The National Company Law Tribunal (NCLT), Mumbai Bench of Lakshmi Gurung (Judicial Member) and Hariharan Neelakanta Iyer (Technical Member) has held that pledged shares held by the Corporate Debtor in its subsidiary company are assets of the Corporate Debtor and, therefore, cannot be invoked by the pledgee during the Corporate Insolvency Resolution Process due to…
The National Company Law Tribunal (NCLT) Mumbai bench of Justice Shri V.G. Bisht and Shri Prabhat Kumar (Member Technical) has held that amounts reflected in the books of the Corporate Debtor cannot be rejected even if no formal claims are filed by the Creditors. This Application has been filed on 03.04.2024 by Union of India…
The National Company Law Tribunal (NCLT) Mumbai bench of Lakshmi Gurung (Member Judicial) and Hariharan Neelakanta Iyer (Member Technical) has held that once the Successful Resolution Applicant fails to comply with the terms of the Resolution Plan despite several reminders being given, the Adjudicating Authority is mandated to pass an order of liquidation under section…
The Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) quashed the admission of home buyer’s admission plea, noted that the application under Section 7 of the Insolvency and Bankruptcy Code 2016 was “deemed withdrawn” under the updated Insolvency and Bankruptcy Code (IBC). In this case, the bench had set aside the admission of…
SBIL Amendment has introduced a lot of important changes to company regulations, like MSME guidelines and business laws. These updates are designed to streamline the process, enhance the speed, and build transparency for both companies and professionals. Whether you are preparing for CS Executive exams or just want to stay informed about the latest in…
The National Company Law Appellate Tribunal, Chennai Bench, comprising Justice Sharad Kumar Sharma (Member – Judicial) and Jatindranath Swain (Member – Technical), has held that the procedural direction requiring the appellant to file an affidavit confirming the accuracy of certain ledger transactions could not be appealed. The appeal was preferred u/s 61 of the IBC.…
Insolvency Service launches 5-year Investigation and Enforcement Strategy GOV.UK Read the original article here
The National Company Law Appellate Tribunal, Chennai Bench, comprising Justice Sharad Kumar Sharma (Member – Judicial) and Jatindranath Swain (Member – Technical), has addressed the question of whether ratification of fees and expenses payable to an Interim Resolution Professional (IRP) must be express and recorded formally, or it can be implied from the conduct and…
The Ministry of Corporate Affairs (MCA) issued Notification No. F. No. 30/03/2016-Insolvency dated 7 July 2025, appointing Dr. Anju Rathi Rana, Law Secretary, as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI). This appointment has been made under Section 189(1)(c) of the Insolvency andBankruptcy Code (IBC), 2016. Dr. Rana will now…
Video game composer Peter Connelly has been jailed after fraudulently obtaining a second Covid Bounce Back Loan for his company Connelly, known for his work on Tomb Raider, inflated his company’s turnover during the first few months of the pandemic in 2020 Insolvency Service investigations have also resulted in the 52-year-old being banned as a…