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Supreme Court Seeks Central Registrar’s Clarification on Cooperative Society’s Eligibility as Resolution Applicant Under IBC
The Supreme Court held that the Central Registrar must be impleaded to decide a cooperative society’s eligibility as a resolution applicant under the IBC, and no final plan approval can be granted pending such determination.
Dec 19, 20253 min read
Section 7 IBC Application Time-Barred: Pendency of DRT Proceedings Does Not Attract Section 14 Limitation Benefit
NCLAT held that a Section 7 IBC application filed beyond three years from the date of default is time-barred, and pendency of DRT proceedings does not justify exclusion of time under Section 14 of the Limitation Act.
Dec 19, 20253 min read
High Court Affirms Appellant’s Liability to Bear Official Liquidator’s Security Expenses in Company Winding-Up
Delhi High Court held that a company under winding up is liable to bear the Official Liquidator’s security expenses, as directors’ verified statements and undertakings are binding.
Dec 18, 20253 min read
Recall Amounting to Review Not Permissible After Dissolution: Applications Dismissed for Non-Prosecution Cannot Be Revived Under IBC
NCLAT Chennai held that applications dismissed for non-prosecution cannot be revived after dissolution, as recall would amount to an impermissible review under the IBC.
Dec 18, 20253 min read
Ownership Under SARFAESI Transfers Only on Sale Certificate: Section 96 IBC Interim Moratorium Bars Completion of Auction Sale
The Bombay High Court held that ownership under SARFAESI transfers only upon issuance of a sale certificate, and an interim moratorium under Section 96 IBC bars completion of an auction sale.
Dec 18, 20255 min read
Consequential IBC Appeal Held Not Maintainable After Withdrawal of Foundational Challenge and Plan Approval
The NCLAT, Chennai Bench, held that a consequential appeal under the IBC is not maintainable once the foundational challenge is withdrawn and the resolution plan stands approved with the appellant’s participation.
Dec 18, 20254 min read
NCLT Has Exclusive Jurisdiction to Decide Possession and Lease Validity of Corporate Debtor’s Assets Under Section 60(5) IBC
The Gujarat High Court held that the NCLT has exclusive jurisdiction under Section 60(5)(c) IBC to decide disputes relating to possession and validity of lease or licence arrangements forming part of a corporate debtor’s assets.
Dec 17, 20254 min read
Prior Secured Creditor’s Charge Prevails Over Subsequent State Dues: High Court Clarifies Pre-Section 26E SARFAESI Priority
The Punjab & Haryana High Court held that a prior SARFAESI mortgage and auction sale could not be defeated by a subsequent State revenue attachment in the absence of a statutory first charge before Section 26E.
Dec 16, 20254 min read
Liquidation Sale Under IBC Is Not a Contract: Bidder Bound by NCLT Extension and Forfeiture: Supreme Court
The Supreme Court held that forfeiture in a liquidation sale is lawful where a bidder accepts an extension of time subject to forfeiture and later defaults, as such forfeiture flows from statutory powers under the IBC.
Dec 16, 20254 min read
Joint Consideration of Personal Guarantors’ Repayment Plans Does Not Amount to Group Insolvency: NCLAT
The NCLAT held that joint meetings for considering repayment plans of personal guarantors do not amount to group insolvency where each plan is independently examined and rejected on commercial grounds.
Dec 15, 20254 min read
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