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Auction Cancellation Not Automatic on Payment Delay; NCLAT Upholds Liquidator’s Discretion in IBC Framework
The NCLAT held that auction cancellation is not automatic upon delay in payment of the balance consideration and upheld the liquidator’s...
Jul 213 min read


Transfer of Case by NCLT President Valid; NCLAT Holds No Appeal Maintainable Under IBC and Clarifies Remedy Lies Under Companies Act
NCLAT held that the transfer of the case by the NCLT President was valid, clarified that no appeal is maintainable under the IBC against...
Jul 203 min read


NCLAT Reaffirms Section 59 Timelines; Rejects Delayed Intervention in Voluntary Liquidation
The NCLAT reaffirmed the strict timelines under Section 59 of the IBC and rejected the delayed intervention application filed during the...
Jul 203 min read


Contribution Secured by Promissory Note Qualifies as Financial Debt under IBC; NCLAT Upholds CIRP Admission
The National Company Law Appellate Tribunal held that a contribution secured by a promissory note qualifies as a financial debt under the...
Jul 183 min read


Recovery Suit Against Bank for Fraudulent Withdrawals from Current Account Maintainable Before Commercial Court: Karnataka High Court
The High Court held that a recovery suit against the bank for fraudulent withdrawals from a current account is maintainable before the...
Jul 172 min read


Unregistered Tenancy Claim Fails to Block Secured Creditor’s Possession under SARFAESI: Supreme Court
The Supreme Court held that an unregistered tenancy claim could not defeat the secured creditor’s right to take possession of the...
Jul 173 min read


NCLAT Holds Interest-Free Loan as Financial Debt; Overrules Section 186 of the Companies Act Defence to Uphold CIRP Initiation
The NCLAT held that an interest-free loan qualifies as a financial debt and overruled the defence based on Section 186 of the Companies...
Jul 173 min read


High Court Upholds Auction Sale of Secured Asset; Declines Relief to Borrower for Repeated Defaults and Abandonment of SARFAESI Challenge
The High Court upheld the auction sale of the secured asset and declined relief to the borrower in view of repeated defaults and...
Jul 163 min read


IBC Is Not a Recovery Forum: CIRP Application Rejected Where Amount Claimed Was Paid in Full, Additional Interest Dismissed
The National Company Law Tribunal (NCLT) held that the Insolvency and Bankruptcy Code (IBC) is not a recovery forum, and rejected the...
Jul 163 min read


Successful Auction Purchaser Not Liable for Unfiled Pre-Liquidation Claims: NCLAT Rules in Purchaser’s Favour
The National Company Law Appellate Tribunal (NCLAT) held that a successful auction purchaser is not liable for claims that existed prior...
Jul 153 min read
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