Landmark Supreme Court of India rulings, explained in clear, plain language.
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What evidence is needed to prove debt default for insolvency admission under IBC?
Deepak Raheja and Another vs Omkara Assets Reconstruction Private Ltd. and Another
The Supreme Court dismissed appeals against CIRP admission, holding that default under Section 7 IBC requires only a prima facie summary showing, not a full reconciliation of accounts, and that Information Utility records carry presumptive evidentiary weight.
Can SRA sue Operational Creditor on same contract after CIRP extinguished OC's claim?
Modern Asset vs KNK Construction Private Limited
The Supreme Court upheld the arbitration appointment for the SRA's claim but directed that the Operational Creditor may raise a counterclaim solely for set-off, without any positive recovery, to ensure equity within the clean slate framework of the IBC.
Can a fraudulently initiated CIRP be recalled without terminating the entire process?
Orris Infrastructure Private Limited vs Rakesh Kumar Gupta & Ors.
The Supreme Court held that the Adjudicating Authority has power to recall a fraudulently initiated CIRP but must decide independently whether to continue or terminate the proceedings after hearing all stakeholders.
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