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ERGO Analysing Developments Impacting Business: SC Upholds NCLAT View that a Security Deposit may Constitute a Financial Debt in Certain Circumstances

The Supreme Court (SC) in Global Credit Capital Limited & Anr v. Sach Marketing Private Limited & Anr, 2024 SCC OnLine SC 649 upheld the judgment and order of the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT), dated 07 October 2021 (Impugned Order) by which Sach Marketing Private Limited (Sach) was held to be a ‘financial creditor’ of Mount Shivalik Industries Limited, the corporate debtor, (CD) in corporate insolvency resolution proceedings under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC).

India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, National Company Law Tribunal
NCLAT Clarifies that Flat Allottees can initiate CIRP Against an Assignee or Transferee of a Real Estate Project

The National Company Law Appellate Tribunal (“NCLAT”) in Anjani Kumar Prashar v. Manab Datta & Ors, Company Appeal (AT) (Ins) No.

India, Insolvency & Restructuring, Litigation, Real Estate, Khaitan & Co, Insolvency, Supreme Court of India, National Company Law Tribunal
Insurers rush to check access, co-operation and assistance obligations, following Federal Court decision

In a significant decision for the insurance industry, the Federal Court of Australia has granted leave to shareholders to bring a direct action against a company’s insurers where the (insured) company was in liquidation. This is one of the earliest cases to make use of the new Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) (Third Party Claim Act), and provides some useful guidance for the industry on how this new legislation will be applied.

The decision impacts plaintiff lawyers, policyholders and insurers alike. Importantly:

Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Liquidation, Federal Court of Australia