Supreme Court
Pre-2016 DRT Recovery Certificate Cannot Trigger Insolvency Under Presidency Towns Insolvency Act: Supreme Court
The Supreme Court on Monday held that a recovery certificate issued by a Debt Recovery Tribunal (DRT) before the 2016 amendment to the Recovery of Debts and Bankruptcy Act cannot be treated as a decree or order for initiating insolvency proceedings under the Bombay's Presidency Towns Insolvency Act, 1909. Dismissing HDFC Bank's appeal, the court observed that Parliament recognised such equivalence only through the 2016 amendment. A bench of Justices Dipankar Datta and Satish Chandra Sharma...
Supreme Court Allows Shareholder To Approach NCLAT Chairperson After Split Verdict On Stay Of India Power's CIRP
The Supreme Court on Wednesday allowed India Power Corporation Ltd.'s shareholder Pragya Jhunjhunwala to approach the National Company Law Appellate Tribunal (NCLAT) Chairperson for consideration of a reference arising from a split verdict on applications seeking an interim stay of the company's admission into insolvency proceedings. A vacation bench of Justices B.V. Nagarathna and Joymalya Bagchi disposed of the special leave petition. It reserved liberty to Jhunjhunwala to request the NCLAT...
Voizzit Entities Move Supreme Court Against Kerala HC Order Refusing Probe Into BYJU'S Insolvency Process
Two companies linked to the BYJU'S insolvency dispute, Voizzit Technology Pvt Ltd and Voizzit Information Technology LLC, have approached the Supreme Court. They are challenging a Kerala High Court judgment that refused to direct the CBI, Enforcement Directorate (ED) and National Investigation Agency (NIA) to investigate alleged irregularities in the insolvency resolution process of BYJU'S parent company, Think & Learn Pvt. Ltd. The special leave petition challenges a June 12, 2026...
Supreme Court Issues Notice On Plea Against NCLAT Relief To Former Deccan Chronicle Promoter
The Supreme Court on Thursday issued notice in a plea filed by L&T Finance Ltd challenging an NCLAT order that set aside bankruptcy proceedings against former Deccan Chronicle Holdings Limited promoter and personal guarantor T. Venkatram Reddy.The bankruptcy proceedings had been set aside by NCLAT on April 2, 2026, after the appellate tribunal on the same date quashed the underlying personal insolvency proceedings initiated against Reddy under Section 95 of the Insolvency and Bankruptcy...
Voizzit Moves SC Against HC Order Striking US Bankruptcy Trustee From Suit Claiming Interest In Byju'S US Assets
Two companies claiming rights over BYJU'S US subsidiaries, Epic Creations Inc. and Tangible Play Inc., have approached the Supreme Court against a Kerala High Court judgment that removed a US bankruptcy trustee from a commercial suit filed in Ernakulam. The High Court had also held that the assets forming the subject matter of the dispute had already been dealt with in bankruptcy proceedings before a US court.The appeal challenges the June 1, 2026 judgment of Justice Easwaran S. The matter is...
Supreme Court Issues Notice On Challenge To Gujarat HC Ruling Against Transfer Of Essar Steel Cases To Mumbai NCLT
The Supreme Court on Monday issued notice on the Union government's challenge to a Gujarat High Court judgment concerning the transfer of Essar Steel-related proceedings from the National Company Law Tribunal (NCLT) Ahmedabad to Mumbai. A bench of Chief Justice Surya Kant and Justice V. Mohana tagged the matter with connected cases raising similar issues and posted it for hearing on July 29. The challenge arises from a February 17, 2026 judgment of a Division Bench of the Gujarat High Court,...
Can Litigants Circumvent IBC Limitation By Filing Defective Appeals? Supreme Court's Answer Is A Resounding 'No'
The Supreme Court has recently held that litigants cannot circumvent the Insolvency and Bankruptcy Code's strict limitation regime by filing defective appeals to save the limitation and curing defects later at their convenience. A bench of Justices Dipankar Datta and Satish Chandra Sharma posed the following question: “Can or should a litigant be permitted to circumvent the rigours of limitation by filing a defective appeal as a device to save limitation and, thereafter, to opt to cure the...
Supreme Court Refuses To Condone 166-Day Refiling Delay In IBC Appeal, Calls Explanation A 'Lame Excuse'
The Supreme Court has refused to entertain an appeal by Thrani Industries Ltd against insolvency proceedings initiated against it, holding that the company's explanation for a 166-day delay in refiling the case was nothing more than a "lame excuse". A Bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed the appeal after finding that Thrani Industries had failed to show any sufficient cause for the prolonged delay. The company had attributed the delay to the non-availability of...
Supreme Court Upholds Admission of Insolvency Plea Filed by Ingram Micro Against Bathla Teletech
The Supreme Court has refused to interfere with an NCLAT ruling that Bathla Teletech Pvt Ltd's claims relating to unsold iPhone 8 inventory and backend discounts did not constitute a genuine pre-existing dispute capable of defeating an insolvency application. The order leaves intact insolvency proceedings against the electronics reseller at the instance of Ingram Micro India Pvt Ltd. A Bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed an appeal filed by Bathla Teletech,...
Extinguished Dues Cannot Be 'Resurrected' To Disqualify Resolution Applicant Under IBC: Supreme Court
The Supreme Court has recently held that once a company has been resolved under an approved insolvency resolution plan and all remaining dues stand extinguished, those dues cannot be "resurrected" to assess the eligibility of a prospective resolution applicant a year later. It set aside orders that had declared Cosmic CRF Ltd ineligible to participate in the corporate insolvency resolution process of Amzen Transportation Industries Pvt. Ltd. A Bench of Justices J.B. Pardiwala and Ujjal Bhuyan...
Supreme Court Refuses To Interfere With Interest On Adani Infra's Delayed ₹255 Crore Payment For Land Bought In Liquidation
The Supreme Court on Monday declined to interfere with a National Company Law Appellate Tribunal (NCLAT) order directing Adani Infrastructure & Developers Pvt Ltd to pay 12% interest on delayed payment of ₹255 crore. The amount formed part of the consideration for its ₹325-crore purchase of a land parcel belonging to Anil Ltd, which is under liquidation. A bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed an appeal filed by the liquidator. The liquidator had challenged...