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NCLT Upholds Limitation Based on OTS and Financial Statements, Initiates CIRP In ₹45 Cr Default against Corporate Guarantor [Read Order]

The National Company Law Tribunal (NCLT) Mumbai Bench has commenced the Corporate Insolvency Resolution Process (CIRP) on account of defaulting an...

Bachu Venkat Balaram Das Appointed as NCLT President

₹5.86 Crore Default Triggers CIRP Over Unpaid Operational Dues: NCLT Admits Insolvency Plea [Read...

NCLT Admits PNB’s Insolvency Plea Over ₹74 Crore Corporate Guarantee Default, Holds Petition Within...

Once NCLT Approves Resolution Plan under IBC, Appeal Serves No Purpose: CESTAT disposes Aircel Ltd’s...

Reassessment Invalid after Approval Of CIRP Resolution: ITAT upholds Deletion of ₹6.41 Cr Addition on Undisclosed Income [Read Order]

The Income Tax Appellate Tribunal (ITAT) upheld deleting the addition of ₹6.41 crore on the basis of the undisclosed income was upheld by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT)...

GST ITC Dispute Over Supplier’s Non-Payment of GST Amid Liquidation: Madras HC Orders 10% Pre-Deposit for Statutory Appeal [Read Order]

The Madras High Court has directed the taxpayer to avail the appellate remedy provided under the law against the GST ( Goods and Services Tax ) demand notice in a case involving the denial of Input...

NCLT Initiates Voluntary CIRP Against IMFL Manufacturer a After Establishing ₹1.80 Crore Financial Default [Read Order]

The National Company Law Tribunal, Chandigarh Bench has accepted the voluntary insolvency petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), filed by an Indian Made...

NCLT Fails to Consider Balance Sheet Debt Acknowledgments and COVID Limitation Relief: NCLAT Restores UCO Bank’s Insolvency Proceedings [Read Order]

The National Company Law Appellate Tribunal(NCLAT) allowed the insolvency proceedings initiated by UCO Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, as the NCLT was in error in ...

Amendment Petition Cannot Be Allowed Without Reasoned Order: NCLAT Remands Amendment and Maintainability Matter [Read Order]

In a recent ruling, the National Company Law Appellate Tribunal (NCLAT) Chennai has held that amendment petitions in company law matters cannot be allowed without a reasoned order and quashed two...

NCLT Cannot Examine Corporate Debtor’s Viability at IBC S.7 Stage for CIRP: Supreme Court [Read Judgement]

The Supreme Court of India held that while deciding a Section 7 IBC application, the NCLT cannot examine whether the corporate debtor is viable or financially healthy and once debt and default is...

₹67.5 Lakh Penalty Imposed without Considering Insolvency Moratorium: Delhi HC Directs Fresh Hearing [Read Order]

In a recent ruling The Delhi High Court has set aside a tax penalty of ₹67.5 lakh after finding that the order was passed without considering the statutory protection of an insolvency moratorium under...