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NCLAT Holds Interest-Free Loan as Financial Debt; Overrules Section 186 of the Companies Act Defence to Uphold CIRP Initiation
The NCLAT held that an interest-free loan qualifies as a financial debt and overruled the defence based on Section 186 of the Companies...
Jul 173 min read
High Court Upholds Auction Sale of Secured Asset; Declines Relief to Borrower for Repeated Defaults and Abandonment of SARFAESI Challenge
The High Court upheld the auction sale of the secured asset and declined relief to the borrower in view of repeated defaults and...
Jul 163 min read
IBC Is Not a Recovery Forum: CIRP Application Rejected Where Amount Claimed Was Paid in Full, Additional Interest Dismissed
The National Company Law Tribunal (NCLT) held that the Insolvency and Bankruptcy Code (IBC) is not a recovery forum, and rejected the...
Jul 163 min read
Successful Auction Purchaser Not Liable for Unfiled Pre-Liquidation Claims: NCLAT Rules in Purchaser’s Favour
The National Company Law Appellate Tribunal (NCLAT) held that a successful auction purchaser is not liable for claims that existed prior...
Jul 153 min read
NCLAT Declines Appeal, Awaits Third Member’s Opinion on Admission of Personal Guarantors Under Section 419(5), Companies Act
The National Company Law Appellate Tribunal (NCLAT) declined to entertain the appeal, observing that the matter concerning the admission...
Jul 153 min read
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