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The Kerala High Court held that an order passed by the National Company Law Tribunal (NCLT) rejecting a resolution plan is appealable under Section 61 ofthe Insolvency and Bankruptcy Code, 2016 (IBC), and that the availability of such a statutory remedy bars the invocation of writ jurisdiction.
The dispute arose when MMS Steel & Power Private Limited, a member of the Committee of Creditors holding 80.11% voting share, and K. Sunil Kumar, a personal guarantor to the corporate debtor, challenged an order passed by the Kochi Bench NCLT, during the Corporate Insolvency Resolution Process (CIRP) of Kasargod Power Corporation Limited.
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The NCLT…
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The Delhi High Court has quashed criminal proceedings initiated under Section 138 of the Negotiable Instruments Act, 1881 (NI Act) against the former directors of a private limited company. The Court held that dishonour of cheques with the remark “ACCOUNT BLOCKED” due to ongoing insolvency and liquidation proceedings does not constitute an offence under Section 138, as the directors cease to have control over the company’s bank accounts once an Interim Resolution Professional (IRP) or Liquidator is appointed.
Case Background
The judgment was delivered in a batch of petitions filed by Farhad Suri and Dhiren Navlakha (Petitioners), challenging the summoning orders issued by the Metropolitan Magistrate in January…
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Earlier, the Jaipur Bench of NCLT had rejected an insolvency plea against Jumbo Finvest, observing that it is a Financial Service Provider within the meaning of 3(17) of the Insolvency & Bankruptcy Code and is not a corporate person against whom a Section 7 application can be initiated.
This was challenged by Equitas Small Finance Bank before the National Company Law Appellate Tribunal, contending that Jumbo Finvest was registered as a financial service provider by the RBI.
The banking sector regulator on January 16, 2020, barred it…
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Insolvency Application against Personal Guarantor is Maintainable u/s 60(1) of IBC even in Absence of Pending CIRP against CD: NCLAT
Anita Goyal vs Vistra ITCL (India) Ltd. & Anr CITATION : 2025 TAXSCAN (NCLAT) 141
The National Company Law Appellate Tribunal ( NCLAT ) bench in New Delhi has ruled that, even in cases where the National Company Law Tribunal ( NCLT ) has not yet started or is in the process of liquidating a corporate debtor, an application under section 95 of the Insolvency and Bankruptcy Code (Code) against the personal guarantor may be maintained before the NCLT under section 60(1) of the code.
The tribunal held that the applicability of section 60(1) of the code cannot be ruled out which means that the Adjudicating…
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Valiant Organics High ROCE debt free – Earnings Growth Projections & Affordable Market Growth bollywoodhelpline.com
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The Victorian government has confirmed it is consulting with the administrators of a collapsed Melbourne-based security firm as 1,700 jobs hang in the balance.
MA Services provides security, cleaning and maintenance staff to the public sector and major retailers, including Coles, Kmart, Aldi, Amazon, Dan Murphy’s and several AFL clubs.
The company, which administrators say operates across the country, entered voluntary administration on Tuesday.
It has also had its licence cancelled by the Victorian Labour Hire Authority, which it requires to operate.
Up to 1,700 workers are now facing redundancy.
In a statement, a spokesperson for the Victorian government said it was consulting with the company’s administrators.
The company has worked…
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Australia’s environmental not-for-profit Planet Ark goes into voluntary administration MSN
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BANGKOK, Thailand – The Government Savings Bank (GSB) has introduced emergency financial measures in response to unrest along the Thai–Cambodian border, including a full debt write-off for personnel who lost their lives while carrying out duties related to national defense.
Announcing the measures, Acting GSB Chairman Lapawan Jankrajang said loan accounts held by deceased soldiers, Border Patrol Police, and other units killed in the line of duty…
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3 big retail chains that did not survive 2025 bankruptcies thestreet.com
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US consumers crippled by $105K debt on average in 2025. But can debt relief programs really help? MSN
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The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah O’Neill, has handed down its final report into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy.
The Committee has made some far-reaching recommendations in the Final Report, heralding the long awaited “root and branch” review of Australia’s insolvency laws that ARITA (Australian Restructuring Insolvency & Turnaround Association) and other industry bodies have called for over the last decade.
It is important to note that 17 of the 28 recommendations in the Final Report are to be addressed by a further…