Late CIRP Claims Get No Relief

Introduction The corporate insolvency landscaped a significant judicial pronouncement when the National Company Law Tribunal (NCLT) Mumbai adjudicated several interim applications concerning unpaid salary dues and financial claims by former employees of Indo Global Soft Solutions and Technologies Pvt. Ltd. This case illuminates critical aspects of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency…

Redevelopment Rights Not ‘Assets’ Under IBC if Agreement Lawfully Terminated Before Insolvency: SC [Read Order]

The Supreme Court has dismissed an appeal filed by a developer, which is undergoing corporate insolvency resolution, challenging a Bombay High Court order that permitted a housing society to appoint a new developer for a slum redevelopment project. The bench of Justices J.B. Pardiwala and R. Mahadevan held that redevelopment rights under a development agreement…