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Supreme Court Dismisses Corporate Debtor's Appeal Against NCLT Order Admitting Insolvency Application Under Insolvency and Bankruptcy Code, 2016. Maharashtra Act Moratorium Does Not Bar Insolvency Proceedings as Section 238 of the Code Overrides Inconsistent State Laws.

The appeal arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The corporate debtor, a multi-product compan...

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Supreme Court Dismisses Appeal by Erstwhile Directors in First Insolvency Case, Holding IBC Overrides State Moratorium. Corporate Debtor's Belated Defence of Non-Disbursal Under Master Restructuring Agreement Rejected as After-Thought.

The case arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The appellant, a multi-product company, faced ...

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Supreme Court Dismisses Power Trust's Appeal Against CIRP Initiation for Appellant(s), Upholds NCLAT Order Admitting Section 7 IBC Application Due to Default and Non-Compliance with Restructuring Conditions

The Supreme Court dismissed an appeal challenging the initiation of corporate insolvency resolution process (CIRP) against Hiranmaye Energy Ltd. under...

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Bombay High Court Dismisses Petitions Challenging SARFAESI Act Applicability to Cooperative Banks and Arbitration Awards. Multi-State Cooperative Bank held to be a 'bank' under SARFAESI Act, and arbitration under Multi-State Cooperative Societies Act does not bar subsequent SARFAESI proceedings.

The judgment concerns three writ petitions filed by borrowers challenging actions taken by Abhyudaya Co-operative Bank Ltd. and Piramal Capital and Ho...

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Supreme Court Upholds NCLAT Decision on Mandatory 75% Voting Share for Resolution Plan Approval Under I&B Code. Financial Creditors' Rejection of Resolution Plan for Kamineni Steel & Power India Pvt. Ltd. and Innoventive Industries Ltd. Leads to Liquidation as Plan Did Not Garner Required Majority.

The Supreme Court of India heard appeals arising from a common judgment of the National Company Law Appellate Tribunal (NCLAT) dated 6 September 2018,...

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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 ...