The Centre has approached the Supreme Court challenging a Gujarat High Court ruling that restricted the NCLT President’s power to transfer cases between Benches. It argued that the High Court “wrongly created territorial limits” that are not provided under Rule 16(d) of the NCLT Rules, 2016.
The Mumbai Bench of the NCLT admitted SBI’s application seeking personal insolvency proceedings against Reliance Group Chairman Anil Ambani. The Tribunal appointed a Resolution Professional and directed issuance of a public notice inviting creditor claims, marking a major development in the insolvency process.
The Supreme Court of India ruled that National Company Law Tribunal and National Company Law Appellate Tribunal cannot review attachment orders under the Prohibition of Benami Property Transactions Act, 1988, even if linked to Insolvency and Bankruptcy Code, 2016 proceedings, dismissing liquidators’ appeals.
