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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 8, 20254 min read
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 8, 20253 min read
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 8, 20253 min read
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 8, 20253 min read
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 7, 20253 min read
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 7, 20253 min read
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 7, 20253 min read
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 5, 20254 min read
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 5, 20253 min read
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 4, 20254 min read
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