SUPREME COURT
Supreme Court Asks NCLT To Re-Examine RP Appointment In Finefacilis Personal Guarantor Insolvency
Case Title : Samman Capital Limited v. Vasudevan Sathyamoorthy & Anr.
Case Number : Civil Appeal No. 555/2026
CITATION : 2026 LLBiz SC 29
The Supreme Court recently sent the issue of appointing a resolution professional in insolvency proceedings against a personal guarantor of Finefacilis Management Private Limited on a plea by Samman Capital back to the National Company Law Tribunal.
A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan set aside a Karnataka High Court order that had kept the NCLT's earlier decision in abeyance.
Supreme Court Refuses To Interfere With NCLAT Order Upholding CIRP Against Air Travel Enterprises
Case Title : E.M. Najeeb Ellias Mohammed vs Union Bank of India & Anr.
Case Number : CIVIL APPEAL NO. 4094 OF 2024
CITATION : 2026 LLBiz SC 25
The Supreme Court on Tuesday dismissed an appeal filed by E.M. Najeeb Ellias Mohammed, promoter of Kerala-based travel agency Air Travel Enterprises India Ltd., declining to interfere with an NCLT order admitting insolvency proceedings against the company as a corporate guarantor.
A bench of Justices Pamidighantam Sri Narasimha and Vijay Bishnoi held that no error of law or fact was committed by the National Company Law Tribunal.
Supreme Court Stays Probe Into Exclusive Capital, Allows NCLAT Proceedings To Continue
Case Title : Exclusive Capital Limited & Ors. vs Kanta Agarwala & ANR
Case Number : Civil Appeal No. 15207/2025
CITATION : 2026 LLBiz SC 27
The Supreme Court on Tuesday stayed the investigation ordered into the affairs of Exclusive Capital Limited, an NBFC, while issuing notice in an appeal filed by the company and its promoters.
It, however, clarified that the proceedings pending before the National Company Law Appellate Tribunal have not been stayed and would continue in accordance with law.
A bench of Justices Sanjay Kumar and K. Vinod Chandran directed that the investigation initiated pursuant to the order passed by the National Company Law Tribunal, New Delhi and affirmed by the National Company Law Appellate Tribunal on November 21, 2025, shall remain stayed until the next hearing.
NCLAT
Related Party Supplies Not CIRP Costs Without CoC Approval: NCLAT In Amtek Auto Insolvency
Case Title : Lotus Auto Engineering Ltd. v. Dinkar T. Venkatasubramaniam & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 1356 & 1357 of 2023
CITATION : 2026 LLBiz NCLAT 28
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed a Rs 18.98 crore claim by Lotus Auto Engineering Limited, a group company of Amtek Auto Limited, holding that supplies made by a related party during the corporate insolvency resolution process cannot be treated as insolvency resolution process costs unless expressly approved by the Committee of Creditors.
A Principal Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that permission granted by the CoC to undertake related party transactions cannot be equated with approval of expenses as insolvency resolution process costs entitled to priority payment.
NCLAT Dismisses Insolvency Appeal Against Larsen & Toubro Over Dues Claimed By Former Employee
Case Title : Manoj Seth v. Larsen and Toubro Ltd.
Case Number : Company Appeal (AT) (Ins) No. 2213 of 2024
CITATION : 2026 LLBiz NCLAT 27
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently dismissed an insolvency appeal filed against Larsen & Toubro Ltd by a former senior employee over alleged unpaid salary and service benefits.
A Bench of Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Naresh Salecha upheld an order of the National Company Law Tribunal, Mumbai, which had rejected the employee's CIRP plea.
Intent Irrelevant Once Conditions Of Preferential Transaction Are Met: NCLAT Reiterates
Case Title : Rajesh Toshniwal and Anr. Versus Kamal Nayan Jain And Ors.
Case Number : Company Appeal (AT) (Ins) No. 1437 of 2023
CITATION : 2026 LLBiz NCLAT 26
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has reiterated that a preferential transaction (Section 43 of the Insolvency and Bankruptcy Code) works on a statutory deeming fiction. Once the necessary ingredients are met, intent or motive does not matter. The burden shifts to the directors and beneficiaries to show that the transactions were in the ordinary course of business.
A bench of Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Naresh Salecha dismissed an appeal filed by the suspended directors of Toshniwal Enterprises Controls Limited.
NCLAT Upholds ₹6.56 Crore Liability on Paranjape Agro Promoter For Fraudulent Stock Write-Off
Case Title : Shri. Hrushikesh Balkrishna Paranjape v. Shri. Ajay Marathe & Anr.
Case Number : Company Appeal (AT) (Ins) No. 1994 of 2024
CITATION : 2026 LLBiz NCLAT 25
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently held that the promoter-director of Paranjape Agro Products India Private Limited must personally repay Rs 6.56 crore to the company after finding that inventory shown in the books never existed and was written off to defraud creditors at a time when there was no reasonable prospect of avoiding insolvency.
A bench of Justice Mohd. Faiz Alam Khan and Technical Member Indevar Pandey upheld an order passed by the National Company Law Tribunal, Mumbai. The Appellate Tribunal agreed that the write-off was not a genuine business decision but a conscious act to erase inflated figures from the accounts.
NCLAT Remands Case After NCLT Failed To Record Finding On Homebuyers' Threshold in Insolvency Plea
Case Title : Mrudul Balwant Kulkarni Vs. Mrs. Kakumanu Lakshmi & Ors.
Case Number : Company Appeal (AT) (Insolvency) No.386 of 2023
CITATION : 2026 LLBiz NCLAT 24
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has set aside an order of the NCLT Mumbai Bench admitting insolvency proceedings against a real estate developer, holding that the NCLT failed to record a clear finding on the statutory threshold required for homebuyers under the Insolvency and Bankruptcy Code. The matter has been remanded for a fresh determination limited to this issue.
Case Title : The Regional Provident Fund Commissioner-II v. M/s Harshavardhan Cotton and Synthetic Mills Private Limited and Anr
Case Number : Company Appeal (AT) (CH) (Ins.) No.455/2023
CITATION : 2026 LLBiz NCLAT 20
The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that the provident fund dues of liquidation bound Harshavardhan Cotton and Synthetic Pvt. Ltd. could not have been treated as government dues during liquidation, even though the company had not maintained a separate provident fund account.
The tribunal said that, on the facts of the case, the amount claimed by EPFO had to be treated as a third-party asset and paid before the liquidation waterfall was applied.
No Right To Insist On OTS After Default: NCLAT Upholds Insolvency Against Karanja Terminal
Case Title : Brig. Vikram Singh, Suspended Director of Karanja Terminal & Logistics Pvt. Ltd. Vs. Karanja Terminal & Logistics Pvt. Ltd., Through Vijay P. Lulla, IRP & Ors.
Case Number : Company Appeal (AT) (Insolvency) Nos. 1928-1931 of 2025
CITATION : 2026 LLBiz NCLAT 23
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld the admission of insolvency proceedings against Karanja Terminal & Logistics Pvt. Ltd., holding that repeated and unsuccessful one-time settlement proposals do not prevent action under Section 7 of the Insolvency and Bankruptcy Code once debt and default are established.
A bench headed by Chairperson Justice Ashok Bhushan, with Technical Member Barun Mitra, said the settlement proposals relied upon by the corporate debtor never went beyond the stage of proposals, as they did not receive unanimous approval of the consortium lenders.
Case Title : The Committee of Creditors of Nirmal Lifestyle (Kalyan) Pvt. Ltd. v. Shailendra Ajmera, Resolution Professional & Anr.
Case Number : Company Appeal (AT) (Insolvency) No.1521 of 2025
CITATION : 2026 LLBiz NCLAT 22
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has held that a belated expression of interest in an insolvency process cannot be accepted unless a provisional list of bidders is first published and objections are invited. The court reiterated that it is a mandatory requirement under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
NCLT
NCLT Amaravati Cautions Against Presuming Corporate Actions Are Always Properly Approved
Case Title : Global Enterprise and Another vs Suvarnabhoomi Infra Developers Pvt Ltd
Case Number : CP (IB)/57/7/AMR/2024
CITATION : 2026 LLBiz NCLT (AMR) 72
The National Company Law Tribunal (NCLT) at Amaravati, while admitting a real estate company into insolvency, held that the absence of a board resolution authorising the borrowing of funds and execution of promissory notes on behalf of the company did not, in the facts of the case, defeat the existence of a financial debt.
At the same time, it cautioned against a mechanical reliance on the doctrine of indoor management to validate such transactions.
NCLT Ahmedabad Admits Takshashila Heights Into CIRP After Supreme Court Order
Case Title : Edelweiss Asset Reconstruction Company Limited v. Takshashila Heights Private Limited
Case Number : CP (IB) No. 104 of 2024
CITATION : 2026 LLBiz NCLT (AHM) 89
The National Company Law Tribunal (NCLT) Ahmedabad Bench has recently admitted real estate developer Takshashila Heights Private Limited into insolvency after the Supreme Court dismissed the company's challenge to its financial creditor, leaving no discretion under the Insolvency and Bankruptcy Code.
A coram of Judicial Member Chitra Hankare and Technical Member Dr. V. G. Venkata Chalapathy allowed the Section 7 CIRP plea filed by Edelweiss Asset Reconstruction Company Limited.
Case Title : Athena India Oppurtunities v. Mr. Bhuvan Madan, RP
Case Number : IA (IBC) NO. 1614 OF 2025 IN CP (IB) NO. 1245/MB/2021
CITATION : 2026 LLBiz NCLT(MUM) 90
The National Company Law Tribunal (NCLT) at Mumbai has directed the Committee of Creditors to reconsider Athena India's modified resolution plan in the insolvency of Arshiya Northern FTWZ Limited, a logistics and warehousing company operating a Free Trade and Warehousing Zone.
The tribunal held that denying an opportunity to consider value-enhancing modifications was arbitrary and contrary to the objective of value maximization under the insolvency framework
Pledged Shares Already With Creditor Need Not Be Returned During CIRP: NCLT Mumbai
Case Title : Maitreya Doshi vs Kanak Doshi & Ors
Case Number : IA (IBC) NO. 3117 OF 2023
CITATION : 2026 LLBiz NCLT (MUM) 74
The National Company Law Tribunal (NCLT) at Mumbai has held that, in the facts of the case, pledged shares that were already lying in the custody of a secured creditor before the start of the corporate insolvency resolution process did not need to be transferred back to the corporate debtor's demat account during insolvency.
A bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati held that, in this case, the Insolvency and Bankruptcy Code allows only preservation of the existing asset position during CIRP and does not permit enhancement of the corporate debtor's assets by taking away a secured creditor's security.
Case Title : Sanctury Apartments Owner Association v. K Parmeshwaran Nair and Ors.
Case Number : IA(IBC)/265/KOB/2024 CP (IBC)/05/KOB/2021
CITATION : 2026 LLBiz NCLT (KOC)92
The National Company Law Tribunal (NCLT) at Kochi has recently held that a homebuyers' association cannot challenge the insolvency framework after submitting a resolution plan under it while hearing the insolvency of Samson and Sons Builders and Developers Private Limited.
The order was passed by Judicial Member Vinay Goel. The tribunal said a party cannot accept the decisions of the Committee of Creditors and later question the same decisions after stepping into the role of a resolution applicant.
NCLT Mumbai Admits Smaaash Leisure To Insolvency Over Rs. 32 Crore Unpaid Debt
Case Title : J.C. Flowers Asset Reconstruction Pvt Ltd Vs Smaaash Leisure Ltd
Case Number : C.P. (IB)/698(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 95
The National Company Law Tribunal (NCLT) at Mumbai has admitted an insolvency petition filed by J.C. Flower Asset Reconstruction Ltd against Smaash Leisure Ltd, a popular Indian gaming and entertainment company engaged in sports simulation technology and virtual reality games, for default of Rs. 32.19 crores.
Smaaash Entertainment is the operational entity that runs and markets the “Smaaash” brand, while Smaaash Leisure Ltd is a group company. Smaaash, which had undergone insolvency proceedings, was revived after a resolution plan submitted by Nazara Technologies Pvt Ltd was approved on May 7, 2025.
NCLT Approves ₹919-Crore Oberoi Realty-Led Plan To Revive Hotel Horizon
Case Title : Pravin R. Navandar vs Consortium Of Oberoi Realty Limited, Shree Aman Developers Private Limited And JM Financial Properties And Holdings Limited
Case Number : IA (IBC) (PLAN) No. 110 of 2025 in CP (IB) 1241 of 2022
CITATION : 2026 LLBiz NCLT (MUM) 96
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 919-crore resolution plan submitted by a consortium comprising Oberoi Realty Ltd, Shree Aman Developers Pvt Ltd and JM Financial Properties and Holdings Ltd for the revival of debt-laden Hotel Horizon Pvt Ltd.
A bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar noted that the resolution plan complied with all mandatory provisions of the Insolvency and Bankruptcy Code and applicable regulations.
RP Cannot Refuse Creditor Substitution Merely Because CoC Has Approved Resolution Plan: NCLT Kolkata
Case Title : AUTHUM INVESTMENT & INFRASTRUCTURE LIMITED vs SWAPNIL JAIN Case Number : I.A (IB) NO. 1800/KB/2024 IN C.P(IB) NO. 1699/KB/2018
CITATION : 2026 LLBiz NCLT (KOL) 94
The National Company Law Tribunal at Kolkata has held that a resolution professional cannot refuse substitution of a financial creditor merely because the corporate insolvency resolution process has progressed substantially or because a resolution plan has been approved by the Committee of Creditors (CoC) but is yet to receive approval of the adjudicating authority.
A coram of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra observed that under the insolvency law, a valid assignee of financial debt steps into the shoes of the assignor and acquires all statutory rights including participation and voting in the CoC.
NCLT Directs 33 Schools Using 'Presidium' Brand to Deposit Trademark Revenue Into CIRP Account
Case Title : AAA Insolvency Professionals v. Praveen Kumar and Ors.
Case Number : IA No. 652/ND/2024 in CP (IB) No. 559 of 2021
CITATION : 2026 LLBiz NCLT (DEL) 97
The National Company Law Tribunal (NCLT) at New Delhi has directed 33 schools operating under the “Presidium” name to render accounts of amounts received and profits generated from use of the trademark and deposit the same into the Corporate Insolvency Resolution Process (CIRP) account of Presidium Educational Institution Private Limited.
A coram of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi held that the continued use of the trademark without a valid licence amounts to infringement of the corporate debtor's statutory and proprietary rights.
Case Title : Axis Bank Ltd Vs Sevenhills Healthcare Pvt Ltd
Case Number : IA (IBC) (PLAN)/1/2026 IN TCP (IB)/32/7/AMR/2019
CITATION : 2026 LLBiz NCLT (AMR) 98
The National Company Law Tribunal (NCLT) at Amravati has approved a Rs. 884.82 crores resolution plan submitted by Capri Global Holdings Pvt Ltd for revival of Sevenhills Healthcare Pvt Ltd. The tribunal reiterated that once a resolution plan satisfies the statutory requirements under the Insolvency and Bankruptcy Code, judicial interference with the commercial wisdom of lenders is impermissible.
Judicial Member Kishore Vemulapalli noted that the plan met all requirements under the Code and the applicable CIRP Regulations, including provisions relating to payment of insolvency resolution costs, treatment of operational creditors and protection of dissenting financial creditors.
NCLT Chennai Directs Re-Verification of SBI Claim In Apollo Polyvinyl Insolvency
Case Title : Canara Bank v. Ashok Sheshadri and Anr
Case Number : IA (IBC) 2022/ (CHE)/ 2023 In CP (IB) 226/ (CHE)/ 2022
CITATION : 2026 LLBiz NCLT (CHE) 101
The National Company Law Tribunal (NCLT) at Chennai has recently held that a resolution professional cannot mechanically admit a lender's claim during insolvency proceedings when it distorts voting power in the committee of creditors. The tribunal ordered a fresh verification of the claim admitted in favour of the State Bank of India in the insolvency of Apollo Polyvinyl Private Limited.
A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy said higher diligence was required in such cases. This was especially so where the claim of a consortium member exceeded that of the lead bank.
Case Title : Abhinand Ventures Pvt. Ltd. & Essar Power Ltd.
Case Number : CA (CAA)/1 (AHM) /2026
CITATION : 2026 LLBiz NCLT (DEL) 102
The National Company Law Tribunal (NCLT) at Ahmedabad has cleared the first motion in a group restructuring exercise through which the Essar Group proposes to shift ownership of the “Essar” brand from one group company to another.
The scheme involves Essar Power Limited and its group company Abhinand Ventures Private Limited. Abhinand Ventures presently holds the Essar brand, which the scheme proposes to transfer to Essar Power.
Tribunal Can Ensure AGM Is Held, Cannot Step Into Post-AGM Issues: NCLT Kochi
Case Title : Malabar Produce & Rubber Co Limited v. Joseph Stanislaus and Anr
Case Number : CP (C/ACT)/26/KOB/2025
CITATION : 2026 LLBiz NCLT (KOC) 99
The National Company Law Tribunal (NCLT) at Kochi has rejected a plea by Malabar Produce and Rubber Co Ltd, ruling that the tribunal can step in only when an Annual General Meeting is not held, and not to sort out problems that arise after a meeting has already taken place.
A bench of Judicial Member Vinay Goel explained that this limited power flows from Section 97 of the Companies Act, 2013. The provision allows the tribunal to direct that an AGM be convened when a company fails to hold one. It does not permit the tribunal to review, supervise, or complete business that remains pending after a meeting has been duly held.
NCLT Indore Approves Cistro Telelink's Capital Reduction To Write Off Pandemic Losses
Case Title : Cistro Telelink Limited
Case Number : CP 4 (MP) of 2025
CITATION : 2026 LLBiz NCLT (IND) 91
The National Company Law Tribunal (NCLT) at Indore has approved a 40 percent reduction in the share capital of Cistro Telelink Limited, a Madhya Pradesh-based company engaged in software production and cable network distribution, holding that the proposal causes no prejudice to any stakeholder.
A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta noted that the reduction complied with Section 66 of the Companies Act and had overwhelming shareholder approval.