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Adjudicating Authority Lacks Power to Replace Resolution Professional as Liquidator Without Specific IBBI Recommendation under IBC Section 34
NCLAT ruled that the Adjudicating Authority cannot replace a Resolution Professional as liquidator without a specific IBBI recommendation, and a general advisory letter cannot serve as valid grounds for such action.
Sep 234 min read
NCLAT: EPFO’s Delayed PF Claim Filed During IBC Moratorium Not Enforceable; Resolution Plan Cannot Be Modified
NCLAT ruled that EPFO’s delayed provident fund claim, initiated during the IBC moratorium without a valid Section 7A order, was unenforceable and refused to allow modification of the approved resolution plan to include such claims.
Sep 214 min read
High Court Rules Magistrate Acts Only Ministerially Under Section 14 SARFAESI; Condition Protecting Third-Party Possession Quashed
Karnataka High Court ruled that a Magistrate exercising powers under Section 14 SARFAESI acts ministerially and cannot impose conditions protecting third-party possession; such claims lie before the DRT under Section 17.
Sep 203 min read
Suspension of Insolvency Professional for Excess Fees, Unapproved Outsourcing, and Delay under IBC Regulations
Delhi High Court ruled that an Insolvency Professional breaching IBC norms through excess fees, unapproved outsourcing, and delayed filings faces disciplinary suspension and recovery of improper payments.
Sep 194 min read
CoC’s Commercial Wisdom Shields Liquidation from Judicial Review under IBC Section 33(2)
NCLAT Chennai ruled that under Section 33(2) of the IBC, the Committee of Creditors’ decision to liquidate is conclusive and beyond judicial review after liquidation and creation of third-party rights.
Sep 193 min read
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