NCLAT held that a rejected prospective resolution applicant lacks locus standi to challenge the CIRP or seek re-issuance of the Information Memorandum, and alleged defects therein cannot invalidate the resolution process absent a violation of Section 30(2) IBC.

NCLAT held that amendment of the date of default in a pending Section 95 personal guarantor insolvency application is permissible even at an advanced stage, as it facilitates effective adjudication without finally deciding limitation or foreclosing statutory defences.

The NCLAT held that a former shareholder who has ceased to be a member cannot maintain an oppression and mismanagement petition based on a private MoU, and that Section 89 non-compliance attracts only statutory penalties.

The NCLAT clarified that a liquidator cannot claim fixed monthly remuneration without CoC or SCC approval, holding that fees under Regulation 4 of the Liquidation Regulations are payable only upon actual asset realisation or distribution.

The NCLAT held that balance sheet entries and acknowledgments can establish financial debt for Section 7 IBC even in the absence of a formal loan agreement.