NCLAT ruled that a bank cannot retain or adjust a Corporate Debtor’s Fixed Deposit towards the liabilities of a group company, holding that the general lien under Section 171 of the Contract Act applies only to debts of the same customer.

NCLAT held that a reconstituted Committee of Creditors cannot revisit or overturn the commercial approval granted by the original CoC to a resolution plan and must act strictly within the remand directions issued by the Adjudicating Authority under the IBC.

NCLAT upheld that inclusion of a strategic investor by an ARC does not breach Regulation 39(1B) and reaffirmed that an unsuccessful resolution applicant who accepted a refund cannot challenge the CoC-approved plan.

The NCLAT held that a statutory first charge under the Municipal Act qualifies as a “security interest” under the IBC, entitling municipal authorities to secured creditor status in liquidation proceedings.

The IBBI has mandated Insolvency Professionals to submit a standard undertaking before PMLA Special Courts when seeking restitution of ED-attached assets, aligning IBC and PMLA compliance frameworks for greater transparency and value realization.

The NCLAT held that an unsuccessful resolution applicant who did not submit a final plan during the challenge process has no locus to challenge the approved resolution plan, reiterating the sanctity of the Committee of Creditors’ commercial wisdom under the IBC.

The Delhi High Court directed that winding-up proceedings which have not reached an irreversible stage must be transferred to the NCLT under the Insolvency and Bankruptcy Code, 2016, to ensure effective resolution and value maximization.

The Allahabad High Court ruled that an auction purchaser under liquidation proceedings cannot be compelled to pay the previous electricity dues of the corporate debtor, reaffirming that Section 238 of the IBC overrides the provisions of the Electricity Act and Supply Code.

NCLAT upheld the admission of a Section 7 IBC petition, ruling that clear documentary proof of debt and default cannot be defeated by speculative disputes or unsubstantiated claims of tampering.

The NCLAT held that the Interim Resolution Professional’s withdrawal of fees without CoC ratification was impermissible and directed refund of such amounts, ruling that IRP fees must adhere to Regulation 33 of the CIRP Regulations and any unratified claim is illegal under the IBC framework.