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2 clusters · 6 sources · 14 days · First seen 18 days ago · Last updated 5 days ago

Indian insolvency and liquidation tribunal rulings

Overview

Recent rulings from Indian insolvency tribunals have addressed various aspects of liquidation, asset valuation, and debt recovery.

The National Company Law Appellate Tribunal (NCLAT) clarified that orders for inspecting and measuring property for a corporate debtor’s liquidation estate do not prejudice disputed ownership rights. Additionally, the NCLAT upheld the commercial wisdom of the Committee of Creditors regarding asset valuations, rejecting pleas for fresh valuations in approved resolution plans.

In a separate matter, the National Company Law Tribunal (NCLT) in Chennai dismissed an insolvency petition filed by EY against Mobase India Ltd. The tribunal ruled that because a ‘bona fide dispute’ existed regarding the entitlement to professional success fees related to GST proceedings, the insolvency process could not be utilized for debt recovery.

Entities

NCLT Mumbai Bench · Insolvency and Bankruptcy Board of India · National Company Law Appellate Tribunal · EY · Institute of Chartered Accountants of India

Timeline

5 days ago

[BUSINESS] 3 sources
NCLT Chennai dismisses EY's Rs 3.11 crore insolvency plea against Mobase India
The NCLT Chennai dismissed EY's Rs 3.11 crore insolvency petition against Mobase India Ltd, ruling that a genuine dispute exists regarding outcome-based GST professional fees.
18 days ago

[BUSINESS] 4 sources
NCLAT issues rulings on property inspection and resolution plan valuations
The NCLAT has upheld a resolution plan for a hospitality MSME and clarified that property inspections for liquidation do not prejudice disputed ownership rights.

Sources

caclubindia.com · legaleraonline.com · newindianexpress.com · taxguru.in · taxscan.in · tennews.in