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NCLAT Dismisses Appeal in Insolvency Case Due to Lack of Privity of Contract. Operational Debt Claim Under Section 9 of IBC, 2016 Fails as No Direct Contractual Relationship Exists Between Appellant and Respondent.

The present appeal was filed by Rahee Jhajharia E to E JV (the Appellant) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) against t...

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Supreme Court Upholds Transfer of Winding Up Petition to NCLT Despite Admission Order. Discretion Under Section 434(1)(c) Companies Act, 2013 Properly Exercised Where Liquidation Was at Initial Stage and No Irreversible Steps Taken.

The Supreme Court dismissed appeals by Action Ispat and Power Pvt. Ltd. against the Delhi High Court's order transferring a winding up petition to the...

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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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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 Allows Winding Up of S. Kumars Nationwide Ltd. for Inability to Pay Debts. Multiple financial creditors and operational creditors successfully proved the company's insolvency under Sections 433(e) and 434 of the Companies Act, 1956.

The judgment concerns a batch of company petitions filed by various financial creditors and operational creditors seeking the winding up of S. Kumars ...

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Bombay High Court Dismisses Appeal Seeking Permanent Stay of Winding Up of Svadeshi Mills Company Limited. Section 466 of Companies Act, 1956 does not permit stay of winding up after assets have been sold and substantial progress made in liquidation.

The case concerns an appeal against the dismissal of a company application under Section 466 of the Companies Act, 1956, seeking a permanent stay of t...

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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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Bombay High Court Allows State Bank of India's Appeal Against MPID Act Attachment Order — Bank's Claim Over Property Prevails as Mortgage Was Prior to Default. Secured Creditor's Priority Under Section 31B of RDDBFI Act and Section 26E of SARFAESI Act Overrides MPID Act Attachment.

The case involves an appeal by State Bank of India (SBI) against an order of the Special Court under the Maharashtra Protection of Interest of Deposit...

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Bombay High Court Dismisses Bank and Sugar Factory's Petitions Challenging Auction of Cooperative Sugar Factory Assets. Held that the Bank as a secured creditor has a paramount charge over the property and the auction sale cannot be set aside after confirmation and payment.

The case involves a dispute over the auction sale of assets of Doulat Shetkari Sahakari Sakhar Karkhana Ltd., a cooperative sugar factory, by the Kolh...

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NCLAT Allows Appeal Against Dismissal of Section 7 IBC Application by Financial Creditor. Loan Agreement and Default Established Through Signed Documents and Acknowledgment of Debt.

The present appeal was filed by Desana Impex Limited (Appellant), a Non-Banking Financial Corporation (NBFC) registered under the Companies Act, 2013 ...