Shareholder Advances Recorded As ‘Repayable On Demand’ Qualify As Financial Debt: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench of Sushil Mahadeorao Kochey (Judicial Member) and Prabhat Kumar (Technical Member) admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Euro Corporate Services Pvt. Ltd. (formerly Distent Barter Pvt. Ltd.) against Royal Fantasy Constructions Pvt. Ltd (Corporate Debtor) holding that…

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Supreme Court Backs Byju’s, rejects US Lender Glas Trust’s Plea against NCLT’s Order on Aakash’s Equity Rights Issue

In a recent ruling, the Supreme Court of India has dismissed appeals filed by US-based lender GLAS Trust Company LLC and the Insolvency Resolution Professional of Byju’s, upholding an NCLAT order that permitted Aakash Educational Services Ltd. to proceed with its proposed rights issue of equity shares. The appeals challenged the NCLAT, Chennai Bench’s order…