NCLAT upheld that inclusion of a strategic investor by an ARC does not breach Regulation 39(1B) and reaffirmed that an unsuccessful resolution applicant who accepted a refund cannot challenge the CoC-approved plan.

The NCLAT held that a statutory first charge under the Municipal Act qualifies as a “security interest” under the IBC, entitling municipal authorities to secured creditor status in liquidation proceedings.

The IBBI has mandated Insolvency Professionals to submit a standard undertaking before PMLA Special Courts when seeking restitution of ED-attached assets, aligning IBC and PMLA compliance frameworks for greater transparency and value realization.

The NCLAT held that an unsuccessful resolution applicant who did not submit a final plan during the challenge process has no locus to challenge the approved resolution plan, reiterating the sanctity of the Committee of Creditors’ commercial wisdom under the IBC.

The Delhi High Court directed that winding-up proceedings which have not reached an irreversible stage must be transferred to the NCLT under the Insolvency and Bankruptcy Code, 2016, to ensure effective resolution and value maximization.