Corporate
Interest Liability Shall Not Cease Merely Because Default Of Principal Amount Fell During S.10A Period: NCLT Mumbai
The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Unity Small Finance Bank Limited against Bafna Motors Private Limited holding that defaults committed after section 10A period are sufficient to trigger Corporate Insolvency Resolution Process (CIRP). It further held that...
IBBI Notifies Insolvency Resolution Process For Corporate Persons (Sixth Amendment) Regulations 2025
On October 14th 2025, the Insolvency and Bankruptcy Board of India (IBBI) has issued Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Sixth Amendment) Regulations, 2025. By exercising its power conferred by virtue of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016, the IBBI has released the said...
COVID-Induced Financial Distress Or Inability To Pay Is Not Valid Defence U/S 7 IBC: NCLT Mumbai
The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Prudent ARC Limited (assignee of Central Bank of India) against RBEP Entertainment Pvt. Ltd. (formerly Reliance Big Entertainment Pvt. Ltd.). The Tribunal held that debt and default were duly established in the present case and the plea...
NCLT Lacks Jurisdiction To Recover Disputed Contractual Dues During Liquidation U/S 60(5) IBC: NCLAT New Delhi
The NCLAT, New Delhi, Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has held that the NCLT doesn't have jurisdiction under section 60(5) of the IBC to recover disputed contractual dues during liquidation. Uttar Pradesh Rajkiya Nirman Nigam Ltd. (URNL) was working under the Uttar Pradesh Power Transport Corporation Ltd. (UPPTCL)....
Can't Claim Salary Arrears For Period Of Honorary Service Prior To Prospective Regularization: Gauhati HC
A Division bench of the Gauhati High Court comprising JusticeMichael Zothankhuma and Justice Anjan Moni Kalita held that an employee cannot claim arrear salary for honorary service prior to regularization if the appointment conditions were accepted and regularization order granted benefits only prospectively. Background Facts The appellant was appointed as a Subject Teacher for...
NCLAT New Delhi Dismisses Korea Trade Insurance Corp's Insolvency Plea Against Amrit Polychmen
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has dismissed the Korea Trade Insurance Corporation (Ksure) plea for insolvency of Amrit Polychmen, saying that the Ksure was well aware of the pre-existing dispute before stepping into the shoes of JTC. Amrit Polychem...
Application Of Roster Point To Clear And Anticipated Vacancies Prevents Anomalous Appointments: Calcutta HC
A Division bench of the Calcutta High Court comprising Justice Debangsu Basak and Justice Saugata Bhattacharyya held that applying roster points separately to clear and anticipated vacancies is necessary to prevent anomalies and ensure fairness if anticipated vacancies did not materialize. Background Facts The Public Service Commission, West Bengal published an advertisement...
NCLT New Delhi Dismisses Homebuyer's Petition Against PSA Impex Pvt Ltd On Grounds Of Fraudulent & Malicious Intent
The National Company Law Tribunal (NCLT), New Delhi Bench, comprising Shri Bachu Venkat Balaram Das (Member-Judicial) and Dr. Sanjeev Ranjan (Member-Technical), has dismissed the section 7 petition filed by the homebuyers against PSA Impex Pvt. Ltd. on the ground of fraudulent and malicious intent. PSA Impex Private Limited (Corporate Debtor) launched a housing project named...
Dependent Can Challenge Termination & Claim Service Benefits Of Missing Employee Who Is Presumed Dead After Seven Years: Chhattisgarh HC
A Division bench of the Chhattisgarh High Court comprising Justice Sanjay K. Agrawal and Justice Radhakishan Agrawal held that dependent wife of a missing government employee can challenge his ex-parte termination and claim the service benefits of the missing employee who is presumed dead after seven years. Background Facts The husband of Respondent was employed as a...
No Salary Payable For Period Of Unauthorized Absence During Higher Studies Without Official Deputation: J&K HC
A Division bench of the Jammu and Kashmir High Court comprising Justice Sanjeev Kumar and Justice Sanjay Parihar held that Post-graduate studies pursued without official deputation or permission do not entitle government employees to salary under Article 44-A of J&K Civil Service Regulations, 1956. Background Facts The respondents were appointed as Assistant Surgeons and...
Pendency Of Criminal Case Doesn't Automatically Bar Continuation Or Conclusion Of Departmental Proceedings : Chhattisgarh HC
A Division bench of the Chhattisgarh High Court comprising Chief Justice Ramesh Sinha and Justice Bibhu Datta Guru held that pendency of a criminal case does not automatically bar the continuation or conclusion of departmental proceedings. Further the stay on disciplinary proceedings pending a criminal trial should only be for a reasonable period, and that the prolonged duration of...
NCLT Approves Reliance Retail's Resolution Plan For Kishore Biyani-Led Future Supply Chain
The National Company Law Tribunal (NCLT) at Mumbai Bench, has recently approved the resolution plan submitted by Reliance Retail Ventures Limited (RRVL) for Future Supply Chain Solutions Limited, a Kishore Biyani-led Future Group company, under Section 31(1) of the Insolvency and Bankruptcy Code, 2016.The coram comprised Judicial Member Lakshmi Gurung and Technical Member Hariharan...