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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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High Court of Judicature at Bombay Partly Allows Writ Petitioners in Emergency Credit Line Guarantee Scheme Matter. Writ Petition Treated as Representation and Union Finance Ministry Directed to Decide Within Four Weeks to Ensure Scheme Benefits Percolate.

The dispute arose from the Emergency Credit Line Guarantee Scheme introduced by the Government of India through the Ministry of Finance. The petitione...

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Supreme Court Hears Appeal on Limitation in IBC Proceedings; Balance Sheet Acknowledgment Dispute. NCLAT Upheld Dismissal of Section 7 Application as Time-Barred Despite Claim of Debt Acknowledgment in Financial Statements.

The appeal arose from the dismissal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by IL&FS Financial Services Li...

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Bombay High Court Dismisses Winding Up Petitions Against GOL Offshore Ltd. Due to Bona Fide Dispute and Absence of Commercial Insolvency. Debt Not Due and Payable Under Section 433(e) of Companies Act, 1956.

The judgment concerns two winding up petitions filed by Export-Import Bank of India and Punjab National Bank (International) Ltd. against GOL Offshore...