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Bombay High Court Hears Writ Petition Against Order of Debt Recovery Appellate Tribunal in Recovery Proceedings. The Case Involves Settlement and Auction of Property of Bradbury Mills Ltd., a Company in Liquidation, with Multiple Creditors and Guarantors.

The writ petition was filed by Everest Fincap Pvt. Ltd. challenging an order of the Debt Recovery Appellate Tribunal (DRAT) dated 22 August 2008, whic...

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NCLAT Chennai Allows Appeal of Financial Creditor in Insolvency Case, Directs Reconsideration of Resolution Plan. The Tribunal held that the Resolution Professional's failure to include the appellant in the Committee of Creditors and incorrect determination of voting shares violated the IBC, 2016.

The appeal was filed by RBL Bank Limited against the order of the National Company Law Tribunal (NCLT), Chennai, which had approved the resolution pla...

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Bombay High Court Dismisses Application for Recall/Review of Order Allowing Secured Creditor to Release Leasehold Rights. Applicant, an ex-director and guarantor, lacked locus standi as he was not a party to the original application and no fraud or mistake was established.

The judgment concerns an application filed by Mr Shashikant Pasari, an ex-director and guarantor of Rajan (Textile) Mills Pvt Ltd (in liquidation), se...

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Supreme Court Dismisses Appeal by Erstwhile Directors in First Insolvency Case, Holding IBC Overrides State Moratorium. Corporate Debtor's Belated Defence of Non-Disbursal Under Master Restructuring Agreement Rejected as After-Thought.

The case arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The appellant, a multi-product company, faced ...