Insolvency and Bankruptcy Code, 2016

The Supreme Court examined the corporate insolvency resolution of Dewan Housing Finance Corporation Ltd (DHFL), where Piramal Capital submitted a resolution plan (RP) that allocated recoveries from Section 66 applications to itself. The plan was approved by the Committee of Creditors (CoC) and the National Company Law …

The appellants, who were directors and guarantors of a company, were charged under sections 138 and 141 of the Negotiable Instruments Act for issuing cheques that bounced due to insufficient funds. While the criminal proceedings were pending, they filed personal insolvency applications under section 94 of the Insolvenc…

The appellant, IL & FS Financial Services Ltd., entered into a term loan agreement with the respondent, Adhunik Meghalaya Steels Pvt. Ltd., in 2015, which became a non‑performing asset on 1 March 2018. The appellant filed a Section 7 application under the Insolvency and Bankruptcy Code on 15 January 2024, relying on th…

Visa Coke Ltd., an operational creditor, claimed that it had validly served a statutory demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, by sending Form 3 to the Key Managerial Personnel (KMP) of Mesco Kalinga Steel Ltd. at its registered office. The National Company Law Tribunal (NCLT) and th…

The petitioners challenged the constitutionality of sections 34(1), 47(1)(a)(i) and 58(1)(a)(i) of the Consumer Protection Act, 2019, which base the pecuniary jurisdiction of district, state and national consumer commissions on the value of consideration paid rather than the compensation claimed. The challenge arose fr…

The Supreme Court examined the corporate insolvency resolution of Hindustan National Glass and Industries Ltd., where AGI Greenpac's resolution plan was approved by the Committee of Creditors (CoC) without prior approval from the Competition Commission of India (CCI) as required by the proviso to Section 31(4) of the I…

The appellant, a former managing director of Sri Lakshmi Hotel Private Ltd., challenged the e‑auction of the company's property, alleging that the reserve price was under‑valued, that the liquidator failed to form a Stakeholders’ Consultation Committee, and that the liquidator violated Regulation 33 by not cancelling t…

State Bank of India (SBI) appealed an order of the NCLT rejecting its IBC petition against India Power Corporation Limited. The appeal was filed three days after the statutory 30‑day period, and SBI sought condonation of delay, relying on a free certified copy of the NCLT order sent under Rule 50. A split decision aros…

The Supreme Court considered a contempt petition filed by JSW Steel Ltd., which had become the successful resolution applicant for the insolvent Monnet Ispat and Energy Ltd. After the National Company Law Tribunal approved the resolution plan, the State of Chhattisgarh issued demand notices for sales tax, VAT and entry…

Shri Gurudatta Sugars Marketing Pvt. Ltd. entered into agreements with Cane Agro Energy Ltd., which failed to supply sugar and issued two cheques that were later dishonoured for insufficient funds. The appellant filed a complaint under the Negotiable Instruments Act and obtained an order of interim compensation under S…

The appellant, GLAS Trust Company LLC, a financial creditor of Think & Learn Pvt Ltd (the corporate debtor), challenged the National Company Law Appellate Tribunal's (NCLAT) approval of a settlement between the corporate debtor and the Board of Control for Cricket in India (BCCI) and the setting aside of the NCLT order…

The appellants, shareholders of RBT Private Ltd., filed a contempt petition alleging that the respondent, a fellow shareholder, willfully violated court and arbitral orders by removing assets and failing to pay loan EMIs. A Single Judge of the Delhi High Court on 5 December 2023 held the respondent guilty of contempt a…

The appellant, a suspended director of the corporate debtor, challenged the admission of a Section 7 application initiating a Corporate Insolvency Resolution Process (CIRP) by UCO Bank, arguing that the debtor's balance‑sheet entries did not constitute a clear, specific acknowledgment of debt required under Section 18 …

Electrosteel Steel Ltd. (now ESL Steel Ltd.) filed a petition under Article 227 challenging an order that directed it to comply with an arbitral award dated 06.07.2018 passed by the West Bengal MSME Facilitation Council in favour of Ispat Carrier Pvt. Ltd. The award was rendered after the corporate debtor’s insolvency …

The appeal concerned a corporate debtor, Tehri Iron and Steel Casting Ltd., whose resolution plan was approved by the NCLT on 21 May 2019. The plan listed certain statutory and contingent liabilities, but omitted income‑tax demands for assessment years 2012‑13 and 2013‑14. After the plan’s approval, the Income Tax Depa…

The Insolvency and Bankruptcy Board of India (IBBI) filed a criminal complaint under Sections 73(a) and 235A of the Insolvency and Bankruptcy Code, 2016 (IBC) against the former directors of SBM Paper Mills for non‑compliance with a One‑Time Settlement ordered by the NCLT. The Sessions Judge issued process, but the res…

The Supreme Court examined whether the Karnataka High Court was justified in using its writ jurisdiction under Article 226 to halt personal insolvency proceedings against Farooq Ali Khan under Section 95 of the Insolvency and Bankruptcy Code (IBC). The bank had filed an application for personal insolvency after the gua…

The applicant‑appellant filed a miscellaneous application seeking clarification of a Supreme Court judgment dated 12 September 2023 in Civil Appeal No. 2085 of 2022, specifically the use of the term “unsecured creditor” in paragraph 20. The Court, after hearing counsel, held that the term should be read as “secured cre…

The appellant, a former director of a corporate debtor, was served a notice under Section 138 of the Negotiable Instruments Act for dishonoured cheques drawn before the commencement of insolvency proceedings. While the insolvency process and a moratorium under Section 14 of the IBC were imposed on 25 July 2018, the dem…

The respondents filed a summary suit under Order XXXVII of the CPC seeking recovery of Rs. 1,04,16,576 and later submitted a memo under Rule 3(6)(b) asking the trial court to decree the suit. The trial court rejected the memo, but the Karnataka High Court set aside that order and directed the trial court to accept the …

The Supreme Court examined whether secured creditors could claim priority over assets attached under the Prevention of Money Laundering Act (PMLA) and the Maharashtra Protection of Investors and Depositors Act (MPID Act) by invoking the SARFAESI Act and the Recovery of Debts and Bankruptcy (RDB) Act. It also considered…

The Supreme Court examined whether the appellants, who entered into buy‑back memoranda of understanding for residential units, were "speculative investors" and thus barred from filing Section 7 insolvency petitions, and whether the 2019 Insolvency and Bankruptcy Code (Amendment) Ordinance and the subsequent 2020 Amendm…

Hindustan Petroleum Corporation Ltd. (HPCL) floated a tender for a tank‑truck locking system and awarded a purchase order to AGC Networks Ltd., which later engaged BCL Secure Premises Pvt. Ltd. (BCL) as a sub‑vendor. HPCL alleged non‑performance by AGC and denied any contractual relationship or payment liability to BCL…

The appellants, homebuyers who paid Rs.57,56,684 for an apartment in the IREO Rise project, sought possession after the developer defaulted on delivery. Their claim was filed initially on 11‑01‑2019 and resubmitted on 07‑02‑2020, after which the Resolution Professional verified it and included it in the list of financi…

Goqii Technologies (appellant) entered a Master Services Agreement with Sokrati Technologies (respondent) containing an arbitration clause (Clause 18.12). After paying over Rs 5.5 crore, Goqii raised concerns based on an independent audit reporting alleged overcharges and fraudulent practices, and invoked arbitration u…

The appellant, Tata Steel Ltd., had its resolution plan for Rohit Ferro‑Tech Ltd. approved by the NCLT on 7 April 2022. A minority shareholder, Respondent No. 1, filed an appeal to the NCLAT on 23‑24 May 2022, seeking condonation of delay beyond the 30‑day statutory period. The dispute centered on when the limitation p…

The appellant, a shareholder and suspended managing director of a corporate debtor, filed two appeals under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) against orders of the National Company Law Tribunal (NCLT) without first applying for condonation of delay. The appellant argued that the limitation perio…

The appellant, a real‑estate developer, was penalised by the National Consumer Disputes Redressal Commission (NCDRC) with 27 penalties under Section 27 of the Consumer Protection Act for failing to deliver possession of residential units. While insolvency proceedings were initiated against the appellant under Section 9…

DBS Bank Limited Singapore extended a USD 50 million loan to Ruchi Soya Industries Limited, secured by first charges over immovable assets. A resolution plan was approved by the Committee of Creditors with 96.95% support, but DBS dissented, receiving a pro‑rata distribution that was lower than the liquidation value of …

The Supreme Court examined appeals against a Karnataka High Court order that had stayed the Corporate Insolvency Resolution Process (CIRP) for Associate Decor Ltd, where Mohammed Enterprises (Tanzania) Ltd's resolution plan had been approved by the Committee of Creditors (CoC) on 11 February 2020. The petitioners argue…