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Supreme Court Allows Appeal in IBC Case: CIRP Not a Substitute for Execution of Civil Court Decree. Insolvency and Bankruptcy Code, 2016 — Section 7 — Financial Debt — Decree Holder Cannot Bypass Execution Process.

The Supreme Court allowed the appeal filed by Appellants against the order of the NCLAT which had directed admission of a Section 7 petition under the...

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NCLAT Allows Section 7 Petition in Insolvency Case Due to Acknowledgment of Debt in Balance Sheets and Emails. Repeated acknowledgment of debt by Corporate Debtor in balance sheets and emails extends limitation period under Section 18 of Limitation Act, 1963, saving the petition from being time-barred.

The case involves an appeal filed by Akzo Nobel India Ltd. (Financial Creditor) against Stan Cars Pvt. Ltd. (Corporate Debtor) under Section 61 of the...

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Supreme Court Allows Secured Creditor's Appeal in Customs Duty Priority Dispute Over Wound-Up Company's Hypothecated Goods. Held that customs authorities do not have priority over secured creditors under Section 529A of Companies Act, 1956 for sale of warehoused goods under Customs Act, 1962.

The appeal by Industrial Development Bank of India (IDBI) challenged the judgment of the Andhra Pradesh High Court which held that customs authorities...

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Supreme Court Dismisses Appeal of Suspended Director Against Admission of Insolvency Petition by Canara Bank Under Section 7 of IBC. Held that a suspended director has no locus standi to challenge the admission of a Section 7 application as the corporate debtor is the proper party.

The case involves an appeal by M. Suresh Kumar Reddy, claiming to be a suspended director of M/s Kranthi Edifice Pvt. Ltd. (corporate debtor), against...

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Bombay High Court Dismisses Writ Petition Challenging SARFAESI Proceedings Against Partnership Firm and Guarantors. SARFAESI Act Section 13(2) Notice Validly Issued Against Principal Borrower and Guarantors, and Section 17 Application Before DRT Is the Appropriate Remedy.

The petitioners, M/s. Otoklin Global Business (a partnership firm) and its partner Mr. Dhaval Dilip Jhaveri, filed a writ petition under Article 226 o...