Latest Nclat updates from LegalRepublic.in.
The appellate tribunal disposed of applications seeking replacement of IRP Santanu T. Ray, directing the suspended director to first approach NCLT, with a two-week disposal request.
SREI Equipment Finance withdrew its challenge to the approved resolution plan of Nirmal Lifestyle (Mulund) after the successful resolution applicant confirmed the disputed mortgaged property was excluded.
NCLAT's Principal Bench allowed exclusion of 87 days from the CIRP timeline of Senior Builders Ltd., reversing an NCLT order that had rejected the new Resolution Professional's application.
NCLAT sets aside NCLT's rejection of a director's Section 7 petition over Rs. 6.86 crore interest-free loan, citing procedural failure and unexamined factual questions about the debt's true character.
NCLAT's Principal Bench dismisses Shefali Agrawal's appeal, holding her claims of illegal removal as director and share dilution were time-barred, with knowledge established from 2013.
NCLAT upholds CIRP admission against two Rana Kapoor-linked real estate companies, ruling the loan recall notice of 9 March 2020 validly triggered default under the IBC.
NCLAT finds Rs 3.6 crore transferred to Ligare Aviation and immediately routed back to a Religare subsidiary the same day was not a genuine financial debt under IBC.
NCLAT's Principal Bench reverses NCLT Chandigarh's dismissal of nine IBC Section 7 applications filed by J&K Integrated Textiles Park, finding financial debt proved and Section 65 penalty unsustainable.
NCLAT upholds NCLT Mumbai's finding that a mortgage executed two months before CIRP commencement, securing a 2014 debenture debt, was preferential under Section 43 of the IBC.
NCLAT partly allows four IBC appeals, sets aside NCLT's finding that project Ananta Residency became Halwasiya's asset, and directs full document access to the Resolution Professional.
NCLAT Principal Bench finds no pre-existing dispute where the corporate debtor itself prepared and signed a consequence sheet quantifying the undisputed amount owed to the operational creditor.
The Principal Bench dismissed appeals by the resolution applicant and erstwhile RP, finding that delays of many months in refiling the plan approval application left liquidation as the only option.
NCLAT's Principal Bench set aside NCLT's admission of Canara Bank's Section 7 application against Equinox India Developments, finding the corporate guarantee covered equity infusion only and the application was barred by Section 10A.
NCLAT holds a 2012 bank security interest registered with ROC defeats a 2019 statutory tax lien; Rainbow Papers does not override chronological priority under IBC Section 52.
