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Supreme Court

Supreme Court Allows Appeals Against NCLAT Order Restricting Committee of Creditors to Single Project in CIRP of Supertech Ltd. — Interim Directions Issued for Consideration of Resolution Plans. The NCLAT's order converting the CIRP into a project-wise insolvency process was challenged as being contrary to the IBC, and the Supreme Court directed that offers from resolution applicants be considered pending final disposal.

11 May 2023

The Supreme Court of India heard three civil appeals arising from orders of the National Company Law Appellate Tribunal (NCLAT) in the corporate insol...

Supreme Court

Supreme Court Allows Appeal in Insolvency Case for Withdrawal of CIRP Based on Settlement Before CoC Constitution. Withdrawal Application Under Section 12A of Insolvency and Bankruptcy Code, 2016 Granted as Settlement Was Genuine and Committee of Creditors Not Constituted, Invoking Inherent Powers Under Rule 11 of NCLT Rules, 2016.

28 Mar 2023

The dispute arose from an appeal filed by a suspended director of Manpasand Beverages Ltd., the corporate debtor, against an order of the National Com...

Supreme Court

Supreme Court Allows Appeal in Insolvency Case Due to Absence of Financial Debt Against Pledgor. Petition Under Section 7 IBC Not Maintainable as No Disbursement Was Made to Corporate Debtor, and Pledge Alone Does Not Constitute Financial Debt Under Section 5(8) of Insolvency and Bankruptcy Code, 2016.

22 Sep 2022

The appeal arose from a judgment of the National Company Law Appellate Tribunal (NCLAT) dismissing an appeal against an order of the Adjudicating Auth...

Supreme Court

Supreme Court Dismisses Appeal by Suspended Directors in Insolvency Case on Maintainability and Limitation Grounds. Application under Section 7 of Insolvency and Bankruptcy Code, 2016 Filed by Power of Attorney Holder is Maintainable and Not Barred by Limitation Due to Acknowledgments Extending Period Under Section 18 of Limitation Act, 1963.

30 Sep 2021

The dispute arose from an application filed by Union Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 ag...

Supreme Court

Supreme Court Dismisses Appeal by Suspended Director in IL&FS Accounts Reopening Case — Recasting Permitted Under Section 130 Companies Act. Court holds that SFIO and ICAI reports provide sufficient basis for reopening accounts and that suspended director lacks locus standi.

4 Jun 2019

The case pertains to an appeal filed by Hari Sankaran, a suspended director of Infrastructure Leasing & Financial Services Limited (IL&FS), against th...

Supreme Court

Supreme Court Allows Suspended Director Access to Resolution Plans in Insolvency Case — Right to Effective Participation Under IBC. Suspended Board Members Entitled to Receive Resolution Plans and Relevant Documents for Effective Participation in CoC Meetings Under Section 24(3) of IBC and Regulation 21 of CIRP Regulations.

31 Jan 2019

The appeal arose from an Appellate Tribunal's order denying the appellant, a suspended director of Ruchi Soya Industries Ltd. (corporate debtor), acce...

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