Allahabad High Court upheld YEIDA’s statutory power to cancel land allotment, ruling that Section 14 of the U.P. Industrial Area Development Act overrides executed lease deeds and partial payment claims.

NCLT Hyderabad held that Section 7 IBC petition is not maintainable against a SEBI-registered stock broker, as such entities qualify as Financial Service Providers excluded from IBC.

NCLAT held that legal consultancy fee claims in CIRP must be supported by credible proof beyond invoices or engagement letters, as unsupported claims cannot be admitted under IBC.

NCLAT held that an SRA under the IBC has only procedural liberty, and not an enforceable right, to seek renewal of expired leases, as the decision to grant renewal lies exclusively with the State Government.

NCLAT ruled that interest on lease rent cannot be recovered as CIRP cost under the IBC without an express contractual clause, holding that unilateral invoice claims lack enforceability.

NCLAT ruled that a Section 9 petition under the IBC is not maintainable solely for recovery of disputed interest after the principal debt has been paid, as invoices cannot override written supply agreements.

The NCLAT held that Section 7 IBC proceedings cannot be initiated against an NBFC merely due to registration status, and liability depends on proof of financial services. Admission was set aside and matter remanded to NCLT.

The NCLAT declared that any sale of a company’s sole immovable asset under an OTS without Tribunal approval and shareholder consent is invalid, affirming the NCLT’s order directing majority shareholders to complete the OTS in the company’s interest.

The IBBI has tightened the Continuing Professional Education framework for Insolvency Professionals, mandating 30 credit hours annually, graded in-person learning, and structured credit allocations for publications, research, and professional development.

The IBBI has released a discussion paper proposing the deletion of Clause 6 from the Insolvency Professionals’ Code of Conduct to avoid duplication, simplify compliance, and align with liquidation and bankruptcy regulations.