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Section 7 Application Must Be Decided Before a Delayed Section 54C Filing, but NCLAT Upholds PPIRP Resolution as a Fait Accompli
NCLAT held that a Section 7 application must be decided before a delayed Section 54C filing but upheld the PPIRP resolution as a fait...
Feb 11, 20255 min read


Security Deposit with Profit-Sharing Arrangement Constitutes Financial Debt under the Insolvency and Bankruptcy Code
NCLT held that the security deposit with a profit-sharing arrangement constituted financial debt, thereby justifying the initiation of...
Feb 9, 20253 min read


Ex-Director Lacks Locus to Challenge Resolution Plan; NCLAT Upholds CoC’s Commercial Wisdom and Dismisses Appeal
NCLAT upheld the CoC’s commercial wisdom and dismissed the appeal, holding that the ex-director lacked the locus to challenge the...
Feb 8, 20254 min read


Provident Fund Dues Are Excluded from the Liquidation Estate, Making Them Immune from the Waterfall Mechanism and Requiring Full Payment
NCLAT held that provident fund dues under Sections 7Q and 14B of the EPF Act were excluded from the liquidation estate under Section...
Feb 7, 20253 min read


NCLAT Upholds Dismissal of Section 7 Petition Due to Lack of Substantiating Evidence and Binding Arbitral Award
The NCLAT upheld the dismissal of the Section 7 petition due to a lack of substantiating evidence and the existence of a binding arbitral...
Feb 7, 20254 min read


Corporate Debtor’s Willful Non-Appearance and Undisputed Default Justify Admission into CIRP: NCLAT Dismisses Appeal
NCLAT dismissed the appeal, holding that the Corporate Debtor’s willful non-appearance and undisputed default justified its admission...
Feb 7, 20253 min read


Acquittal in Criminal Proceedings Does Not Preclude Disciplinary Action; Supreme Court Upholds Dismissal for Bank Fraud
The Supreme Court held that an acquittal in criminal proceedings does not preclude disciplinary action and upheld the respondent’s...
Feb 7, 20253 min read


NCLT Approves Orissa Metaliks' Resolution Plan for Metenere Limited, Upholding CoC's Authority and Ensuring Compliance with IBC Regulations
The NCLT approved Orissa Metaliks' resolution plan for Metenere Limited, upholding the CoC's authority and ensuring compliance with IBC...
Feb 5, 20254 min read


Non-Compliance with CIRP Framework and Procedural Irregularities Render Resolution Plan Unfit for Approval
NCLT held that non-compliance with the CIRP framework and procedural irregularities rendered the Resolution Plan unfit for approval. The...
Feb 5, 20254 min read


NCLAT Reiterates Pre-CIRP Rental Claims Classified as Operational Debts, Not CIRP Costs
NCLAT reiterated that pre-CIRP rental claims were classified as operational debts, not CIRP costs. The National Company Law Appellate...
Feb 3, 20253 min read
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