NCLAT Closes CIRP in Rare Court-Monitored Insolvency, After Flat Possession Given to Allottees [Read Order]

The National Company Law Appellate Tribunal (NCLAT) has formally closed the Corporate Insolvency Resolution Process (CIRP) of Grand Reality Pvt. Ltd., after confirming that the construction of the real estate project was completed and possession handed over to all homebuyers. The case reflects a rare but growing judicial trend where tribunals step in to ensure…

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NCLAT Rejects Suspended Director’s Challenge to CIRP, Asserts Timely Resolution over Procedural Technicalities [Read Order]

The National Company Law Appellate Tribunal (NCLAT) recently dismissed an appeal filed by a suspended director who challenged the initiation of the Corporate Insolvency Resolution Process (CIRP) on grounds of procedural impropriety and alleged suppression of facts. The appeal was filed by Sushil Jejani, a suspended director of Nova Steels (India) Ltd., challenging the order…

Farewell to a trusted brand – major food company files for Chapter 7 bankruptcy and declares bankruptcy

Forklifts sit motionless at the once‑bustling Corona‑College Heights Orange &  Lemon Association packing house in Riverside County. After 125 harvest seasons, the grower cooperative —one of California’s oldest continuous produce brands— has filed Chapter 7 liquidation, spelling a hard goodbye for a food company that packed oranges, lemons and grapefruit nonstop, year‑round. From horse‑drawn wagons to…

NCLAT Refuses to Interfere in Liquidation Process, Dismisses Suspended Director’s Appeal [Read Order]

The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Mr. Rakesh Verma, the suspended director of a company under liquidation, reaffirming that once a company enters the liquidation stage under the Insolvency and Bankruptcy Code (IBC), individual objections from suspended directors, especially those not rooted in legal merit, cannot delay or derail…

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