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When a small footnote is used as a tool to make a weak balance sheet look strongThis is the uncomfortable truth about company accounts. A number on a balance sheet is not always cash that will return, and a liability tu...- Insolvency law not a recovery mechanism, Supreme Court reiterates in key IBC rulingIn a landmark decision, the Supreme Court has clarified that insolvency law is not intended for the mere pursuit of debt recovery. It highl...
- Delhi HC directs senior SpiceJet officials to appear over non-payment of duesSpiceJet's COO and CEO have been summoned by the Delhi High Court over unpaid dues of over USD 6.03 lakh to aircraft engine lessors. The co...
- Delhi HC asks SpiceJet, CMD Ajay Singh to file affidavit disclosing assets, revenue collection in a weekThe Delhi High Court on Wednesday allowed Kal Airway's and its promoter Kalanithi Maran's application seeking 50 per cent of the daily reve...
- IBC proceedings can be initiated against both if two borrowers fall within ambit of corporate debtors, says SCThe top court also observed that a resolution's approval in respect of one borrower cannot "certainly discharge" a co-borrower. In February...
- Make pre-packaged resolution not scaryThe pre-packaged insolvency resolution process (PIRP), a debtor-initiated reorganisation plan in advance with creditors on board, has repor...
- NCLT directs investigation against Wave Megacity for alleged siphoning of homebuyers' moneyNCLT also imposed a fine of Rs 1 crore on Wave Megacity for attempting to play fraud on thousands of homebuyers by filing a petition under ...
- Time to dishonour Section 138? Why there is little reason to continue with India's cheque bounce lawThe major lacuna in the law is that there's a presumption of mens rea without need for any additional proof. The mere fact that a cheque is...
- SC cautions NCLT & NCLAT on interference with party's contractual right to terminate contract"We would like to issue a note of caution to the NCLT and NCLAT regarding interference with a party's contractual right to terminate a cont...
- HC grants permission to Supertech MD to challenge arrest warrant by NCDRCIn April 2019, the NCDRC had ordered the company to either offer possession of the villa within six months, along with compensation and cos...
- SC asks NCLT, NCLAT to strictly adhere to IBC timelines, clear pending resolution plansThe NCLT had allowed the withdrawal application filed by Ebix under Section 60(5) of the IBC to withdraw its Resolution Plan submitted for ...
- Supreme Court's order on defaulter tycoons plugs an important bankruptcy loopholeLawyers and bankers were said the order sets a precedence for future recoveries in bankrutpcy cases and more importantly act as a deterrent...
- Cheque dishonor cases can't be filed or continued against firms facing insolvency proceedings: SCThe top court, however, did not extend the benefit of moratorium on judicial proceedings in cheque bounce cases to directors or signatories...
- NCLAT upholds order passed by NCLT on appointment of RP for Metenere Ltd.The National Company Law Appellate Tribunal (NCLAT) upheld an order passed by Delhi-NCLT over appointment of a former State Bank of India (...
- Supreme Court ruling does not disturb creditors' rights to insolvency proceedings, says SahooSahoo said the court's judgement does not disturb rights of creditors to initiate insolvency proceeding or any provision in the Insolvency ...
- JSW Steel seeking legal opinion if can bid solo for Essar Steel: OfficialJSW Steel had teamed up with NuMetal to place a Rs 37,000-crore offer for Essar Steel in the second round of bidding.
- Can a bank allow a company under insolvency to withdraw cash?In an embarrassing case, Amtek Auto managed to withdraw money from its account in IOB Hosur branch although loans taken from the bank’s Raj...
- Assam Company to face bankruptcy proceedingsThe overdue amount on the unpaid loan has reached Rs 596 crore.
- HC rules in favour of Maxx Moblink against Solsynch TechnologiesA lender cannot file a winding up petition against another entity to recover a claim arising out of ‘damages’ that remains unpaid.
- HC ruling on bounced cheques rattles tradersThe Bombay High Court judgement that the drawer of a bounced cheque cannot be prosecuted if the instrument was issued only as a security ha...
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