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Supreme Court Dismisses Appeals by Liquidators Challenging Benami Act Attachment Orders, Upholds NCLAT Ruling that IBC Authorities Lack Jurisdiction to Entertain Challenges to Benami Act Orders During Insolvency Proceedings

The Supreme Court dismissed a batch of civil appeals filed by liquidators challenging provisional attachment orders issued under the Prohibition of Be...

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High Court Allows Transfer of Winding-Up Proceedings to NCLT Under Companies Act Section 434(1)(c) - Applicant Successfully Seeks Transfer for Corporate Insolvency Resolution Under IBC

The Bombay High Court allowed the transfer of winding-up proceedings against Patheja Forgings & Auto Parts Manufacturing Ltd. to the National Comp...

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Supreme Court Dismisses Appeal Against Initiation of CIRP Against Corporate Debtor Despite Payment by Guarantor's Resolution Applicant. Right of Subrogation Under Section 140 of Indian Contract Act, 1872 Not Available Where Resolution Plan Extinguishes Guarantee and No Payment of Entire Debt.

The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against the 2nd respondent, Gujarat Hydrocarbon a...

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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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High Court of Karnataka Allows Landlord's Application for Possession and Rent Arrears from Official Liquidator in Company Liquidation. Landlord's Claim for Rent Arrears and Possession Upheld Under Section 476 of Companies Act, 1956.

The applicant, Shri N R Ravi, claimed to be the owner of a property leased to M/s. SEM India Systems Private Limited (in liquidation) on 15.05.2008. T...

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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...

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NCLAT Dismisses Appeal Against Liquidation Order in Insolvency Case — Appellant Failed to Show Viable Revival Plan or Error in Impugned Order. Corporate Debtor's Liquidation Upheld as No Resolution Plan Was Received and Appellant's Offer Was Not a Valid Plan Under IBC.

The case involves an appeal filed by P. Naveen Chakravarthy (the appellant) against an order dated 27.01.2021 passed by the Adjudicating Authority (Na...