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Supreme Court Allows IDBI Bank's Appeal in Winding Up Case — Revival of Winding Up Proceedings Set Aside and Sale Deed Directed to Be Executed. Agreement to Sell Not Fraudulent Preference Under Section 531 of Companies Act, 1956 as Executed Beyond Six-Month Period and Bona Fide.

The Supreme Court considered two appeals by IDBI Bank (erstwhile United Western Bank) against judgments of the Madras High Court relating to the windi...

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Supreme Court Allows Banks to Deny Legal Representation in Wilful Defaulter Proceedings. In-House Committees of Banks Are Not Tribunals Under Section 30 of Advocates Act, 1961, and Right to Lawyer Is Not Part of Natural Justice.

The Supreme Court considered appeals against the Delhi High Court judgment which held that a borrower is entitled to be represented by a lawyer before...

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Bombay High Court Allows Winding Up Petition Against Varun Global Limited for Non-Payment of Loan Debt. Life Insurance Corporation of India Succeeds in Proving Company's Inability to Pay Debts Under Sections 433(e) and 434 of the Companies Act, 1956.

The petitioner, Life Insurance Corporation of India (LIC), filed a company petition under Sections 433(e) and 434 of the Companies Act, 1956, seeking ...

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Bombay High Court Dismisses Winding-Up Petitions for Non-Prosecution Due to Non-Compliance with Directions. Failure to File Affidavit of Documents and Appear Before Court Leads to Dismissal Under Rule 34 of the Companies (Court) Rules, 1959.

The judgment concerns two company petitions (CP 496/2014 and CP 497/2014) filed by Janak Herkishen Vaswani and Mrs. Renuka Herkishen Vaswani respectiv...

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NCLAT Dismisses Financial Creditor's Appeal Against Rejection of Section 7 Application as Time-Barred. Application Under Section 7 of IBC, 2016 Filed Beyond Three Years from NPA Declaration Held Barred by Limitation.

The appeal was filed by M/s. Canara Bank (Appellant/Financial Creditor) against the order of the National Company Law Tribunal, Hyderabad Bench, which...