In a significant ruling, the Supreme Court has dismissed the plea of personal guarantors seeking early adjudication by the National Company Law Tribunal (NCLT) during the resolution professional appointment stage in their insolvency cases. The apex court emphasized that the NCLT’s adjudicatory role commences only after the submission of the resolution professional’s report under Section 100, clarifying that this report
The recent Supreme Court (SC) ruling permitting bankruptcy proceedings against personal guarantors of defaulting companies is poised to unlock a new avenue for lenders, potentially amplifying banks’ recoveries. This decision is anticipated to strengthen lenders’ negotiation position with defaulters and act as a deterrent against unrealistic personal guarantees from promoters in the future, as noted by banking experts and legal
In a recent development, the Supreme Court has taken a resolute stance against what it perceives as non-compliance with its directives by the National Company Law Appellate Tribunal (NCLAT). The apex court, led by Chief Justice of India DY Chandrachud, has issued a significant INR 1 crore fine to a litigant involved in a case related to the disclosure of
Tech giant Google has taken its appeal to the Supreme Court, requesting the annulment of antitrust directives levied against it for alleged abuse of the Android market. According to a report, the Competition Commission of India (CCI) previously declared in October that Google, whose Android mobile operating system dominates 97% of the Indian smartphone market with 600 million users, had
Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
The Supreme Court on Thursday rejected Axis Bank’s petition seeking reconsideration of its earlier judgment that held that the NCLT while examining the existence of debt and default by a corporate debtor on a financial creditor’s plea for initiating corporate insolvency resolution process has the discretion to admit or not admit the plea. A Bench comprising justices Indira Banerjee and
The National Company Law Tribunal (NCLT), Chennai, has given nod for the resolution plan submitted by promoters of Landmark Housing Projects Chennai Pvt. Ltd., under the corporate insolvency resolution process. In 2021, the NCLT had admitted the insolvency petition filed by an operational creditor against the company. As per the legal filings, the total claims admitted from 27 creditors aggregates
The resolution professional (RP) in the Anil Ambani insolvency case has sought an urgent hearing at the National Company Law Tribunal (NCLT) on the grounds that it had been more than a year since he submitted his report on the merits of a lawsuit brought by State Bank of India for recovery of ₹1,200 crore loans from the industrialist. Jitender
No insurance company can refuse a mediclaim citing a medical condition that the policyholder disclosed while signing up for the policy, the Supreme Court has ruled. A bench of justices D Y Chandrachud and B V Nagarathna has also said that the policyholder has to disclose to the insurer all material facts within his or her knowledge, adding that the
The centre on 31st dec 2021 filed an affidavit in the Supreme Court of India regarding EWS (Economically Weaker Section) reservation in undergraduate and Postgraduate Medical seats. The centre in the affidavit said the criteria for EWS reservation will remain the same for this academic year and the new rules will come into force next year. The centre in July,
