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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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High Court of Karnataka Reserves Orders on Company's Petition to Quash Criminal Case for Alleged Cheating of Rs 36 Crores. Commercial Property Transaction Dispute Resulted in FIR; Petitioners Claim Abuse of Process Amid Pending Civil and Insolvency Proceedings.

The High Court of Karnataka heard a criminal petition under Section 482 of the Code of Criminal Procedure, 1973, filed by Patel Engineering Limited an...

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NCLAT Considers Appeal Against NCLT Order Dismissing Application to Prevent Deduction from Resolution Plan Payout in CIRP of Amtek Auto Limited. CoC's Commercial Wisdom Under IBC and Permissibility of Deduction for Pre-CIRP Recoveries Examined by Appellate Tribunal.

(1) Background: The appeal arises from the Corporate Insolvency Resolution Process (CIRP) of M/s. Amtek Auto Limited, initiated on 24 July 2017 on an ...