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Liability of Co-Borrowers in Corporate Insolvency: Upholding Joint Obligations and Enforceability Despite Technical Deficiencies
NCLAT affirmed the liability of co-borrowers in corporate insolvency, emphasizing their joint obligations and the enforceability of...
Oct 24, 20243 min read


IBC Claim Time-Barred: Recall Notice Sets Default Date, No Relief from OTS Offers or SICA Exclusions
NCLAT held that the IBC claim was time-barred, as the default date was set by the recall notice, and no relief was granted from the OTS...
Oct 23, 20243 min read


NCLAT Clarifies Treatment of Annual Mine Closure Costs (AMCC) as Corporate Assets Under IBC, Upholding Equal Treatment of Creditors
The NCLAT clarified the treatment of Annual Mine Closure Costs (AMCC) as corporate assets under the IBC, upholding the principle of equal...
Oct 23, 20243 min read


Pre-Existing Dispute Bars Initiation of CIRP: NCLAT Upholds Dismissal of Section 9 Application
NCLAT upheld the dismissal of the Section 9 application, ruling that pre-existing disputes barred the initiation of the Corporate...
Oct 23, 20243 min read


NCLT Lacks Jurisdiction to Adjudicate Pre-Insolvency Closure Disputes, Confirms NCLAT
The NCLAT confirmed that the NCLT lacked jurisdiction to adjudicate closure disputes that occurred before the initiation of insolvency...
Oct 23, 20243 min read


Approval of Resolution Plan by CoC Bars Subsequent Revisions, and Written Orders Prevail Over Oral Directions
NCLAT held that the approval of the Resolution Plan by the Committee of Creditors bars any subsequent revisions and that written orders...
Oct 22, 20243 min read


Substantive Inquiry Essential to Establish Financial Debt under Section 7 of IBC; NCLAT Criticizes NCLT for Failing to Address Discrepancies in Financial Statements
NCLAT emphasized that a substantive inquiry into the true nature of transactions is essential to establish whether a debt qualifies as...
Oct 22, 20243 min read


Related Party Status Does Not Affect Priority in Liquidation Distribution Under Section 53 of the IBC
The NCLAT ruled that related party status does not impact the priority of claims in the liquidation distribution framework under Section...
Oct 22, 20243 min read


Engagement of Research Associates in Law at the Insolvency and Bankruptcy Board of India (IBBI) on a Contract Basis
The Insolvency and Bankruptcy Board of India (IBBI), established under the Insolvency and Bankruptcy Code, 2016, has invited applications...
Oct 19, 20242 min read


Claims Arising Post-Liquidation Commencement Date are Inadmissible Under the IBC Framework
NCLAT reaffirmed that claims arising after the liquidation commencement date are inadmissible under the IBC framework. The National...
Oct 18, 20242 min read
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