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Supreme Court Dismisses Appeal in Insolvency Case Involving Trademark Ownership Dispute. The Court upheld NCLAT's finding that NCLT's declaration of trademark ownership impermissibly modified the approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016.

The appeal arose from a dispute over trademark ownership in the context of a corporate insolvency resolution process under the Insolvency and Bankrupt...

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Bombay High Court Dismisses Writ Petition Challenging Suspension of Resolution Professional for Lack of Due Diligence in CIRP. Disciplinary action by IBBI under Sections 30(2)(b), (e) and 208(2)(a), (e) of the Insolvency and Bankruptcy Code, 2016 upheld as proportionate.

The petitioner, Vijendra Kumar Jain, was appointed as Resolution Professional (RP) for M/s. Transparent Energy System Pvt. Ltd. (Corporate Debtor) by ...

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Bombay High Court Allows Redevelopment of C-1 Building Despite IBC Moratorium — Development Rights Not Asset of Corporate Debtor. Cooperative Housing Society's Right to Redevelop Its Property Upheld Against Resolution Professional's Interference.

The Petitioner, Kher Nagar Sukhsadan Co-operative Housing Society Ltd., owned a building on land leased from MHADA. In 2005, it entered into a Develop...

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Bombay High Court Quashes IBBI Circular as Ultra Vires in Insolvency Professional Regulation — Circular Purporting to Clarify Regulation 4(2)(b) of LP Regulations Held to Be an Impermissible Retrospective Amendment.

The petitioner, Amit Gupta, a chartered accountant and registered insolvency professional, challenged a circular dated 28 September 2023 issued by the...

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Supreme Court Allows Appeal of Dissenting Financial Creditor in Insolvency Case on Interpretation of Amended Section 30(2)(b)(ii) - Court Holds Amendments Apply to Pending Proceedings and Entitle Creditor to Liquidation Value of Security Interest Under Insolvency and Bankruptcy Code, 2016.

The dispute arose from appeals concerning the interpretation of amended Section 30(2)(b)(ii) of the Insolvency and Bankruptcy Code, 2016. The appellan...

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Bombay High Court Allows Resolution Professional to Continue CIRP Under IBC Despite Pending Winding-Up Petition Under Companies Act, 1956. Leave under Section 446 of Companies Act, 1956 granted to proceed with Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016.

The judgment concerns Company Application No. 10 of 2017 filed by the Resolution Professional of Murli Industries Limited (the corporate debtor) under...