A Rs 20.72 crore electricity dues claim was thrown out because no lawyer turned up. The NCLAT has restored it, holding that a lawyer engaged by a statutory company cannot hand over the brief to a junior and stop appearing. New Delhi: Counsel engaged by a statutory company cannot hand over the brief to a […]
The Supreme Court has held that the NCLT can recall admission of an insolvency petition found to be fraudulent and collusive, but that the CIRP need not end automatically, as it becomes a proceeding in rem after admission. Setting aside the NCLAT’s order, it restored the Three C Shelters CIRP linked to the Greenopolis project for the NCLT to decide whether it should continue.
The Supreme Court has dismissed the appeal of a successful bidder in an IBC liquidation auction that did not pay the balance price within 90 days, upholding the NCLAT’s order affirming forfeiture of its earnest money and the other sums it paid, on the strength of the forfeiture clause in the e-auction notice.
Doubting an earlier ruling that damages under Section 14B of the EPF Act are automatic, the Supreme Court has referred to a larger Bench the question whether the authorised officer retains a discretion not to levy a penalty at all. It directed resolution applicants to pay the provident-fund dues with statutory interest in four quarterly instalments in the meantime.
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.
