NCLAT held that assets of subsidiary companies, including foreign assets, cannot be included in the CIRP of the holding company and upheld CoC commercial wisdom regarding implementability of the resolution plan.

NCLAT held that only transactions meeting all statutory ingredients under Section 43, including antecedent debt and creditor benefit, qualify as preferential transactions.

NCLAT holds that appeals against split opinions of NCLT members are not maintainable while the matter is pending before a Third Member for final adjudication.

NCLAT reiterates that a substantiated pre-existing dispute bars CIRP initiation under Section 9 of the IBC, even where the operational debt exceeds the statutory threshold.

Supreme Court holds IBC cannot be used as a recovery tool to enforce decrees where the corporate debtor is solvent and the debt remains disputed.

NCLAT held that operational creditors cannot challenge valuation or claim issues after resolution plan approval if not contested during CIRP.

NCLAT held that CoC-approved resolution plans may be rejected where CIRP lacks transparency and violates statutory provisions, particularly regarding avoidance transactions.

Once default of the Corporate Debtor is finally adjudicated under Section 7 IBC, personal guarantors cannot reopen the issue to resist proceedings under Section 95 of the Code.

NCLAT ruled that exclusion of a solitary invoice falling within the Section 10A suspension period does not bar initiation of Section 9 proceedings when remaining operational defaults arose outside the prohibited period.

The NCLAT held that a resolution plan approved without complete disclosure and valuation of all assets, including development rights and third-party secured interests, suffers from material irregularity in the conduct of the CIRP and cannot be sustained merely on the basis of Committee of Creditors’ approval.