-existing Dispute Arising from Interlinked Commercial Transactions and Promoter-Level Litigations
NCLAT dismissed the Section 9 petition, holding that a pre-existing dispute existed arising from interlinked commercial transactions and...
Apr 103 min read
32 views
Belated Claim Filed After Approval of Resolution Plan – Entitled Only to 50% Refund Under Clause 18.4(xi) of Resolution Plan
NCLAT held that a belated claim filed after the approval of the Resolution Plan is entitled only to a 50% refund under Clause 18.4(xi) of...
Apr 103 min read
103 views
Writ Appellate Court Cannot Reappreciate Facts or Entertain New Grounds Absent Procedural Violation in Disciplinary Actions by IBBI
The High Court held that a writ appellate court cannot reappreciate factual findings or entertain new grounds at the appellate stage in...
Apr 103 min read
48 views
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
61 views
IBBI Invites Public Suggestions on IBC Regulations to Simplify and Reduce Compliance Costs
The Insolvency and Bankruptcy Board of India (IBBI) has invited suggestions and comments from the public and regulated entities on all...
Apr 91 min read
34 views
Section 9 Petition Liable to be Dismissed if Pre-existing Dispute on Quantum and Quality of Claim Exists Before Demand Notice
NCLAT held that a Section 9 petition under the IBC is liable to be dismissed if there exists a pre-existing dispute regarding the quantum...
Apr 93 min read
45 views
Refinancing Creditor Cannot Enforce Security Interest Without NOC from Prior Charge-Holder Holding First Pari-Passu Charge Over Movable Assets
The NCLAT held in a significant ruling that a refinancing creditor cannot enforce its security interest under Section 52 of the...
Apr 84 min read
43 views
Resolution Professional Cannot Act as Adjudicator and is Right to Reject Belated, Unadjudicated Claims During Advanced CIRP Stage
NCLAT held that the Resolution Professional cannot act as an adjudicator and was right in rejecting the belated, unadjudicated claims...
Apr 83 min read
121 views
Absence of Original Lessor’s Consent Renders Sub-Letting Invalid – Entire Property Rightfully Included in Liquidation Estate
NCLAT held that in the absence of the original lessor’s consent, the subletting arrangement was legally invalid, and consequently, the...
Apr 83 min read
35 views
Supreme Court: Limitation for Filing NCLAT Appeal Begins from Date of Pronouncement in Open Court, Not from Date of Receipt or Knowledge
The Supreme Court held that the limitation period for filing an appeal before the NCLAT begins from the date of pronouncement of the...
Apr 83 min read
35 views
Acknowledged Payment Within Limitation Period Extends Limitation under Section 19 of the Limitation Act for Section 9 IBC Application
NCLAT held that an acknowledged payment made within the limitation period extends the limitation under Section 19 of the Limitation Act,...
Apr 73 min read
50 views
Bar under Section 10A of IBC Applies Only to Defaults Solely Occurring During the Moratorium Period; Continuing Defaults Beyond the Period Not Exempt from CIRP
The High Court held that the bar under Section 10A of the IBC applies only to defaults that occurred solely during the moratorium period,...
Apr 73 min read
29 views
Revocation of Failed Settlement Does Not Extinguish Original Financial Debt – Section 7 Application Maintainable Based on Assigned Loan Agreements
NCLAT held that the revocation of a failed settlement agreement does not extinguish the original financial debt, and accordingly, a...
Apr 73 min read
50 views
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
77 views
Adjudicating Authority Can Terminate CIRP under Section 65 of the IBC if a Section 7 Application is Found to be Fraudulent or Malicious
NCLAT held that the Adjudicating Authority can terminate the Corporate Insolvency Resolution Process under Section 65 of the IBC if it is...
Apr 53 min read
60 views
Assets of Foreign Subsidiary Under Liquidation Not Part of Corporate Debtor’s CIRP – NCLAT Holds Indian Authority Has No Jurisdiction to Order Valuation
NCLAT held that assets of a foreign subsidiary undergoing liquidation are not part of the Corporate Debtor’s CIRP and that the Indian...
Apr 44 min read
35 views
Appeal Against Admission of Insolvency Proceedings Against Personal Guarantors Maintainable Under Section 61 of the IBC
NCLAT held that an appeal against the admission of insolvency proceedings initiated against personal guarantors of a corporate debtor is...
Apr 43 min read
53 views
NCLAT Upholds Distribution Based on Security Interest Over Voting Share; CoC’s Commercial Wisdom Prevails
NCLAT upheld the distribution mechanism based on security interest over voting share, emphasizing that the CoC’s commercial wisdom...
Apr 34 min read
99 views
IBBI Mandates Exclusive Use of Baanknet Auction Platform for Liquidation Process
The Insolvency and Bankruptcy Board of India (IBBI), through its Circular No. IBBI/LIQ/84/2025, dated 28th March 2025, has made it...
Apr 32 min read
42 views
Supreme Court Upholds Creditor Rights in Avoidance Recoveries and Reinforces CoC's Commercial Primacy Under IBC
In a landmark judgment, the Supreme Court upheld creditor rights in avoidance recoveries and reinforced the commercial primacy of the CoC...
Apr 33 min read
87 views
NCLAT Upholds Pro-Rata Distribution of Liquidation Proceeds Under Section 53(1) of IBC, Rejects Security Interest-Based Allocation
The NCLAT upheld the pro-rata distribution of liquidation proceeds under Section 53(1) of the Insolvency and Bankruptcy Code (IBC) and...
Apr 24 min read
114 views
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...
24 hours ago3 min read
47 views
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
28 views
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
61 views
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
77 views
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
102 views
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
103 views
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
94 views
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
130 views
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
61 views
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
9 views
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
247 views
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
111 views
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
85 views
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
106 views
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
157 views
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
81 views
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
2 views
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
48 views
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
38 views
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
7 views
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
16 views
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
148 views
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
10 views
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
77 views
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
60 views
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
29 views
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
14 views
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
48 views
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
5 views
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
28 views
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
46 views
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
63 views
High Court Quashes Section 138 NI Act Complaints Against Non-Executive Directors for Lack of Specific Averments on Responsibility and Involvement
The High Court quashed the Section 138 NI Act complaints against non-executive directors for the lack of specific averments regarding...
Nov 26, 20242 min read
24 views
District Magistrate's Role Under Section 14 of SARFAESI Act is Ministerial, Not Adjudicatory: Appeal Dismissed
The District Magistrate's role under Section 14 of the SARFAESI Act was deemed ministerial and not adjudicatory, leading to the dismissal...
Nov 21, 20243 min read
75 views
Supreme Court Rules: No Disciplinary Proceedings Can Be Initiated Against Employees Post-Retirement
The Supreme Court ruled that no disciplinary proceedings could be initiated against employees after their retirement. The Supreme Court...
Nov 20, 20242 min read
67 views
Supreme Court Reinstates Equitable Mortgage Claim, Emphasizes Evidentiary and Procedural Fairness
The Supreme Court reinstated an equitable mortgage claim, emphasizing the importance of evidentiary and procedural fairness. The Supreme...
Nov 16, 20243 min read
33 views
Govt to Introduce Creditor Led Resolution Process (CLR): New Out-of-Court Mechanism for Quick Resolutions with Limited NCLT Involvement
The Centre is poised to introduce significant amendments to the Insolvency and Bankruptcy Code (IBC) and the Companies Act, with plans to...
Nov 8, 20241 min read
60 views
IBBI and IBA Launch Centralized eBKray Platform to Enhance Transparency and Recovery in IBC Liquidation Auctions
In a transformative step for asset liquidation under the Insolvency and Bankruptcy Code (IBC), the Insolvency and Bankruptcy Board of...
Nov 5, 20243 min read
29 views
Supreme Court Mandates Strict Compliance with MSME Revival Framework Before NPA Classification by Banks
The Supreme Court mandated strict compliance with the MSME revival framework by banks before classifying loan accounts as NPAs. The...
Nov 4, 20242 min read
110 views
Strict Enforcement of Protections Against NPA Classification and Recovery Actions by Banks: MSME Borrowers Demand
The National MSME Borrowers Association recently emphasized the urgent need for the enforcement of a 2015 Notification that mandates a...
Nov 4, 20241 min read
67 views
Engagement of Research Associates in Law at the Insolvency and Bankruptcy Board of India (IBBI) on a Contract Basis
The Insolvency and Bankruptcy Board of India (IBBI), established under the Insolvency and Bankruptcy Code, 2016, has invited applications...
Oct 19, 20242 min read
52 views
Central Banking at Crossroads: Navigating Challenges, Innovation, and the Future
In his keynote address at the RBI@90 High-Level Conference held in New Delhi on October 14, 2024, Governor Shaktikanta Das emphasized the...
Oct 15, 20242 min read
19 views
Membership and Reporting to Credit Information Companies (CICs) by Asset Reconstruction Companies (ARCs) is Now Mandatory
In accordance with Circular No. DNBS (PD-SC/RC). CC. No. 23/26.03.001/2010-11 dated November 25, 2010, regarding the submission of...
Oct 12, 20242 min read
13 views
The Reserve Bank (RBI) Proposes Beneficiary Name Verification for RTGS and NEFT Transactions
The Central Bank has proposed a significant enhancement to its Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer...
Oct 11, 20241 min read
9 views
Byju’s Allegedly Transferred Funds in Violation of U.S. Bankruptcy Rules
Indian edtech company Byju's, already embroiled in legal and financial difficulties, is now facing fresh allegations of fund transfers in...
Oct 11, 20241 min read
8 views
A legal representative requires explicit client authorization to withdraw an application; any withdrawal without such authority is invalid
A legal representative required explicit client authorization to withdraw an application; any withdrawal made without such authority was...
Sep 24, 20242 min read
25 views
IBBI Announces Results of the 5th National Online Quiz on Insolvency and Bankruptcy Code, 2016
The Insolvency and Bankruptcy Board of India (IBBI) announced the results of the 5th National Online Quiz on the Insolvency and...
Sep 23, 20241 min read
23 views
RBI Imposes ₹1 Crore Penalty on HDFC Bank for Regulatory Non-Compliance
On September 3, 2024, the Reserve Bank of India (RBI) issued an order imposing a monetary penalty of ₹1 crore on HDFC Bank Limited for...
Sep 11, 20242 min read
48 views
Government Announces Recruitment for Recovery Officers Across Debts Recovery Tribunals in Multiple Locations
The Ministry of Finance, Department of Financial Services, has announced a recruitment drive for the position of Recovery Officer in...
Sep 8, 20241 min read
352 views
RBI's 610th Central Board Meeting Reviews Economic Outlook and Operational Performance
The 610th meeting of the Central Board of Directors of the Reserve Bank of India (RBI) took place in Mumbai, chaired by Governor Shri...
Sep 5, 20241 min read
24 views
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...
4 hours ago3 min read
51 views
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
85 views
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
86 views
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
103 views
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
83 views
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
94 views
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
151 views
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
9 views
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
79 views
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
111 views
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
157 views
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
159 views
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
81 views
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
114 views
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
16 views
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
48 views
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
31 views
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
7 views
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
56 views
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
136 views
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
148 views
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
10 views
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
27 views
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
29 views
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
34 views
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
129 views
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
61 views
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
32 views
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
42 views
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
33 views
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
31 views
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
28 views
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
127 views
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
5 views
SARFAESI and Arbitration Proceedings Can Proceed Simultaneously: Court's Scope Under Section 11(6) Limited to Examining Arbitration Agreement
The High Court held that SARFAESI and arbitration proceedings could proceed simultaneously and reiterated that its scope under Section...
Dec 9, 20243 min read
77 views
SARFAESI Act Proceedings Can Coexist with Arbitration and RDB Act Remedies; Procedural Nature Allows Application to Existing Debts
The Supreme Court held that proceedings under the SARFAESI Act could coexist with arbitration and RDB Act remedies, and clarified that...
Dec 9, 20243 min read
47 views
District Magistrate's Ministerial Powers Under Section 14 of SARFAESI Act Affirmed: Substitution of Authorized Officer Upheld
DRAT upheld the District Magistrate's ministerial powers under Section 14 of the SARFAESI Act, affirming the substitution of the...
Dec 4, 20243 min read
62 views
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
28 views
District Magistrate's Ministerial Role under Section 14 of SARFAESI Act Upheld: Procedural Modifications Deemed Jurisdictionally Valid
DRAT upheld the District Magistrate's ministerial role under Section 14 of the SARFAESI Act, ruling that procedural modifications were...
Dec 3, 20242 min read
45 views
Non-Compliance with Statutory Notice Requirements Renders Auction Sale Invalid Under SARFAESI Act
DRAT held that non-compliance with statutory notice requirements under the SARFAESI Act rendered the auction sale invalid. The Debts...
Nov 30, 20243 min read
92 views
Fraudulent Mortgage Invalidated: Bank Entitled to Recover Dues from Borrowers While Bona Fide Purchasers Exonerated
DRAT invalidated the fraudulent mortgage, upheld the bank's entitlement to recover dues from the borrowers, and exonerated the bona fide...
Nov 29, 20243 min read
54 views
Appeal Dismissed for Misconceived Review Petition; Final Order on Deposit Remains Unchallenged
DRAT dismissed the appeal, finding the application to be a misconceived review petition, and upheld the final order regarding the...
Nov 28, 20242 min read
19 views
Precedence of Prior Mortgages Upheld: Rights of Pre-Mortgage Purchasers Protected While Recovery Against Post-Mortgage Transactions Permitted
DRAT upheld the precedence of prior mortgages, protected the rights of pre-mortgage purchasers, and permitted recovery actions against...
Nov 28, 20243 min read
30 views
DRAT Affirms Validity of SARFAESI Proceedings, Dismissing Securitization Application on Grounds of Procedural Compliance
DRAT affirmed the validity of the SARFAESI proceedings and dismissed the securitization application on the grounds of procedural...
Nov 27, 20243 min read
81 views
DRAT Sets Aside DRT Order, Emphasizes Substantive Justice Over Procedural Technicalities in SARFAESI Applications
DRAT set aside the DRT order and emphasized substantive justice over procedural technicalities in SARFAESI applications. The Debts...
Nov 27, 20242 min read
51 views
DRAT Rejects Refund Claim as Deposits and Auction Proceeds Fail to Cover Outstanding Dues
The DRAT rejected the refund claim, holding that the deposits and auction proceeds were insufficient to cover the outstanding dues. The...
Nov 26, 20242 min read
31 views
DRAT Rules Procedural Terms in Auction Notices Are Directory, Upholds Substantive Justice Over Technicalities in SARFAESI Cases
DRAT ruled that procedural terms in auction notices were directory and upheld substantive justice over technicalities in SARFAESI cases....
Nov 26, 20242 min read
28 views
DRAT Allows Appeal Against SARFAESI Measures with Reduced Pre-Deposit and Deferred Possession Proceedings
DRAT allowed the appeal against SARFAESI measures with a reduced pre-deposit requirement and deferred the possession proceedings. The...
Nov 26, 20242 min read
26 views
DRAT Grants Conditional Protection from Dispossession and Directs ₹60 Lakh Pre-Deposit for Appeal under SARFAESI Act
The DRAT granted conditional protection from dispossession and directed a pre-deposit of ₹60 lahk for the appeal under the SARFAESI Act....
Nov 26, 20242 min read
19 views
Supreme Court Affirms Auction Sale Validity, Rejects Claims of Undervaluation and Procedural Lapses
The Supreme Court affirmed the validity of the auction sale and rejected claims of undervaluation and procedural lapses. The Supreme...
Nov 25, 20242 min read
71 views
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...
4 hours ago3 min read
51 views
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...
24 hours ago3 min read
47 views
NCLAT Affirms: Financial Creditor’s Project Oversight Does Not Nullify Corporate Debtor’s Default Under Section 7 IBC
NCLAT affirmed that the financial creditor’s oversight and involvement in the project through the Project Monitoring Committee does not...
1 day ago3 min read
37 views
Uninvoked Guarantees Are Not Admissible Claims Under CIRP: NCLAT Affirms Strict Cut-Off for Debt Maturity
NCLAT held that uninvoked corporate guarantees cannot form the basis of an admissible claim under the CIRP, affirming that only debts...
2 days ago3 min read
80 views
NCLAT Upholds Indian Bank’s Right to Initiate Insolvency Proceedings Despite Majority Lenders’ Assignment to NARCL
The NCLAT upheld the Indian Bank’s right to initiate insolvency proceedings under Section 7 of the IBC, despite the fact that a majority...
2 days ago3 min read
73 views
NCLAT Upholds Validity of Right of First Refusal (RoFR) Granted to Anchor Bidder Under Swiss Challenge Mechanism in Liquidation Process
The NCLAT upheld the validity of granting the Right of First Refusal to the anchor bidder under the Swiss Challenge Mechanism in the...
2 days ago3 min read
59 views
NCLAT Invalidates CIRP Initiation Due to Non-Compliance with Debenture Trust Deed and Limitation Bar
The NCLAT invalidated the initiation of the Corporate Insolvency Resolution Process (CIRP) due to non-compliance with the Debenture Trust...
3 days ago3 min read
33 views
Extinguishment of Pre-CIRP Claims Post Resolution Plan Approval: DVC Barred from Recovery Beyond Plan Allocation
NCLAT held that upon approval of the Resolution Plan, all pre-CIRP claims stood extinguished, thereby barring DVC from recovering any...
4 days ago3 min read
46 views
Threshold for Section 9 IBC Application to Be Determined on Date of Filing, Not Admission: NCLAT
NCLAT held that the threshold for a Section 9 application under the Insolvency and Bankruptcy Code, 2016, must be determined on the date...
6 days ago3 min read
49 views
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
85 views
Supreme Court Reaffirms: NCLAT Cannot Condonate Delay Beyond 45 Days Under Section 61(2) of the IBC
The Supreme Court reaffirmed that the NCLAT cannot condone any delay beyond 45 days under Section 61(2) of the Insolvency and Bankruptcy...
May 93 min read
47 views
No Operational Debt for Director Without Independent Remuneration Approval; Pre-Existing Dispute Bars Section 9 IBC Petition
NCLAT held that no operational debt arises in favour of a director in the absence of independent board-approved remuneration, and that...
May 83 min read
37 views
The NCLT cannot reject a duly approved resolution plan and order liquidation of the corporate debtor; NCLAT Sets Aside NCLT’s Liquidation Order
The NCLAT set aside the NCLT’s liquidation order on the grounds that it was passed without issuing notice to the resolution applicant and...
May 73 min read
150 views
Why No Full-Time Members at NCLT Indore Since 2017? MP High Court Seeks Centre’s Justification for Non-Posting Despite Member Availability
MP High Court sought the Centre’s justification for not having posted full-time members at the NCLT Indore Bench since its establishment...
May 53 min read
44 views
NCLAT Upholds CoC’s Discretion in Timeline Fixation During Continued CIRP Process Without Fresh Form-G
The NCLAT upheld the Committee of Creditors’ discretion in fixing timelines for submission of resolution plans during a continued CIRP...
May 53 min read
68 views
Supreme Court Restores Appeal Filed Within Exclusion Period; COVID-19 Limitation Relaxation Applies to NCLAT Appeals
The Supreme Court held that the COVID-19 limitation relaxation applies to appeals before the NCLAT and accordingly restored the appeal...
Apr 242 min read
31 views
Acknowledgement of Debt Extends Limitation for IBC Proceedings: NCLAT Upholds CIRP Admission Despite Appellant’s Possession Claims
NCLAT held that the acknowledgement of debt by the corporate debtor extended the limitation period for initiating IBC proceedings,...
Apr 233 min read
56 views
Validity of Section 95 Proceedings Against Personal Guarantors Post-Resolution Plan Approval
NCLAT upheld the validity of proceedings initiated under Section 95 of the IBC against Personal Guarantors, even after the approval of a...
Apr 213 min read
86 views
Restructuring Conduct Binds Debenture Trustee: NCLAT Rejects Section 7 Plea Amid Affirmed Moratorium
NCLAT held that the conduct of the Debenture Trustee in acting upon the restructuring proposal, including releasing securities and...
Apr 194 min read
36 views
NCLAT Clarifies Timing of Withdrawal Application Under Section 12A: Filing Date Determines Applicability of CoC Approval
NCLAT clarified that under Section 12A of the IBC, the applicability of Committee of Creditors (CoC) approval depends on the actual date...
Apr 184 min read
141 views
Section 9 Petition Dismissed: No Interest Without Agreement – Claim Below Threshold After Exclusion of 10A Period
NCLAT held that a Section 9 petition under the IBC was not maintainable as the interest component, lacking any prior agreement, could not...
Apr 173 min read
51 views
Electricity Dues in Liquidation: No Recovery from Auction Purchaser Beyond IBC Waterfall Mechanism
NCLAT held that electricity dues in liquidation cannot be recovered from the auction purchaser, as such claims must be settled strictly...
Apr 173 min read
60 views
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
86 views
Immovable Property Cannot Form Part of Resolution Plan Without Registered Ownership Transfer – Agreement to Sell Does Not Confer Title
NCLAT held that immovable property cannot form part of the resolution plan unless there is a registered transfer of ownership, as an...
Apr 163 min read
148 views
Suppression of Allottee Data Amounts to Fraud—Recall under Rule 11 to Prevent Miscarriage of Justice Upheld
NCLAT held that suppression of allottee data by the Corporate Debtor amounted to fraud, and upheld the recall of the dismissal order...
Apr 133 min read
48 views
Authorised Representative of Homebuyers Cannot Be Replaced by Inherent Powers of the Adjudicating Authority—Statutory Mechanism under Regulation 16A(3A) Must Be Followed
NCLAT held that the Authorised Representative of homebuyers cannot be replaced by invoking the inherent powers of the Adjudicating...
Apr 123 min read
49 views
Exclusion of Interim Restraint Period from Resolution Plan Timeline Justified Due to Hindrance in Fund Generation by the Successful Resolution Applicant
NCLAT held that the exclusion of the interim restraint period from the Resolution Plan implementation timeline was justified, as the...
Apr 123 min read
29 views
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
28 views
Writ Jurisdiction under Article 226 Cannot Be Invoked by Homebuyers Once Claims Are Submitted in Ongoing CIRP Proceedings under the IBC
The High Court held that writ jurisdiction under Article 226 of the Constitution cannot be invoked by homebuyers once their claims have...
Apr 112 min read
44 views
Supreme Court Leaves Settlement Dispute to Adjudicating Authority—Permits Consideration of Withdrawal under Section 12A of the IBC
The Supreme Court left the dispute concerning the settlement to be adjudicated by the Adjudicating Authority and permitted consideration...
Apr 112 min read
60 views
Section 95 Application Maintainable—Personal Guarantee Enforceable through Security Trustee; Limitation Validly Extended
NCLAT held that the Section 95 application was maintainable as the personal guarantee was enforceable through the Security Trustee and...
Apr 113 min read
67 views
Section 9 Petition Dismissed Due to Pre-existing Dispute Arising from Interlinked Commercial Transactions and Promoter-Level Litigations
NCLAT dismissed the Section 9 petition, holding that a pre-existing dispute existed arising from interlinked commercial transactions and...
Apr 103 min read
32 views
Belated Claim Filed After Approval of Resolution Plan – Entitled Only to 50% Refund Under Clause 18.4(xi) of Resolution Plan
NCLAT held that a belated claim filed after the approval of the Resolution Plan is entitled only to a 50% refund under Clause 18.4(xi) of...
Apr 103 min read
103 views
Writ Appellate Court Cannot Reappreciate Facts or Entertain New Grounds Absent Procedural Violation in Disciplinary Actions by IBBI
The High Court held that a writ appellate court cannot reappreciate factual findings or entertain new grounds at the appellate stage in...
Apr 103 min read
48 views
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
61 views
IBBI Invites Public Suggestions on IBC Regulations to Simplify and Reduce Compliance Costs
The Insolvency and Bankruptcy Board of India (IBBI) has invited suggestions and comments from the public and regulated entities on all...
Apr 91 min read
34 views
Section 9 Petition Liable to be Dismissed if Pre-existing Dispute on Quantum and Quality of Claim Exists Before Demand Notice
NCLAT held that a Section 9 petition under the IBC is liable to be dismissed if there exists a pre-existing dispute regarding the quantum...
Apr 93 min read
45 views
Refinancing Creditor Cannot Enforce Security Interest Without NOC from Prior Charge-Holder Holding First Pari-Passu Charge Over Movable Assets
The NCLAT held in a significant ruling that a refinancing creditor cannot enforce its security interest under Section 52 of the...
Apr 84 min read
43 views
Resolution Professional Cannot Act as Adjudicator and is Right to Reject Belated, Unadjudicated Claims During Advanced CIRP Stage
NCLAT held that the Resolution Professional cannot act as an adjudicator and was right in rejecting the belated, unadjudicated claims...
Apr 83 min read
121 views
Absence of Original Lessor’s Consent Renders Sub-Letting Invalid – Entire Property Rightfully Included in Liquidation Estate
NCLAT held that in the absence of the original lessor’s consent, the subletting arrangement was legally invalid, and consequently, the...
Apr 83 min read
35 views
Supreme Court: Limitation for Filing NCLAT Appeal Begins from Date of Pronouncement in Open Court, Not from Date of Receipt or Knowledge
The Supreme Court held that the limitation period for filing an appeal before the NCLAT begins from the date of pronouncement of the...
Apr 83 min read
35 views
Acknowledged Payment Within Limitation Period Extends Limitation under Section 19 of the Limitation Act for Section 9 IBC Application
NCLAT held that an acknowledged payment made within the limitation period extends the limitation under Section 19 of the Limitation Act,...
Apr 73 min read
50 views
Bar under Section 10A of IBC Applies Only to Defaults Solely Occurring During the Moratorium Period; Continuing Defaults Beyond the Period Not Exempt from CIRP
The High Court held that the bar under Section 10A of the IBC applies only to defaults that occurred solely during the moratorium period,...
Apr 73 min read
29 views
Revocation of Failed Settlement Does Not Extinguish Original Financial Debt – Section 7 Application Maintainable Based on Assigned Loan Agreements
NCLAT held that the revocation of a failed settlement agreement does not extinguish the original financial debt, and accordingly, a...
Apr 73 min read
50 views
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
77 views
Adjudicating Authority Can Terminate CIRP under Section 65 of the IBC if a Section 7 Application is Found to be Fraudulent or Malicious
NCLAT held that the Adjudicating Authority can terminate the Corporate Insolvency Resolution Process under Section 65 of the IBC if it is...
Apr 53 min read
60 views
Assets of Foreign Subsidiary Under Liquidation Not Part of Corporate Debtor’s CIRP – NCLAT Holds Indian Authority Has No Jurisdiction to Order Valuation
NCLAT held that assets of a foreign subsidiary undergoing liquidation are not part of the Corporate Debtor’s CIRP and that the Indian...
Apr 44 min read
35 views
Appeal Against Admission of Insolvency Proceedings Against Personal Guarantors Maintainable Under Section 61 of the IBC
NCLAT held that an appeal against the admission of insolvency proceedings initiated against personal guarantors of a corporate debtor is...
Apr 43 min read
53 views
NCLAT Upholds Distribution Based on Security Interest Over Voting Share; CoC’s Commercial Wisdom Prevails
NCLAT upheld the distribution mechanism based on security interest over voting share, emphasizing that the CoC’s commercial wisdom...
Apr 34 min read
99 views
IBBI Mandates Exclusive Use of Baanknet Auction Platform for Liquidation Process
The Insolvency and Bankruptcy Board of India (IBBI), through its Circular No. IBBI/LIQ/84/2025, dated 28th March 2025, has made it...
Apr 32 min read
42 views
bottom of page