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Bombay High Court Issues Rule Nisi in Cyber Fraud Case Involving Unauthorized Withdrawals of Rs. 38.04 Lakh. Petitioner Claims Banks Breached RBI Guidelines on Internet Banking and Failed to Reverse Fraudulent Transactions.

The petitioner, a freelancer in business consultancy, maintained savings and current accounts with HDFC Bank since 2011 and 2016 respectively. On 14 J...

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Supreme Court Allows Appeal in IBC Limitation Dispute — Application Under Section 7 Held Barred by Limitation. Acknowledgment of Debt in Balance Sheets Does Not Extend Limitation for Initiating CIRP Under IBC.

The Supreme Court allowed the appeal filed by Babulal Vardharji Gurjar, a director of Veer Gurjar Aluminium Industries Pvt. Ltd., against the order of...

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NCLAT Chennai Allows Appeals by Resolution Professional Against Rejection of Fee Claims Under IBC. Held that the Adjudicating Authority cannot reduce or disallow fees fixed by the Committee of Creditors without valid reasons.

The present appeals were filed by Mr. Immaneni Eswara Rao, a Resolution Professional, against four separate orders passed by the National Company Law ...

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NCLAT Allows Appeal Against Rejection of Claim by RP in CIRP of Sovereign Industries Ltd. — Claimant's Right to File Claim Before Adjudicating Authority Not Barred by Limitation Under IBC. The NCLAT held that acknowledgment of debt in balance sheets extends limitation and the RP's rejection was erroneous.

The case involves an appeal by Mr. Bhagawant Narayan Naik against the rejection of his claim by the Resolution Professional (RP) of Sovereign Industri...

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NCLAT Dismisses Appeal Against CIRP Admission as Withdrawn. Shareholder's Challenge to Section 7 IBC Initiation on Grounds of Malicious Intent Under Section 65 IBC Not Maintainable as Appeal Was Withdrawn.

The appellant, Dr. Aveena Gudapati, filed an appeal before the National Company Law Appellate Tribunal (NCLAT) at Chennai challenging an order dated 2...

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NCLAT Dismisses Appeal Against Approval of Resolution Plan for Lack of Standing — Appellant Not an Aggrieved Person Under Section 61 of IBC, 2016. The appellant, not being a party to the CIRP and whose claim was not admitted, lacks locus standi to challenge the order approving the resolution plan.

The case involves an appeal filed by Boorugu Infra Projects Private Limited in consortium with Vishwanath Projects Limited against the order of the Na...

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NCLAT Dismisses ED's Appeal as Time-Barred in IBC Resolution Plan Approval Case — Delay of 62 Days Not Condoned Due to Lack of Sufficient Cause.

The Directorate of Enforcement (ED) filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) challenging an order dated 07.0...