News Updates
Supreme Court Rules States Cannot Cite Financial Burden To Delay Judges Retiring At Sixty-Two
06 Aug 2026
Rajasthan High Court Demands Comprehensive Affidavit To Remove Encroachments Affecting Critical Ramgarh Dam Water Flow
06 Aug 2026
How Does Algorithmic Bias In Forest Governance Impact Adivasi Rights In Modern India Today?
06 Aug 2026
Christ University Pune Lavasa Hosts International Conference On Indian Knowledge Systems And Global Governance
06 Aug 2026
Bombay High Court Rules Pre-2015 Unilateral Arbitrator Appointments Valid if Contractually Authorized by Agreement
06 Aug 2026
Madras High Court orders TASMAC to issue bills for every liquor sale amid overcharging row
07 Aug 2026
Why Does Institutional Paralysis Persist Within India’s Lower Judiciary Recruitment Processes Across All State Boards?
07 Aug 2026
Ernst & Young Announces Applications for Senior Associate Role in Legal Practice
08 Aug 2026
Kerala High Court Salutes R. Rajesh's Supreme Sacrifice, Urges Vigilance in Kochi Flood Prevention
08 Aug 2026
Search Results for "Banking, Finance & Insolvency News | Supremetoday AI"
The Resolution Professional (RP) lacks adjudicatory powers to admit claims based on alleged breaches of contract without a judicial order, and claims filed beyond the stipulated time frame may be rejected.
#InsolvencyLaw #CIRP #LegalJudgment #NationalCompanyLawAppellateTribunal
Court Upholds Rejection of Claim in Corporate Insolvency CaseCategory: Insolvency LawSub-Category: Corporate Insolvency Resolution Process (CIRP)Subject: Claim Rejection in CIRPBackgroundIn a significant ruling, the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal by M/s CS...
The court upheld that the application under Section 9 of the Insolvency and Bankruptcy Code was not barred by limitation, as the last payment made by the Corporate Debtor acknowledged the debt and extended the limitation period.
#InsolvencyLaw #CorporateDebtor #LegalJudgment #NationalCompanyLawAppellateTribunal
Court Upholds Validity of Insolvency Application Despite Limitation ClaimsCategory: Insolvency LawSub-Category: Corporate Insolvency Resolution ProcessSubject: Limitation Period for Filing ApplicationsBackgroundIn a significant ruling on January 3, 2025, the National Company Law Appellate Tri...
The court upheld the invocation of personal guarantees by the State Bank of India, affirming that individual lenders can enforce guarantees despite being part of a consortium, provided the agreements allow for such actions.
#InsolvencyLaw #PersonalGuarantees #LegalJudgment #NationalCompanyLawAppellateTribunal
Court Upholds Invocation of Personal Guarantees in Insolvency CaseBackgroundIn a significant ruling, the National Company Law Appellate Tribunal (NCLAT) addressed two appeals filed byAmit Dineshchandra Pateland Rahul Arunprasad Patel against the State Bank of India (SBI). The appeals challeng...
The court upheld the maintainability of the Section 7 application under the Insolvency and Bankruptcy Code, 2016, despite objections regarding the threshold of allottees and allegations of forged affidavits.
#InsolvencyLaw #CorporateDebtors #NCLT #NationalCompanyLawAppellateTribunal
Court Upholds Section 7 Application in Corporate Insolvency CaseCategory: Insolvency LawSub-Category: Corporate Insolvency Resolution ProcessSubject: Section 7 Application AdmissionBackgroundIn a significant ruling, the National Company Law Tribunal (NCLT) admitted a Section 7 application fil...
The Insurance Ombudsman’s award is binding and must be complied with within 30 days; failure to do so can result in penalties and interest on the awarded amount.
#InsuranceLaw #Ombudsman #LegalJustice #BombayHighCourt
High Court Upholds InsuranceOmbudsman’s Award in Favor of Senior CitizenBackgroundIn a significant ruling, the High Court of Judicature at Bombay addressed two writ petitions concerning an insurance dispute involving Bharat Hirji Dedhia, a 68-year-old petitioner, and the Oriental Insurance Co...
The Karnataka High Court ruled that the forfeiture of earnest money by Canara Bank was justified under Rule 9(5) of the Security Interest (Enforcement) Rules, 2002, as the auction purchaser failed to pay the balance amount within the stipulated time.
#BankingLaw #LegalJudgment #AuctionRights #KarnatakaHighCourt
Karnataka High Court Upholds Forfeiture of Earnest Money by Canara BankBackgroundIn a significant ruling, the Karnataka High Court addressed the case involving Canara Bank and two petitioners, Subramanya Rao K andH.N. Nagarathna. The legal question centered on the bank's decision to forfeit a...
The Registrar of the National Company Law Tribunal (NCLT) performs a ministerial function when receiving petitions under Section 95 of the Insolvency and Bankruptcy Code, 2016, and cannot adjudicate on the merits or maintainability of such petitions at that stage.
#InsolvencyLaw #NCLT #LegalJudgment #KarnatakaHighCourt
NCLT Registrar's Role Clarified in Insolvency ProceedingsBackgroundIn a significant ruling, the Karnataka High Court addressed the maintainability of petitions filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The case involvedBuoyant Technology Constellation Pvt. Ltd.(the a...
The court upheld the priority of the Deposit Insurance and Credit Guarantee Corporation (DICGC) over the claims of employees of a bank in liquidation, confirming that employee dues are subordinate to the DICGC's claims as per statutory provisions.
#BankingLaw #Liquidation #DICGC #GujaratHighCourt
CourtUpholds DICGC's Priority Over Employee Claims in Bank LiquidationBackgroundIn a significant ruling, the court addressed the ongoing legal battle involving the employees of a bank that had gone into liquidation. The petitioner, a registered union representing the bank's employees, sought ...
The court ruled that the charge of the petitioner bank over the mortgaged property takes precedence over the charge recorded by the state under the VAT Act, as per Section 26E of the SARFAESI Act.
#BankingLaw #SecuredCreditors #LegalJudgment #GujaratHighCourt
CourtRulesin Favor of Bank Over State Charge in Property DisputeBackgroundIn a significant ruling, the court addressed a dispute involving a petitioner bank and the state regarding the priority of charges over a mortgaged property. The petitioner, represented by advocate Mr.C. Z. Sankhla, sou...
The court found that the initiation of the Corporate Insolvency Resolution Process (CIRP) was collusive and not for the genuine purpose of resolving insolvency, thus setting aside the previous order admitting the application under Section 7 of the Insolvency and Bankruptcy Code.
#InsolvencyLaw #CIRP #LegalJudgment #NationalCompanyLawAppellateTribunal
Court Rules Against Collusive Corporate Insolvency Resolution ProcessCategory: Insolvency LawSub-Category: Corporate Insolvency Resolution ProcessSubject: Collusion in CIRP InitiationBackgroundIn a significant ruling, the National Company Law Appellate Tribunal (NCLAT) addressed the case invo...
