IBC Weekly Round-Up [31st March-6th April 2025]

Nominal Index: Busy Bee Airways Pvt. Ltd. vs. Dinkar T Venkatasubramanian, Liquidator, Go Airlines (India) Ltd. & Ors.,Company Appeal (AT) (Insolvency) No.124 of 2025 with Company Appeal (AT) (Insolvency) No.175 of 2025 with Company Appeal (AT) (Insolvency) No.244 of 2025 RBL Bank Limited Vs Sical Logistics Limited and Ors., Company Appeal (AT) (CH) (Ins) No.36/2024 (IA Nos. 106, 107 & 779/2024) Bahadur Ram Mallah Versus Assets Reconstruction Company (India) Limited and Anr., Company Appeal (AT) (Insolvency) No. 66 of 2025 PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED (FORMERLY KNOWN AS DEWAN HOUSING FINANCE CORPORATION LIMITED) v. 63 MOONS TECHNOLOGIES LIMITED & OTHERS | CIVIL APPEAL NOS. 1632-1634 OF 2022, 2025 LiveLaw (SC) 374 A Rajendra v Gonuganta Madhusudhan Rao and others, 2025 LiveLaw (SC) 392 Anil Kohli Liquidator of Vegan Colloids Limited Versus Punjab National Bank and Ors., Company Appeal (AT) (Insolvency) No. 865 of 2023 Ganesh Ramkisan Rajale v. Panchtatwa Milk Industries Private Limited, C.P. (IB)/6(MB)2025 Aarti Singal Versus State Bank of India and Ors., Company Appeal (AT) (Insolvency) No. 2121 of 2024, Company Appeal (AT) (Insolvency) No. 2124 of 2024, Company Appeal (AT) (Insolvency) No. 2114 of 2024 and Company Appeal (AT) (Insolvency) No. 2115 of 2024 Royal Construction Versus Gannon Dunkerley & Company Limited, Company Appeal (AT) (Insolvency) No. 393 of 2025 P. Navcen Chakravarlhy V Ramakrishnan Sadasivam, Company Appeal (AT) (CH) (Ins) No.32/2021 (IA No.74/2021) Sagar Stone Industries Versus Sajjan Kumar Dokania (RP), Company Appeal (AT) (Insolvency) Nos. 524 & 525 of 2025 Venus Buildtech India Pvt. Ltd. Versus Senbo Engineering Ltd., Company Appeal (AT) (Insolvency) No. 1317 of 2023 PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED (FORMERLY KNOWN AS DEWAN HOUSING FINANCE CORPORATION LIMITED) v. 63 MOONS TECHNOLOGIES LIMITED & OTHERS | CIVIL APPEAL NOS. 1632-1634 OF 2022, 2025 LiveLaw (SC) 374 Haabia Resources Private Limited V/S Vidyut Metallics Private Limited, CP (IB) No. 1090/MB/2022 [With IA(IBC) No. 2362/MB/2023] M/s. Mantri Developers Pvt. Ltd. V Ace Enviro Tech Pvt. Ltd. and Ors., IA Nos.1293 & 1295/2024 in Company Appeal (AT) (CH) (Ins) No.129/2024 (IA Nos.1294 & 1296/2024) M/s Jakson Limited vs. M/s Three C Universal Developers Pvt Ltd, CP(IB) NO. 2582/ND/2019 and I.A. No. 4750/2024 Supreme Court IBC | Difference Between 'Avoidance Transactions' & 'Fraudulent Or Wrongful Trading' : Supreme Court Explains Case details : PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED (FORMERLY KNOWN AS DEWAN HOUSING FINANCE CORPORATION LIMITED) v. 63 MOONS TECHNOLOGIES LIMITED & OTHERS | CIVIL APPEAL NOS. 1632-1634 OF 2022 Citation : 2025 LiveLaw (SC) 374 The Supreme Court, in its recent decision in Piramal Capital and Housing Finance Ltd v. 63 Moons Technology explained the key difference between how the Insolvency and Bankruptcy Code 2016 deals with avoidance transactions and transactions relating to fraudulent or wrongful trading. Notably, under the IBC 2016, 'avoidance transactions' are specific transactions conducted by a corporate debtor prior to insolvency proceedings that are deemed detrimental to the interests of creditors. These include (1) Preferential transactions, (2) Undervalued transactions, (3) Extortionate Credit transactions; (4) Fraudulent transactions. S.61 IBC | When Judgment Is Pronounced In Open Court, Limitation Period Runs From That Day : Supreme Court Case : A Rajendra v Gonuganta Madhusudhan Rao and others Citation : 2025 LiveLaw (SC) 392 The Supreme Court held that the incident which triggers the running of the limitation period under the Insolvency and Bankruptcy Code (IBC) 2016 is the the date of pronouncement of the Order and in case of non-pronouncement of the Order when the hearing concludes, the date on which the Order is pronounced or uploaded on the website. Supreme Court Upholds Piramal's Resolution Plan For DHFL, Sets Aside NCLAT Order Case details : PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED (FORMERLY KNOWN AS DEWAN HOUSING FINANCE CORPORATION LIMITED) v. 63 MOONS TECHNOLOGIES LIMITED & OTHERS | CIVIL APPEAL NOS. 1632-1634 OF 2022 Citation : 2025 LiveLaw (SC) 374 The Supreme Court today (April 1) approved the Resolution Plan proposed by Piramal Capita and Housing Finance for the erstwhile Dewan Housing Finance Corporation Ltd(DHFL). The Court held that funds recovered from the fraudulent transactions at Dewan Housing Finance Corporation Ltd (DHFL) will go to Piramal Capital & Housing Finance Ltd. NCLAT NCLAT Upholds Liquidation Of Go Airlines, Permits Submission Of Compromise/Arrangement Within 90 Days Of Liquidation Order Case Title: Busy Bee Airways Pvt. Ltd. vs. Dinkar T Venkatasubramanian, Liquidator, Go Airlines (India) Ltd. & Ors. Case Number: Company Appeal (AT)...

IBC Weekly Round-Up [31st March-6th April 2025]

Mohd Malik Chauhan

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