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ARTICLE · 19 AUGUST 2025

Insolvency & Bankruptcy Code Updates (July 2025)

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In light of these facts and precedents, the Tribunal held that there was no impediment in closing the CIRP. The CIRP was accordingly declared closed, and the RP was discharged.

IndiaInsolvency/Bankruptcy/Re-Structuring
Hammurabi & Solomon
Hammurabi & Solomon

TABLE OF CONTENTS

JUDGMENTS

  1. Validity of balance sheet as acknowledgment under Section 18 of Limitation Act in IBC proceedings
  2. Unregistered sale agreement confers no possessory right during liquidation
  3. CIRP terminated by NCLAT in view of substantive compliance and no pending claims
  4. Voluntary third-party payment not hit by IBC moratorium or preference rules
  5. Section 40 IBC clarified: claims rejected in CIRP can be reconsidered during liquidation.

JUDGMENTS

  1. VALIDITY OF BALANCE SHEET AS ACKNOWLEDGMENT UNDER SECTION 18 OF LIMITATION ACT IN IBC PROCEEDINGS

Case Title

IL & FS Financial Services Ltd. vs. Adhunik Meghalaya Steels Pvt. Ltd. (https://www.livelaw.in/pdf_upload/2024120252025-07-30-612992.pdf click here)

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