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.

The Allahabad High Court ruled that an auction purchaser under liquidation proceedings cannot be compelled to pay the previous electricity dues of the corporate debtor, reaffirming that Section 238 of the IBC overrides the provisions of the Electricity Act and Supply Code.

NCLAT upheld the admission of a Section 7 IBC petition, ruling that clear documentary proof of debt and default cannot be defeated by speculative disputes or unsubstantiated claims of tampering.

The NCLAT held that the Interim Resolution Professional’s withdrawal of fees without CoC ratification was impermissible and directed refund of such amounts, ruling that IRP fees must adhere to Regulation 33 of the CIRP Regulations and any unratified claim is illegal under the IBC framework.

The NCLAT, New Delhi, ruled that an approved resolution plan under the IBC supersedes all prior SICA rehabilitation schemes, declaring that any concessions not incorporated within such plan are extinguished and cannot be revived.