The Supreme Court of India has ruled that development rights validly terminated prior to the initiation of the Corporate Insolvency Resolution Process (CIRP) do not constitute “assets” of the Corporate Debtor protected under the moratorium provisions of Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC).

In a significant judgment delivered on November 28, 2025, a Bench comprising Justice J.B. Pardiwala and Justice R. Mahadevan dismissed the appeal filed by A A Estates Private Limited (Corporate Debtor), holding that the IBC cannot be used to “indefinitely stall redevelopment” or obstruct the legitimate rights of cooperative housing societies and slum dwellers.

The Supreme Court upheld the decision of the…

Liquidators brought in to handle the collapse of the trust that looks after some of Torbay’s most treasured landmarks say they are doing all they can to protect its assets.

Two specialist insolvency practitioners have been brought in by PKF Francis Clark following news last month that the Torbay Coast and Countryside Trust (TCCT) had ceased trading.

Its subsidiary company Torbay Coast and Countryside Enterprises has also stopped trading, and all the employees of the trust have been made redundant.

The trust runs Occombe Farm and manages Cockington Country Park, Berry Head and many of the bay’s other well-known natural attractions. Known as the ‘green guardian’ of Torbay, the trust is an independent conservation charity…

Liquidators brought in to handle the collapse of the trust that looks after some of Torbay’s most treasured landmarks say they are doing all they can to protect its assets.

Two specialist insolvency practitioners have been brought in by PKF Francis Clark following news last month that the Torbay Coast and Countryside Trust (TCCT) had ceased trading.

Its subsidiary company Torbay Coast and Countryside Enterprises has also stopped trading, and all the employees of the trust have been made redundant.

The trust runs Occombe Farm and manages Cockington Country Park, Berry Head and many of the bay’s other well-known natural attractions. Known as the ‘green guardian’ of Torbay, the trust is an independent conservation charity…

The National Company Law Tribunal (NCLT) at Mumbai has recently stressed that stakeholders must act within statutory timelines during a corporate insolvency resolution process, dismissing six applications filed by former employees of Indo Global Soft Solutions and Technologies Private Limited after finding that their claims had been submitted 18 months after the last date prescribed for filing claims under the Insolvency and Bankruptcy Code

A Bench of Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan stressed the need for creditors to be vigilant under the Code, stating, “Every stakeholder is required to be vigilant in asserting their rights within the timeframe as provided by or under the IBC.”

Rejecting the…

The Supreme Court has held that a contract which has been lawfully terminated before the initiation of insolvency proceedings cannot be treated as an “asset” or “property” of the corporate debtor, and therefore does not enjoy the protection of the moratorium under Section 14 of the Insolvency and Bankruptcy Code.

The Bench observed that “once a contract stands lawfully terminated, it ceases to exist and cannot be treated as an ‘asset’ or ‘property’ of the corporate debtor. The moratorium under Section 14 does not have the effect of reviving or re-creating contractual rights that have been extinguished before insolvency.”

The Court further observed that a defaulting developer cannot take refuge under Section 14 of the…

When an international company goes into administration and employees in the UAE are concerned about their end-of-service entitlements, it is important to be aware of several legal points, experts say.

International oilfield services company Petrofac laid off 180 people in the UAE earlier this month, after a multibillion-dollar Dutch offshore wind contract was cancelled, as the firm struggles with mounting debts. Reports claim total unpaid gratuities could exceed Dh27 million.

On October 27, Petrofac said its board had applied to the High Court of England and Wales to appoint administrators for its holding company after Dutch grid operator Tennet cancelled a major offshore wind contract in the Netherlands.

Preferred creditors

“If an…

When an international company goes into administration and employees in the UAE are concerned about their end-of-service entitlements, it is important to be aware of several legal points, experts say.

International oilfield services company Petrofac laid off 180 people in the UAE earlier this month, after a multibillion-dollar Dutch offshore wind contract was cancelled, as the firm struggles with mounting debts. Reports claim total unpaid gratuities could exceed Dh27 million.

On October 27, Petrofac said its board had applied to the High Court of England and Wales to appoint administrators for its holding company after Dutch grid operator Tennet cancelled a major offshore wind contract in the Netherlands.

Preferred creditors

“If an…