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Borrower Not a 'Consumer' If Loan Is for Profit-Making, Complaint Against Bank Not Maintainable
The Supreme Court rules that a borrower is not a 'consumer' if the loan is taken for profit-making purposes, making a complaint against...
Mar 23 min read
Allegations of Mismanagement or Shareholding Disputes Cannot Hinder Admission of Section 7 Application if Debt Acknowledgment and Default Are Established
NCLAT held that allegations of mismanagement or shareholding disputes cannot hinder the admission of a Section 7 application if debt...
Mar 24 min read
Withdrawal of CIRP Under Section 12A Constitutes Full and Final Settlement, Rendering Deposited Amount Non-Refundable Except Where No Forfeiture Clause Exists
NCLAT held that the withdrawal of CIRP under Section 12A constitutes a full and final settlement, rendering the deposited amount...
Mar 23 min read
NCLAT Holds Section 7 Application Barred by Limitation as Cause of Action Arose Upon Agreement Expiry, and Acknowledges Debt Repayment by Corporate Debtor
NCLAT held that the Section 7 application was barred by limitation as the cause of action arose upon the expiry of the agreement and...
Mar 24 min read
NCLAT Upholds Exclusion of Related Party from CoC, Affirms RP’s Authority Under Section 5(24) of IBC
NCLAT upheld the exclusion of a related party from the CoC and affirmed the RP’s authority under Section 5(24) of the IBC. The National...
Mar 24 min read
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