News (Corporate)

Possession Disputes During Liquidation Fall Within NCLT’s Exclusive Jurisdiction: High Court Dismisses Writ as Non-Maintainable

The Gujarat High Court ruled that possession disputes during liquidation fall exclusively under the NCLT’s jurisdiction and writ petitions against such orders are non-maintainable.

2 hours ago4 min read

Consumer Proceedings Initiated During IBC Moratorium Held Void: Bombay High Court Quashes Orders Passed Against Corporate Debtor

The Bombay High Court ruled that consumer or recovery proceedings initiated during the IBC moratorium are void once a resolution plan is approved under Section 31 of the Code.

5 hours ago4 min read

Adjudicating Authority Cannot Presume Waiver of Oral Hearing When Pass Over Is Requested: NCLAT

NCLAT clarified that a mere request for pass over cannot be treated as waiver of oral hearing and directed that the principles of natural justice must be strictly upheld in adjudicatory proceedings.

1 day ago3 min read

NCLAT Sets Aside Adjudicating Authority’s Order: CoC-Approved Sale under Regulation 29 Held Valid and Binding

NCLAT ruled that the Adjudicating Authority cannot intervene in a CoC-approved sale under Regulation 29 of the CIRP Regulations when the sale process complies with the IBC framework and reflects the CoC’s commercial wisdom.

4 days ago4 min read

NCLAT Sets Aside Adjudicating Authority Order: EPFO Claims During CIRP Moratorium Unenforceable

NCLAT held that EPFO claims arising during CIRP moratorium under Section 14 IBC are unenforceable and cannot be admitted against the Corporate Debtor.

4 days ago4 min read

NCLAT Rules: Suspended Director Lacks Locus under CIRP; Moratorium under IBC Does Not Bar Adjudicating Authority from Allowing Arbitral Counterclaim

NCLAT ruled that a suspended director has no locus during CIRP and clarified that moratorium under Section 14 IBC does not bar the Adjudicating Authority from allowing arbitral counterclaims.

5 days ago3 min read

NCLAT: Subsequent Agreements Cannot Nullify Existing Corporate Guarantee under IBC

NCLAT ruled that subsequent financial agreements cannot nullify existing corporate guarantees where sanction letters ensure their continuity, and insufficiency of stamp duty does not render a Section 7 IBC proceeding invalid.

5 days ago4 min read

Section 9 Application Dismissed: Pre-Existing Dispute and Pending Civil Suit Bar Initiation of IBC Proceedings

NCLAT held that a Section 9 application under the IBC cannot proceed where a pre-existing dispute exists, including pending civil suits, and the Corporate Debtor’s notice of dispute bars the initiation of insolvency proceedings.

5 days ago3 min read

Unauthorised Lease Deed Invalidates Corporate Debtor’s CIRP Property Claim: NCLAT Confirms

NCLAT ruled that a lease deed executed by unauthorised persons without consideration is invalid, and the Corporate Debtor cannot claim leasehold rights over the property for inclusion in the CIRP information memorandum.

6 days ago5 min read

Bank Cannot Invoke General Lien on Corporate Debtor’s Fixed Deposit for Group Company’s Dues

NCLAT ruled that a bank cannot retain or adjust a Corporate Debtor’s Fixed Deposit towards the liabilities of a group company, holding that the general lien under Section 171 of the Contract Act applies only to debts of the same customer.

6 days ago4 min read