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248 judgments · newest first · showing 201–248
The case arose from a family dispute between Rama Narang (petitioner) and his sons Ramesh and Rajesh Narang (respondents) who were directors of a company. The Supreme Court had earlier ordered a settlement (Consent Order) requiring joint management of the company, but the petitioner alleged that the …
The petitioners challenged Sections 3, 4, and 10 of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, which introduced threshold requirements for allottees and certain financial creditors to initiate corporate insolvency resolution process (CIRP), clarified that a corporate debtor can …
Action Ispat and Power Pvt. Ltd. filed a winding‑up petition against Shyam Metalics and Energy Ltd. for unpaid dues. The Company Judge admitted the petition, appointed an Official Liquidator and seized the appellant's premises. State Bank of India, a secured creditor, filed an IBC application and …
M/s Kaledonia Jute and Fibres Pvt. Ltd. (appellant) sought to recover a debt from M/s Axis Nirman and Industries Ltd. (first respondent) and filed a petition under Section 7 of the IBC before the NCLT. Simultaneously, a winding‑up petition against the first respondent was pending before the …
The appeal arose from a corporate insolvency resolution process under the IBC where the appellant’s claim was listed in the Information Memorandum (IM) under “List of Other Creditors” rather than under “Claims of Operational Creditors”. The appellant contended that the classification was incorrect …
The Karad Urban Cooperative Bank Ltd., a financial creditor, filed a Section 7 petition under the Insolvency and Bankruptcy Code (IBC) against M/s Khandoba Prasanna Sakhar Karkhana Ltd., the corporate debtor. The Committee of Creditors (CoC) approved a resolution plan submitted by M/s Sai Agro …
The Supreme Court considered the Union of India's demand that telecom service providers (TSPs) pay Adjusted Gross Revenue (AGR) dues as determined in earlier judgments, while several TSPs were under insolvency proceedings. The Court examined whether spectrum, a natural resource licensed under the …
The respondents, K.P. Jayaram and another, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) claiming they were financial creditors of M/s. Radha Exports (India) Pvt. Ltd. for a loan of Rs.2.10 crore advanced between 2002 and 2005, alleging that part of the loan was …
The corporate debtor Veer Gurjar Aluminium Industries defaulted on its loans on 08 July 2011. The financial creditor, JM Financial Assets Reconstruction Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in March 2018 to initiate a corporate insolvency …
Jaypee Infratech Ltd (JIL) mortgaged its land to secure loans taken by its holding company Jaiprakash Associates Ltd (JAL) from a consortium of banks. The Interim Resolution Professional (IRP) applied to the NCLT for avoidance of these transactions under Sections 43, 45 and 66 of the Insolvency and …
The Supreme Court examined whether Section 14(1)(d) of the Insolvency and Bankruptcy Code, 2016 bars the Maharashtra Housing and Area Development Authority (MHADA) from taking possession of land that was licensed to a corporate debtor under a Tripartite Joint Development Agreement during the …
The Supreme Court examined a corporate insolvency resolution process (CIRP) involving United Seamless Tubular Private Ltd., where the successful resolution applicant, Maharashtra Seamless Ltd. (MSL), had offered an upfront payment of Rs. 477 crore, which was below the average liquidation value of …
The Union of India sought to retain Rs.134.66 crore that it had encashed from bank guarantees of Reliance Communication Ltd (RCL) and Reliance Telecom Ltd (RTL) after they failed to pay deferred spectrum charges of Rs.774.25 crore. The respondents furnished fresh bank guarantees for the same amount …
The corporate debtor, holding a mining lease that was about to expire, sought a deemed extension of the lease through its resolution professional during a corporate insolvency resolution process (CIRP). The Karnataka Government rejected the extension, prompting the resolution professional to obtain …
The Supreme Court examined a batch of writ petitions filed by Hindustan Construction Company Ltd seeking to strike down Section 87 of the Arbitration and Conciliation (Amendment) Act, 2019 and the deletion of Section 26 of the 2015 Amendment, arguing that they revived an automatic‑stay of arbitral …
The case arose when the Odisha High Court ordered the auction of a large parcel of land belonging to Hirakud Industrial Works Ltd. (the corporate debtor) while a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was pending before the National Company Law Tribunal (NCLT), …
The Municipal Corporation of Greater Mumbai (MCGM) owned several plots that were leased to SevenHills Healthcare for a 1500‑bed hospital, but the project was not completed and lease rent was in default. MCGM issued a show‑cause notice and, before the notice period expired, the corporate debtor was …
The Supreme Court examined the corporate insolvency resolution of Essar Steel India Ltd, where ArcelorMittal's resolution plan was approved by the Committee of Creditors (CoC) but later altered by the NCLAT, which imposed an equal treatment rule for all creditors and re‑distributed payments. The …
The corporate insolvency resolution process (CIRP) was initiated against Rave Scans Pvt. Ltd. under Section 10 of the IBC, and the resolution applicant offered Rs. 54 crore against a liquidation value of Rs. 36 crore. The approved resolution plan gave the dissenting financial creditor, Hero Fincorp …
The Supreme Court heard appeals arising from the corporate insolvency resolution process (CIRP) of Jaypee Infratech Ltd., a subsidiary of Jaiprakash Associates Ltd., after IDBI Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) and home buyers sought clarification on …
DUNCANS INDUSTRIES Ltd., a corporate debtor managing fourteen tea gardens, defaulted on payments to operational creditor A.J. Agrochem. The creditor filed an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The debtor argued that, because the Central Government …
The appellants challenged a petition filed by the respondent under Section 7 of the Insolvency and Bankruptcy Code (IBC) alleging a default of at least Rs.1,00,000. The lower tribunal had held that the IBC’s commencement on 1 December 2016 triggered the limitation period and applied Article 62 of …
The petitioners, shareholders of La‑Fin Financial Services Pvt. Ltd., challenged a winding‑up petition filed by IL&FS under Section 433(e) of the Companies Act, 1956, which had been transferred to the NCLT as a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The dispute arose …
The appellant sought to initiate a corporate insolvency proceeding under Section 7 of the Insolvency and Bankruptcy Code (IBC) to recover a debt that had become due on 21 July 2011. The National Company Law Tribunal (NCLT) admitted the application, applying Article 62 of the Limitation Act, 1963, …
The appellant claimed a default of Rs 6.7 crore against the respondent, which was declared a non‑performing asset in 1999 and a recovery certificate was issued in 2001. A petition under Section 7 of the Insolvency and Bankruptcy Code was filed in 2017, and the NCLT admitted it on the ground that the …
The Supreme Court considered a batch of writ petitions challenging the constitutional validity of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, which classifies home‑buyers/allottees of real‑estate projects as "financial creditors" under the Code, thereby permitting them to invoke …
Home buyers booked flats in various projects of the Amrapali Group of companies in Noida and Greater Noida, paying substantial amounts between 2010-2014. The builders failed to deliver possession within the promised 36 months and did not pay dues to the Noida and Greater Noida Authorities or repay …
The Supreme Court examined whether borrowers classified as wilful defaulters under RBI's 2015 Revised Circular could be represented by lawyers before the in‑house committees that determine such classification. The Court held that the First and Review Committees are administrative bodies, not …
The appellant trade union filed a petition under Section 8 of the Insolvency and Bankruptcy Code, 2016 on behalf of about 3,000 workers seeking payment of outstanding dues from the respondent jute mill, which had been closed. The NCLT and subsequently the NCLAT dismissed the petition, holding that a …
The petitioners, led by Dharani Sugars and Chemicals Ltd., challenged the constitutional validity of the Banking Regulation (Amendment) Act, 2017 which introduced sections 35AA and 35AB, and contended that the RBI circular of 12‑02‑2018 directing banks and NBFCs to resolve stressed assets within six …
LMJ International Ltd. and Sleepwell Industries Ltd. entered into two separate contracts for the sale of Thai rice, governed by GAFTA 48 with disputes to be arbitrated under GAFTA 125 in London. Two foreign arbitral awards were rendered in favour of the respondent, who then filed execution petitions …
The Supreme Court heard three contempt petitions filed by Ericsson India Pvt. Ltd. against Reliance Communications Ltd., Reliance Telecom Ltd. and Reliance Infratel Ltd. (collectively the Reliance Companies) for failing to honour a settlement of INR 550 crore that was ordered to be paid by 30 …
The Supreme Court considered appeals by K. Sashidhar challenging the rejection of resolution plans for two corporate debtors, KS&PIPL and IIL, by the Committee of Creditors (CoC). The CoC had approved the plans with less than the statutory 75% voting share of financial creditors, leading the NCLT to …
The appellant, a former director of Ruchi Soya Industries Ltd., challenged the refusal of the resolution professional to furnish resolution plans and related documents to members of the suspended Board of Directors during the corporate insolvency resolution process. The Supreme Court examined the …
The Supreme Court considered whether a secured creditor, Kotak Mahindra Bank, could file a winding‑up petition under the Companies Act, 1956 after obtaining a decree and recovery certificate from the Debts Recovery Tribunal. The petitioners argued that Sections 17, 18 and 34 of the Recovery of Debts …
The Supreme Court examined the constitutional validity of several provisions of the Insolvency and Bankruptcy Code, 2016, including the classification of financial versus operational creditors, the powers of the resolution professional, the evidentiary status of private information utilities, and …
The employees' union of Jaipur Metals & Electricals Ltd challenged a High Court order that refused to transfer winding‑up proceedings, filed under Section 20 of the Sick Industrial Companies Act, to the National Company Law Tribunal (NCLT) and set aside an NCLT order admitting a Section 7 insolvency …
The Transmission Corporation of Andhra Pradesh Ltd. (appellant) awarded contracts to Equipment Conductors and Cables Ltd. (respondent) which led to arbitration where claims on invoices 1‑57 were held time‑barred and no award was made. The respondent unsuccessfully sought execution of those amounts, …
The Supreme Court considered an appeal by B.K. Educational Services Pvt. Ltd. challenging the applicability of the Limitation Act, 1963 to applications under Sections 7 and 9 of the Insolvency and Bankruptcy Code (IBC) and the retrospective effect of the newly inserted Section 238A. The Court …
The Supreme Court examined the eligibility of ArcelorMittal India Private Ltd (AMIPL) and Numetal Ltd to submit resolution plans for Essar Steel India Ltd (ESIL) under the Insolvency and Bankruptcy Code (IBC) after the introduction of Section 29A. The Court held that disqualification under …
The appellant (KCPL) challenged a Section 9 petition filed by the respondent (Vijay Nirman) which sought to treat an arbitral award as an undisputed operational debt. The award, favouring the respondent, was under challenge in a Section 34 petition under the Arbitration and Conciliation Act. The …
State Bank of India (SBI) sought recovery of a loan from a corporate debtor whose managing director, V. Ramakrishnan, had also given a personal guarantee. After the corporate debtor defaulted, SBI invoked SARFAESI provisions and the debtor filed an insolvency petition under the Insolvency and …
Jaypee Infratech Ltd (JIL) defaulted on a loan from IDBI Bank, prompting the bank to initiate a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Home buyers filed a writ petition alleging that the CIRP ignored their interests and sought a pro‑rata …
The Supreme Court examined two pivotal questions arising under the Insolvency and Bankruptcy Code, 2016: (i) whether the requirement in Section 9(3)(c) to attach a certificate from the financial institution confirming non‑payment of an operational debt is a mandatory condition precedent, and (ii) …
Mobilox Innovations Pvt Ltd, an operational creditor, filed an application under the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of corporate insolvency against Kirusa Software Pvt Ltd for an unpaid operational debt of Rs.20,08,202.55. The corporate debtor raised a dispute, …
The operational creditor, Mis. Surendra Trading Co., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the corporate debtor, Mis. Juggilal Kamlapat Jute Mills Co. Ltd. The adjudicating authority identified procedural defects and gave the creditor seven days to …
Innoventive Industries Ltd., a corporate debtor, defaulted on its financial obligations and a financial creditor (ICICI Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The debtor argued that a notification under the Maharashtra Relief Undertakings …
Zenith Infotech Ltd filed a reference under the Sick Industrial Companies (Special Provisions) Act, 1985 before the Board for Industrial and Financial Reconstruction (BIFR). The Registrar of the Board refused to register the reference on the ground that the company was not an "industrial company" …
