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9 hours ago3 min read
Amendments Needed in IBC for Granting NOC to Successful Resolution Applicants Upon Approval of Resolution Plan Over Attached Properties
On Friday, 17th January 2025, a roundtable discussion titled "Understanding the Synergy Between PMLA and IBC" was held at the India...
3 views
1 day ago3 min read
Section 7 IBC Admission Valid When Remaining Liability is Unpaid After Sale of Pledged Shares
NCLAT held that the admission of the Section 7 IBC application was valid as the remaining liability remained unpaid after the sale of...
9 views
2 days ago2 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...
36 views
5 days ago3 min read
DRT Recovery Proceedings Do Not Preclude Financial Creditor from Filing U/S 7 Application Under IBC
The NCLAT held that recovery proceedings initiated before the Debts Recovery Tribunal (DRT) did not bar a financial creditor from filing...
30 views
6 days ago1 min read
Mandatory Use of eBKray Auction Platform for Liquidation Processes under the Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Board of India (IBBI) issued Circular No. IBBI/LIQ/78/2024 on 29th October 2024, mandating the exclusive...
36 views
6 days ago2 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...
34 views
Jan 153 min read
NCLAT Upholds Condonation of Delay and Dismisses Allegations of Fraudulent CIRP Initiation
The NCLAT upheld the condonation of delay and dismissed allegations of fraudulent initiation of the CIRP. The National Company Law...
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Jan 153 min read
Strict Adherence to Limitation Periods Under IBC: NCLAT Dismisses Appeal for Procedural Lapses
NCLAT dismissed the appeal for procedural lapses, emphasizing strict adherence to limitation periods under the IBC. The National Company...
25 views
Jan 132 min read
NCLAT Affirms Extinguishment of Claims Post-Resolution Plan Approval Under IBC: Upholding the Clean Slate Principle
The NCLAT affirmed the extinguishment of claims post-resolution plan approval under the IBC, upholding the clean slate principle. The...
23 views
Jan 123 min read
NCLT Reaffirms CoC's Commercial Supremacy and Limited Judicial Review in Resolution Plan Approval
The NCLT reaffirmed the CoC's commercial supremacy and the limited scope of judicial review in the approval of the Resolution Plan. The...
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Jan 122 min read
Exclusion of COVID-19 Period for Limitation Under IBC: NCLAT Restores Time-Barred Section 9 Petition
NCLAT restored a Section 9 petition previously dismissed as time-barred, holding that the COVID-19 period from March 15, 2020, to...
36 views
Jan 112 min read
NCLAT Permits Section 12A Withdrawal of CIRP Following OTS Settlement, Ensures Continuity of Corporate Debtor
The NCLAT permitted the withdrawal of the CIRP under Section 12A following the acceptance of the OTS settlement, ensuring the Corporate...
13 views
Jan 111 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...
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Jan 113 min read
High Court Directs NCLT to Expedite CIRP Applications and Ensure Compliance with Interim Orders
High Court directed the NCLT to expedite the adjudication of CIRP applications and ensure compliance with interim orders. The Karnataka...
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Jan 113 min read
NCLAT Upholds "Development Rights" as Corporate Debtor's Property and Asserts Jurisdiction Over Possession Disputes in CIRP
NCLAT upheld "development rights" as the Corporate Debtor's property and asserted its jurisdiction over possession disputes during the...
67 views
Jan 103 min read
Rejection of Arbitration Reference in Insolvency Proceedings: Priority of Section 7 Application under IBC
NCLAT dismissed the appeal, upholding the rejection of the arbitration reference and affirming the priority of the Section 7 application...
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Jan 103 min read
NCLAT Upholds CoC's Commercial Wisdom in Resolution Plan Dispute and Affirms Liquidation Order
NCLAT upheld the Committee of Creditors' (CoC) commercial wisdom in resolving disputes over the resolution plan and affirmed the...
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Jan 102 min read
Tenancy Rights vs. IBC: NCLAT Upholds Protection of Tenants Against Summary Eviction
NCLAT upheld the protection of tenants against summary eviction, emphasizing the primacy of tenancy rights over provisions of the...
34 views
Jan 91 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...
15 views
Jan 92 min read
Approval of Resolution Plan–Full Payment of Workers' Provident Fund and Gratuity–NCLAT Upholds CoC's Commercial Wisdom and Dismisses Appeal
NCLAT upheld the approval of the Resolution Plan, which ensured full payment of workers' provident fund and gratuity, and dismissed the...
1 view
Jan 91 min read
Central Government Appoints 24 New Members to NCLTs
The Central Government, through a Notification dated January 7, 2025, announced the appointment of 24 new members to the National...
28 views
Jan 92 min read
Post-CIRP Claims - Resolution Plan Supremacy and Legal Remedies Beyond Insolvency Process
NCLAT held that post-CIRP claims, which were not included in the approved Resolution Plan, cannot be entertained within the insolvency...
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Jan 82 min read
Supreme Court Declines Interference in Interlocutory NCLAT Order, Directs Expeditious Appeal Disposal
The Supreme Court declined to interfere with the interlocutory order of the NCLAT and directed the expeditious disposal of the appeal....
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Jan 73 min read
High Court Cannot Defer CIRP Under Article 226 After Denial of Consolidation Relief: Supreme Court
The Supreme Court ruled that the High Court had no jurisdiction under Article 226 to defer the CIRP after it had declined the relief of...
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Jan 73 min read
Section 7 of the IBC is maintainable if the Financial Creditor proves the existence of debt and default, even if the appeal becomes moot due to subsequent resolution proceedings
NCLAT held that Section 7 of the IBC was maintainable as the Financial Creditor had proven the existence of debt and default, even though...
21 views
Jan 63 min read
Moratorium under Section 14 Bars Enforcement Actions but Does Not Extinguish Claims; Supreme Court Clarifies Status of Deeds of Hypothecation
The Supreme Court held that the moratorium under Section 14 barred enforcement actions but did not extinguish claims. The Supreme Court...
57 views
Jan 62 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...
98 views
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...
8 views
Jan 63 min read
Resolution Plan Rejection and Issuance of Fresh Form G: No Vested Rights for Revision After Process Finality
NCLAT dismissed the appeal, holding that after the rejection of the Resolution Plan and the issuance of fresh Form G, the appellant had...
21 views
Jan 43 min read
IBC A Complete Code: Supreme Court Reaffirms Its Supremacy, Sets Aside High Court Order in CIRP Case
The Supreme Court set aside the High Court's order, reaffirming that the Insolvency and Bankruptcy Code (IBC) is a complete code,...
191 views
Dec 26, 20243 min read
NCLAT Upholds Joint CIRP Initiation for Interconnected Corporate Debtors in Real Estate Project
The NCLAT upheld the initiation of a joint CIRP for interconnected corporate debtors involved in a real estate project. The National...
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Dec 24, 20242 min read
NCLAT Emphasizes Strict Adherence to Limitation Periods in CIRP under the I&B Code, 2016, to Ensure Timely Resolution and Judicial Efficiency
The NCLAT emphasized the importance of strict adherence to limitation periods in Corporate Insolvency Resolution Proceedings under the...
13 views
Dec 22, 20243 min read
Procedural Omissions by Liquidator Do Not Constitute Perjury Without Evidence of Malafide Intent or Deliberate Falsehood
NCLAT held that procedural omissions by the liquidator do not constitute perjury in the absence of evidence demonstrating malafide intent...
12 views
Dec 19, 20241 min read
Corporate Insolvency Resolution Processes Ending with Orders of Liquidation: As on 30th September 2024
The Insolvency and Bankruptcy Board of India (IBBI) released updated data on Corporate Insolvency Resolution Processes (CIRPs) that...
14 views
Dec 19, 20241 min read
Corporate Insolvency Resolution Processes Yielding Resolution Plans: As on 30th September 2024
The Insolvency and Bankruptcy Board of India (IBBI) released updated data on Corporate Insolvency Resolution Processes (CIRPs) yielding...
8 views
Dec 19, 20241 min read
Shri Vaibhav Chaturvedi Appointed as Ex-Officio Member Representing RBI in the Insolvency and Bankruptcy Board of India (IBBI)
The Ministry of Corporate Affairs (MCA), through its notification dated 3rd December 2024, appointed Shri Vaibhav Chaturvedi , Chief...
8 views
Dec 18, 20243 min read
NCLAT Upholds Liquidation Order: Extension Beyond 330-Day CIRP Timeline Unjustified Due to Stagnation
NCLAT upheld the liquidation order, ruling that an extension beyond the 330-day CIRP timeline was unjustified due to stagnation in the...
20 views
Dec 16, 20243 min read
Amount in 'No Lien Account' Forms Part of the Corporate Debtor's Assets and Cannot Be Retained by the Bank During CIRP Due to Moratorium
NCLAT held that the amount in the 'No Lien Account' formed part of the corporate debtor's assets and could not be retained by the bank...
40 views
Dec 15, 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...
30 views
Dec 12, 20243 min read
Commercial Judgment of Financial Creditor Prevails: NCLAT Remands Section 7 Application for Fresh Consideration
NCLAT remanded the Section 7 application for fresh consideration, affirming that the commercial judgment of the Financial Creditor...
23 views
Dec 12, 20243 min read
Promise to Repay Time-Barred Debt is Enforceable under Section 25(3) of the Indian Contract Act, Resetting the Limitation Period
The NCLAT held that the promise to repay a time-barred debt was enforceable under Section 25(3) of the Indian Contract Act, resetting the...
48 views
Dec 12, 20243 min read
Secured Creditor Must Pay Liquidation Costs Within 90 Days Under Regulation 21-A(2) to Retain Security Interest - NCLAT Upholds Liquidator's Fee Claim
NCLAT held that the secured creditor is required to pay liquidation costs within 90 days under Regulation 21-A(2) to retain its security...
21 views
Dec 11, 20243 min read
Non-Payment of Liquidation Costs Leads to Automatic Relinquishment of Security Interest Under IBBI Regulations
NCLAT held that the non-payment of liquidation costs by the Appellant led to the automatic relinquishment of its security interest under...
31 views
Dec 10, 20243 min read
NCLAT Affirms NCLT's Jurisdiction to Approve Cancellation of Power of Attorney in Resolution Plan
NCLAT upheld NCLT's jurisdiction to approve the cancellation of the Power of Attorney in the Resolution Plan under the IBC, affirming...
22 views
Dec 10, 20243 min read
Adjudicating Authority's Direction to Release Non-Fund Based (NFB) Limits Upheld, Aligning with Approved Resolution Plan and CoC's Commercial Judgment
NCLAT upheld the Adjudicating Authority's direction to release NFB limits, affirming its alignment with the approved Resolution Plan and...
9 views
Dec 10, 20243 min read
Registrar of NCLT Cannot Adjudicate Maintainability of Section 95 Petition at Filing Stage; Role Limited to Ministerial Functions
NCLAT held that the Registrar of NCLT could not adjudicate the maintainability of a Section 95 petition at the filing stage, as the role...
11 views
Dec 9, 20241 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,...
4 views
Dec 9, 20243 min read
Compulsory Convertible Debentures with Time Value of Money Qualify as Financial Debt under Section 5(8) of IBC: NCLAT
NCLAT held that Compulsory Convertible Debentures, carrying the Time Value of Money, qualified as financial debt under Section 5(8) of...
32 views
Dec 7, 20243 min read
Commercial Wisdom of CoC Prevails: NCLAT Upholds Resolution Plan Approval and Expunges Adverse Remarks Against Former RP
NCLAT upheld the commercial wisdom of the CoC, approving the resolution plan and expunging the adverse remarks made against the former...
16 views
Dec 7, 20243 min read
Application Under Section 7 of the IBC Valid Despite NPA Status and Section 10A Bar
NCLAT held that an application under Section 7 of the IBC was valid despite the NPA status of the debtor and the bar under Section 10A....
22 views
2 days ago2 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...
36 views
6 days ago2 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...
34 views
Jan 111 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...
7 views
Jan 91 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...
15 views
Jan 62 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...
98 views
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...
8 views
Jan 52 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...
59 views
Jan 53 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...
24 views
Dec 24, 20243 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...
8 views
Dec 23, 20242 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...
14 views
Dec 20, 20243 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...
27 views
Dec 9, 20241 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,...
4 views
Dec 4, 20242 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,...
28 views
Nov 26, 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...
19 views
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...
48 views
Nov 26, 20242 min read
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...
16 views
Nov 21, 20243 min read
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...
72 views
Nov 20, 20242 min read
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...
55 views
Nov 16, 20243 min read
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...
24 views
Nov 8, 20241 min read
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...
57 views
Nov 5, 20243 min read
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...
23 views
Nov 4, 20242 min read
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...
106 views
Nov 4, 20241 min read
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...
67 views
Oct 19, 20242 min read
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...
52 views
Oct 15, 20242 min read
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...
19 views
Oct 12, 20242 min read
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...
13 views
Oct 11, 20241 min read
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...
8 views
Oct 11, 20241 min read
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...
8 views
Sep 24, 20242 min read
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...
21 views
Sep 23, 20241 min read
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...
20 views
Sep 11, 20242 min read
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...
45 views
Sep 8, 20241 min read
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...
352 views
Sep 5, 20241 min read
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...
24 views
Sep 4, 20242 min read
SBI Chairman CS Setty on Advancing MSME Credit Access and Financial System Evolution
On September 2, CS Setty, who recently assumed the role of Chairman of the State Bank of India (SBI), provided insights into the current...
12 views
