REEDNews
Latest News on the Insolvency, Bankruptcy and Debt Recovery laws
Corporate Insolvency Resolution Processes Ending with Orders of Liquidation: As on 30th September 2024
Corporate Insolvency Resolution Processes Yielding Resolution Plans: As on 30th September 2024
Shri Vaibhav Chaturvedi Appointed as Ex-Officio Member Representing RBI in the Insolvency and Bankruptcy Board of India (IBBI)
NCLAT Upholds Liquidation Order: Extension Beyond 330-Day CIRP Timeline Unjustified Due to Stagnation
Amount in 'No Lien Account' Forms Part of the Corporate Debtor's Assets and Cannot Be Retained by the Bank During CIRP Due to Moratorium
Procedural Fairness and Enforceability of Personal Guarantee Document Amid Pending Insolvency Proceedings
Commercial Judgment of Financial Creditor Prevails: NCLAT Remands Section 7 Application for Fresh Consideration
Promise to Repay Time-Barred Debt is Enforceable under Section 25(3) of the Indian Contract Act, Resetting the Limitation Period
Secured Creditor Must Pay Liquidation Costs Within 90 Days Under Regulation 21-A(2) to Retain Security Interest - NCLAT Upholds Liquidator's Fee Claim
Non-Payment of Liquidation Costs Leads to Automatic Relinquishment of Security Interest Under IBBI Regulations
NCLAT Affirms NCLT's Jurisdiction to Approve Cancellation of Power of Attorney in Resolution Plan
Adjudicating Authority's Direction to Release Non-Fund Based (NFB) Limits Upheld, Aligning with Approved Resolution Plan and CoC's Commercial Judgment
Registrar of NCLT Cannot Adjudicate Maintainability of Section 95 Petition at Filing Stage; Role Limited to Ministerial Functions
Sanjay Malhotra Appointed as the New RBI Governor
Compulsory Convertible Debentures with Time Value of Money Qualify as Financial Debt under Section 5(8) of IBC: NCLAT
Commercial Wisdom of CoC Prevails: NCLAT Upholds Resolution Plan Approval and Expunges Adverse Remarks Against Former RP
Application Under Section 7 of the IBC Valid Despite NPA Status and Section 10A Bar
Suspension of Resolution Professional’s Registration Upheld Due to Finality of NCLAT Findings and Procedural Compliance
Suspension of Resolution Professional Unsustainable for Actions Taken in Good Faith and Procedural Lapses Without Reasoned Findings
Existence of Financial Debt and Default Established Through Documentary Evidence Mandates Admission of Section 7 Application Under IBC
Interim Moratorium Under Section 96 of IBC Limited to Personal Guarantee, Does Not Extend to Partnership Firm’s Assets
Belated Claims Filed After CIRP Timelines Are Non-Admissible Post-Resolution Plan Approval Under IBC
IBC Does Not Override Lease Deed and Statutory Provisions; Liquidator's Sub-Lease Violates Regulations
Strengthening Governance and Customer Convenience: Key Highlights of the Banking Laws (Amendment) Bill, 2024
Debt Acknowledgment and Limitation Compliance Lead to Corporate Debtor's Admission into CIRP
NCLAT Upholds Adherence to Supreme Court’s Status Quo Order, Denies Demarcation of Shared Assets Without Clarification
IBBI Issues New Guidelines for Appointment of Insolvency Professionals for Insolvency and Bankruptcy Processes
Extension of Deadline for Filing Forms in Liquidation and Voluntary Liquidation Processes under the IBC
2nd International Conclave on Insolvency Resolution: A Global Evolution and India’s Path Forward
Financial Debt Can Be Established Without a Written Agreement if Supported by Substantive Evidence
NCLAT Upholds Resolution Plan, Affirming RP's Lack of Powers to Reverse Pre-CIRP Cancellation of Allotments
Admission of Debt and Lack of Credible Dispute Justify Initiation of CIRP: NCLAT Dismisses Appeal
Unallotted Share Application Money Fails to Qualify as Financial Debt Under IBC Due to Lack of Statutory Compliance and Time Value Consideration
Threshold Requirement Under Section 7 of IBC Met by 10% of Allottees from Same Real Estate Project; Appellant Lacks Locus Standi to Challenge Admission
A Resolution Professional Has Limited Power to Reject a Claim Without Approval of the Adjudicating Authority
Pre-Existing Disputes Bar Section 9 Application: NCLAT Upholds Dismissal of Operational Creditor's Claim
Contradictory Remedies Barred - NCLAT Upholds Rejection of Section 65(3) Challenge Post-Resolution Plan Approval
Enhancing Liquidation Processes: Proposed Amendments to IBBI Regulations to Streamline Operations and Strengthen Stakeholder Confidence
Majority Shareholder as an Investor Lacks Locus Standi to Challenge CIRP Admission under Section 61 of IBC
District Magistrate's Role Under Section 14 of SARFAESI Act is Ministerial, Not Adjudicatory: Appeal Dismissed
NCLAT Chennai Member Recuses from Case Following Personal Request from Brother
Assets Deposited by Corporate Debtor as Security Before CIRP Remain Corporate Debtor’s Property, Reinforcing IBC Supremacy
NCLAT Upholds CIRP Continuation Under CoC's Authority in Line with Supreme Court's Rainbow Papers Directive [REEDLAW 2022 SC 09519]
NCLAT Affirms NCLT’s Dismissal of Section 9 Application Against Patanjali Paridhan Over Pre-Existing Dispute on NOC and Contractual Obligations
Priority of IBC Liquidation Process Over Section 230 Schemes for Corporate Debtor Resolution: A NCLAT Ruling
Determination of Disputed Claims and Partial Settlements Lies with NCLT When Further Examination of Evidence is Required
CoC's Discretion to Opt for Liquidation Upheld by NCLAT: Judicial Review Limited in Absence of Irregularity
Supreme Court Clarifies Limited Scope of Judicial Scrutiny Under Section 11 of the Arbitration and Conciliation Act, 1996, Emphasizing Prima Facie Existence of Arbitration Agreement
Adjudicating Authority Cannot Examine Merits in Section 95 Application Without Resolution Professional’s Report under Section 99 of IBC
Enhancing Real Estate Insolvency Resolutions: Public Consultation on Key Proposals for Stakeholder Engagement and Efficiency
Arbitration Petition Dismissed as Claims are Ex Facie Time-Barred and Beyond the Limitation Period
Sanjay Malhotra Appointed as the New RBI Governor
Strengthening Governance and Customer Convenience: Key Highlights of the Banking Laws (Amendment) Bill, 2024
Appellate Court's Power to Waive 20% Deposit Under Section 148 of the Negotiable Instruments Act: A Key Ruling
Supreme Court Rules Against Awarding Interest on Interest in Absence of Statutory or Contractual Provision
High Court Quashes Section 138 NI Act Complaints Against Non-Executive Directors for Lack of Specific Averments on Responsibility and Involvement
District Magistrate's Role Under Section 14 of SARFAESI Act is Ministerial, Not Adjudicatory: Appeal Dismissed
Supreme Court Rules: No Disciplinary Proceedings Can Be Initiated Against Employees Post-Retirement
Supreme Court Reinstates Equitable Mortgage Claim, Emphasizes Evidentiary and Procedural Fairness
Govt to Introduce Creditor Led Resolution Process (CLR): New Out-of-Court Mechanism for Quick Resolutions with Limited NCLT Involvement
IBBI and IBA Launch Centralized eBKray Platform to Enhance Transparency and Recovery in IBC Liquidation Auctions
Supreme Court Mandates Strict Compliance with MSME Revival Framework Before NPA Classification by Banks
Strict Enforcement of Protections Against NPA Classification and Recovery Actions by Banks: MSME Borrowers Demand
Engagement of Research Associates in Law at the Insolvency and Bankruptcy Board of India (IBBI) on a Contract Basis
Central Banking at Crossroads: Navigating Challenges, Innovation, and the Future
Membership and Reporting to Credit Information Companies (CICs) by Asset Reconstruction Companies (ARCs) is Now Mandatory
The Reserve Bank (RBI) Proposes Beneficiary Name Verification for RTGS and NEFT Transactions
Byju’s Allegedly Transferred Funds in Violation of U.S. Bankruptcy Rules
A legal representative requires explicit client authorization to withdraw an application; any withdrawal without such authority is invalid
IBBI Announces Results of the 5th National Online Quiz on Insolvency and Bankruptcy Code, 2016
RBI Imposes ₹1 Crore Penalty on HDFC Bank for Regulatory Non-Compliance
Government Announces Recruitment for Recovery Officers Across Debts Recovery Tribunals in Multiple Locations
RBI's 610th Central Board Meeting Reviews Economic Outlook and Operational Performance
SBI Chairman CS Setty on Advancing MSME Credit Access and Financial System Evolution
RBI August 2024 Update: Modest Rise in Lending and Deposit Rates Reflects Gradual Adjustment in Banking Sector
NCLAT Upholds Insolvency Proceedings, Affirming that Financial Disputes Fall Within the Jurisdiction of Insolvency Laws Despite Civil Court Injunctions
High Court Dismisses Contempt Petition, Finding No Willful Disobedience in Context of Insolvency and Arbitration Compliance
High Court Overrules Lookout Circular (LOC) for Loan Default: Reinforces Fundamental Right to Travel
IBBI Invites EoI from Institutions to Develop a Post Graduate Insolvency Programme (PGIP) Aimed at Cultivating Highly Qualified Insolvency Resolution Experts
SARFAESI Proceedings Cannot Continue Post-Moratorium Under IBC if Sale Stage Not Reached
IBBI Invites Public Comments on Proposed Amendments to MSME Registration and Disclosure Framework under CIRP
IBC provisions prevail over the SARFAESI Act, and the interim moratorium under Section 96 affects SARFAESI proceedings initiated post-moratorium
CBDT Chairman Assures Timely Overhaul of Income Tax Act Amid Successful Faceless Regime Rollout
Supreme Court Seeks Nationwide Reforms for Bar Associations: Nodal Counsel Appointed to Oversee Suggestions and Enhancements
Government Appoints Nine Additional Judges as Permanent Members of Allahabad High Court
RBI Launches Nationwide RBI90Quiz for Undergraduates Students to Mark 90 Years of Service
Once a Bank Accepts Payment Under a Settlement Scheme (OTS), It Cannot Refuse to Release Mortgaged Property Despite Minor Non-Compliance
Admission of Cheque Execution Overrides Dispute on Loan Interest Rate as Defence
Positive Pay System (PPS): Enhancing Security in Cheque Transactions
Justice BR Gavai Inaugurates India's First Digital Court for NI Act Cases in Kerala, Highlighting Technology's Role in Making Justice More Accessible
RBI imposes monetary penalties on Bank of Maharashtra, Hinduja Leyland Finance Ltd and Poonawalla Fincorp Ltd for Regulatory Non-Compliance
High Court Finds Delays by TransUnion CIBIL Ltd in Updating Borrowers' Credit Ratings Constitute a Breach of Their Fundamental Rights Under Article 21
Exploring the Role of Insolvency Professionals: Second Annual Research Workshop on Insolvency and Bankruptcy
Supreme Court Sets Aside High Court Order, Affirms Mandatory Compliance with MSME Restructuring Framework Before NPA Classification
Sharp Rise in Foreign Engagement of Indian Mutual Funds and Asset Management Companies (AMCs)
RBI Imposes ₹1.06 Crore Penalty on Union Bank of India for Regulatory Non-Compliance
Harmonisation of Regulations for Housing Finance Companies (HFCs) and Non-Banking Finance Companies (NBFCs)
Government Introduces Banking Laws (Amendment) Bill 2024: Key Reforms to Enhance Bank Account Flexibility and Governance
RBI Proposes Enhanced UPI Limits and New Measures to Strengthen Digital Payments and Lending Ecosystem
Supreme Court Clarifies Burden of Proof and Presumption of Liability Under Section 139 of the Negotiable Instruments Act
Auction Sale Set Aside for Non-Compliance with Mandatory 30-Day Notice Requirement Under Rules 8(6) and 9(1) of SARFAESI Rules
Applicant Estopped from Challenging Sale Notice Under SARFAESI Act Following Dismissal of Previous Application
Ex-Parte Recovery Order Passed in Favour of Bank with Reduction in Penal Interest and Capping of Future Interest at 9% Per Annum
Right of Redemption Under Section 13(8) of SARFAESI Act Limited to Mortgagor; Third-Party Possession Insufficient to Challenge Secured Creditor’s Measures
Procedural Fairness and Enforceability of Personal Guarantee Document Amid Pending Insolvency Proceedings
Non-filing of Written Statement Not Enough for Counter-claim Success - Review Limited to Errors Apparent on Record
Substitution of Authorized Officer by District Magistrate under SARFAESI Act Validated by DRAT
Rectification of Typographical Errors in Section 14 Orders is Ministerial and Does Not Render the Magistrate Functus Officio
Sanjay Malhotra Appointed as the New RBI Governor
SARFAESI and Arbitration Proceedings Can Proceed Simultaneously: Court's Scope Under Section 11(6) Limited to Examining Arbitration Agreement
SARFAESI Act Proceedings Can Coexist with Arbitration and RDB Act Remedies; Procedural Nature Allows Application to Existing Debts
District Magistrate's Ministerial Powers Under Section 14 of SARFAESI Act Affirmed: Substitution of Authorized Officer Upheld
Strengthening Governance and Customer Convenience: Key Highlights of the Banking Laws (Amendment) Bill, 2024
District Magistrate's Ministerial Role under Section 14 of SARFAESI Act Upheld: Procedural Modifications Deemed Jurisdictionally Valid
Non-Compliance with Statutory Notice Requirements Renders Auction Sale Invalid Under SARFAESI Act
Fraudulent Mortgage Invalidated: Bank Entitled to Recover Dues from Borrowers While Bona Fide Purchasers Exonerated
Appeal Dismissed for Misconceived Review Petition; Final Order on Deposit Remains Unchallenged
Precedence of Prior Mortgages Upheld: Rights of Pre-Mortgage Purchasers Protected While Recovery Against Post-Mortgage Transactions Permitted
DRAT Affirms Validity of SARFAESI Proceedings, Dismissing Securitization Application on Grounds of Procedural Compliance
DRAT Sets Aside DRT Order, Emphasizes Substantive Justice Over Procedural Technicalities in SARFAESI Applications
DRAT Rejects Refund Claim as Deposits and Auction Proceeds Fail to Cover Outstanding Dues
DRAT Rules Procedural Terms in Auction Notices Are Directory, Upholds Substantive Justice Over Technicalities in SARFAESI Cases
DRAT Allows Appeal Against SARFAESI Measures with Reduced Pre-Deposit and Deferred Possession Proceedings
DRAT Grants Conditional Protection from Dispossession and Directs ₹60 Lakh Pre-Deposit for Appeal under SARFAESI Act
Supreme Court Affirms Auction Sale Validity, Rejects Claims of Undervaluation and Procedural Lapses
Failure to Prove Service of Representation Under Section 13(3A) of the SARFAESI Act Leads to Reversal of DRT Order
Unregistered Tenancy Claims Fail Against Secured Creditors Under the SARFAESI Act: Tenant Deemed in Sufferance
Mandatory Notice Period Violation Invalidates Auction Sale Under SARFAESI Act
Priority of Secured Creditor's Charge Under the SARFAESI Act Prevails Over Subsequent Purchaser's Claims
Lease Deed Executed Without Secured Creditor's Consent Held Invalid Under SARFAESI Act
Unregistered Tenancy Rights Cannot Prevail Over Secured Creditors’ Claims Under the SARFAESI Act: Supreme Court Ruling
DRAT Condones Delay, Sets Aside DRT Order, and Remands Restoration Application for Fresh Consideration on Merits
DRAT Upholds Validity of Auction Sale, Dismisses S.A. for Failure to Timely Challenge Notices under SARFAESI Act
Bank Liable to Refund Payment Accepted Towards Sale Consideration Without Enforceable Agreement: DRAT
DRT’s Discretion Upheld: Simple Interest Granted for Post-OA Period in Recovery Certificate
District Magistrate's Role Under Section 14 of SARFAESI Act is Ministerial, Not Adjudicatory: Appeal Dismissed
Supreme Court Upholds Auction Purchasers' Rights Under SARFAESI Act, Directs Timely Possession Transfer
High Court Enforces Timely Action Under Section 14 of SARFAESI Act, Directs District Magistrate to Expedite Application Disposal
Supreme Court Seeks Finance Ministry’s Response on Critical Vacancies in Debts Recovery Tribunals
DRAT Sets Aside DRT Order and Upholds Auction Sale Validity; Rules Procedural Adjustments Do Not Violate Statutory Notice Requirements
Finality of Recovery: DRAT Upholds Limited Scope of Attachment Orders and Creditor Entitlements Under the Recovery of Debts and Bankruptcy Act
Unregistered Agreement for Sale Fails to Establish Ownership Rights in Recovery Proceedings under RDDB & FI Act, 1993
DRAT Quashes Auction Sale for Non-Compliance with Statutory Notice Requirements under SARFAESI Act
Supreme Court Reinstates Equitable Mortgage Claim, Emphasizes Evidentiary and Procedural Fairness
Tribunals Must Adhere to Statutory Mandates and Precedents: DRAT Sets Aside DRT Order for Lack of Legal Basis and Reasoning
Supreme Court Upholds Fairness in Public Auctions: Invalidates Sale Due to Procedural Lapses and Irregularities
Unregistered Agreements and Unsupported Claims Cannot Override SARFAESI Proceedings or Create Enforceable Rights
DRAT Invalidates Auction Due to Non-Compliance with 30-Day Notice Requirement Under Rule 8(6) of SARFAESI Act
DRAT Affirms Auction Proceedings, Rejecting Ownership and Demarcation Claims for Lack of New Evidence and Clear Boundary Distinctions
DRAT Affirms Validity of Equitable Mortgage and Lawful SARFAESI Proceedings Despite Borrowers’ Post-Default Objections
Arbitration Petition Dismissed as Claims are Ex Facie Time-Barred and Beyond the Limitation Period
Auction Sale Set Aside for Non-Compliance with Mandatory 30-Day Notice Requirement Under Rules 8(6) and 9(1) of SARFAESI Rules
Corporate Insolvency Resolution Processes Ending with Orders of Liquidation: As on 30th September 2024
Corporate Insolvency Resolution Processes Yielding Resolution Plans: As on 30th September 2024
Shri Vaibhav Chaturvedi Appointed as Ex-Officio Member Representing RBI in the Insolvency and Bankruptcy Board of India (IBBI)
Applicant Estopped from Challenging Sale Notice Under SARFAESI Act Following Dismissal of Previous Application
Ex-Parte Recovery Order Passed in Favour of Bank with Reduction in Penal Interest and Capping of Future Interest at 9% Per Annum
NCLAT Upholds Liquidation Order: Extension Beyond 330-Day CIRP Timeline Unjustified Due to Stagnation
Right of Redemption Under Section 13(8) of SARFAESI Act Limited to Mortgagor; Third-Party Possession Insufficient to Challenge Secured Creditor’s Measures
Amount in 'No Lien Account' Forms Part of the Corporate Debtor's Assets and Cannot Be Retained by the Bank During CIRP Due to Moratorium
Procedural Fairness and Enforceability of Personal Guarantee Document Amid Pending Insolvency Proceedings
Non-filing of Written Statement Not Enough for Counter-claim Success - Review Limited to Errors Apparent on Record
Substitution of Authorized Officer by District Magistrate under SARFAESI Act Validated by DRAT
Rectification of Typographical Errors in Section 14 Orders is Ministerial and Does Not Render the Magistrate Functus Officio
Commercial Judgment of Financial Creditor Prevails: NCLAT Remands Section 7 Application for Fresh Consideration
Promise to Repay Time-Barred Debt is Enforceable under Section 25(3) of the Indian Contract Act, Resetting the Limitation Period
Secured Creditor Must Pay Liquidation Costs Within 90 Days Under Regulation 21-A(2) to Retain Security Interest - NCLAT Upholds Liquidator's Fee Claim
Non-Payment of Liquidation Costs Leads to Automatic Relinquishment of Security Interest Under IBBI Regulations
NCLAT Affirms NCLT's Jurisdiction to Approve Cancellation of Power of Attorney in Resolution Plan
Adjudicating Authority's Direction to Release Non-Fund Based (NFB) Limits Upheld, Aligning with Approved Resolution Plan and CoC's Commercial Judgment
Registrar of NCLT Cannot Adjudicate Maintainability of Section 95 Petition at Filing Stage; Role Limited to Ministerial Functions
Sanjay Malhotra Appointed as the New RBI Governor
Compulsory Convertible Debentures with Time Value of Money Qualify as Financial Debt under Section 5(8) of IBC: NCLAT
SARFAESI and Arbitration Proceedings Can Proceed Simultaneously: Court's Scope Under Section 11(6) Limited to Examining Arbitration Agreement
SARFAESI Act Proceedings Can Coexist with Arbitration and RDB Act Remedies; Procedural Nature Allows Application to Existing Debts
Commercial Wisdom of CoC Prevails: NCLAT Upholds Resolution Plan Approval and Expunges Adverse Remarks Against Former RP
Application Under Section 7 of the IBC Valid Despite NPA Status and Section 10A Bar
Suspension of Resolution Professional’s Registration Upheld Due to Finality of NCLAT Findings and Procedural Compliance
Suspension of Resolution Professional Unsustainable for Actions Taken in Good Faith and Procedural Lapses Without Reasoned Findings
Existence of Financial Debt and Default Established Through Documentary Evidence Mandates Admission of Section 7 Application Under IBC
Interim Moratorium Under Section 96 of IBC Limited to Personal Guarantee, Does Not Extend to Partnership Firm’s Assets
Belated Claims Filed After CIRP Timelines Are Non-Admissible Post-Resolution Plan Approval Under IBC
District Magistrate's Ministerial Powers Under Section 14 of SARFAESI Act Affirmed: Substitution of Authorized Officer Upheld
IBC Does Not Override Lease Deed and Statutory Provisions; Liquidator's Sub-Lease Violates Regulations
Strengthening Governance and Customer Convenience: Key Highlights of the Banking Laws (Amendment) Bill, 2024
Debt Acknowledgment and Limitation Compliance Lead to Corporate Debtor's Admission into CIRP
NCLAT Upholds Adherence to Supreme Court’s Status Quo Order, Denies Demarcation of Shared Assets Without Clarification
IBBI Issues New Guidelines for Appointment of Insolvency Professionals for Insolvency and Bankruptcy Processes
Extension of Deadline for Filing Forms in Liquidation and Voluntary Liquidation Processes under the IBC
District Magistrate's Ministerial Role under Section 14 of SARFAESI Act Upheld: Procedural Modifications Deemed Jurisdictionally Valid
Non-Compliance with Statutory Notice Requirements Renders Auction Sale Invalid Under SARFAESI Act
2nd International Conclave on Insolvency Resolution: A Global Evolution and India’s Path Forward
Fraudulent Mortgage Invalidated: Bank Entitled to Recover Dues from Borrowers While Bona Fide Purchasers Exonerated
Appeal Dismissed for Misconceived Review Petition; Final Order on Deposit Remains Unchallenged
Financial Debt Can Be Established Without a Written Agreement if Supported by Substantive Evidence
Precedence of Prior Mortgages Upheld: Rights of Pre-Mortgage Purchasers Protected While Recovery Against Post-Mortgage Transactions Permitted
DRAT Affirms Validity of SARFAESI Proceedings, Dismissing Securitization Application on Grounds of Procedural Compliance
NCLAT Upholds Resolution Plan, Affirming RP's Lack of Powers to Reverse Pre-CIRP Cancellation of Allotments
Admission of Debt and Lack of Credible Dispute Justify Initiation of CIRP: NCLAT Dismisses Appeal
DRAT Sets Aside DRT Order, Emphasizes Substantive Justice Over Procedural Technicalities in SARFAESI Applications