Supply Dues Between Consortium Partners Actionable u/s 9 IBC: NCLAT Upholds CIRP Over ₹3.19 Cr Supply Dues [Read Order]

The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) New Delhi has upheld the initiation of Corporate Insolvency Resolution Process (CIRP) over unpaid supply dues of ₹3.19 crore owed to consortium partner Daga Power Systems & Engineers Pvt. Ltd. The dispute arose out of a joint consortium agreement entered into between the parties…

Resolution Applicant cannot Alter Financial Proposal Through Last-Minute Addendum After Challenge Process: NCLAT [Read Order]

The National Company Law Appellate Tribunal (NCLAT) has held that a resolution applicant cannot unilaterally alter its financial proposal through a last minute addendum after completion of the challenge process and commencement of voting under the Corporate Insolvency Resolution Process (CIRP). READ MORE:Delay Beyond 45‑Day Limit under IBC Section 61: NCLAT Rejects CIRP Appeals, Rules…