RGNUL Launches 1st National Corporate Liquidation Process Competition Under Insolvency And Bankruptcy Code

The 1st RGNUL National Corporate Liquidation Process Competition is a flagship academic initiative organised by the Insolvency and Bankruptcy Law Division (IBLD) under the Centre for Business Laws and Taxation (CBLT), Rajiv Gandhi National University of Law, Punjab. Conceived as a practice-oriented competition, it seeks to familiarise law students with the end-to-end corporate liquidation mechanism…

NCLAT Rejects Appeal to Revive Belated Claim Post-Resolution Plan Approval Due to Contradictory Documents and Lack of Payment Proof [Read Order]

The National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, has dismissed an appeal challenging the rejection of a claim seeking recognition as a financial creditor in a corporate insolvency resolution process (CIRP), holding that the appellant failed to establish any valid financial disbursement and had approached the tribunal with inconsistent and misleading…

IBBI Imposes ₹2 Lakh Penalty on Insolvency Professional for Non-Cooperation in Investigation, Flags Serious Irregularities in CIRP [Read Order]

The Insolvency and Bankruptcy Board of India (IBBI) has imposed a monetary penalty on insolvency professional after finding that he failed to cooperate with an investigation initiated in connection with a Corporate Insolvency Resolution Process (CIRP). The Disciplinary Committee observed that non-cooperation with the Investigating Authority prevented timely examination of allegations relating to valuation and…

NCLAT Directs Suspended Director to Contribute ₹8.71 Crore with 12% Interest to Corporate Debtor [Read Order]

https://www.taxscan.in/tags/national-company-law-tribunal The National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, upheld the National Company Law Tribunal (NCLT) order directing contribution to the assets of a corporate debtor after finding that a share transaction with a related party was carried out with the intent to defraud creditors. The appeal arose from proceedings under…