Indian Courts Are Not Bound By Foreign Insolvency Judgments From Non-Reciprocating Countries: Calcutta High Court

Case Title: Uphealth Holdings, INC. vs Dr. Syed Sabahat Azim & Ors.

Case No.: C.O. No. 241 of 2024

The Calcutta High Court single judge bench of Justice Shampa Sarkar held that without a comprehensive cross-border insolvency framework, Indian courts do not recognize or enforce moratorium orders from non-reciprocating countries, such as the U.S., and thus are not obligated to stay ongoing suits due to such foreign proceedings.

NCLAT

NCLAT: Assignment Agreement By Corporate Debtor, Malafide Exercise To Prolong CIRP

Case Title: Peanence Commercial Private Limited and Anr vs Mamta Binani

Case Number: Company Appeal (AT) (Insolvency) No. 905 of 2024

The National Company Law Appellate Tribunal, Principal Bench, New Delhi of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technicial Member) and Arun Baroka (Technical Member) has upheld a decision of NCLT, Mumbai and held Assignment Agreement initiated by the Corporate Debtor was a deliberate strategy intended to introduce obstacles and prolong the Corporate Insolvency Resolution Process (CIRP).

NCLT

NCLT Hyderabad: Tribunals Have Jurisdiction Under S. 59 Of Companies Act To Refer Seriously Disputed Questions To Civil Court For Detailed Investigation

Case Title: Mr. Gireesh Sanghi vs. Sanghi Cements Limited and Anr.

Case No.: CP NO. 5/59/HDB/2020

The National Company Law Tribunal Hyderabad bench comprising Justice Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member) dismissed a petition filed under Section 59 of the Companies Act, 2013 and referred the matter to Civil Court for a detailed investigation.

NCLT Recalls Order Following Karnataka High Court Decision To Maintain Status Quo On IBBI Recommendation

Case Title: Mr. Ravindra Beleyur Resolution Professional Reliable Cashew Company Pvt Ltd

Case Number: IA(IBC)/2308(CHE)/2023

The National Company Law Tribunal Chennai Bench of Jyoti Kumar Tripathi (Judicial Member) and Ravichandran Ramasamy (Technical Member) has recalled its order. This order follows a directive from the Karnataka High Court, which ordered maintaining the status quo on the Insolvency and Bankruptcy Board of India's (IBBI) recommendations for appointment of liquidator other than Insolvency Resolution Professional (IRP)/Resolution Professional (RP).

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Case Title: Grant Thornton Bharat LLP vs. Resolution Capital Global Pvt Ltd

Case Number: TP (Co. Act.)-11(PB)/2024

The National Company Law Tribunal Principal Bench, New Delhi, of Justice Ramalingam Sudhakar (President) and Mr. Avinash K. Srivastava (Technical Member) has asked the Insolvency and Bankruptcy Board of India (IBBI) to amend the Corporate Insolvency Resolution Process (CIRP) regulations.

NCLT Kochi: Creditors Can't Initiate Insolvency Proceedings Against Personal Guarantor Without Establishing Independent Default By CD

Case Title: In re: M/s.Piramal Trusteeship Services Pvt Ltd. vs. Mr. Kakkanattil Ibrahimkutty Mohammed Rafi Mather

Case Number: CP(IBC)/36/KOB/2023 & IA(IBC)/96/KOB/2024 IN CP(IBC)/36/KOB/2023

The National Company Law Tribunal Kochi, comprising Justice T Krishna Valli (Judicial Member) and Mr. Shyam Babu Gautam (Technical Member) dismissed the application to initiate insolvency proceedings against the Personal guarantors under Section 95 of Insolvency and Bankruptcy Code, 2016 ('IBC').

ZEE-Sony Failed Merger: NCLT Grants Zee Entertainment Permission To Withdraw Merger Implementation

Case Title: Zee Entertainment Enterprises Limited Vs Bangla Entertainment Private Limited And Anr

Case Number: C.A. 32/MB/C-III/2024, C.A. 54/MB/C-III/2024, C.A. 55/MB/C-III/2024, C.A. 114/MB/C-III/2024 In. C.P.(CAA)/209/MB/C-III/2022

The National Company Law Tribunal Mumbai bench has granted Zee Entertainment Enterprises Limited (ZEEL) permission to withdraw its application seeking the implementation of a merger arrangement with Sony Group Corp-owned Culver Max Entertainment and Bangla Entertainment. This decision follows the termination of the merger agreement by Culver Max and Bangla Entertainment on January 22, 2024 for an alleged breach of the merger cooperation agreement (MCA).

NCLT Mumbai: Assets Of CD Held By Third Parties Must Be Released To RP For Revival And Resolution Of CD

Case Title: Mr. Ashish Chhawchharia, Resolution Professional of Jet Airways (India) Limited vs. TWC Aviation Capital Limited and Ors.

Case No.: IA No. 342/MB/C-I/2021 in C.P (IB) No.2205/MB/C-I/2019

The National Company Law Tribunal Mumbai bench comprising Justice V.G. Bisht (Retd.) (Judicial Member) and Mr. Prabhat Kumar (Technical Member) held that assets of the Corporate Debtor held by third parties must be released to the Resolution Professional ('RP') for the resolution and revival Corporate Debtor. It also ruled that charge holders may file their claims in the appropriate class if they believe to hold a charge over such assets.

Essel Group's Shirpur Gold Refinery, NCLT Initiates Insolvency Proceedings Following ₹92 Crore Default

Case Title: Prudent Arc Limited vs Shirpur Gold Refinery Limited

Case Number: CP (IB) No. 250/MB/2022

Subhash Chandra-promoted Essel Group's Shirpur Gold Refinery Limited (SGRL) has been admitted for corporate insolvency resolution following an

application filed by Prudent ARC at the Mumbai bench of the National Company Law Tribunal.