NCLAT Chennai held that the concept of ‘symbolic possession’ has no legal standing under the IBC, and the Interim Resolution Professional must assume complete control of the Corporate Debtor’s assets once CIRP commences.

The Rajasthan High Court upheld DRAT’s discretion under Section 19(20) of the RDB Act to reduce interest granted by DRT, ruling that a reasoned exercise of such discretion cannot be interfered with in writ jurisdiction.

NCLAT ruled that email service and attempted physical delivery satisfy notice requirements under Rule 38 NCLT Rules, and upheld admission of a Section 7 IBC application once debt and default were established.

NCLAT held that a takeover agreement with share allotment and consistent asset treatment establishes ownership for the corporate debtor even without a registered sale deed, preventing the transferor from reclaiming possession during CIRP.

NCLAT held that directors who invested in illiquid, non-traded shares during imminent insolvency without due diligence were liable under Section 66(2) IBC and could be ordered to personally contribute to the liquidation estate.