SUPREME COURT
Promise To Arrange Funds In Case of Default Does Not Make Promoter A Guarantor: Supreme Court
Case Title: UV Asset Reconstruction Company Limited v. Electrosteel Castings Limited
Citation: 2026 LLBiz SC 3
Case Number: Civil Appeal No. 9701 of 2024
The Supreme Court of India has held that a promoter's promise to arrange funds to help a borrower meet financial covenants does not amount to a contract of guarantee under the Indian Contract Act and cannot be used to fasten insolvency liability on the promoter. A bench of Justice Sanjay Kumar and Justice Alok Aradhe said that for an obligation to qualify as a guarantee under Section 126 of the Act, there must be a clear and unambiguous promise by the surety to repay the borrower's debt if the borrower defaults.
Citation: Citation: 2026 LLBiz SC 13
Case Number: Civil Appeal No. 10261 of 2025
Case Title : Case Title: Elegna Co-op Housing And Commercial Society Ltd. v. Edelweiss Asset Reconstruction Company Limited & Anr.
The Supreme Court has held that housing societies lack the locus standi to intervene in the admission stage of insolvency proceedings, ruling that “right to initiate or participate in CIRP flows from the debt transaction and the statute, not from associative or representational interest.” While limiting third-party intervention, the court simultaneously directed that the Committee of Creditors (CoC) “shall mandatorily record cogent and specific reasons in writing” whenever it recommends liquidation or denies possession to homebuyers.
Supreme Court Says NCLT Could Not Have Decided Title Of Gloster Trademark In Fort Gloster Insolvency
Case Title : Gloster Limited vs Gloster Cables Limited & Ors.
Case Number : CIVIL APPEAL NO. 2996 OF 2024
CITATION : 2026 LLBiz SC 20
The Supreme Court on Thursday held that the National Company Law Tribunal could not have decided the ownership of the trademark “Gloster” while exercising powers under Section 60(5) of the Insolvency and Bankruptcy Code, as the dispute did not arise in relation to the insolvency resolution process. A bench of Justices J.B. Pardiwala and K.V. Viswanathan upheld the National Company Law Appellate Tribunal,decision setting aside the NCLT Kolkata's finding that the trademark belonged to the corporate debtor.
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.
Case Title : Satinder Singh Bhasin v. Col Gautam Mullick and Ors
Case Number : Civil Appeal No.13628 of 2025
CITATION : 2026 LLBiz SC 37
The Supreme Court on Monday upheld insolvency proceedings against two closely linked real estate companies, holding that a single insolvency petition can be maintained against multiple corporate entities under the Insolvency and Bankruptcy Code, 2016, where the companies are intrinsically linked in the same project.
A Division Bench of Justice Sanjay Kumar and Justice K. Vinod Chandran dismissed appeals filed by the erstwhile directors of Grand Venezia Commercial Towers Private Limited and Bhasin Infotech and Infrastructure Private Limited, affirming the orders of the National Company Law Tribunal and the National Company Law Appellate Tribunal admitting the insolvency petition.
Case Title : Lotus 300 Apartment Owners Association vs IndusInd Bank
Case Number : Diary No(s).35516/2025
CITATION : 2026 LLBiz SC 40
The Supreme Court on Tuesday stayed the ongoing corporate insolvency resolution process against Hacienda Projects Private Ltd, the developer of the Lotus 300 housing project at Sector 107, Noida. It issued notice in appeals filed by the Lotus 300 Apartment Owners' Association challenging orders of the National Company Law Appellate tribunal.
A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi, Vipul M. Pancholi was hearing appeals by IndusInd Bank Ltd, which had claimed a default of about Rs. 33 crores.
Case Title : Assistant Provident Fund Commissioner (Legal) EPFO v. Chandra Prakash Jain
Case Number : Civil Appeal No. 14819 of 2024
CITATION : 2026 LLBiz SC 43
The Supreme Court has recently dismissed an appeal filed by the Employees' Provident Fund Organisation, declining to interfere with a ruling of the National Company Law Appellate Tribunal on the treatment of claims in liquidation.
A Bench of Justices Sanjay Kumar and K. Vinod Chandran said it found “no good ground and reason” to interfere with the NCLAT judgment dated September 24, 2024. The dispute arose from the liquidation of Khushi Foods Limited, which began on October 9, 2019.
Supreme Court Dismisses Law Firm's ₹1.08-Crore Claim Against Insolvency-Bound Realty Company
Case Title : Juristica Legal Services LLP v. Three C Universal Developers Private Limited Case Number : Civil Appeal No. 13486 of 2025
CITATION : 2026 LLBiz SC 45
The Supreme Court of India has recently dismissed an appeal by a law firm seeking to recover more than Rs 1 crore in unpaid legal fees from a realty company undergoing insolvency, declining to interfere with findings that the claim was not backed by the record.
The appeal was filed by Juristica Legal Services LLP against Three C Universal Developers Private Limited, which is undergoing a Corporate Insolvency Resolution Process.
A Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe held that the NCLAT had “not committed any error in law or fact” and dismissed the appeal.
Case : EAS Sarma v. Union of India and others |W.P.(C) No. 1217/2025
Case Title : Transcon Skycity Pvt Ltd vs Anchor Point Developers Pvt Ltd & Ors
Case Number : Civil Appeal No.10114/2025
CITATION : 2026 LLBiz SC 49
The Supreme Court of India has recently recorded a comprehensive settlement between Transcon Skycity Pvt. Ltd. and Anchor Point Developers Pvt. Ltd., bringing to an end a prolonged insolvency dispute arising out of a stalled real estate project.
A bench of Justices J.B. Pardiwala and K.V. Viswanathan noted that the mediation conducted by former Supreme Court judge Justice Abhay S. Oka was successful and that a comprehensive mediation report had been submitted and taken on record.
Supreme Court Upholds NCLAT Order Entrusting NBCC To Complete Stalled Supertech Housing Projects
Case Title : Apex Height Pvt Ltd vs Ram Kishore Arora & Ors
Case Number : C.A. No. 2626 of 2025
CITATION : 2026 LLBiz SC 54
The Supreme Court recently dismissed a batch of appeals challenging directions issued by the National Company Law Appellate Tribunal (NCLAT) to involve NBCC (India) Ltd for completion of stalled housing projects of Supertech Ltd, declining to interfere with the appellate tribunal's approach.
A bench of Chief Justice Surya Kant and Justice Joymalya Bagchi held that the NCLAT's decision in evolving a mechanism to protect the interests of homebuyers and ensure completion of long-delayed projects did not warrant any interference.
Case Title : State Bank of India v. Union of India & Ors
Case Number : Civil Appeal No. 1810/2021
The Supreme Court on Friday held that the ownership and control of telecom spectrum cannot be determined by the Insolvency and Bankruptcy Code since it is a common good.
A bench of Justices PS Narasimha and Atul S. Chandurkar held that the spectrum is a material resource of the community in the constitutional sense. It said the spectrum must benefit the common good, so its control has to be secured for the citizens.
Case Title : B Prashanth Hegde v. State Bank of India and Anr
Case Number : Civil Appeal No. 477 of 2022
CITATION : 2026 LLBiz SC 64
The Supreme Court on Thursday observed that the manner in which a bank classifies a loan as a non-performing asset for accounting or provisioning purposes does not determine the starting point of limitation under the Insolvency and Bankruptcy Code, particularly where the debt has been restructured and acknowledged in fresh agreements.
A Division Bench of Justice P.S. Narasimha and Justice Manoj Misra dismissed an appeal filed by the suspended Managing Director of Metal Closure Pvt Ltd and upheld the maintainability of insolvency proceedings initiated by a consortium of banks led by State Bank of India.
Case Title : State Bank of India vs Union of India & Ors
Case Number : CIVIL APPEAL NO(S). 1810 OF 2021
CITATION : 2026 LLBiz SC 63
The Supreme Court on Friday held that mere treatment of telecom spectrum as an “intangible asset” in the financial statements of telecom service providers (TSPs) does not bring it within the sweep of the Insolvency and Bankruptcy Code (IBC), observing that spectrum remains a natural resource held by the Union of India in public trust.
“Merely because spectrum can be treated as an 'asset' on the basis of certain attributes, such as possession and usage, lease and assignment, claim and liability or credit and debt, it does not follow that ownership vests in the licensee or that such rights can be dealt with under the IBC as assets of the corporate debtor,” the Court observed.
A Bench of Justices Pamidighantam Sri Narasimha and Atul S. Chandurkar was dealing with a batch of appeals arising from insolvency proceedings involving Aircel Ltd, Aircel Cellular Ltd and Dishnet Wireless Ltd.
IBC Cannot Override Telecom Laws Governing Spectrum Trading and Licence Dues: Supreme Court
Case Title : State Bank of India v Union of India and Ors
Case Number : CIVIL APPEAL NO(S). 1810 OF 2021
CITATION : 2026 LLBiz SC 63
The Supreme Court of India on Friday held that the Insolvency and Bankruptcy Code cannot be invoked to override the statutory framework governing telecom spectrum, ruling that spectrum trading conditions and licence dues mandated under telecom laws must be honoured notwithstanding insolvency proceedings.
A bench of Justices PS Narasimha and Atul S. Chandurkar framing the key issue observed, “The question for our consideration is whether telecom service providers (TSPs), called upon to pay the license dues by the Department of Telecommunication (DoT) can invoke moratorium on the basis of voluntary corporate insolvency resolution process under Insolvency and Bankruptcy Code, 2016 (IBC) for restructuring of their assets. The asset in question is the Spectrum allocated to the TSPs through auction.”
S. 7 IBC | Corporate Debtor's Inability To Pay Not Relevant For CIRP Plea Admission: Supreme Court
Case Title : Power Trust (Promoter of Hiranmaye Energy Ltd.) v. Bhuvan Madan (Interim Resolution Professional of Hiranmaye Energy Ltd.) & Ors.
Case Number : CIVIL APPEAL NO(s).2211/2024
CITATION : 2026 LLBiz SC 73
The Supreme Court on Wednesday reaffirmed that the Adjudicating Authority cannot refuse to admit a financial creditor's plea under Section 7 of the Insolvency and Bankruptcy Code on the ground of the corporate debtor's inability to pay.
The only question at the admission stage is whether a financial debt exists and whether there has been a default. The inability of the corporate debtor to pay is not required to be examined at this stage.
Dismissing an appeal filed by Power Trust, promoter of Hiranmaye Energy Ltd., a Bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M. Pancholi clarified the limited scope of inquiry under the Code.
Byju's CoC Moves Supreme Court After NCLAT Refuses Impleadment In GLAS Trust Removal Plea
Today, the Committee of Creditors (CoC) of Byju's parent company Think & Learn Pvt Ltd, moved the Supreme Court challenging an order passed by the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 February 2026.
On 24 February, the NCLAT had held that although the CoC may litigate in its own name under the IBC, it was not a necessary party to the plea seeking removal of GLAS Trust and accordingly upheld the Bengaluru National Company Law Tribunal's (NCLT) 26 August 2025 order dismissing the CoC's impleadment application.
Defunct Scheme Of Arrangement Under Companies Act Cannot Stall IBC Proceedings: Supreme Court
Case Title : Omkara Assets Reconstruction Private Limited. Versus Amit Chaturvedi and Ors. Case Number : C.A. 11417 OF 2025
CITATION : 2026 LLBiz SC 87
The Supreme Court on Tuesday held that insolvency proceedings under the IBC cannot be kept in abeyance on the basis of a Scheme of Arrangement that has become redundant and inoperative for non-compliance with statutory requirements. The court reiterated that once the statutory requirements of Section 7 are met, insolvency must proceed notwithstanding any parallel company law proceedings.
A bench of Justices Sanjay Kumar and K. Vinod Chandran framed the core issue as whether pendency of proceedings relating to a Scheme of Arrangement before the High Court could justify keeping a CIRP in abeyance.
NCLT, NCLAT Cannot Nullify Benami Act Confiscation In IBC Proceedings: Supreme Court
Case Title : S. Rajendran vs Deputy Commissioner of Income Tax (Benami Prohibition) & Ors Case Number : C.A. 7142 OF 2022
CITATION : 2026 LLBiz SC 86
The Supreme Court on Tuesday held that insolvency tribunals cannot nullify confiscation of property under the Prohibition of Benami Property Transactions Act, ruling that once property is confiscated under Section 27, it vests absolutely in the Central Government and falls outside the liquidation estate under the Insolvency and Bankruptcy Code.
A Bench of Justices Pamidighantam Sri Narasimha and Atul S. Chandurkar dismissed appeals filed by liquidators who had sought to challenge attachment proceedings initiated under the Benami Act, holding that the IBC does not provide an indirect route to question sovereign action validly undertaken under a penal statute.
Supreme Court Dismisses Appeal Against NCLAT Order Rejecting Insolvency Plea Against Voltas
Case Title : Air Wave Technocrafts Pvt Ltd vs Voltas Ltd
Case Number : CIVIL APPEAL NO. 1505 OF 2026
CITATION : 2026 LLBiz SC 84
The Supreme Court has recently refused to interfere with the National Company Law Appellate Tribunal's decision dismissing the insolvency plea filed by Air Wave Technocrafts Pvt. Ltd against Voltas Ltd, a Tata Group company engaged in air-conditioning and engineering services.
A bench of Justices Sanjay Kumar and K. Vinod Chandran dismissed the civil appeal arising out of the NCLAT judgment of November 27, 2025, which had refused to admit insolvency against Voltas for for an operational debt of over Rs 1.20 crores.
Supreme Court Refuses To Interfere With NCLAT Order Upholding CIRP Against Kirtiman Cements
Case Title : Jatinder Oberoi v. Narendra Singh Chhabra & Anr.
Case Number : Civil Appeal 731-733 of 2026
CITATION : 2026 LLBiz SC 94
The Supreme Court on Friday declined to interfere with a National Company Law Appellate Tribunal (NCLAT) judgment upholding the initiation of Corporate Insolvency Resolution Process (CIRP) against Kirtiman Cements and Packaging Industries Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC).
A Bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan dismissed the Civil Appeal filed under Section 62 of the IBC, stating that it was not inclined to interfere with the NCLAT's judgment dated 17 December 2025.
Case Title : The CoC of Think & Learn Pvt Ltd vs Riju Raveendran & Ors
Case Number : C.A. 2594/2026
The Supreme Court of India on Friday continued NCLAT's interim direction restraining the NCLT from passing final orders in the plea before NCLT Bengaluru seeking removal of GLAS Trust from the Committee of Creditors of ed-tech Byju's parent Think & Learn Pvt. Ltd., while issuing notice on the CoC's appeal against rejection of its impleadment application.
A Bench of Justices J.B. Pardiwala and K.V. Viswanathan issued notice on the appeal and directed, “Court is directed to maintain status quo till the next date of hearing. The interim order earlier granted by NCLAT shall continue to operate till the next date of hearing.”
Courts Must Remain Vigilant Against Expanding 'Narrow Boundaries' Of IBC Review: Supreme Court
Case Title : Torrent Power Ltd vs Ashish Arjunkumar Rathi & Ors
Case Number : C.A. 11746/2024
CITATION : 2026 LLBiz SC 96
The Supreme Court on Friday upheld the approval of Sarda Energy and Minerals Ltd.'s (SEML) resolution plan for SKS Power Generation (Chhattisgarh) Ltd., cautioning courts against expanding judicial review under the Insolvency and Bankruptcy Code, 2016.
Affirming the National Company Law Appellate Tribunal's order, which had upheld the National Company Law Tribunal's approval of the plan, a Bench of Justices BV Nagarathna and R Mahadevan stressed that the IBC prioritises speed and commercial wisdom over prolonged litigation.
Supreme Court Refuses To Frame Guidelines On Parallel Insolvency Against Borrower and Guarantor
Case Title : ICICI Bank Ltd vs ERA Infrastructure (India) Ltd & Ors
Case Number : CIVIL APPEAL NO.6094 OF 2019
CITATION : 2026 LLBiz SC 92
The Supreme Court on Thursday observed that while simultaneous Corporate Insolvency Resolution Processes (CIRPs) against principal borrowers and corporate guarantors are legally permissible, it will not frame additional judicial guidelines regulating such proceedings, leaving any reform to Parliament and the Insolvency and Bankruptcy Board of India (IBBI).
Justice Dipankar Datta and Justice Augustine George Masih delivered the judgment in a batch of appeals arising from orders of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), which had either rejected or permitted initiation of CIRP against principal borrowers and corporate guarantors for the same debt.
Supreme Court Allows Set-Off Defence Against Ujaas Energy Though Counterclaim Extinguished Under IBC
Case Title : UJAAS ENERGY LTD vs WEST BENGAL POWER DEVELOPMENT CORPORATION LTD.
Case Number : SLP (C) 29651 OF 2024
CITATION : 2026 LLBiz SC 122
The Supreme Court on Friday allowed West Bengal Power Development Corporation Ltd. to raise a plea of set-off as a defence in arbitration proceedings against Ujaas Energy Ltd., even though its counterclaim stood extinguished after approval of the resolution plan under the Insolvency and Bankruptcy Code. A bench of Justices Dipankar Datta and Augustine George Masih while granting the relief observed:
“Upon a cumulative consideration of all relevant factors, we hold that the respondent, although not entitled to independently pursue its claim by way of counterclaim post approval of the resolution plan, ought to be permitted to raise the plea of set-off at least by way of defence. It is ordered accordingly.”
Case Title : LAMBA EXPORTS PVT. LTD. VERSUS DHIR GLOBAL INDUSTRIES PVT. LTD. AND ORS.
Case Number : MISC.APPLICATION NO.1256 OF 2025
CITATION : 2026 LLBiz SC 126
The Supreme Court on Monday dismissed a miscellaneous application seeking recall of its February 25, 2025 order dismissing an SLP in a dispute over an agreement to sell a property of a corporate debtor, holding that a disposed Special Leave Petition cannot be reopened on the basis of subsequent developments in insolvency proceedings or rival financial offers before the Committee of Creditors.
A bench of Justices Vikram Nath and Sandeep Mehta emphasized that the court cannot sit in appeal over the comparative financial attractiveness of rival offers or substitute its own view for the commercial decision taken by the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code.
Case Title : Vedanta Limited vs Bhuvan Madan
Case Number : Diary No. 18505 of 2026
Vedanta Ltd has moved the Supreme Court assailing the National Company Law Appellate Tribunal's order declining interim relief against implementation of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd.
The plan, approved by the NCLT on March 17, 2026, with a 93.81% CoC vote, is under challenge over the alleged non-consideration of Vedanta's higher bid in breach of the value maximisation objective under the Insolvency and Bankruptcy Code.
Case Title : Vedanta Limited vs Bhuvan Madan
Case Number : Diary No. 18505 of 2026
Vedanta Ltd has moved the Supreme Court assailing the National Company Law Appellate Tribunal's order declining interim relief against implementation of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd.
The plan, approved by the NCLT on March 17, 2026, with a 93.81% CoC vote, is under challenge over the alleged non-consideration of Vedanta's higher bid in breach of the value maximisation objective under the Insolvency and Bankruptcy Code.
Supreme Court Dismisses BCCI Review Against Order Setting Aside NCLAT Decision Closing Byju's CIRP
Case Title : Board of Control for Cricket in India vs Glas Trust Company LLC & Ors
Case Number : REVIEW PETITION (C) in Diary. No. 69532 OF 2025
CITATION : 2026 LLBiz SC 141
The Supreme Court recently dismissed a review petition filed by the Board of Control for Cricket in India (BCCI) against its October 23, 2024 ruling in the Byju's insolvency case. In that ruling, the court had set aside the National Company Law Appellate Tribunal's approval of a post-admission settlement in the corporate insolvency resolution process of Think & Learn Pvt. Ltd., Byju's parent company.
Case Title : Satinder Singh Bhasin vs Government of NCT of Delhi & Ors
Case Number : MISCELLANEOUS APPLICATION NO.239 OF 2024
CITATION : 2026 LLBiz SC 142
The Supreme Court on Thursday, while considering pleas seeking cancellation of bail granted to Satinder Singh Bhasin, rejected his contention that the Interim Resolution Professional (IRP) of Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), of which he is a director, could not question the Rs.50 crore deposited as a bail condition due to the two-year look-back period under the Insolvency and Bankruptcy Code.
Case Title : Vedanta Ltd vs Bhuvan Madan & Ors
Case Number : C.A. 4098 OF 2026
CITATION : 2026 LLBiz SC 145
The Supreme Court on Monday, 6 April, declined to interfere with the implementation of the resolution plan submitted by Adani Enterprises for Jaiprakash Associates Ltd, and directing the National Company Law Appellate Tribunal (NCLAT) to expedite hearing of the appeals filed by Vedanta Ltd, scheduled for 10 April.
A Bench of Chief Justice Surya Kant and Justice Joymalya Bagchi said:
“In view of the fact that Company Appeal AT (Ins) 552, 553 of 2026 are now listed for final hearing before the NCLAT on 10th April, 2026, we see no reason to interfere with the impugned order passed by the NCLAT. However, having regard to the nature of the decision and its consequential implications, we request the NCLAT to hear the appeal on out of term basis on the date fixed or immediately on the next working day, if the arguments are not concluded.”
Supreme Court Issues Notice In Homebuyers' Writ Against Ansal Properties' ₹257 Crore Default
Case Title : GENUINE HOMEBUYERS ASSOCIATION FOR RELIEF (GHAR) Versus STATE OF UTTAR PRADESH AND ORS
Case Number : Diary No. 11521 of 2026
The Supreme Court on Monday, 6 April, issued notice in a writ petition filed by the Genuine Homebuyers Association for Relief (GHAR), in Uttar Pradesh, challenging the insolvency proceedings against Ansal Properties and Infrastructure Ltd in relation to the Sushant Golf City project in Lucknow.
A Bench of Justices J.B. Pardiwala and K.V. Viswanathan, after hearing the homebuyer association, directed that the petition be tagged with the main matter involving Ansal Properties.
Case Title : Vedanta Ltd vs Bhuvan Madan & Ors
Case Number : C.A. 4098 OF 2026
CITATION : 2026 LLBiz SC 145
The Supreme Court on Monday, 6 April, declined to interfere with the implementation of the resolution plan submitted by Adani Enterprises for Jaiprakash Associates Ltd, and directing the National Company Law Appellate Tribunal (NCLAT) to expedite hearing of the appeals filed by Vedanta Ltd, scheduled for 10 April.
A Bench of Chief Justice Surya Kant and Justice Joymalya Bagchi said: “In view of the fact that Company Appeal AT (Ins) 552, 553 of 2026 are now listed for final hearing before the NCLAT on 10th April, 2026, we see no reason to interfere with the impugned order passed by the NCLAT. However, having regard to the nature of the decision and its consequential implications, we request the NCLAT to hear the appeal on out of term basis on the date fixed or immediately on the next working day, if the arguments are not concluded.”
Supreme Court Issues Notice In Homebuyers' Writ Against Ansal Properties' ₹257 Crore Default
Case Title : GENUINE HOMEBUYERS ASSOCIATION FOR RELIEF (GHAR) Versus STATE OF UTTAR PRADESH AND ORS
Case Number : Diary No. 11521 of 2026
The Supreme Court on Monday, 6 April, issued notice in a writ petition filed by the Genuine Homebuyers Association for Relief (GHAR), in Uttar Pradesh, challenging the insolvency proceedings against Ansal Properties and Infrastructure Ltd in relation to the Sushant Golf City project in Lucknow.
A Bench of Justices J.B. Pardiwala and K.V. Viswanathan, after hearing the homebuyer association, directed that the petition be tagged with the main matter involving Ansal Properties.
Case Title : Bank of Baroda vs IDBI Bank Ltd & Ors
Case Number : Diary No.3755 of 2026
Bank of Baroda has approached the Supreme Court in the insolvency of Reliance Communications Infrastructure Ltd (RCIL), questioning an NCLAT ruling that lenders cannot revisit a resolution plan after it has been approved. The dispute centers on a Rs 195 crore Reliance Bhutan Loan and how it is to be distributed among creditors. At the heart of the case is a decision taken by the Committee of Creditors (CoC) to reallocate this loan in favour of dissenting financial creditors. Bank of Baroda had backed that move.
Case Title : M/S NIRMAL UJJWAL CREDIT CO-OPERATIVE SOCIETY LTD. VERSUS RAVI SETHIA & ORS.
Case Number : CIVIL APPEAL NO. 11193 OF 2025
CITATION : 2026 LLBiz SC 148
The Supreme Court on Thursday held that a multi-state co-operative society cannot submit a resolution plan under the Insolvency and Bankruptcy Code unless the investment is permitted by its bye-laws and falls either in a subsidiary institution or in the “same line of business”. The court clarified that under Section 64(d) of the Multi-State Co-operative Societies Act, 2002, an MSCS can invest its funds only in a subsidiary institution or in an entity engaged in the same line of business, and such determination must be made with reference to the society's bye-laws.
Case Title : Nitendra Kumar Tomer, Suspended Director, Ambro Asia Private Limited versus Unox S.P.A. and another
Case Number : Civil Appeal No. 3607 of 2026
CITATION : 2026 LLBiz SC 150
The Supreme Court has dismissed an appeal filed by a suspended director of Ambro Asia Pvt. Ltd., holding that once an Interim Resolution Professional (IRP) is appointed and the management of the corporate debtor vests in it, a suspended director cannot maintain an appeal in the company's name under the Insolvency and Bankruptcy Code.
In a judgment delivered on April 10, a bench of Justices Sanjay Kumar and K. Vinod Chandran said that after admission of insolvency proceedings and appointment of the IRP, it is not open to a suspended director to file or maintain an appeal in the name of the corporate debtor.
Case Title : BHARTIYA MAZDOOR SANGH, U.P. & ANR. VERSUS STATE OF U.P. & OTHERS
Case Number : WRIT PETITION (CIVIL) NO. 392 OF 2015
CITATION : 2026 LLBiz SC 152
The Supreme Court on Wednesday refused to invoke its powers under Article 142 of the Constitution, which allows it to pass orders to do complete justice, to condone illegalities in a long-running dispute involving defunct Jaipur Udyog Ltd. (JUL), directing disbursal of workers' dues estimated at over Rs. 100 crore and appointment of an administrator to oversee the process. Separately, the court directed the deposit of Rs 51 crore realised from the sale of the Kanpur unit for utilisation towards workers' dues.
Case Title : PAHARPUR COOLING TOWERS LIMITED Versus SINNAR THERMAL POWER LIMITED AND ORS
Case Number : SLP (C) 12367 of 2026
CITATION: 2026 LLBiz SC 159
The Supreme Court on Friday dismissed the special leave petition filed by Paharpur Cooling Towers Ltd. against Sinnar Thermal Power Ltd., effectively affirming the Delhi High Court's order dated February 11, which held that once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC), claims cannot be pursued through parallel arbitral award execution proceedings. A Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe, after hearing the parties, dismissed the petition, finding no ground for interference with the high court order. Justice Narasimha also orally termed the plea an “abuse of process."
Case Title : Anjani Technoplast Ltd v. Subh Gautam
Case Number : Civil Appeal No. 8247 of 2022
CITATION : 2026 LLBiz SC 167
The Supreme Court on Thursday held that insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 cannot be invoked as a substitute for execution of a civil court decree. A Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe observed that, “The insolvency process is a remedy with far-reaching consequences and must be reserved for cases of genuine insolvency or financial distress, not for the enforcement of money decrees.”
Case Title : APEX HEIGHTS PVT. LTD. VERSUS RAM KISHOR ARORA & ANR.
Case Number : Miscellaneous Application No.1235/2026 in C.A. No.2626/2025
The Supreme court recently requested the NCLAT to examine whether a court-constituted committee should oversee all projects of Supertech Ltd or whether such monitoring should continue only for the 16 projects already entrusted to NBCC, noting the urgency arising from stalled developments.
Case Title : STATE BANK OF INDIA AND ORS. Versus DOHA BANK Q.P.S.C. AND ANR
Case Number : C.A. No. 8527/2022
The Supreme Court of India has allowed the appeal filed by the State Bank of India against an October 14, 2022 order of the National Company Law Appellate Tribunal, which had upheld the exclusion of SBI and other lenders from the Committee of Creditors (CoC) in the insolvency of Reliance Infratel Limited.
A bench of Justices P.S. Narasimha and Alok Aradhe set aside the NCLAT ruling and restored the status of lenders claiming under corporate guarantees as financial creditors and directed their inclusion in the CoC of Reliance Infratel Limited.
Case Title : STATE BANK OF INDIA & ORS. VERSUS DOHA BANK Q.P.S.C. & ANR.
Case Number : CIVIL APPEAL No. 8527 OF 2022
CITATION : 2026 LLBiz SC 170
The Supreme Court of India on Monday held that stamp duty law cannot be used as a weapon to defeat creditor claims, ruling that defects in stamping are curable and do not invalidate corporate guarantees. A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe set aside the March 2, 2021 order of the NCLT and the October 14, 2022 judgment of the NCLAT, which had rejected the claims of the SBI-led consortium of lenders against Reliance Infratel Ltd. on grounds including insufficient stamping, non-disclosure and lack of proper verification and denied them status as financial creditors..
Case Title : AVJ HEIGHTSS APARTMENT OWNERS ASSOCIATION VERSUS IIFL FINANCE LIMITED & ANR.
Case Number : Civil Appeal No. 3811 of 2023
The Supreme Court of India on Wednesday took suo motu cognisance of delays in approval of resolution plans pending before various benches of the National Company Law Tribunal (NCLT), stating that the objective of time-bound resolution under the Insolvency and Bankruptcy Code, 2016 is “impossible to achieve” in the present situation. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan was hearing the matter pursuant to its order dated April 16, 2026. By that order, the Court had sought data from the Registrar of the NCLT Principal Bench, New Delhi, and from the parties on (i) (i) the number of applications pending for approval of resolution plans, (ii) how long such applications have been pending, and (iii) the reasons for delay.
RP's Admission Of Claim In CIRP Not Acknowledgment Of Debt, Cannot Extend Limitation: Supreme Court
Case Title : SHANKAR KHANDELWAL vs OMKARA ASSET RECONSTRUCTION PVT. LTD & ANR.
Case Number : CIVIL APPEAL NO(S). 13158-13159 OF 2025
CITATION : 2026 LLBiz SC 172
The Supreme Court on Wednesday held that admission of a claim by a Resolution Professional during insolvency proceedings is merely an administrative act and does not amount to an acknowledgment of liability under Section 18 of the Limitation Act, 1963. The court said such admission is only a recital or entry of debt and cannot extend the limitation period for initiating proceedings.
Case Title : PRERNA SINGH VERSUS COMMITTEE OF CREDITORS & ORS.
Case Number : Civil Appeal No(s).2569/2022
The Supreme Court of India on Tuesday warned the Superintendent of Police, Hapur, of personal liability if possession of premises belonging to Prerna Singh is not handed over within a week, directing the Resolution Professional and Committee of Creditors of Xalta Food and Beverages Pvt. Ltd. to ensure compliance. The Court once again rebuked the RP and CoC for failing to comply with its April 16, 2026 order, noting that against the committed monthly rent of Rs 50.55 lakh, only Rs 33.83 lakh was paid for April 2026.
Case Title : STATE BANK OF INDIA AND ORS. Versus DOHA BANK Q.P.S.C. AND ANR
Case Number : C.A. No. 8527/2022
The Supreme Court of India has allowed the appeal filed by the State Bank of India against an October 14, 2022 order of the National Company Law Appellate Tribunal, which had upheld the exclusion of SBI and other lenders from the Committee of Creditors (CoC) in the insolvency of Reliance Infratel Limited.
A bench of Justices P.S. Narasimha and Alok Aradhe set aside the NCLAT ruling and restored the status of lenders claiming under corporate guarantees as financial creditors and directed their inclusion in the CoC of Reliance Infratel Limited.
Case Title : STATE BANK OF INDIA & ORS. VERSUS DOHA BANK Q.P.S.C. & ANR.
Case Number : CIVIL APPEAL No. 8527 OF 2022
CITATION : 2026 LLBiz SC 170
The Supreme Court of India on Monday held that stamp duty law cannot be used as a weapon to defeat creditor claims, ruling that defects in stamping are curable and do not invalidate corporate guarantees. A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe set aside the March 2, 2021 order of the NCLT and the October 14, 2022 judgment of the NCLAT, which had rejected the claims of the SBI-led consortium of lenders against Reliance Infratel Ltd. on grounds including insufficient stamping, non-disclosure and lack of proper verification and denied them status as financial creditors..
Case Title : AVJ HEIGHTSS APARTMENT OWNERS ASSOCIATION VERSUS IIFL FINANCE LIMITED & ANR.
Case Number : Civil Appeal No. 3811 of 2023
The Supreme Court of India on Wednesday took suo motu cognisance of delays in approval of resolution plans pending before various benches of the National Company Law Tribunal (NCLT), stating that the objective of time-bound resolution under the Insolvency and Bankruptcy Code, 2016 is “impossible to achieve” in the present situation. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan was hearing the matter pursuant to its order dated April 16, 2026. By that order, the Court had sought data from the Registrar of the NCLT Principal Bench, New Delhi, and from the parties on (i) (i) the number of applications pending for approval of resolution plans, (ii) how long such applications have been pending, and (iii) the reasons for delay.
RP's Admission Of Claim In CIRP Not Acknowledgment Of Debt, Cannot Extend Limitation: Supreme Court
Case Title : SHANKAR KHANDELWAL vs OMKARA ASSET RECONSTRUCTION PVT. LTD & ANR.
Case Number : CIVIL APPEAL NO(S). 13158-13159 OF 2025
CITATION : 2026 LLBiz SC 172
The Supreme Court on Wednesday held that admission of a claim by a Resolution Professional during insolvency proceedings is merely an administrative act and does not amount to an acknowledgment of liability under Section 18 of the Limitation Act, 1963. The court said such admission is only a recital or entry of debt and cannot extend the limitation period for initiating proceedings.
Case Title : PRERNA SINGH VERSUS COMMITTEE OF CREDITORS & ORS.
Case Number : Civil Appeal No(s).2569/2022
The Supreme Court of India on Tuesday warned the Superintendent of Police, Hapur, of personal liability if possession of premises belonging to Prerna Singh is not handed over within a week, directing the Resolution Professional and Committee of Creditors of Xalta Food and Beverages Pvt. Ltd. to ensure compliance. The Court once again rebuked the RP and CoC for failing to comply with its April 16, 2026 order, noting that against the committed monthly rent of Rs 50.55 lakh, only Rs 33.83 lakh was paid for April 2026.
Supreme Court Continues Symbolic Possession Of Tower-5 By RP In Morpheus Bluebell CIRP
Case Title : SGN UNIVERSAL CONSTRUCTION COMPANY PRIVATE LIMITED VERSUS SHAILENDRA KUMAR SINGH & ORS.ETC.
Case Number : Civil Appeal No(s). 4471/2026
The Supreme Court of India has directed that the interim arrangement permitting only symbolic possession of Tower-5 by the Resolution Professional of the Morpheus Bluebell project developed by Morpheus Prodevelopers Pvt Ltd shall continue. The company is undergoing the Corporate Insolvency Resolution Process (CIRP) in the Morpheus Bluebell project. The Court was hearing an appeal filed by SGN Universal Construction Company Private Limited against the National Company Law Appellate Tribunal's March 30, 2026 ruling.
Case Title : PRERNA SINGH VERSUS COMMITTEE OF CREDITORS & ORS.
Case Number : Civil Appeal No. 2569 of 2022
The Supreme Court of India on Monday directed the Superintendent of Police, Hapur, to break open locks and hand over complete possession of warehouse premises to landlord Prerna Singh, coming down heavily on Naveen Kumar Jain, the Resolution Professional (RP) of Xalta Food and Beverages Pvt Ltd and holding his conduct "contemptuous." A bench of Justices J.B. Pardiwala and Vijay Bishnoi issued immediate directions after being told that despite earlier orders, only partial possession had been handed over.
Case Title : Alpha Corp Development Private Limited versus Greater Noida Industrial Development Authority (GNIDA) and others
Case Number : CIVIL APPEAL NO. 1526 OF 2023
CITATION : 2026 LLBiz SC 174
The Supreme Court of India on Tuesday observed that the Greater Noida Industrial Development Authority (GNIDA) was largely responsible for the situation surrounding stalled projects of Earth Infrastructures Ltd., including the Earth Towne project in Greater Noida, faulting it for failing to monitor development and allowing the situation to worsen. “We are, therefore, of the opinion that GNIDA contributed greatly to the present imbroglio by its persistent inaction and ineptitude all through. Having executed lease deeds for development of the lands, it failed to keep track of and monitor the development being undertaken on such lands to ensure timely completion thereof within the stipulated period of seven years. We may also note that long prior to initiation of the CIRP proceedings against EIL, the CD, GNIDA was informed by the aggrieved home/office space buyers of the tardy progress in the construction of the projects but failed to take necessary coercive steps against the lessees and/or the developer, EIL”
Adani Ent. Files Caveat In Supreme Court After NCLAT Upholds Approval Of Its Resolution Plan For JAL
Case Title : Adani Enterprises Ltd vs Vedanta Ltd
Case Number : Caveat No. 8418 of 2026
Adani Enterprises has filed a caveat before the Supreme Court anticipating an appeal by Vedanta Ltd against the NCLAT judgment upholding the approval of Adani's nearly ₹14,535 crore resolution plan for debt-laden Jaiprakash Associates Ltd (JAL). The caveat ensures that in case Vedanta files an appeal, no interim order is passed without first hearing Adani Enterprises. In its May 5, 2026 judgment, the NCLAT dismissed Vedanta's appeals challenging the approval of Adani Enterprises' resolution plan and held that under the resolution framework adopted for JAL, the Committee of Creditors was not bound to approve a plan merely because it carried the highest net present value or scored highest under the evaluation matrix.
Case Title : SECURITIES AND EXCHANGE BOARD OF INDIA VERSUS PANCARD CLUBS LTD & ORS.
Case Number : Civil Appeal No.558/2026
CITATION : 2026 LLBiz SC 178
The Supreme Court on Monday refused to reopen SEBI's challenge to the Pancard Clubs insolvency proceedings. It upheld an NCLAT order holding that SEBI's fraud allegations fell outside the scope of proceedings on condonation of delay. A Bench of Justice J.B. Pardiwala and Justice Vijay Bishnoi dismissed SEBI's appeal against the National Company Law Appellate Tribunal's November 3, 2025 order rejecting its recall plea.
Case Title : Dhanalakshmi Bank Ltd vs Mohammed Javed Sultan & Ors
Case Number : CIVIL APPEAL No. 7184 OF 2022
CITATION : 2026 LLBiz SC 180
The Supreme Court on Thursday dismissed an appeal filed by Dhanlaxmi Bank Ltd against an NCLAT order that had set aside insolvency proceedings against Emerald Mineral Exim Pvt Ltd. The court held that the dispute arising from a commercial property transaction was predominantly contractual in nature and not a straightforward financial debt-default case warranting initiation of CIRP under the Insolvency and Bankruptcy Code.
Case Title : Angelwoods Apartment Allottees Association versus M Lalitha and another Case Number : Civil Appeal Nos. 14439-14440 of 2025
CITATION : 2026 LLBiz SC 185
The Supreme Court on Tuesday set aside an NCLAT order condoning delays in filing and refiling an insolvency appeal against the approval of a resolution plan for Samson and Sons Builders and Developers Pvt Ltd, holding that the appeal was a “wholly incompetent appeal” as there was effectively no filing of a valid appeal in the eyes of the law. A bench of Justices Sanjay Kumar and K. Vinod Chandran set aside the NCLAT's November 10, 2025 order condoning delays of 15 days in filing and 150 days in refiling the appeal filed by M. Lalitha, mother of a suspended director of the corporate debtor, who claims to be its financial creditor.
Case Title : POOJA RAMESH SINGH vs JAMMU AND KASHMIR BANK LTD & ANR
Case Number : CIVIL APPEAL No. 11950 of 2025
The Supreme Court on Tuesday said allegations that the NCLT and NCLAT relied on allegedly fake citations in insolvency proceedings against Essel Infraprojects Ltd were already under administrative examination and had been referred to a committee. The court also reserved judgment in the appeal filed by the company's suspended director. A Bench of Justices P.S. Narasimha and Alok Aradhe made the observation while hearing the appeal filed by suspended director Pooja Ramesh Singh against orders admitting Essel Infraprojects Ltd. into the corporate insolvency resolution process.
Case Title : VENUGOPAL DHOOT vs STATE BANK OF INDIA
Case Number : DIARY NO. 31346 OF 2026
Videocon founder Venugopal Dhoot has moved the Supreme Court against an NCLAT ruling refusing to bring the group's foreign oil and gas assets into the insolvency resolution process of Videocon Industries Ltd. The matter is yet to be listed by the Supreme Court. The NCLAT on May 14, 2026 noted that Dhoot himself had earlier requested lenders in 2016 and 2017 to separate Videocon Industries from the foreign oil and gas business. It said this was done to “protect the oil and gas assets of the group from the financial stress being experienced by VIL in the domestic business.”
Case Title : KARAN BHATIA vs TATA CAPITAL LIMTED & ORS.
Case Number : Writ Petition(s)(Criminal) No(s).131/2026
Another plea has been filed in the Supreme Court seeking a declaration that proceedings under the Negotiable Instruments Act and the Payment and Settlement Systems Act cannot continue against personal guarantors once the interim moratorium under the Insolvency and Bankruptcy Code is triggered. The plea has been filed by Karan Bhatia, suspended director of Uttam Cylinders Pvt Ltd and a personal guarantor for the company's loans.
Case Title : HINDUSTHAN NATIONAL GLASS AND INDUSTRIES LIMITED Versus M/S JEEL KANDLA SERVICE AND ORS
Case Number : SLP(C) No. 18345/2026
On Friday, 22 May, the Supreme Court issued notice on a plea filed by Hindusthan National Glass & Industries Ltd, a corporate debtor, challenging the Calcutta High Court judgment dated 15 May 2026. The judgement had held that the company could not shift its registered office from Kolkata to Mumbai while appeals against its insolvency resolution plan remained pending before the NCLAT. A Division Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe, while issuing notice, declined to grant any interim direction reversing the shifting of the registered office and listed the matter for final disposal in the last week of July after the summer vacation.
Case Title : VIJAI PRATAP SINGH vs UNION OF INDIA
Case Number : W.P. (C) No. 670/2026
The Supreme Court on Wednesday declined to entertain a writ petition filed by former National Company Law Appellate Tribunal (NCLAT) Technical Member Vijai Pratap Singh challenging the statutory restriction prohibiting former tribunal members from appearing before the National Company Law Tribunal (NCLT) and NCLAT after retirement. Appearing in person, Singh argued that an absolute prohibition was excessive and suggested that a cooling-off period could instead be introduced.
Successful Resolution Applicant Cannot Renegotiate After CoC Approves Resolution Plan: Supreme Court
Case Title : SANJAY DAVE VS ANDHRA BANK LTD. & ORS.
Case Number : CIVIL APPEAL NOS.12264-12266 OF 2024
CITATION : 2026 LLBiz SC 209
The Supreme Court on Wednesday held that a Successful Resolution Applicant cannot seek to renegotiate or stall implementation of a resolution plan after it has been approved by the Committee of Creditors (CoC). A Bench of Justices K. V. Viswanathan and Vipul M. Pancholi passed the ruling while dismissing appeals filed by Sanjay Dave, former promoter-director and Successful Resolution Applicant (SRA) of Oracle Home Textiles Ltd.
Case Title : VANDANA SABHARWAL VERSUS UNION OF INDIA & ORS.
Case Number : Writ Petition(s)(Civil) No(s).661/2026
The Supreme Court on Tuesday issued notice on a writ petition alleging that Rs. 13,833 crore out of Rs. 14,599 crore collected from homebuyers by the Jaypee Group was diverted through transfers to group entities and undervalued land transactions. The matter came up before a bench comprising the Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi issued notice. “Issue notice, returnable on 15.07.2026,” the court recorded.
Case Title : CA RAMCHANDRA DALLARAM CHOUDHARY Versus ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED
Case Number : DIARY NO. 5988 OF 2026
The Supreme Court on Monday declined to interfere with a National Company Law Appellate Tribunal (NCLAT) order directing Adani Infrastructure & Developers Pvt Ltd to pay 12% interest on delayed payment of ₹255 crore. The amount formed part of the consideration for its ₹325-crore purchase of a land parcel belonging to Anil Ltd, which is under liquidation. A bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed an appeal filed by the liquidator. The liquidator had challenged the NCLAT's decision to waive interest for a portion of the delay period.
Case Title : COSMIC CRF LIMITED VERSUS MYOTIC TRADING PRIVATE LIMITED & ORS.
Case Number : Civil Appeal Nos.4266-4267/2026
CITATION : 2026 LLBiz SC 215
The Supreme Court has recently held that once a company has been resolved under an approved insolvency resolution plan and all remaining dues stand extinguished, those dues cannot be "resurrected" to assess the eligibility of a prospective resolution applicant a year later. It set aside orders that had declared Cosmic CRF Ltd ineligible to participate in the corporate insolvency resolution process of Amzen Transportation Industries Pvt. Ltd.
Supreme Court Upholds Admission of Insolvency Plea Filed by Ingram Micro Against Bathla Teletech
Case Title : BATHLA TELETECH PRIVATE LIMITED vs INGRAM MICRO INDIA PRIVATE LIMITED
Case Number : Civil Appeal No(s). 8188/2026
CITATION : 2026 LLBiz SC 219
The Supreme Court has refused to interfere with an NCLAT ruling that Bathla Teletech Pvt Ltd's claims relating to unsold iPhone 8 inventory and backend discounts did not constitute a genuine pre-existing dispute capable of defeating an insolvency application. The order leaves intact insolvency proceedings against the electronics reseller at the instance of Ingram Micro India Pvt Ltd. A Bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed an appeal filed by Bathla Teletech, holding that no substantial question of law arose from the NCLAT's judgment.
Case Title : THRANI INDUSTRIES LTD VERSUS KNK MANAGEMENT
Case Number : Diary No(s). 61278/2025
CITATION : 2026 LLBiz SC 220
The Supreme Court has refused to entertain an appeal by Thrani Industries Ltd against insolvency proceedings initiated against it, holding that the company's explanation for a 166-day delay in refiling the case was nothing more than a "lame excuse". A Bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed the appeal after finding that Thrani Industries had failed to show any sufficient cause for the prolonged delay.
Case Title : CA RAMCHANDRA DALLARAM CHOUDHARY VERSUS ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED
Case Number : D.No.5988/2026
CITATION : 2026 LLBiz SC 224
The Supreme Court has recently held that litigants cannot circumvent the Insolvency and Bankruptcy Code's strict limitation regime by filing defective appeals to save the limitation and curing defects later at their convenience. A bench of Justices Dipankar Datta and Satish Chandra Sharma posed the following question: “Can or should a litigant be permitted to circumvent the rigours of limitation by filing a defective appeal as a device to save limitation and, thereafter, to opt to cure the notified defects at leisure? Can or should this Court countenance such a practice?”
Case Title : UNION OF INDIA AND ANR. Versus ARCELORMITTAL NIPPON STEEL INDIA LIMITED FORMERLY KNOWN AS ESSAR STEEL INDIA
Case Number : Diary No. 24062-2026
The Supreme Court on Monday issued notice on the Union government's challenge to a Gujarat High Court judgment concerning the transfer of Essar Steel-related proceedings from the National Company Law Tribunal (NCLT) Ahmedabad to Mumbai. A bench of Chief Justice Surya Kant and Justice V. Mohana tagged the matter with connected cases raising similar issues and posted it for hearing on July 29.
Case Title : VOIZZIT TECHNOLOGY PVT. LTD. AND ANR. vs. CLAUDIA Z. SPRINGER AND ORS.
Case Number : Diary No. - 37048/2026
Two companies claiming rights over BYJU'S US subsidiaries, Epic Creations Inc. and Tangible Play Inc., have approached the Supreme Court against a Kerala High Court judgment that removed a US bankruptcy trustee from a commercial suit filed in Ernakulam.
Supreme Court Issues Notice On Plea Against NCLAT Relief To Former Deccan Chronicle Promoter
Case Title : L AND T FINANCE LIMITED Versus T. VENKATRAM REDDY AND ANR.
Case Number : C.A. No. 8371/2026
The Supreme Court on Thursday issued notice in a plea filed by L&T Finance Ltd challenging an NCLAT order that set aside bankruptcy proceedings against former Deccan Chronicle Holdings Limited promoter and personal guarantor T. Venkatram Reddy.
The bankruptcy proceedings had been set aside by NCLAT on April 2, 2026, after the appellate tribunal on the same date quashed the underlying personal insolvency proceedings initiated against Reddy under Section 95 of the Insolvency and Bankruptcy Code, holding them to be barred by limitation.
Case Title : VOIZZIT TECHNOLOGY PVT LTD vs THE DIRECTOR CENTRAL BUREAU OF INVESTIGATION
Case Number : DIARY NO. 37706 OF 2026
Two companies linked to the BYJU'S insolvency dispute, Voizzit Technology Pvt Ltd and Voizzit Information Technology LLC, have approached the Supreme Court. They are challenging a Kerala High Court judgment that refused to direct the CBI, Enforcement Directorate (ED) and National Investigation Agency (NIA) to investigate alleged irregularities in the insolvency resolution process of BYJU'S parent company, Think & Learn Pvt. Ltd.
Case Title : PRAGYA JHUNJHUNWALA VERSUS STATE BANK OF INDIA AUTHORISED REPRESENTATIVE & ANR
Case Number : SPECIAL LEAVE PETITION (CIVIL) Diary No(s). 35986/2026
CITATION : 2026 LLBiz SC 230
The Supreme Court on Wednesday allowed India Power Corporation Ltd.'s shareholder Pragya Jhunjhunwala to approach the National Company Law Appellate Tribunal (NCLAT) Chairperson for consideration of a reference arising from a split verdict on applications seeking an interim stay of the company's admission into insolvency proceedings
HIGH COURT
Case Title: Reliance Defence & Engineering Ltd vs Afcons Infrastructure Ltd
Case Citation: 2026 LLBiz HC (BOM) 2
Case Number: IA (L) No. 9646 of 2024 in Arbitration Petition No. 1755 of 2015
The Bombay High Court has held that where an arbitral award passed against a company is under challenge, and the company later successfully comes out of insolvency, the award holder cannot retain money withdrawn from court deposits if the claim itself is wiped out under an approved resolution plan.
The court said such amounts must be returned, as the award itself no longer survives.
A single-judge bench of Justice Somasekhar Sundaresan, in an order dated December 17, 2025, allowed an interim application filed by Reliance Defence and Engineering Ltd. against Afcons Infrastructure Ltd.
High Courts Cannot Exercise Parallel Contempt Jurisdiction Over NCLT In IBC Cases: Bombay High Court
Case Title: S.G. Mittal Enterprises Pvt Ltd vs The Satara Sahakari Bank Ltd. and Ors
Case Citation: 2026 LLBiz HC (BOM) 7
Case Number: Contempt Petition No. 497 of 2025
The Bombay High Court on Monday held that contempt petitions alleging breach of orders passed by the National Company Law Tribunal in insolvency cases cannot be filed directly before the High Court.
A single-judge bench of Justice Milind N Jadhav said that once contempt powers are conferred on the NCLT by law, the High Court should not exercise parallel jurisdiction.
Case Title: Roseland Buildtech Private Limited v. Vihaan 43 Reality Private Limited & Ors.
Citation: 2026 LLBiz HC (DEL) 10
Case Number: C.S. (COMM.) 812/2025
The Delhi High Court has dismissed what it described as “luxury litigation” challenging a debt assignment, saying issues of fraud or the existence of debt must be decided by the insolvency tribunal, not a civil court.
A single-judge bench of Justice Purushaindra Kumar Kaurav rejected the suit at the threshold, holding that it was a “mala fide attempt” built on “clever drafting” to derail proceedings under the Insolvency and Bankruptcy Code. The court imposed costs of Rs 2 lakh, saying the case had wasted judicial time and “should never have been filed.”
Bank Can't Freeze Company's Accounts Solely Over ROC's 'Management Dispute' Tag: Calcutta High Court
Case Title: Ravindra Pratap and another vs Reserve Bank of India and others
Case Citation: 2026 LLBiz HC (CAL) 4
Case Number: MAT No. 989 of 2025, IA No: CAN 1 of 2025
The Calcutta High Court has held that a bank cannot freeze a company's accounts merely on the basis of a “management dispute” marking by the Registrar of Companies (ROC), particularly after such marking has been removed on the directions of the Ministry of Corporate Affairs (MCA).
Justices Sabyasachi Bhattacharyya and Supratim Bhattacharya made the observation on January 5 while hearing appeals filed by Ravindra Pratap Singh, director of August Agents Limited, challenging the freezing of the company's bank and demat accounts by Axis Bank in June 2021.
Delhi High Court Sets Aside Arbitration Against Bhushan Steel Following Tata Steel Takeover
Citation: 2026 LLBiz HC (DEL) 32
Case Number : W.P.(C) 10431/2020 & CM APPL. 33016/2020
Case Title : Tata Steel Limited v. Ministry of Corporate Affairs and Anr.
The Delhi High Court has set aside an arbitral tribunal order that allowed arbitration to continue against Tata Steel, formerly Bhushan Steel, even after its resolution plan under the Insolvency and Bankruptcy Code was approved. A single-judge bench of Justice Amit Sharma allowed Tata Steel's writ petition and quashed the tribunal's October 7, 2020 order. The court said that once a resolution plan is approved, it binds all creditors.
Case Title: Ahmednagar Forgings Ltd vs Dongare Ganesh D
Case Citation: 2026 LLBiz HC (BOM) 26
Case Number: Writ Petition No. 11862 of 2025
The Bombay High Court has held that once a resolution plan is approved by the National Company Law Tribunal (NCLT), labour courts and industrial tribunals cannot continue or entertain employee claims, including claims seeking reinstatement without back wages. Justice Arun R. Pedneker made the observation while allowing a batch of writ petitions filed by Ahmednagar Forgings Ltd, now Metalyst Forgings Ltd., challenging orders passed by the Labour Court and Industrial Tribunal at Aurangabad.
Case Title : MMS Steel and Power Private Limited v. Union of India and Ors
Case Number : WA No. 50 of 2026
CITATION : 2026 LLBiz HC (KER) 12
The Kerala High Court has refused to interfere with the National Company Law Tribunal's rejection of a resolution plan for an insolvent company, even though it had received 100% approval from the Committee of Creditors. A Division Bench of Chief Justice Soumen Sen and Justice Syam Kumar V.M. held that the NCLT was acting within its jurisdiction in examining the resolution plan and that writ jurisdiction could not be invoked merely because the tribunal disagreed with the Committee of Creditors.
Case Title : Arun Kumar Bagla v. SCJ Plastics Ltd.
Case Number : W.P. (CRL) 2165/2019 & CRL. M.A. 32848/2019
CITATION : 2026 LLBiz HC (DEL) 46
The Delhi High Court has said that a company's inability to pay its dues because of financial distress is a civil issue, not a criminal offense. A director cannot be prosecuted for cheating unless there is clear proof of personal fraud or personal gain. Justice Neena Bansal Krishna quashed cheating charges against a former managing director of Creative Wares Limited, a manufacturing company that later ran into financial trouble and was declared a sick industrial company by the BIFR.
Case Title : Vikas Prakash Gupta v. Insolvency and Bankruptcy Board of India and Anr. Case Number : W.P.(C) 8974/2025 and CM APPL.38317/2025
CITATION : 2026 LLBiz HC (DEL) 125
Holding that prolonged delay in disciplinary proceedings had already caused serious prejudice, the Delhi High Court has reduced a one-year suspension imposed by the Insolvency and Bankruptcy Board of India (IBBI) on insolvency professional Vikas Prakash Gupta to the period already undergone.
Justice Sachin Datta underscored that “Administrative authorities are required to act within a reasonable period, and any prolonged delay must be justified by cogent reasons.”
Liquidator Can Defend Pending Civil Suits Filed Before Liquidation Under IBC: Bombay High Court
Case Title : Anupam Dikshit v. S.Kumars Nationwide Limited
Case Number : Writ Petition No.5393 of 2023
CITATION : 2026 LLBiz HC (BOM) 68
The Bombay High Court has recently held that a liquidator can be impleaded and can defend a civil suit instituted prior to the commencement of liquidation proceedings, observing that the Insolvency and Bankruptcy Code, 2016 does not bar the continuation of such pending suits.
“Since Liquidator can sue, I do not see any reason why Liquidator cannot defend an action on behalf of the corporate debtor” Justice Sandeep V. Marne observed.
Case Title : West Bengal Industrial Development Corporation Ltd. vs Eastern Explosives and Chemicals Ltd. (In Liqn.)
Case Number : APO/141/2020
CITATION : 2026 LLBiz HC (CAL) 48
The Calcutta High Court has recently set aside an order of a single judge of the court's original side, which upheld the official liquidator's decision treating the West Bengal Industrial Development Corporation Ltd. (WBIDC) as an unsecured creditor in the liquidation of Eastern Explosives and Chemicals Ltd. The Court held that once charge documents were submitted prior to adjudication of claims, the official liquidator was bound to consider WBIDC as a secured creditor.
A division bench of Justices Debangsu Basak and Md. Shabbar Rashidi heard the appeal arising from a single judge's order dated September 18, 2019.
Case Title : Paharpur Cooling Towers Ltd vs Sinnar Thermal Power Ltd & Ors
Case Number : OMP (ENF.) (COMM.) 237/2025 & EX.APPL.(OS). 92/2026
CITATION : 2026 LLBiz HC (DEL) 150
The Delhi High Court has recently observed that once a decree holder lodges its claim arising out of an arbitral award before the resolution professional during the corporate insolvency resolution process (CIRP), it cannot pursue parallel execution proceedings under the Arbitration and Conciliation Act.
A single bench of Justice Harish Vaidyanathan Shankar delivered the ruling in a petition filed by Paharpur Cooling Towers Ltd, seeking enforcement of an arbitral award dated November 12, 2021 against Sinnar Thermal Power Ltd, while also seeking to proceed against its group entities at the execution stage.
Municipal Dues Cannot Be Recovered From Auction Purchaser After IBC Liquidation: Calcutta High Court
Case Title : Mamta Binani & Anr. vs Kolkata Municipal Corporation & Ors.
Case Number : WPO 2435 of 2022
CITATION : 2026 LLBiz HC (CAL) 53
The Calcutta High Court has held that once liquidation proceedings commence under the Insolvency and Bankruptcy Code, municipal dues must be dealt with strictly within the framework of the Code and cannot be enforced independently against auction purchasers through contractual clauses such as “as is where is” or “whatever there is."
Justice Rai Chattopadhyay examined whether the Kolkata Municipal Corporation could retrospectively revalue a property and levy tax for periods prior to its purchase in liquidation proceedings.
'Ruse To Exploit Mill Land': Bombay High Court Rejects Plea To Revive Swadeshi Mills
Case Title : Grand View Estates Private Limited v. Board for Industrial and Financial Reconstruction and Ors
Case Number : I.A No. 6953 of 2025 in Company Petition No.385 of 2002
CITATION : 2026 LLBiz HC (BOM) 91
The Bombay High Court on Monday dismissed an application filed by Grand View Estates Pvt Ltd seeking a stay of winding up proceedings and revival of Swadeshi Mills Company Ltd, holding that the proposal was not a genuine attempt to revive the textile company but an effort to exploit its valuable mill land for real estate development.
A single-judge bench of Justice Sharmila U. Deshmukh observed that the revival plan was “nothing but a ruse to obtain the valuable land for exploitation in real estate market. At the core of the dispute lies 45 acres of land in the heart of city of Mumbai located in prime residential and commercial area which would command astronomical price given the potential of the property for development. The manner in which the Applicant has attempted to lay its hands on this valuable property of the company in liquidation leaves much to be desired,”
Single Judicial Member Of NCLT Can Pass Orders If Authorised By President: Kerala High Court
Case Title : K.N. Narayanan v. The Registrar of Kochi Bench and Anr.
Case Number : WP(C) NO. 5934 OF 2026
CITATION : 2026 LLBiz HC (KER) 45
The Kerala High Court on 18 February, held that a Single Member of the National Company Law Tribunal (NCLT) can pass orders if the President of the Tribunal specifically authorises them under the proviso to Section 419(3) of the Companies Act, 2013.
A Bench of Justice Viju Abraham dismissed a writ petition challenging orders passed by a Single Judicial Member of the NCLT, Kochi Bench, upholding the validity of the directions.
IBC Moratorium Does Not Bar MPID Attachment Proceedings In NSEL Scam: Bombay High Court
Case Title : Dulisons Cereals vs State of Maharashtra, National Spot Exchange Ltd
Case Number : CRIMINAL APPEAL NO.5 OF 2024
CITATION : 2026 LLBiz HC (BOM) 137
The Bombay High Court recently held that the interim moratorium under the Insolvency and Bankruptcy Code cannot bar attachment proceedings initiated under the Maharashtra Protection of Interest of Depositors (MPID) Act in connection with the National Spot Exchange Limited (NSEL) payment crisis.
A Division Bench of Justice A.S. Gadkari and Justice Shyam C. Chandak dismissed an appeal filed by Dulisons Cereals, a proprietorship firm through its proprietor Kanta Gupta, challenging an order of the Special MPID Court rejecting its application seeking a stay of proceedings for attachment of its properties.
Case Title : Attukal Devi institute of Medical Sciences Ltd. Represented by its RP v. Attukal Bhagavathy Temple Trust
Case Number : OP (RC) NO. 223 OF 2025
CITATION : 2026 LLBiz HC (KER) 50
The Kerala High Court on Tuesday set aside an order of the Rent Control Appellate Authority after finding that an appeal against a corporate debtor had been taken up despite a moratorium being in force under the Insolvency and Bankruptcy Code.
A bench of Chief Justice Soumen Sen and Justice Syam Kumar V.M. observed, “Under Section 14(1), it is clearly stated that once a moratorium is declared, there cannot be an institution of suits or continuation of pending suits or proceedings against the Corporate Debtor. The appeal is a continuation of the original proceedings.”
Bombay High Court Flags Misuse Of IBC By Borrowers To Stall SARFAESI Recovery After Auction Sale
Case Title : Rozina Firoz Hajiani & Ors. Versus Union of India, through Ministry of Corporate Affairs & Ors
Case Number : WRIT PETITION (L) NO. 5157 OF 2026
CITATION : 2026 LLBiz HC (BOM) 145
The Bombay High Court on Wednesday flagged a disturbing trend of defaulting borrowers invoking provisions of the Insolvency and Bankruptcy Code to frustrate proceedings under the SARFAESI Act, even after auction rights had crystallised in favour of auction purchasers.
A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat was hearing a writ petition filed by auction purchasers challenging a November 26, 2025 order of the Debts Recovery Tribunal-I, Mumbai, which had halted further steps after accepting the borrowers' claim that a moratorium under the IBC had been triggered.
Moratorium Doesn't Extinguish The Criminal Liability In Terms Of 32A When The Plan Is Not Approved.
Case Title : M/S Jas Infrastructure and Power Ltd v. Central Bureau of Investigation
Case Number : CRL.A. 1596/2025, CRL.M.A. 34399/2025
CITATION : 2026 LLBiz HC (DEL) 294
The Delhi High Court on 17 March 2026 held that Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC) only creates a temporary moratorium and does not extinguish criminal liability. Protection under Section 32A is available only after the approval of a resolution plan that brings about a qualifying change in management.
The Bench of Justice Chandrasekharan Sudha dismissed the plea of JAS Infrastructure and Power Ltd. seeking suspension of sentence in a coal block allocation case.
Case Title : Vishal Ganpat Shinde vs. Union of India & Ors
Case Number : WRIT PETITION (LODGING) NO. 30071 OF 2025
CITATION : 2026 LLBiz HC (BOM) 164
The Bombay High Court on Thursday dismissed writ petitions filed by a suspended director of Gokul Sugar Industries Ltd and a financial creditor challenging an order of the National Company Law Tribunal refusing withdrawal of insolvency proceedings. The court held that after commencement of the corporate insolvency resolution process, the corporate debtor is represented by the interim resolution professional and not by the suspended management.
IBC Moratorium Can't Revive Missed Written Statement Deadline: Delhi High Court
Case Title : IDBI Trusteeship Services Ltd vs Manish Jain & Ors
Case Number : CS(COMM) 800/2025
CITATION : 2026 LLBiz HC (DEL) 331
The Delhi High Court has recently held that filing an application under Order VII Rule 11 of the Code of Civil Procedure, which allows a defendant to seek rejection of a plaint at the threshold on legal grounds, cannot revive the statutory period for filing a written statement once it has expired. The court clarified that this position would apply even in a case where the defendant had invoked insolvency proceedings under the Insolvency and Bankruptcy Code.
A bench of Justice Mini Pushkarna was dealing with an appeal filed by a personal guarantor of an insolvency-bound company, against whom personal insolvency proceedings were pending under the Insolvency and Bankruptcy Code. He was challenging an order dated January 27, 2026, whereby the Joint Registrar had closed his right to file a written statement.
Delhi High Court Issues Notice On Plea Challenging 'Present and Voting' Framework Under IBC
Case Title : Vikram Singh & Ors vs Union of India & Ors
Case Number : W.P.(C) 4177/2026 & CM APPL. 20428/2026
CITATION : 2026 LLBiz HC (DEL) 343
The Delhi High Court recently issued notice in a writ petition filed by homebuyers of the Supertech Township project challenging the “present and voting” principle used to determine voting outcomes of homebuyers in the committee of creditors under the Insolvency and Bankruptcy Code.
A bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tejas Karia directed the respondents, the Union of India through the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India, interim resolution professional Umesh Singhal, authorised representative Rajiv Malik, and Claim Bridge Technologies Pvt. Ltd., to file their counter affidavits within four weeks, with rejoinder, if any, to be filed thereafter.
IBC Moratorium For Guarantors Won't Shield Borrower Without Pending CIRP: Bombay High Court
Case Title : IL&FS Financial Services Ltd vs Serveall Constructions Private Limited
Case Number : COMMERCIAL SUMMARY SUIT NO. 238 OF 2019
CITATION : 2026 LLBiz HC (BOM) 186
The Bombay High Court on Monday held that moratoriums under the Insolvency and Bankruptcy Code (IBC) in favour of guarantors cannot be used to block recovery proceedings against a principal borrower. The court allowed IL&FS Financial Services Ltd.'s Rs 203.66 crore suit to proceed against Serveall Constructions Pvt Ltd in a case involving HDIL promoters Rakesh Wadhawan and Sarang Wadhawan.
Amounts Deposited Pursuant To Court Orders Remain Assets Of The Corporate Debtor: Bombay High Court
Case Title : Morarjee Textiles Ltd vs Union of India
Case Number : WRIT PETITION NO. 2874 OF 2012
CITATION : 2026 LLBiz HC (BOM) 189
The Bombay High Court on 6 April held that amounts deposited in Court under judicial orders remain assets of the corporate debtor, even if they arise from encashment of a bank guarantee after the commencement of insolvency proceedings.
A Division Bench of Justices Anil L. Pansare and Nivedita P. Mehta directed the release of the deposited amount to the Resolution Professional of Morarjee Textiles Ltd, rejecting the claim of D.C. Weaving Mills Pvt Ltd, which had sought withdrawal of the amount as a decree-holder.
Probate Of Will Of Undischarged Insolvent Not Barred Under Indian Succession Act: Bombay High Court
Case Title : Shaunak Harshad Choksi vs Ketan Kishoredas Mehta & Ors
Case Number : TESTAMENTARY PETITION NO.462 OF 2018
CITATION : 2026 LLBiz HC (BOM) 188
The Bombay High Court has recently held that probate of the Will of a person who died as an undischarged insolvent is not barred under the law and can be sought, even though the estate vests in the Official Assignee for distribution among creditors.
“There is no embargo under the provisions of the Succession Act from seeking probate of the Will of an undischarged insolvent.”
Case Title : Mahan Energen Limited v. The State of Madhya Pradesh and Ors
Case Number : WP No. 26143 of 2025
CITATION : 2026 LLBiz HC (MAD) 96
The Madhya Pradesh High Court has held that an approved resolution plan under Section 31 of the Insolvency and Bankruptcy Code is binding on all authorities, including revenue and stamp authorities, and that refusal to carry out mutation in land records would be contrary to the statutory mandate.
A single-judge Bench of Justice Sandeep N. Bhatt, while allowing an interim application, observed that the inaction of revenue authorities in mutating the petitioner's name despite an approved resolution plan was “unexplained and contrary to the settled principle governing mutation proceedings."
Case Title : Kotak Mahindra Bank Limited v. State of Karnataka and Anr
Case Number : Writ Petition No. 30541 of 2025
CITATION : 2026 LLBiz HC (KAR) 51
The Karnataka High Court has held that when a Constitutional Court issues directions concerning immovable properties situated in another State, authorities where such properties are located are duty-bound to implement them. Justice Sachin Shankar Magadum was hearing a petition filed by Kotak Mahindra Bank Limited, a secured creditor of Electrex (India) Limited, seeking implementation of directions issued by the Bombay High Court concerning certain sale transactions involving mortgaged properties in Bengaluru.
Case Title : Maha Hotel Projects Private Limited vs. State of Telangana and Ors.
Case Number : WRIT APPEAL No.27 of 2026
CITATION : 2026 LLBiz HC (TEL) 15
The Telangana High Court has upheld the State's decision to grant consent for a change in control of a Hyderabad hotel project under an insolvency resolution plan, holding that a shareholder cannot claim a vested right to retain control over the corporate debtor and that any loss suffered is merely a commercial consequence of the insolvency process, not a deprivation of property under Article 300A.
Case Title : Gopal Chandra Chanda & Ors. Vs. Union of India & Ors.
Case Number : WPA 14780 of 2025
CITATION : 2026 LLBiz HC (CAL) 91
he Calcutta High Court recently directed the CBI, Enforcement Directorate (ED), and SEBI, which are already examining the affairs of the Alchemist Group amid allegations of running ponzi-style schemes, to file fresh status reports to examine whether the corporate insolvency process (CIRP) was fraudulently initiated. The court also asked them to look into the movement of funds abroad, possible round-tripping through foreign entities, and protection of investor assets. It noted a prima facie case of fraud and institutional subversion. About Rs. 32.73 crore has been disbursed to investors so far.
SARFAESI Enforcement Cannot Be Invoked After Debt Is Extinguished Under IBC: Orissa High Court
Case Title : Sree Metaliks Limited, Keonjhar -versus- Zonal Manager, State Bank of India, Bhubaneswar & Ors.
Case Number : W.P.(C) No.27912 of 2025
CITATION : 2026 LLBiz HC (ORI) 15
The Orissa High Court has held that Section 31 of the SARFAESI Act cannot operate as an independent source of enforcement power once a resolution plan under the Insolvency and Bankruptcy Code extinguishes the underlying debt. Section 31 excludes certain secured assets and transactions from the Act's enforcement mechanism, meaning SARFAESI recovery powers do not apply to them.
Failure To Deposit EPF Dues On Time Is A Penal Offence, Later Payment Irrelevant: Orissa High Court
Case Title : Anil Kumar Gilra v. State of Odisha and Anr
Case Number : Crl MC No. 4645 of 2024
CITATION : 2026 LLBiz HC(ORI) 16
The Orissa High Court has held that subsequent payment of employees' provident fund dues does not extinguish criminal liability for prior default, and such payment cannot be a ground to quash criminal proceedings. A Single-Judge Bench of Dr Justice Sanjeeb K Panigrahi, by order dated 13 March, refused to quash criminal proceedings against the former director of Cosboard Industries Pvt. Ltd.
Section 101 IBC Moratorium Temporary, Creditors Free To Recover After Expiry: Delhi High Court
Case Title : Vistara ITCL (India) Ltd v. Pranav Ansal and Anr.
Case Number : EX.APPL.(OS) 2852/2022 (For Attachment and sale of properties and issuance of Garnishee)
CITATION : 2026 LLBiz HC (DEL) 396
The Delhi High Court on 13 April held that the moratorium under Section 101 of the Insolvency and Bankruptcy Code, 2016 (IBC) in personal insolvency is temporary and time-bound, and once it ceases, creditors regain the right to pursue recovery and execution proceedings. Justice Harish Vaidyanathan Shankar made this observation while allowing continuation of execution proceedings in Vistra ITCL (India) Ltd. v. Pranav Ansal & Anr., where the decree holder sought to recover an arbitral award exceeding Rs. 385 crore by attachment and sale of the judgment debtor's properties.
Bombay HC Pulls Up NCLT Mumbai Registry Over Scrutiny Lapse In Personal Guarantor Insolvency Plea
Case Title : M/s. Kapole Advertising Agency, Through Proprietor, and others vs. Standard Chartered Bank and others
Case Number : WRIT PETITION NO. 685 OF 202
CITATION : 2026 LLBiz HC (BOM) 223
The Bombay High Court on Tuesday pulled up the Mumbai Registry of the National Company Law Tribunal (NCLT) for failing to follow mandatory procedures while scrutinising a personal guarantor insolvency petition under the Insolvency and Bankruptcy Code. A division bench of Justices Manish Pitale and Shreeram V. Shirsat held that the Registry did not comply with Rule 28 of the NCLT Rules and prior directions issued by the High Court in Bank of Baroda vs. Union of India.
IBC Overrides Electricity Act In Conflict, Pre-CIRP Dues Cannot Be Enforced: Allahabad High Court
Case Title : South East U.P. Power Transmission Company Limited v. Prescribed Authority and 4 others
Case Number : 1 WRIC No. - 19391 of 2023
CITATION : 2026 LLBiz HC (ALL) 35
The Allahabad High Court on 24 April, held that the Insolvency and Bankruptcy Code, 2016 (IBC), being a later law, prevails over the Electricity Act, 2003 in case of inconsistency. The Bench of Justices Ajit Kumar and Swarupama Chaturvedi allowed the writ petition and held that Section 238 of the IBC gives the Code overriding effect over other statutes, including sector-specific laws.
Public Announcement Under IBC Sufficient, Individual Notice Not Required: Allahabad High Court
Case Title : South East U.P. Power Transmission Company Limited v. Prescribed Authority and 4 others
Case Number : 1 WRIC No. - 19391 of 2023
CITATION : 2026 LLBiz HC (ALL) 35
The Allahabad High Court on 24 April, held that under the Insolvency and Bankruptcy Code, 2016, individual notice to each creditor is not required and that a public announcement under Section 15 of the Code constitutes sufficient notice to corporate creditors. A Bench comprising Justices Ajit Kumar and Swarupama Chaturvedi, while allowing a petition by South East U.P. Power Transmission Company Limited (and a connected petition by Tata Steel Limited) further held that creditors must exercise due diligence and file their claims within the prescribed timelines during the Corporate Insolvency Resolution Process (CIRP).
Case Title : Sanjiv Kumar Gupta AND State of Telangana and 3 Ors.
Case Number : W.P.No.27253 of 2025
CITATION : 2026 LLBiz HC(TEL) 24
The Telangana High Court has recently set aside a demand raised against an auction purchaser under the Insolvency and Bankruptcy Code, holding that such a purchaser cannot be made liable for electricity dues of the previous owner where the claim was not part of the insolvency process, and further that a demand raised after nearly 16 years is barred by limitation. Justice Renuka Yara, allowing the writ petition, emphasised that once the resolution process concludes, undisclosed statutory dues cannot be enforced against a successful purchaser.
Case Title : Vinay Bhadauria v. Insolvency and Bankruptcy Board of India
Case Number : MCRC No. 32697 of 2022
CITATION : 2026 LLBiz HC (MP) 24
The Madhya Pradesh High Court has held that offences under the Insolvency and Bankruptcy Code, 2016 can be tried only by the Special Court having jurisdiction over the place where a company's registered office is situated, ruling that a Gwalior court lacked inherent jurisdiction to entertain a complaint against a company whose registered office is in New Delhi. “From the bare reading of section 436 it is clear that offences shall be triable only by the Special Court established under section 435 having territorial jurisdiction where the registered office of the company is situated. It relevant to refer the Annexure D-1, wherein it is clear that as per notification dated 18.05.2016 wherein at S. No. 6 of the list, L.d. IX Additional District & Sessions Judge, Gwalior is having jurisdiction only with respect to State of Madhya Pradesh. While the registered office of the company against which the complaint is relates is admittedly situated at New Delhi. Therefore, Trial Court lacked inherent jurisdiction to take cognizance of the complaint.”, it said.
IBC Overrides Electricity Act In Conflict, Pre-CIRP Dues Cannot Be Enforced: Allahabad High Court
Case Title : South East U.P. Power Transmission Company Limited v. Prescribed Authority and 4 others
Case Number : 1 WRIC No. - 19391 of 2023
CITATION : 2026 LLBiz HC (ALL) 35
The Allahabad High Court on 24 April, held that the Insolvency and Bankruptcy Code, 2016 (IBC), being a later law, prevails over the Electricity Act, 2003 in case of inconsistency. The Bench of Justices Ajit Kumar and Swarupama Chaturvedi allowed the writ petition and held that Section 238 of the IBC gives the Code overriding effect over other statutes, including sector-specific laws.
Public Announcement Under IBC Sufficient, Individual Notice Not Required: Allahabad High Court
Case Title : South East U.P. Power Transmission Company Limited v. Prescribed Authority and 4 others
Case Number : 1 WRIC No. - 19391 of 2023
CITATION : 2026 LLBiz HC (ALL) 35
The Allahabad High Court on 24 April, held that under the Insolvency and Bankruptcy Code, 2016, individual notice to each creditor is not required and that a public announcement under Section 15 of the Code constitutes sufficient notice to corporate creditors. A Bench comprising Justices Ajit Kumar and Swarupama Chaturvedi, while allowing a petition by South East U.P. Power Transmission Company Limited (and a connected petition by Tata Steel Limited) further held that creditors must exercise due diligence and file their claims within the prescribed timelines during the Corporate Insolvency Resolution Process (CIRP).
Case Title : Sanjiv Kumar Gupta AND State of Telangana and 3 Ors.
Case Number : W.P.No.27253 of 2025
CITATION : 2026 LLBiz HC(TEL) 24
The Telangana High Court has recently set aside a demand raised against an auction purchaser under the Insolvency and Bankruptcy Code, holding that such a purchaser cannot be made liable for electricity dues of the previous owner where the claim was not part of the insolvency process, and further that a demand raised after nearly 16 years is barred by limitation. Justice Renuka Yara, allowing the writ petition, emphasised that once the resolution process concludes, undisclosed statutory dues cannot be enforced against a successful purchaser.
Case Title : Vinay Bhadauria v. Insolvency and Bankruptcy Board of India
Case Number : MCRC No. 32697 of 2022
CITATION : 2026 LLBiz HC (MP) 24
The Madhya Pradesh High Court has held that offences under the Insolvency and Bankruptcy Code, 2016 can be tried only by the Special Court having jurisdiction over the place where a company's registered office is situated, ruling that a Gwalior court lacked inherent jurisdiction to entertain a complaint against a company whose registered office is in New Delhi. “From the bare reading of section 436 it is clear that offences shall be triable only by the Special Court established under section 435 having territorial jurisdiction where the registered office of the company is situated. It relevant to refer the Annexure D-1, wherein it is clear that as per notification dated 18.05.2016 wherein at S. No. 6 of the list, L.d. IX Additional District & Sessions Judge, Gwalior is having jurisdiction only with respect to State of Madhya Pradesh. While the registered office of the company against which the complaint is relates is admittedly situated at New Delhi. Therefore, Trial Court lacked inherent jurisdiction to take cognizance of the complaint.”, it said.
Case Title : GUJARAT INDUSTRIAL DEVELOPMENT CORPORATION Versus GUJARAT HYDROCARBONS AND POWER SEZ LIMITED & ORS.
Case Number : R/LETTERS PATENT APPEAL NO. 55 of 2026
CITATION : 2026 LLBiz HC (GUJ) 61
The Gujarat High Court has dismissed an appeal by Gujarat Industrial Development Corporation and upheld the quashing of its decision to terminate a lease and evict Gujarat Hydrocarbons and Power SEZ Ltd during insolvency proceedings. The court held that both the termination of the lease and the eviction action were “non est, illegal and bad in law” as they were taken during the moratorium period.
Case Title : Jaideep Singh v. State of Madhya Pradesh & Ors.
Case Number : WP No. 13632 of 2026
CITATION : 2026 LLBiz HC (MP) 31
The Madhya Pradesh High Court at Jabalpur has recently stayed the execution of an arrest warrant in recovery proceedings arising from a RERA order against a real estate developer undergoing insolvency, noting that enforcing civil jail despite a subsisting moratorium would cause serious prejudice. A bench of Justice Sanjeev S. Kalgaonkar observed, “The petitioner would be seriously prejudice, if the order regarding civil jail is executed in furtherance of the warrant of arrest despite there being moratorium stay order passed by the NCLT, Special Indore Bench in his favour. Therefore, it is directed that the execution in furtherance of order dated 09.04.2026 passed by the Sub-Divisional Officer, Kolar is stayed till next date of hearing,”
Case Title : Kaizen Power Limited Vs Andhra Pradesh Industrial Corporation Limited
Case Number : Commercial Court Appeal No 3/2026
CITATION : 2026 LLBiz HC(TEL) 28
The Telangana High Court on 15 April set aside a Commercial Court order that had vacated interim protection granted to Kaizen Power Limited in relation to its lease dispute with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). A Division Bench of Justices Moushumi Bhattacharya and Gadi Praveen Kumar held that the Commercial Court proceeded on an erroneous understanding of the effect of the IBC moratorium and allowed the appeal, directing that arbitration proceedings be resumed without further delay, while restoring the interim protection earlier granted.
RTO Cannot Demand Pre-Liquidation Motor Vehicle Tax From IBC Auction Purchasers: Bombay High Court
Case Title : My Ideal Transport and another Vs Transport Commissioner Maharashtra and others
Case Number : WRIT PETITION NO.3237 OF 2026
CITATION : 2026 LLBiz HC (BOM) 258
On 22 April, the Bombay High Court, allowing a writ petition filed by My Ideal Transport, held that Regional Transport Offices (RTOs) cannot demand pre-liquidation Motor Vehicle Tax (MVT) dues from auction purchasers of vehicles sold during liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat reiterated that statutory authorities must lodge their claims before the liquidator and have them resolved under the IBC's waterfall mechanism, rather than recover them from successful auction purchasers.
Case Title : JM Financial Asset Reconstruction Company Ltd. Vs Registrar, National Company Law Tribunal, Mumbai Bench and another
Case Number : WRIT PETITION (L) NO.13026 OF 2026
CITATION : 2026 LLBiz HC (BOM) 259
On 30 April, the Bombay High Court directed the National Company Law Tribunal (NCLT), Mumbai to constitute a Special Bench and dispose of JM Financial Asset Reconstruction Company Ltd.'s Section 7 petition against Shubh Hospitality Private Ltd. by 30 June 2026, and expressed strong disapproval of how the Tribunal handled the matter. A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat emphasised that delays at the NCLT defeat the time-bound framework of the Insolvency and Bankruptcy Code, 2016 (IBC), and directed immediate steps to ensure pronouncement of a long-reserved order.
Case Title : Omkaram Venkata Ramana Vs The Union of India & Ors
Case Number : WRIT PETITION NO: 8420 of 2026
CITATION : 2026 LLBiz HC(APH) 36
The Andhra Pradesh High Court has dismissed a writ petition filed by businessman Omkaram Venkata Ramana challenging the Bank of India's decision to classify his group companies' loan accounts as Non-Performing Assets (NPA). The court held that the petition sought to bypass proceedings already pending under the SARFAESI Act and Insolvency and Bankruptcy Code (IBC). "In our considered opinion there cannot be any blanket orders passed as is prayed in this writ petition, which itself is not entertainable as such. Petitioner seeks to bypass all pending proceedings under SARFAESI Act as well as IBC and also seeks that this Court should ignore passing of order, dated 16.12.2025 in Crl.P.No.8044 of 2023 whereby criminal proceedings initiated by him against Bank officials have been quashed,” the court observed.
NCLT Proceedings Time Excludable Under Section 14 Limitation Act: Calcutta High Court
Case Title : JONES LANG LASALLE PROPERTY CONSULTANTS (INDIA) PRIVATE LIMITED -VERSUS- M. A. LEASING AND CONSRUCTION PVT. LTD. AND ORS.
Case Number : C.S. (COM) 171/2025
CITATION : 2026 LLBiz HC (CAL) 109
The Calcutta High Court on 6 May held that the time spent prosecuting insolvency proceedings before the National Company Law Tribunal (NCLT) is liable to be excluded under Section 14 of the Limitation Act, 1963, even where a Section 9 application under the Insolvency and Bankruptcy Code, 2016 (IBC) is rejected on the ground of pre-existing dispute. Justice Aniruddha Roy allowed a commercial suit filed by Jones Lang LaSalle Property Consultants (India) Pvt Ltd against M. A. Leasing and Construction Pvt Ltd and its directors seeking recovery of unpaid professional fees, and directed exclusion of the period spent before the NCLT while computing limitation.
Case Title : GULAM MUSTAFA ENTERPRISES PVT. LTD Vs INDIA HOUSING FUND
Case Number : WP No. 10289 of 2026
CITATION : 2026 LLBiz HC (KAR) 67
The Karnataka High Court has recently observed that it cannot micromanage proceedings before the National Company Law Tribunal by directing it to hear a company's applications in a particular order while hearing a petition filed by real estate developer Gulam Mustafa Enterprises Pvt. Ltd. “At the outset, this Court is of the considered view that the relief sought by the petitioner, in substance, amounts to inviting this Court to micromanage the proceedings pending before the adjudicating authority under the IBC. Such an exercise is impermissible in exercise of supervisory jurisdiction under Article 227 of the Constitution of India,” Justice Sachin Shankar Magadum held.
Byju's Insolvency: Kerala High Court Strikes Off Voizzit Suit Over US Assets
Case Title : Claudia Z.Springer v. Voizzit Technology Private Limited
Case Number : OP(C) 335/2026
The Kerala High Court on Thursday struck off a suit by Voizzit entities claiming rights over assets of BYJU'S US subsidiaries, holding that the proceedings were barred by the insolvency moratorium against BYJU'S parent Think & Learn Pvt. Ltd. Justice Easwaran S. passed the order on a petition filed by Claudia Z. Springer, the Chapter 11 Trustee appointed by the United States Bankruptcy Court for the District of Delaware in bankruptcy proceedings concerning BYJU'S US subsidiaries, including Epic Creations Inc. and Tangible Play Inc.
Case Title : SHIVA SHAKTI SECURITY SERVICES Vs OFFICIAL LIQUIDATOR
Case Number : APOT/316/2023 WITH CP/49/2016
CITATION : 2026 LLBiz HC (CAL) 133
The Calcutta High Court has held that pending company winding-up petitions before High Courts can be transferred to the National Company Law Tribunal even after admission, a winding-up order, and appointment of an Official Liquidator, so long as the proceedings have not reached an irreversible stage.
Case Title : Pravin R. Navandar vs The State of Maharashtra, Through Ministry of Home Affairs, Govt. of Maharashtra, and others
Case Number : WRIT PETITION (LODGING) NO. 13580 OF 2026
CITATION : 2026 LLBiz HC (BOM) 304
The Bombay High Court recently (May 6) directed police to use reasonable force, if necessary, to ensure complete handover of Hotel Horizon Pvt Ltd's Juhu property to the successful resolution applicant. The court said the suspended directors were continuing to obstruct compliance with orders passed by the National Company Law Tribunal and the High Court.
Case Title : MEDIMEX TRADECOM PRIVATE LIMITED Vs BIJAY MURMURIA
Case Number : CO 941 OF 2026
CITATION : 2026 LLBiz HC (CAL) 140
The Calcutta High Court has recently reiterated that a court exercising contempt jurisdiction cannot travel beyond the four corners of the order alleged to have been violated or venture into the merits of the underlying dispute while setting aside part of a National Company Law Tribunal order that had allowed a liquidator to complete the sale of a company's assets. Justice Om Narayan Rai held that while exercising contempt jurisdiction, “the Court must confine itself to the four corners of the order in question.” He added that it is “not open to the Court to touch upon the merits of the matter, much less to make observations that amount to setting aside the very interim order of which contempt is alleged.”
Look-Out Circular Cannot Bar Bankrupt Guarantor's Travel For Official Duties: Karnataka High Court
Case Title : ADITYA ARORA Vs BUREAU OF IMMIGRATION MINISTRY OF HOME AFFAIRS GOVERNMENT OF INDIA & Ors
Case Number : WRIT PETITION NO. 3143 OF 2026
CITATION : 2026 LLBiz HC(KAR) 72
The Karnataka High Court on 30 April held that a Look-Out Circular (LOC) cannot operate as an absolute bar on a bankrupt guarantor's overseas travel where such travel is required to discharge professional obligations, and that authorities must balance such restrictions against constitutional protections and employment needs. Justice Sachin Shankar Magadum passed the order while disposing of a writ petition filed by Aditya Arora challenging an LOC issued at the instance of Bank of Baroda.
IBC Resolution Plan Acceptance Is “Settlement” Under Section 16 Court Fees Act: Delhi High Court
Case Title : SAINIK INDUSTRIES PVT. LTD Vs INDIAN SUGAR MANUFACTURING COMPANY LIMITED
Case Number : CS(COMM) 474/2019
CITATION : 2026 LLBiz HC (DEL) 572
On 1 June, the Delhi High Court held that acceptance of claims under a resolution plan in insolvency proceedings amounts to a “settlement” within the meaning of Section 16 of the Court Fees Act, 1870, thereby entitling a plaintiff to refund of court fee upon withdrawal of the suit. Justice Subramonium Prasad allowed Sainik Industries Pvt. Ltd. to withdraw its recovery suit against Indian Sugar Manufacturing Company Ltd. and directed refund of the entire court fee.
Madhya Pradesh High Court Bars Post-Resolution Proceedings Against Corporate Debtor's “New Avatar”
Case Title : Pushp Ratna Realty Pvt Ltd v. Kamal Nayan Mishra and Ors
Case Number : Writ Petition No. 19362 of 2026
CITATION : 2026 LLBiz HC(MP) 41
The Madhya Pradesh High Court on 27 May held that once a resolution plan is approved under the Insolvency and Bankruptcy Code, 2016, the corporate debtor in its “new avatar” cannot face pre-resolution claims or proceedings that stand extinguished under the approved plan. Justice Jai Kumar Pillai reiterated that the insolvency framework ensures a “clean slate” to the successful resolution applicant and allowed the petition filed by Pushp Ratna Realty Pvt Ltd, whose resolution plan the NCLT, Indore had approved.
Bombay HC Orders Release Of MPID-Attached Property After Approval Of Steel Company's Resolution Plan
Case Title : Dwarka Iron Industries Pvt. Ltd. Versus Competent Authority (under MPID Act, 1999) & Anr
Case Number : WRIT PETITION NO. 5272 OF 2026
CITATION : 2026 LLBiz HC (BOM) 311
Case Title : K.N Marzook v. Dhanlaxmi Bank Limited and Ors
Case Number : WP(C) No. 97 of 2025
CITATION : 2026 LLBiz HC(KER) 94
On 25 May, the Kerala High Court held that it cannot entertain a writ petition challenging insolvency proceedings initiated before the National Company Law Tribunal (NCLT), New Delhi, against a personal guarantor merely because the underlying credit facilities were availed in Kerala, since territorial jurisdiction under the Insolvency and Bankruptcy Code depends on the location of the corporate debtor's registered office.
Bombay High Court Quashes Awards Against Guarantors Despite IBC Moratorium On Debt
Case Title : Ajeet Madhukar Mulay vs Abhyudaya Co-Operative Bank Limited & Ors
Case Number : COMMERCIAL ARBITRATION PETITION NO. 843 OF 2024
CITATION : 2026 LLBiz HC (BOM) 321
The Bombay High Court on Tuesday held that arbitral awards resulting in enforcement of a debt that has become temporarily unenforceable due to a statutory moratorium run contrary to the fundamental policy of Indian law. The court consequently quashed two awards obtained by Abhyudaya Co-operative Bank against guarantors of insolvency resolution bound Nirmangold Alloys Pvt. Ltd. and Nirmangold Plasttech Pvt Ltd.
Case Title : BPL Limited v. National Company Law Tribunal Kochi Bench
Case Number : WP(C) No. 19348 of 2026
CITATION : 2026 LLBiz HC(KER) 98
The Kerala High Court has held that the National Company Law Tribunal (NCLT) can permit additional objections in insolvency proceedings. It cannot reject such requests on the ground that there is no provision under the Insolvency and Bankruptcy Code or the NCLT Rules to entertain them.
Case Title : Voizzit Technology Pvt Ltd and Anr v. The Director and Ors
Case Number : WP(Crl) No. 74 of 2026
CITATION : 2026 LLBiz HC(KER) 99
The Kerala High Court has recently dismissed a plea seeking a court-monitored investigation by the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and National Investigation Agency (NIA) into allegations connected with the corporate insolvency resolution process of Think and Learn Private Limited (BYJU'S).
Case Title : MR K C M GOWDA Vs ADITYA BIRLA CAPITAL LIMITED& ACE EMBEDDED INTENSIVE CARE UNITS PRIVATE LIMITED
Case Number : WRIT PETITION NO. 16159 OF 2026
CITATION : 2026 LLBiz HC (KAR) 82
The Karnataka High Court has held that the National Company Law Tribunal (NCLT) is entitled to examine whether an applicant possesses the requisite locus standi to invoke the personal guarantor insolvency framework before permitting the process to proceed.
Case Title : ANUJ GOYAL vs NATIONAL COMPANY LAW TRIBUNAL AND ORS. T HROUGH REGISTRAR
Case Number : W.P.(C) 8240/2026
CITATION : 2026 LLBiz HC (DEL) 628
The Delhi High Court has recently refused to issue directions to the National Company Law Tribunal (NCLT) for urgent listing of a homebuyer's transfer plea in an ongoing insolvency proceeding. The court observed that such directions cannot be issued in exercise of its writ jurisdiction. A vacation bench of Justice Tejas Karia dismissed a petition filed by homebuyer Anuj Goyal and imposed costs of ₹25,000, payable to the Delhi High Court Bar Clerks' Association within two weeks.
Case Title : Ferro Alloys Corporations Ltd.-versus- Sub Divisional Magistrate, Champua & Anr.
Case Number : CRLMC No. 5590 of 2025
CITATION : 2026 LLBiz HC (ORI) 21
The Orissa High Court has recently quashed criminal proceedings against Ferro Alloys Corporation Ltd over alleged environmental law violations. It held that continuation of the prosecution was not sustainable as the violations happened before the insolvency resolution. Justice Dr. Sanjeeb K. Panigrahi also noted that offences under Section 15 of the Environment (Protection) Act, 1986 have since been decriminalised. They have been replaced with a regime of civil penalties.
Case Title : Darshan Mandir Co-operative Housing Society Limited V/s. District Deputy Registrar, Co-operative Society, Mumbai (4) and others
Case Number : WRIT PETITION NO. 16318 of 2025
CITATION : 2026 LLBiz HC (BOM) 352
A housing society's application for deemed conveyance of land and building cannot be put on hold merely because insolvency proceedings are pending against a developer, the Bombay High Court has held. The court ruled that a moratorium under the Insolvency and Bankruptcy Code (IBC) does not prevent authorities from deciding such applications under the Maharashtra Ownership Flats Act (MOFA). Justice Sandeep V. Marne set aside an order that had rejected a deemed conveyance application filed by Darshan Mandir Co-operative Housing Society on the ground that Corporate Insolvency Resolution Process (CIRP) proceedings were pending against Vas Infrastructure Ltd.
Case Title : Pinax Paper Mills Private Limited -Vs.- The State of West Bengal & Anr.
Case Number : WPA 10983 of 2025
CITATION : 2026 LLBiz HC (CAL) 158
The Calcutta High Court has recently held that West Bengal State Electricity Distribution Company Limited (WBSEDCL) could not insist that Pinax Paper Mills Private Limited pay pre-CIRP Late Payment Surcharge (LPSC) before granting a fresh electricity connection after approval of the company's resolution plan.
NCLAT
Case Name: Ashok Mansukhlal Kapasi & Ors. v. Bhavi Shah (RP of Techno Forge Ltd.) & Ors.
Citation: 2026 LLBiz NCLAT 1
Case Number: Company Appeal (AT) (Ins) No.643 of 2024
The National Company Law Appellate Tribunal (NCLAT) at Delhi has reiterated an insolvency court cannot add new conditions to a resolution plan approved by lenders, and set aside a direction that required 5 percent equity of the corporate debtor to be reserved for public shareholders.
A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka said the clause had found its way into the order without any basis in the approved resolution plan.
Case Title: Airtech Airconditioning v. Parnika Commercial and Estate Private Limited
Citation: 2026 LLBiz NCLAT 2
Case Number: Company Appeal (AT) (Ins) No.502/2024
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Wednesday set aside an order of the National Company Law Tribunal, Delhi, which had dismissed an insolvency application by invoking the Covid-19 bar under the Insolvency and Bankruptcy Code. The appellate tribunal held that the NCLT Delhi failed to consider invoices whose dates of default fell outside the Covid-19 excluded period.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said the approach adopted by the NCLT Delhi was flawed.
NCLAT Upholds Eviction Of Subsidiaries From Corporate Debtor's Properties During Liquidation
Case Title: Fivebro Water Services Pvt. Ltd. and Anr. Vs. Bijay Murmuria, Liquidator of Doshion Pvt. Ltd. and Ors.
Citation: 2026 LLBiz NCLAT 3
Case Number: Company Appeal (AT) (Insolvency) No. 1730 of 2025
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the NCLT Ahmedabad's order directing eviction of two subsidiaries from premises owned by a corporate debtor.
The court held that the NCLT can exercise jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code (which gives the insolvency court power to decide questions of law or fact arising out of or connected with insolvency or liquidation) to recover possession and rent during liquidation when the underlying leases are invalid.
Calling Guarantor 'Director' In SARFAESI Notice Doesn't Invalidate Invocation Of Guarantee: NCLAT
Case Title: Ujwal Gupta v Union Bank of India and Anr.
Citation: 2026 LLBiz NCLAT 4
Case Number: Company Appeal (AT) (Ins) No. 2001 of 2024
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently ruled that merely describing a personal guarantor as a “Director” in a SARFAESI demand notice does not invalidate the invocation of the personal guarantee, as long as the notice clearly demands payment of the outstanding dues under the guarantee deed.
Case Title: Klassy Enterprises v. Competition Commission of India and Ors.
Citation: 2026 LLBiz NCLAT 5
Case Number: Competition Appeal (AT) No. 33 of 2022
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently upheld a Rs 10 lakh penalty imposed by the Competition Commission of India on Klassy Enterprises, holding that paying the tender costs of rival bidders and submitting bids from the same IP address was enough to show bid rigging, even without a written cartel agreement.
A bench of Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Naresh Salecha dismissed Klassy Enterprises' appeal against the CCI's March 17, 2021 order.
NCLAT Limits Ansal Properties' Insolvency To Sushant Golf City and Rajasthan Projects
Case Title: Gagan Tandon & Ors. v. IL & FS Financial Services Ltd. & Ors.
Citation: 2026 LLBiz NCLAT 6
Case Number: Company Appeal (AT) (Ins.) Nos. 500 & 502 of 2025
The National Company Law Appellate Tribunal (NCLAT) at New Delhi refused to overturn the insolvency proceedings against Ansal Properties and Infrastructure Limited.
However, it restricted the process to Sushant Golf City in Lucknow and three Rajasthan projects: Ansal Royal Plaza, Orchid Plaza, and Tulip Plaza. The tribunal said extending the insolvency process to projects not linked to the loan securities was “uncalled for” and would disrupt unrelated real estate projects.
NCLAT Upholds ₹5,000 EPFO Allocation In CIRP of Metistech Fabrication Against ₹18.33 Lakh Claim
Case Title: Employees Provident Fund Organisation vs Subhlaxmi Investment Advisory Pvt Ltd and Anr
Citation: 2026 LLBiz NCLAT 7
Case Number: Company Appeal AT (Insolvency) No. 794 of 2025
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld a resolution plan that allocated only Rs 5,000 towards provident fund dues claimed by the Employees' Provident Fund Organisation. The tribunal held that the bulk of the EPFO's demand was unenforceable, as it was assessed after insolvency proceedings had already begun.
A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka dismissed the EPFO's appeal against the resolution plan approved for Metistech Fabrication Private Limited, an Odisha based company. The tribunal said Section 14 of the Insolvency and Bankruptcy Code bars any fresh assessment or recovery action once a moratorium comes into force.
Case Title: In the Matter of: Consortium led by Syonira Invecast Pvt. Ltd v. Employees' Provident Fund Organisation & Anr.
Case Number: Company Appeal (AT) (Ins.) No. 2319 of 2024
Citation: 2026 LLBiz NCLAT 9
The National Company Law Appellate Tribunal (NCLAT) New Delhi has held that no assessment proceedings can be initiated or continued during the moratorium period under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC) and no claim based on such assessment can be enforced against the Successful Resolution Applicant (SRA) after approval of the Resolution Plan. Section 14 of the IBC introduces a moratorium that halts legal actions against a corporate debtor once insolvency proceedings begin.
NCLAT Expunges Adverse Remarks Against IL&FS Companies In Wind World Insolvency
Case Title : Jogihali Wind Energy Private Limited v. Yogesh Mehra and Ors.
Case Number : Company Appeal (AT) (Ins) No. 1249 of 2022
CITATION : 2026 LLBiz NCLAT 21
The National Company Law Appellate Tribunal (NCLAT) at Delhi has expunged adverse remarks made by the NCLT Ahmedabad against three IL&FS group companies during the insolvency proceedings of Wind World (India) Limited. The appellate tribunal held that the observations were made without evidence and could not be allowed to remain.
A bench of Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Indevar Pandey said removing a creditor from the Committee of Creditors is not a minor issue. The tribunal stressed that such decisions require procedural fairness.
Credits To Bankrupt's Bank Account Don't Automatically Vest In Bankruptcy Estate: NCLAT
Case Title : Shubash Chandra Mishra, Personal Guarantor vs Sunil Kumar, Bankrupt Trustee &Anr.
Case Number : Comp. App. (AT) (Ins) No. 1300/2025
CITATION : 2026 LLBiz NCLAT 17
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has ruled that money lying in the bank account of a bankrupt personal guarantor forms part of the bankruptcy estate and can be frozen by the Bankruptcy Trustee.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said that while all assets belonging to the bankrupt as of the bankruptcy commencement date vest in the trustee, the law treats assets acquired later differently.
Case Title : Rajiv Gupta v. Brijesh Singh Bhaduriya, Ertswhile RP of RCI Industries and Technologies Ltd and Ors.
Case Number : Comp. App.(AT) (Ins) No. 1859/2025
CITATION : 2026 LLBiz NCLAT 16
The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has refused to interfere with the approval of a resolution plan for RCI Industries and Technologies Ltd., after the successful resolution applicant undertook not to claim any rights over two disputed properties and the plan was approved by the committee of creditors.
A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said, “Resolution Plan having been approved by the CoC and SRA having offered not to claim any right which has been accepted by Adjudicating Authority, we are of the view that at the instance of the Suspended Directors the said decision cannot be interfered with.”
NCLAT Issues Notice On REC's ₹37.48 Crore Insolvency Appeal Against Poena Power
Case Title : REC Limited v. Poena Power Development Limited
Case Number : Company Appeal (AT) (Insolvency) No. 92 of 2026
The National Company Law Appellate Tribunal (NCLAT) at New Delhi on Thursday issued notice on an appeal by Maharatna PSU REC Limited against an NCLT order that rejected its bid to start insolvency proceedings against Poena Power Development Limited, a subsidiary of RattanIndia Power Limited, over an alleged default of about Rs 37.48 crore. REC has challenged the NCLT's refusal to admit its Section 7 petition, which was dismissed on the ground that no legally enforceable debt had arisen. The tribunal had held that the claim stemmed from Redeemable Preference Shares (RPS) that had not become redeemable under the Companies Act, as the parent company lacked profits or funds raised through a fresh share issue.
NCLAT Sets Aside Aman Hospitality CIRP After Suspended Director Undertakes To Pay ₹119 Crore Dues
Case Title : Raj Singh Gehlot, Suspended Director of Aman Hospitality Private Limited v. Anup Kumar, IRP of Aman Hospitality Private Limited and Anr
Case Number : Comp. App. (AT) (Ins) No. 94 of 2026
CITATION : 2026 LLBiz NCLAT 15
The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside insolvency proceedings against Aman Hospitality Private Limited after the suspended director undertook to pay Bank of India's dues within three days, overturning an NCLT Delhi order admitting the company into the Corporate Insolvency Resolution Process (CIRP).
A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra allowed the appeal filed by suspended director Raj Singh Gehlot after taking on record his undertaking to settle the dues of the financial creditor, Bank of India.
NCLAT Lifts 'Impossible Condition' Of ₹40-Crore Security Imposed On Bankrupt Guarantor For US Travel
Case Title : Zankarsinh Kishorsinh Solanki v. Kanhaiyalal Salawat (Bankruptcy Trustee) & Ors. Case Number : Company Appeal (AT) (Insolvency) No. 2030 of 2025
CITATION : 2026 LLBiz NCLAT 14
The National Company Law Appellate Tribunal (NCLAT) has set aside a condition imposed by the NCLT Ahmedabad requiring a bankrupt personal guarantor to deposit Rs. 40 crore as security for travelling to the United States. The tribunal held that a person already declared bankrupt cannot be expected to arrange such funds.
A bench led by Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that imposing an “impossible condition” amounts to denial of permission to travel.
Case Title : Rakesh Phull (RP of Shivam Continental Pvt. Ltd.) v. Punjab Small Industries & Export Corporation Ltd. & Anr.
Case Number : Comp. App. (AT) (Ins) No. 50 of 2026
CITATION : 2026 LLBiz NCLAT 13
The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused to interfere with an order admitting a late claim in an insolvency case. The tribunal said the delay did not, by itself, warrant interference since the liability was already disclosed to bidders during the process.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra noted that the Information Memorandum had flagged the dues. It had also cautioned resolution applicants to make their own enquiries.
“Sat Over Our Order”: NCLAT Seeks ISPT India IRP's Reply In Contempt Case
Case Title : National Company Law Appellate Tribunal Chennai Bench v. Anil Kumar Khicha Case Number : Contempt No. 1/2026 in Company Appeal (AT) (CH) (Ins) Nos. 531 & 532/2025 CITATION : 2026 LLBiz NCLAT 12
The National Company Law Appellate Tribunal (NCLAT) at Chennai has sought a reply from Anil Kumar Khicha, the Interim Resolution Professional (IRP) of ISPT India Pvt Ltd, in contempt proceedings after the tribunal earlier found that an email issued by him in the insolvency proceedings was contemptuous.
A bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain is dealing with the contempt proceedings arising from the insolvency proceedings of ISPT India Pvt Ltd.
NCLAT Upholds Adani Power's ₹4,000 Crore Resolution Plan For Vidarbha Industries
Case Title : Western Coalfields Ltd. v. Bimal Kumar Agarwal & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 1281 of 2025 with Company Appeal (AT) (Insolvency) No. 1317 of 2025
CITATION : 2026 LLBiz NCLAT 11
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld Adani Power Limited's Rs 4,000 crore resolution plan for Vidarbha Industries Power Limited, rejecting challenges raised by Western Coalfields Limited, a fuel supplier and operational creditor, and an employee representative.
A bench of Chairperson Ashok Bhushan and Technical Member Barun Mitra held that changes made by Adani Power to the acquisition structure after the plan was approved by the committee of creditors were permitted under the plan itself.
NCLAT Quashes NCLT Condition Restricting Use of Rs 20 Crore In Carnival Films Resolution Plan
Case Title : Cine-Corp Filmdom Pvt. Ltd. v. Ashok Kumar Gulla (RP) & Anr.
Case Number : Company Appeal (AT) (Ins) No. 1614 of 2025
CITATION : 2026 LLBiz NCLAT 10
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has set aside an NCLT Indore order that approved Carnival Films Private Limited's resolution plan but barred the use of nearly Rs. 20 crore lying in the company's bank account to pay creditors.
A bench of Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Arun Baroka said the NCLT had overstepped its jurisdiction. It noted that the NCLT had first recorded that the plan complied with Section 30(2) of the Insolvency and Bankruptcy Code and then imposed fresh conditions.
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.
BREAKING | NCLAT Upholds NCLT Order, Rejects Actor Akshay Kumar's Insolvency Plea Against Cue Learn
Case Title : Akshay Kumar Bhatia v Cue Learn Private Ltd.
Case Number : Company Appeal (AT) (Ins) No.454 of 2025
CITATION : 2026 LLBiz NCLAT 31
The National Company Law Appellate Tribunal at New Delhi on Friday upheld an NCLT order refusing to start insolvency proceedings against Cue Learn Private Limited over a payment dispute arising from an endorsement deal with actor Akshay Kumar Bhatia.
A coram of Judicial Member Justice N. Seshasayee and Technical Member Indevar Pandey agreed that the disagreement between the parties could not be resolved under the Insolvency and Bankruptcy Code.
Case Title : V. Nagarajan v. ICICI Bank Ltd.
Case Number : IA No. 30/2022 in Company Appeal (AT) (CH) (Ins) No. 14 of 2022 CITATION : 2026 LLBiz NCLAT 30
The National Company Law Appellate Tribunal at Chennai has dismissed an appeal filed by the liquidator of Cethar Limited, refusing to excuse a 495-day delay in amending an avoidance application filed during a company's insolvency proceedings.
The tribunal held that the delay amounted to “gross negligence” and could not be condoned by relying on Section 148 of the Code of Civil Procedure, a provision that allows courts to extend procedural timelines but limits such extension to 30 days.
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain ruled that this power cannot override Order VI Rule 18 of the CPC, which requires amendments to pleadings to be carried out within 14 days when no specific time is fixed.
NCLAT Upholds Insolvency Admission Against Karanja Terminal Over ₹330 Crore Default
Case Title : Brig. Vikram Singh v. Karanja Terminal & Logistics Pvt. Ltd.
Case Number : Company Appeal (AT) (Insolvency) Nos. 1928-1931 of 2025
CITATION : 2026 LLBiz NCLAT 29
The National Company Law Appellate Tribunal has upheld the initiation of insolvency proceedings against Karanja Terminal & Logistics Private Limited, a port operator, after rejecting its claim that a proposed settlement with lenders had stalled insolvency action.
A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra agreed with the National Company Law Tribunal that the corporate insolvency resolution process was rightly admitted.
Case Title : Subrata Sardar, Suspended Director of Vivek Brothers Pvt. Ltd. Vs. Central Bank of India and Vivek Brothers Pvt. Ltd.
Case Number : Company Appeal (AT) (Ins) No.45 of 2025
CITATION : 2026 LLBiz NCLAT 35
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently observed that a corporate guarantor cannot avoid insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code by describing its guarantee obligation as a “contingent liability” in its balance sheets.
The ruling was delivered by a bench comprising Judicial Member Justice N. Seshasayee and Technical Member Indevar Pandey.
Case Title : National Bank for Agriculture and Rural Development v. SREI Equipment Finance Ltd and Ors
Case Number : Company Appeal (AT) (Insolvency) No. 532 of 2024
CITATION : 2026 LLBiz NCLAT 36
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently held that receivables from refinance transactions extended by National Bank for Agriculture and Rural Development (NABARD) are third-party assets held in trust and cannot form part of the borrower's insolvency estate.
A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that NABARD's statutory rights under Section 29 of the NABARD Act are not waived merely because it filed its claim in Form-C during the corporate insolvency resolution process.
NCLAT Closes Suo Motu Contempt Proceedings Against IRP After Accepting His Unconditional Apology
Case Title : National Company Law Appellate Tribunal v. Anil Kumar Khicha
Case Number : Contempt No. 1/2026
CITATION : 2026 LLBiz NCLAT 37
The National Company Law Appellate Tribunal (NCLAT) at Chennai, has closed contempt proceedings against an Interim Resolution Professional who “sat over” the tribunal's interim stay order and proceeded despite it, after accepting his unconditional apology.
A coram of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain, in its order dated January 29, 2026, recorded that it had earlier directed that “the effect and operation of the impugned order dated 15.09.2025 was directed to be kept in abeyance.”
Case Title : Puro Natural Sugars JV v. Shree Warana Sahakari Bank Ltd and Ors
Case Number : Company Appeal (AT) (Insolvency) No. 1003 of 2025
CITATION : 2026 LLBiz NCLAT 38
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that once an approved resolution plan expressly extinguished securities and attachments of personal guarantors and attained finality, dissenting financial creditors could not continue recovery proceedings against such assets.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra allowed an appeal filed by Puro Natural Sugars JV and deleted portions of a National Company Law Tribunal (NCLT) order that had restricted the scope of release of guarantor and third-party assets.
Case Title : IndusInd Bank Limited and Link Intime India Private Limited v Mrs. Neetu R. Menda
Case Number : CP (AT) /38/2024
CITATION : 2026 LLBiz NCLAT 39
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the restoration of 5,000 equity shares of IndusInd Bank to their original holder, holding that the bank and its Registrar and Transfer Agent acted negligently in issuing duplicate share certificates to a third party.
A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra observed, “We note that the Appellant was negligent and had not followed the due procedure in issue of duplicate share certificates. The registered shareholder was nevour kept in the loop and was never informed. As per the law and guidelines prescribed, the duplicate share certificate could have been issued only to the registered shareholder, and not to any body else.”
Case Title : Maheshkumar Bachubhai Patel V Shubh Cottom & Anr
Case Number : Company Appeal (AT) (Insolvency) 1856/2025
CITATION : 2026 LLBiz NCLAT 40
Holding that the claim was not time barred and that all the invoices had to be considered for determining the statutory threshold, the National Company Law Appellate Tribunal dismissed an appeal against the admission of insolvency proceedings against Rajeshwari Cotspin Ltd.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “Thus, threshold has to be determined on basis of the invoices taking all the invoices and cannot confine to only last invoice of Rs. 19 lakhs.”
Case Title : Akshay Kumar Rout V Indo Laminates Pvt Ltd
Case Number : Company Appeal (AT) (Insolvency) 1455/2025
CITATION : 2026 LLBiz NCLAT 41
Holding that the purchase of stamp paper and subsequent execution of a loan agreement cannot be any relevant consideration for rejecting a CIRP plea, the National Company Law Appellate Tribunal at Delhi has set aside the dismissal of an insolvency plea.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “The observation of the Adjudicating Authority that the stamp paper was purchased on 12.02.2025 and agreement was executed on 01.03.2025 can not be any relevant consideration for rejecting Section 7 application. Observations in Para 23 and 24, as noted above, can not be basis for rejection of the application.”
Case Title : Chandresh Jajoo v Vikas Garg
Case Number : Company Appeal (AT) (Insolvency) 1713/2025
CITATION : 2026 LLBiz NCLAT 42 To Read th
The National Company Law Appellate Tribunal (NCLAT) has held that the issue of formation and determination of opinion by a resolution professional in respect of preferential, undervalued, extortionate, and fraudulent (PUFE) transactions cannot be examined at the threshold level on a stand-alone basis while the avoidance applications are pending consideration before the adjudicating authority.
A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed,
“We are of the considered view that the issue of formation of opinion and determination of opinion on PUFE transactions cannot be examined at the threshold level on a stand-alone basis dehors the avoidance applications.”
Case Title : Pink Rose Chemicals Pvt. Ltd & Ors Vs Premraj Ramratan Laddha & Ors Case Number : Company Appeal (AT) (Insolvency) 2215/2024
CITATION : 2026 LLBiz NCLAT 43
An ex parte order passed without issuing notice cannot be sustained, the National Company Law Appellate Tribunal (NCLAT) has held, setting aside a Mumbai NCLT order that had allowed a preferential transaction application in the liquidation of Euro Ceramics Ltd.
A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka said that omission to direct notice is larger than some procedural breach.
NCLAT Affirms NCLT New Delhi Order Rejecting Insolvency Plea Against Bajaj Appliances
Case Title : T.J. Communication Pvt. Ltd. v. Bajaj Appliances Ltd.
Case Number : Company Appeal (AT) (Insolvency) No. 1707 of 2023
CITATION : 2026 LLBiz NCLAT 44
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently dismissed an insolvency plea against Bajaj Appliances Ltd., holding that a pre-existing dispute barred initiation of proceedings under the Insolvency and Bankruptcy Code.
A coram of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka upheld the National Company Law Tribunal, Delhi's October 18, 2023, order rejecting the application filed by T.J. Communication Pvt. Ltd.
Case Title : Pragiti Construction V Committee of Creditor and Rajeev Ranjan Singh
Case Number : Company Appeal (AT) (Insolvency) 2330/2024 and 2331/2024
CITATION : 2026 LLBiz NCLAT 45
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a resolution applicant who is not a financial creditor cannot vote on and approve its own resolution plan, declaring such approval void ab initio as it violates Section 30(5) of the Insolvency and Bankruptcy Code, 2016.
The ruling was delivered by a bench comprising Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey.
CoC Members Entitled Only To Fair And Liquidation Value, Not Full Valuation Reports: NCLAT Chennai
Case Title : M/s Tamilnad Mercantile Bank Limited v. Mr. Radhakrishnan Dharmarajan Case Number : Company Appeal (AT) (CH) (Ins) No. 23/2026
CITATION : 2026 LLBiz NCLAT 46
The National Company Law Appellate Tribunal at Chennai has recently observed that a resolution professional is not required to share full valuation reports with lenders (CoC) during insolvency proceedings. The tribunal referred to Regulation 35(2) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which provides that after receipt of resolution plans, the resolution professional shall provide the fair value and the liquidation value to members of the Committee of Creditors after obtaining confidentiality undertakings. It held that the regulation does not mandate disclosure of the complete valuation reports.
A bench of Judicial Member Justice N. Seshasayee and Technical Member Jatindranath Swain dismissed an appeal filed by Tamilnad Mercantile Bank Limited.
Case Title : Mukul Somany Vs DBS Bank Ltd &Anr
Case Number : Company Appeal (AT) (Insolvency) 999/2024
CITATION : 2026 LLBiz NCLAT 47
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently set aside the NCLT Kolkata's order admitting DBS Bank's Section 95 application against Mukul Somany, a personal guarantor of Hindustan National Glass & Industries Ltd, holding that the bank had not invoked the guarantee before initiating insolvency proceedings.
Limitation For IBC Appeal Runs From Pronouncement Date, Not Knowledge: NCLAT Dismisses CIRP Appeal
Case Title : Lalremsiem Vs IFCI Venture Capital Funds Ltd
Case Number : 05.02.2026
CITATION : 2026 LLBiz NCLAT 48
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal challenging the admission of Corporate Insolvency Resolution Process (CIRP) against a private company as time-barred. It held that the limitation under Section 61(2) of the Insolvency and Bankruptcy Code runs from the date of pronouncement of the order, not from the date of knowledge.
A bench of Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra observed:
“For counting the statutory period of 30 days for filing the appeal, the same is to be counted from the day after the date of pronouncement of the impugned order. The date of knowledge of impugned order is immaterial for limitation computation.”
Authorisation, Stamping, and IU Defects Cannot Block Insolvency Petition: NCLAT Delhi
Case Title : Vinodkumar Nihalchand Parmar Vs Anuj Bajpai and Pegasus Assets Reconstruction Private Ltd.
Case Number : Company Appeal (AT) (Insolvency) 1395/2025
CITATION : 2026 LLBiz NCLAT 49
On 6 February, the National Company Law Appellate Tribunal (NCLAT) at Delhi held that defects in authorisation, stamping, and Information Utility records cannot invalidate a Section 7 insolvency petition when the debt and default are acknowledged by the corporate debtor.
A Bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed the appeal of Vinodkumar Nihalchand Parmar, which challenged an NCLT Mumbai Bench order admitting the petition filed by Pegasus Assets Reconstruction Pvt. Ltd. against Dee Plone Polyster Pvt Ltd.
Case Title : Encore Asset Reconstruction Company Pvt Ltd Vs Padhe Constructions Pvt Ltd Case Number : Company Appeal (AT) (Insolvency) 2372/2024
CITATION : 2026 LLBiz NCLAT 50
The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the NCLT Mumbai bench that had dismissed a CIRP plea filed by Encore Asset Reconstruction Company Pvt Ltd against Pandhe Constructions Pvt Ltd as time-barred.
The appellate tribunal held that the NCLT misapplied the Supreme Court's COVID-19 limitation directions and failed to properly consider acknowledgment of debt under Section 18 of the Limitation Act.
A bench of Judicial Member Justice Mohd. Faiz Alam Khan and Technical Members Arun Baroka and Indevar Pandey observed:
“Therefore, the aforesaid factual and legal position would suggest that the Adjudicating Authority has not considered the law laid down by the Hon'ble Supreme Court in Suo Motu Writ Petition (c) No. 3 of 2020 in its correct prospective and has also failed to take into cognizance Section 18 of the Limitation Act as also the averments made by the financial creditor with regard to acknowledgment of debt by principal borrower, which has been duly recorded by the Adjudicating Authority in para 2.7 of the impugned order.”
Case Title : Jasvinder Singh Makan Vs Anish Kumar Sanghi
Case Number : Company Appeal (AT) (Insolvency) 2025/2024 and Company Appeal (AT) (Insolvency) 735/2025
CITATION : 2026 LLBiz NCLAT 51
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld an order holding that payments of Rs.19.66 lakh made to a suspended director of a company were preferential transactions under Section 43 of the Insolvency and Bankruptcy Code.
Dismissing two appeals filed by Jasvinder Singh Makan, the tribunal said repayment of unsecured loans to a director during financial distress cannot be treated as a routine business transaction.
"Repayment of unsecured loans to a director at a time, when the Corporate Debtor was facing financial difficulty, and when a secured financial creditor had substantial outstanding dues, cannot be regarded as a routine business transaction. By receiving these payments, the Appellant clearly obtained a benefit which he would not have received in the same manner in the event of liquidation under Section 53 of the Code. We therefore are of the view that such transactions cannot be classified as ordinary business transaction" the bench of Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey observed.
Case Title : Religare Finvest Limited Vs Strategic Credit Capital Pvt. Ltd
Case Number : Company Appeal (AT) (Insolvency) 398/2023
CITATION : 2026 LLBiz NCLAT 53
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently dismissed an appeal filed by Religare Finvest Limited against the National Company Law Tribunal's order rejecting its Section 7 insolvency plea against Strategic Credit Capital Pvt. Ltd.
A bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey held that insolvency proceedings cannot be initiated against a Financial Service Provider.
NCLAT Condones 3-Day Delay In Filing Appeal As NCLT Order Uploaded Eight Months After Pronouncement
Case Title : Pranav Varshney v. A. Viswanadha Sarma, RP (for Unibera Developers Pvt. Ltd.) & Anr.
Case Number : Comp. App. (AT) (Ins) No. 2031 of 2025 & I.A. No. 7931 of 2025
CITATION : 2026 LLBiz NCLAT 52
The National Company Law Appellate Tribunal (NCLAT) has condoned a delay in filing an appeal against an order passed in an interlocutory application after noting that the National Company Law Tribunal's order was uploaded nearly eight months after it was pronounced, and that the delay attributable to the appellant was only three days.
The order in an application filed in the insolvency proceedings of Unibera Developers Private Limited was pronounced by the National Company Law Tribunal, New Delhi, on March 11, 2025 but was uploaded on the tribunal website only on November 6, 2025. The appeal was filed on 9 November 2025.
A Bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey allowed the condonation application filed by Pranav Varshney.
Case Title : SREI Equipment Finance Limited Vs Roadwings International Pvt Ltd
Case Number : Company Appeal (AT) (Insolvency) 46/2025
CITATION : 2026 LLBiz NCLAT 54
The National Company Law Appellate Tribunal has recently held that the power of attorney issued to an officer of Srei Equipment Finance Limited to initiate and defend legal proceedings, including proceedings under the Insolvency and Bankruptcy Code, remained valid despite the discharge of its administrator.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said, “In the present case, it therefore follows that the Administrator having issued POA to Sohan Jha and the POA having been ratified both by the IMC and the fresh Board of Directors, actions taken by the POA holder cannot be said be suffer from irregularities on grounds of lack of valid authorisation.”
Case Title : Harish Kumar Mittal Vs State Bank of India and Rajas Shreeram Bodas
Case Number : Company Appeal (AT) (Insolvency) 2363/2024
CITATION : 2026 LLBiz NCLAT 55
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the admission of a personal insolvency petition filed by State Bank of India (SBI) against former Mercator Limited director Harish Kumar Mittal over dues of Rs. 236.19 crore, holding that his objection that his reply affidavit was not taken on record did not establish a violation of natural justice.
A three-member bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed Mittal's appeal against the order of the NCLT, Mumbai which had admitted the petition under Section 95 of the Insolvency and Bankruptcy Code (IBC).
Rainbow Papers Ruling Not Ground To Reopen Approved Resolution Plan Over Belated Tax Dues: NCLAT
Case Title : State Tax Officer Vs Hasti Mal Kachhara & Ors.
Case Number : Company Appeal (AT) (Insolvency) 1275/2023 & 1276/2023
CITATION : 2026 LLBiz NCLAT 59
The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that the Supreme Court's ruling in Sales Tax Officer v. Rainbow Papers Limited does not permit reopening of an approved resolution plan at the instance of a government department that failed to challenge the rejection of its claim at the appropriate stage. In Rainbow Papers, the Supreme Court had held that statutory government dues could qualify as secured debts and could not be ignored in a resolution plan.
Dismissing twin appeals filed by the State Tax Officer, a Bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka underlined that finality of an approved resolution plan cannot be unsettled merely because the claim relates to government dues.
Case Title : Committee of Creditors of Think and Learn Pvt. Ltd. Vs Riju Ravindran & Ors Case Number : Company Appeal (AT) (CH) (Ins) 475/2025
CITATION : 2026 LLBiz NCLAT 60
The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that a Committee of Creditors (CoC) can litigate in its own name under the Insolvency and Bankruptcy Code, even though it does not possess juristic personality in the classical sense. The ruling came in proceedings involving Think and Learn Pvt. Ltd., the parent company of edtech firm Byju's.
A bench of Judicial Member Justice N Seshasayee and Technical Member Jatindranath Swain observed, “Therefore, since CoC is a statutory body and a decision- making entity, to deny it it's legal existence for all purposes merely because it is neither a juristic person might be akin to throwing the baby out with the bathwater.”
NCLAT Directs YG Estates To Hand Over Supertech Ecociti, 34 Pavilion Maintenance To RWAs In 30 Days
Case Title : Supertech Ecociti Apartment Owners Association v. Hitesh Goel (IRP) of Supertech Limited & Anr.
Case Number : I.A. No. 5459 of 2025 In Company Appeal (AT) (Insolvency) No. 406 of 2022 CITATION : 2026 LLBiz NCLAT 61
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently directed YG Estates Facilities Management Pvt. Ltd. to hand over maintenance of Supertech's Ecociti and 34 Pavilion projects in Noida to their registered apartment owners' associations within 30 days.
A bench of Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra held that since 99 percent of the homebuyers had taken possession and the associations were duly registered under the Uttar Pradesh Apartment Act, maintenance must be transferred under Section 14(5).
Direct Disbursement To Corporate Debtor Not Mandatory To Qualify As Financial Debt Under IBC: NCLAT
Case Title : Vistra ITCL (India) Limited Vs Vithal Madhukar Dahake & 2 Ors
Case Number : Company Appeal (AT) (Insolvency) 1110/2024
CITATION : 2026 LLBiz NCLAT 62
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that direct disbursement of funds to a corporate debtor is not mandatory for a debt to qualify as a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code, 2016.
A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha observed,
“We carefully observe that the Section does not use the word “to the Corporate Debtor” after word “disbursed”. From the statutory language, the essential ingredients of financial debt are Existence of a debt, Disbursement of money, Consideration for time value of money and Commercial effect of borrowing.”
NCLAT Refuses To Condone Delay In Appeal; Limitation Starts From Pronouncement, Not Uploading
Case Title : RP for Trading Engineers International Ltd. Versus Uttrakhand Power Corporation Ltd. & Anr.
Case Number : I.A. No. 5773 of 2025 in Company Appeal (AT) (Insolvency) No. 1475 of 2025 CITATION : 2026 LLBiz NCLAT 63
The National Company Law Appellate Tribunal (NCLAT) at Delhi has rejected an application seeking condonation of delay in filing an insolvency appeal by the Resolution Professional of Trading Engineers International Ltd., holding that in the facts of the case limitation commenced from the date the order was pronounced in open court and not from the date it was uploaded on the NCLT website.
A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra found that the National Company Law Tribunal's order dated June 11, 2025 had been pronounced in open court in the presence of the appellant and his counsel. The appeal was e-filed on August 28, 2025.
NCLAT Allows AMNS To Replace ArcelorMittal India In ₹1,300 Crore Essar Steel RTU Appeal
Case Title : ArcelorMittal Nippon Steel India Limited v. SREI Infrastructure Finance Limited & Ors.
Case Number : I.A. No.1951 of 2025 in Company Appeal (AT) (Ins.) No.1038 of 2020
CITATION : 2026 LLBiz NCLAT 65
The National Company Law Appellate Tribunal (NCLAT) at Delhi has allowed ArcelorMittal Nippon Steel India Private Limited to be transposed as the appellant in a pending appeal arising from the Rs 1,300 crore Right to Use charges dispute linked to the Essar Steel insolvency resolution process.
The company will replace ArcelorMittal India Pvt. Ltd., the original successful resolution applicant, in the proceedings. The tribunal clarified that the transposition will be subject to the applicant assuming all liabilities under the challenged order.
NCLAT Dismisses Dhoot Brothers' Plea, Upholds Insolvency Proceedings As Videocon Guarantors
Case Title : Rajkumar Nandlal Dhoot Versus State Bank Of India
Case Number : Company Appeal (AT) (Insolvency) No. 1443 of 2024
CITATION : 2026 LLBiz NCLAT 66
The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot, brothers of Videocon founder Venugopal Dhoot, clearing the way for insolvency proceedings against them in their capacity as personal guarantors to debt-ridden Videocon Industries Ltd.
A bench of Justice Ashok Bhushan and Technical Member Barun Mitra held that the applications moved by the State Bank of India under Section 95 of the Insolvency and Bankruptcy Code were filed within limitation. The tribunal noted that the guarantees had been invoked in 2018 and the insolvency proceedings were initiated within three years of that invocation.
Case Title : Mosco International Commodities Private Limited Versus SBEC Sugar Limited Case Number : Company Appeal (AT) (Insolvency) No. 860 of 2024
CITATION : 2026 LLBiz NCLAT 67
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the dismissal of a Section 9 insolvency plea against SBEC Sugar Limited, holding that the Rs 1 Crore threshold under Section 4 of the Insolvency and Bankruptcy Code must be satisfied on the date of filing the petition and not on the date of issuing the demand notice.
A bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed an appeal filed by Mosco International Commodities Private Limited after finding that the operational debt had fallen below Rs 1 Crore on the initiation date, that is, the date the Section 9 CIRP plea was filed.
120-Day Timeline For Personal Insolvency Resolution Process Is Directory, Not Mandatory: NCLAT Delhi
Case Title : Purushottam Behera v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 258 of 2026
CITATION : 2026 LLBiz NCLAT 68
On 26 February, the National Company Law Appellate Tribunal (NCLAT), New Delhi, held that the 120-day timeline for completing the Personal Insolvency Resolution Process (PIRP) under the Insolvency and Bankruptcy Code (IBC) is directory and not mandatory.
A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey set aside the order of the National Company Law Tribunal (NCLT) Mumbai, which had refused to extend the process beyond the prescribed period. The Tribunal clarified that the Adjudicating Authority does not lose jurisdiction merely because the timeline under the IBBI Regulations has expired.
Project Segregation In CHD-Vann Real Estate Insolvency Justifies 525-Day CIRP Exclusion: NCLAT
Case Title : Hans Raj Bhogra Vs Rajesh Kumar Parakh
Case Number : Company Appeal (AT) (Insolvency) 361/2026
CITATION : 2026 LLBiz NCLAT 70
Holding that in a real estate insolvency involving multiple projects, the period till segregation of a project from the CIRP was liable to be excluded, the National Company Law Appellate Tribunal (NCLAT) has allowed exclusion of 525 days in the CHD-Vann matter and set aside the NCLT's rejection of the plea.
A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the insolvency pertained to a real estate company with several projects, and different orders had been passed from time to time segregating projects from the CIRP. Since the last such segregation concerning CHD-Vann was allowed only on November 21, 2025, “the said period is required to be excluded,” the tribunal held.
Pre-March 2020 Defaults Not Covered By Section 10A Of IBC: NCLAT Delhi
Case Title : Irfan Khan Suspended Director of M/s Western Energetics Pvt. Ltd vs, Rakesh Kumar Goswami Proprietor of Lamsyn Enterprises & Anr
Case Number : Comp. App. (AT) (Ins) No. 1392 of 2023 & I.A. No. 4976 of 2023
CITATION : 2026 LLBiz NCLAT 69
The National Company Law Appellate Tribunal (NCLAT), Delhi, on 24 February, held that Section 10A of the IBC cannot bar Corporate Insolvency Resolution Process (CIRP) initiation where the debt had fallen due prior to 25 March 2020, clarifying that dishonour of cheques during the COVID-19 suspension period does not alter the original default date.
The Principal Bench, comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, dismissed an appeal filed by Irfan Khan, suspended director of Western Energetics Pvt. Ltd., challenging the Jaipur Bench of the NCLT's initiation of CIRP under Section 9 of the Code.
No TDS Refund Set Off In Shri Jalaram Rice Industries Liquidation As No Claim Was Filed: NCLAT
Case Title : Principal Commissioner of Income-Tax-3, Ahmedabad Vs Kiran Shah
Case Number : Company Appeal (AT) (Insolvency) 1705/2025
CITATION : 2026 LLBiz NCLAT 71
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by the Principal Commissioner of Income Tax-3, Ahmedabad. It held that in the liquidation of Shri Jalaram Rice Industries Pvt Ltd, the department could not adjust a TDS refund against an earlier tax demand because it had not filed any claim in the liquidation proceedings. “Appellant having not filed any claim question of claiming set off does not arise,” the bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed.
Case Title : Arvind Kumar Vs Beacon Trusteeship Limited & Anr
Case Number : Company Appeal (AT) (Insolvency) 171/2026
CITATION : 2026 LLBiz NCLAT 72
The National Company Law Appellate Tribunal (NCLAT) has recently upheld insolvency proceedings against real estate firm Arcturus Developers Pvt. Ltd., holding that its debentures were never converted into shares and continued to remain financial debt.
A Bench of Justice Ashok Bhushan and Technical Member Barun Mitra dismissed an appeal filed by the company's suspended director, Arvind Kumar. The case concerned 50,00,000 Optionally Convertible Debentures issued by the company in 2019 to raise funds.
NCLAT Replaces NCLT's Two-Week Deadline With 90 Days For Nobal Buildtech To Pay ₹90 Crore Settlement
Case Title : Harvinder Singh Sikka Vs Nobal Buildtech Pvt. Ltd.
Case Number : Company Appeal (AT) (Insolvency) 256/2026
CITATION : 2026 LLBiz NCLAT 63
The National Company Law Appellate Tribunal (NCLAT) at Delhi has given Nobal Buildtech Pvt. Ltd. 90 days to pay Rs 90 crore under a settlement, replacing the two-week window earlier granted by the New Delhi Bench of the National Company Law Tribunal. The New Delhi Bench of the NCLT had revived the company's insolvency process on January 7, 2026 and later extended limited protection only until February 4, 2026. The company had sought more time to complete the settlement.
Modifying that order, a bench of Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra said sufficient cause had been shown to grant 90 days.
Pre-Existing Dispute In Ledgers: NCLAT Dismisses Drive India's Insolvency Appeal Against Essline
Case Title : Drive India Enterprise Solutions Ltd. Through Its Authorized Representative Vs. Essline Engineers and Consultants Pvt. Ltd.
Case Number : Company Appeal (AT) (Insolvency) No. 197 of 2022
CITATION : 2026 LLBiz NCLAT 73
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed Drive India Enterprise Solutions Ltd.'s insolvency appeal against Essline Engineers and Consultants Pvt. Ltd., holding that a pre-existing dispute between the parties was real and documented long before the insolvency notice was issued.
A bench of Judicial Member Justices Ashok Bhushan and Technical Member Barun Mitra held:
“The present is a case where notice of dispute was issued by the Corporate Debtor immediately after receiving of the demand notice and materials brought in reply to Section 9 application clearly proves that the plea raised by the Corporate Debtor that it does not owe any amount to the Appellant was supported by its ledgers. In any view of the matter, there were correspondences between the parties as noted above which clearly reflect the pre-existing dispute between the parties.”
NCLAT Upholds Insolvency Against Frost International, Says Bank Can't Be Faulted Over Unfiled Plan
Case Title : Uday J. Desai v. Bank of India & Anr.
Case Number : Comp. App. (AT) (Ins) No. 187 of 2023
CITATION : 2026 LLBiz NCLAT 74
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 February, dismissed an appeal filed by the ex-director of Frost International Ltd., rejecting the argument that Bank of India acted unfairly by not considering a restructuring under the RBI's Prudential Framework dated 7 June 2019 before initiating insolvency. \
A Bench comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, upheld the National Company Law Tribunal (NCLT), Mumbai order admitting the Section 7 application.
NCLAT Reaffirms IBC Proceedings Against Personal Guarantor Not Barred By SARFAESI Action
Case Title : Vibu Venkatsubramanian Vs State Bank of India & ARCK Resolution Professional LLP
Case Number : Company Appeal (AT) (Insolvency) 1228/2024
CITATION : 2026 LLBiz NCLAT 84
The National Company Law Appellate Tribunal (NCLAT) has reiterated that the pendency of proceedings under the SARFAESI Act does not bar the initiation of personal insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), noting that the Code overrides other laws.
A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Ajai Das Mehrotra observed, “As per provisions of Section 238 of IBC, 2016, the Code overrides other laws and there is no bar of filing application under Section 95 of IBC, 2016 during the pendency of the proceedings under the SARFAESI Act, 2002.”
NCLAT Dismisses Rolta Employees' Appeal Challenging Resolution Plan Payout
Case Title : Mohammed Ismail Ansari& Ors Vs Dr Mamta Binani & Anr
Case Number : Company Appeal (AT) (Insolvency) 241/2026
CITATION : 2026 LLBiz NCLAT 83
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed an appeal filed by former employees of Rolta India Ltd challenging the approval of the company's resolution plan, holding that the payout made to them complied with the terms recorded by the National Company Law Tribunal (NCLT) regarding payment of their dues.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra noted that the NCLT had recorded that the resolution plan would provide payment to employees equal to the higher of (i) twelve months' salary entitlement or (ii) the percentage payable to unsecured financial creditors.
Case Title : Rakshit Dhirajlal Doshi & Mr Ashit Doshi Vs Mr Chirag Shah
Case Number : Company Appeal (AT) (Insolvency) 1855/2025
CITATION : 2026 LLBiz NCLAT 82
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that remuneration paid to directors for their managerial services cannot be treated as fraudulent trading under Section 66 of the Insolvency and Bankruptcy Code (which deals with fraudulent or wrongful trading carried on with intent to defraud creditors) in the absence of proof of such intent.
Setting aside an order of the Ahmedabad bench of the National Company Law Tribunal in the CIRP of Doshion Water Umbrella (Cuddalore) Pvt. Ltd., the appellate tribunal said there was no cogent evidence to show fraudulent intent behind the payments.
Case Title : Mangalam Global Enterprise Limited Versus Catalyst Trusteeship Limited and Ors
Case Number : Company Appeal (AT) (Insolvency) No. 114 of 2025
CITATION : 2026 LLBiz NCLAT 81
The National Company Law Appellate Tribunal (NCLAT) has recently held that a fixed deposit forming part of the corporate debtor's assets in the Information Memorandum cannot be withheld after approval of a resolution plan when no claim asserting lien or security was filed during the corporate insolvency resolution process.
A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that claims not asserted during CIRP stand extinguished once the resolution plan is approved under the Insolvency and Bankruptcy Code, 2016.
NCLAT Dismisses Sri Bajrang Wind Park Insolvency Plea Against Inox Wind Over Pre-Existing Dispute
Case Title : Bajrang Wind Park Developers Versus M/s Inox Wind Infrastructure Services Limited and Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 630 of 2024
CITATION : 2026 LLBiz NCLAT 80
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has dismissed an appeal filed by Sri Bajrang Wind Park Developers challenging the rejection of its Section 9 insolvency petition against Inox Wind Infrastructure Services Limited. The tribunal held that email correspondence and reconciliation discussions between the parties showed the existence of a pre-existing dispute.
A coram of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka held, “From the pleadings and particularly email exchange which is on record, one can safely come to a conclusion that these are not spurious or moonshine disputes and these were pre-existing disputes. Thus, the Company petition under Section 9 of the Code is not maintainable and cannot be allowed.”
Case Title : D.N.V Srinivasa Raju Vs IDBI Bank Ltd
Case Number : Company Appeal (AT) (Insolvency) 1189/2025
CITATION : 2026 LLBiz NCLAT 79
Reiterating that acknowledgment of liability in balance sheets extends limitation under Section 18 of the Limitation Act, the National Company Law Appellate Tribunal has upheld the admission of IDBI Bank's Section 7 insolvency application against Hindustan Insecticides Limited.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that the insolvency application was not barred by limitation, as the corporate debtor had acknowledged the subsisting liability in its audited financial statements within the limitation period.
Judicial Custody Of MD No Ground To Claim Natural Justice Violation If Counsel Appeared: NCLAT
Case Title : Durga Prasanna Mishra Vs. Piramal Capital & Housing Finance Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 320 of 2026
CITATION : 2026 LLBiz NCLAT 78
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently observed that the principle of natural justice is not violated merely because the Managing Director of a corporate debtor was in judicial custody during insolvency proceedings, where the company was duly represented by counsel.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey observed: “The Appellant being in custody from 25.10.2025 till 26.11.2025 cannot be any ground for alleging violation of principle of natural justice when on 22.08.2025, Counsel for the Corporate Debtor has appeared and prayed for time to file reply.”
Winding Up Petitions Transferred From High Court To NCLT Cannot Be Admitted Mechanically: NCLAT
Case Title : Navin Ashokkumar Aswani Vs Falcon Industries and Rajendra Sanghi
Case Number : Company Appeal (AT) (Insolvency) 109/2026
CITATION : 2026 LLBiz NCLAT 76
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a winding up petition transferred from a High Court to the National Company Law Tribunal under the Insolvency and Bankruptcy Code cannot be admitted mechanically. Even if the High Court had already admitted the winding up petition, the NCLT must independently examine whether the requirements for admission under Section 9 of the Code are satisfied.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “After transfer of the Winding Up Petition by the High Court to the NCLT after admission of the Winding Up Petition, NCLT has not to mechanically admit the petition and has to examine the application in accordance with provisions of the I&B Code and to pass a judicial order after considering as to whether the application need to be admitted under Section 9 or not"
NCLAT Holds Section 198 Cannot Be Used To Extend IBC Appeal Deadline, Rejects IBBI's 103-Day Delay
Case Title : Insolvency and Bankruptcy Board of India v. Truvisory Insolvency Professionals Pvt. Ltd. & Ors.
Case Number : I.A. No. 391 of 2026 in Company Appeal (AT) (Insolvency) No. 110 of 2026
CITATION : 2026 LLBiz NCLAT 75
The National Company Law Appellate Tribunal (NCLAT) has held that a provision allowing delay to be excused when the Insolvency and Bankruptcy Board of India fails to perform a statutory duty cannot be used to extend the strict deadline for filing appeals under the Insolvency and Bankruptcy Code.
A bench of Justice Ashok Bhushan and Technical Member Indevar Pandey observed, “The said provision of Section 198 can have no relevance with regard to Section 61 of the IBC, which provides for limitation for filing an Appeal. The Appellant has not been able to refer to any provisions under the IBC, where the Board has been required to perform a function of filing an Appeal before the Appellate Tribunal within the specified time."
Case Title : Reliance Realty Limited Vs Alturist Customer Management India Pvt Ltd
Case Number : Company Appeal (AT) (Insolvency) 2077/2024
CITATION : 2026 LLBiz NCLAT 86
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently upheld the dismissal of an insolvency plea filed by Reliance Realty Limited against Altruist Customer Management India Pvt. Ltd., holding that the dispute between the parties over rental liability was genuine and could not be resolved through proceedings under the Insolvency and Bankruptcy Code.
A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka observed that the disagreement raised by the corporate debtor was substantive in nature.
Case Title : Rajeev Khurana v. Sh. Arvind Kumar, RP
Case Number : Company Appeal (AT) (Insolvency) No. 1332 of 2025
CITATION : 2026 LLBiz NCLAT 87
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that disciplinary proceedings initiated by the Insolvency and Bankruptcy Board of India (IBBI) against the Resolution Professional (RP) in other Corporate Insolvency Resolution Processes (CIRPs) cannot be relied upon to invalidate the claim verification exercise undertaken in the CIRP of Chandigarh Overseas Pvt. Ltd.
The bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, "We are of the view that disciplinary action in other cases are not relevant for invalidation of the claim verification exercise undertaken by the RP in the present CIRP. The IBC envisages distinct remedial mechanisms for regulatory oversight of insolvency professionals, which cannot be conflated with adjudicatory proceedings under Section 60(5) of the IBC. Hence, the Adjudicating Authority was justified is not being swayed by the rationale of this argument either.”
Case Title : Tejinder Pal Setia v Sh. Arvind Kumar
Case Number : Company Appeal (AT) (Insolvency) No. 1348 of 2025
CITATION : 2026 LLBiz NCLAT 88
On Tuesday 10 March, the Principle Bench of the National Company Law Appellate Tribunal (NCLAT) at New Delhi held that a forensic audit report commissioned by suspended management is inadmissible due to bias, conflict of interest, and a breach of the Committee of Creditors (CoC) confidentiality.
A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, was hearing an appeal by the suspended management of Chandigarh Overseas Pvt. Ltd. challenging the inadmissibility of a forensic audit report they had independently commissioned during CIRP.
Case Title : Suman Chopra Vs Arvind Kumar
Case Number : Company Appeal (AT) (Insolvency) 1331/2025
CITATION : 2026 LLBiz NCLAT 90
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday upheld the rejection of a homebuyer's claim filed four days before a Committee of Creditors (CoC) meeting to vote on resolution plan, noting that under the CIRP Regulations, belated claims can be admitted only if they are submitted up to seven days before such meetings.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, "When we look at the above CIRP Regulations, it is amply clear that the RP can accept claims only up to seven days before the date on which the CoC is to approve the resolution plan. It is an admitted fact that the Appellant had not submitted their claims seven days before the CoC meeting to approve the resolution plan. The Adjudicating Authority had therefore not committed any error in the given facts and circumstances in not acceding to the request of the Appellant for admission of their claims."
Liquidator Cannot Appeal His Own Replacement As He Is Not 'Person Aggrieved' Under IBC: NCLAT
Case Title : Ramachandran Subramanian Vs Anil Kohli and Edelweiss Asset Reconstruction Company Limited (EARCL).
Case Number : Company Appeal (AT) (Insolvency) 267/2026
CITATION : 2026 LLBiz NCLAT 91
The National Company Law Appellate Tribunal (NCLAT) on Tuesday held that a liquidator cannot maintain an appeal challenging his replacement under the Insolvency and Bankruptcy Code (IBC), ruling that removal from such a statutory assignment does not create a vested entitlement to continue in office.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey observed, “It is well settled that once the Adjudicating Authority, for reasons recorded, directs replacement of a Liquidator, he cannot claim continuation as a matter of right. Section 61 permits an appeal by a 'person aggrieved'. Removal from a statutory assignment, without affecting any independent civil or proprietary right, does not automatically create a vested entitlement to continue and such a person cannot be treated as 'person aggrieved' and would therefore have no locus to maintain an appeal before this tribunal merely on the ground of replacement,”
NCLAT Upholds Insolvency Against Al-Dua, Rejects Plea That Debt Was Transferred To Another Company
Case Title : Mohd. Zaheer Vs Ashu Agencies & Anr
Case Number : Company Appeal (AT) (Insolvency) 1526/2025
CITATION : 2026 LLBiz NCLAT 93
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the admission of insolvency proceedings against Al-Dua Food Processing Pvt. Ltd., rejecting the plea of its ex-promoter Mohd. Zaheer that the company was not liable to pay the operational debt as the liability had been transferred to another entity under a Share Purchase Agreement.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that the defence of transfer of liability was not established, observing, “The corporate debtor is neither entitled to benefit of the Section 41 of the Contract Act, 1872 nor the contract under which the corporate debtor has liability to pay for outstanding dues of the operational creditor can be said to have been novated within meaning of Section 62 of the Contract Act, 1872. We, thus are of the view that there being debt and default committed by the corporate debtor, adjudicating authority has rightly admitted Section 9 application.”
Case Title : IDFC First Bank Ltd. v. Seikh Abdul Salam, RP of Jai Gokul Towers Pvt. Ltd. & Ors. Case Number : Company Appeal (AT) (Insolvency) No. 848 and 1009 of 2024 & I.A. No. 7183 of 2024
CITATION : 2026 LLBiz NCLAT 92
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently set aside an order of the National Company Law Tribunal (NCLT), Kolkata, which had declared the confirmation of an auction sale and the sale certificate in respect of the corporate debtor's share in a mortgaged property as null and void, holding that the same had been issued after commencement of the corporate insolvency resolution process (CIRP) and during the moratorium.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “The subject properties having already been sold and sale confirmation has been made in favour of the Auction Purchaser on 20.11.2023, i.e. much before commencement of the CIRP on 01.01.2024, moratorium had no effect on the sale having already become absolute. The order dated 24.04.2024 passed by Adjudicating Authority is unsustainable.”
IBC Applies To Multi-State Cooperative Societies Despite MSCS Act Excluding Companies Act: NCLAT
Case Title : Mehsana Urban Co-Operative Bank Ltd. Vs Swastik Ceracon Ltd.
Case Number : Company Appeal (AT) (Insolvency) 1956/2025
CITATION : 2026 LLBiz NCLAT 95
The National Company Law Appellate Tribunal (NCLAT) recently held that proceedings under the Insolvency and Bankruptcy Code, 2016, can be maintained against a multi-state cooperative society. It said the jurisdiction of the insolvency tribunal cannot be excluded by relying on the Multi-State Cooperative Societies Act, 2002, which excludes the applicability of the Companies Act, 2013.
The ruling came while the tribunal upheld a direction requiring Mehsana Urban Co-Operative Bank Ltd to refund 56 lakh to Swastik Ceracon Limited in a dispute arising out of insolvency resolution proceedings.
Case Title : Minita D Raja Vs The Cosmos Co-Op Bank Limited
Case Number : Company Appeal (AT) (Insolvency) 1799/2024
CITATION : 2026 LLBiz NCLAT 97
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that the Adjudicating Authority can fix the fees of the Interim Resolution Professional or Resolution Professional only in cases where the applicant initiating the corporate insolvency resolution process (CIRP) has not proposed the fee and that otherwise the power to determine such expenses lies exclusively with the Committee of Creditors (CoC).
The coram of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha observed, “We observe that only in case, the applicant seeking initiation of CIRP, if do not propose fee of the IRP then only, there is a jurisdiction vested to the Adjudicating Authority to fix the expenses under Regulation 33(2) of the CIRP Regulations. We find that the CoC enjoys exclusive powers of fixing the fees and expenses to be incurred by the resolution professional based on the commercial wisdom of the CoC. We further observe that there is no jurisdiction vested to the Adjudicating Authority on this aspect.”
Third Parties Entitled To Certified Copies Of NCLT Orders To File Appeals: NCLAT Chennai
Case Title : SA Jhan Mohammed vs Ashish Vyas
Case Number : Company Appeal (AT)(CH)(Ins) No. 70/ 2026
CITATION : 2026 LLBiz NCLAT 96
The National Company Law Appellate Tribunal (NCLAT), Chennai, on 27 February, observed that certified copies of NCLT orders must be issued even to third parties who were not part of the original proceedings if they seek to challenge the order in appeal.
A Bench of Judicial Member Justice N. Seshasayee and Technical Member Jatindranath Swain was hearing an appeal filed by SA Jhan Mohammed against an order concerning Maan Sarovar Properties Development Pvt Ltd.
Case Title : Era Infra Engineering Ltd Vs Alok Kumar Agarwal, IRP
Case Number : Company Appeal (AT) (Insolvency) 1693/2025
CITATION : 2026 LLBiz NCLAT 98
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that approval of the resolution plan of Era Infra Engineering Ltd. (EIEL), the holding company of Haridwar Highways Project Ltd. (HHPL), does not prevent creditors from initiating insolvency proceedings against HHPL and corporate guarantor Era Infrastructure (India) Ltd. (EIIL), while dismissing appeals filed by EIEL challenging admission of Section 7 petitions.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that, “The rights of the financial creditor under Section 7 to proceed against the principal borrower and the corporate guarantor are separate and independent rights, which rights can be exercised by the financial creditor without any kind of fetter from the approval of the resolution plan of the EIEL.”
Case Title : IDBI Bank Ltd Vs Ravindra Kumar Goyal
Case Number : Company Appeal (AT) (Insolvency) 853/2025
CITATION : 2026 LLBiz NCLAT 99
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 16 March, held that the “deeming” fiction created by law empowers the Interim Resolution Professional (IRP) to continue as the Resolution Professional (RP) even if not formally confirmed by the Committee of Creditors (CoC) in the first meeting. A Bench of Judicial Member Yogesh Khanna and Technical Member Indevar Pandey observed:
“The objective of IBC is a time bound resolution of a Corporate Debtor and hence, Section 16(5) of the IBC read with Regulation 17(3) of the CIRP Regulations, 2016 seeks to prevent a situation where a time bound CIRP gets stalled merely because the CoC fails to confirm the Interim Resolution Professional appointed by the Ld. NCLT as the Resolution Professional, or fails to appoint someone else as the RP.”
Case Title : Vave India Energy Solutions Private Limited Vs Eastman Auto & Power Limited
Case Number : Company Appeal (AT) (Insolvency) 1612/2023
CITATION : 2026 LLBiz NCLAT 100
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently refused to allow insolvency proceedings to be initiated in a dispute between Vave India Energy Solutions Private Limited and Eastman Auto & Power Limited. The tribunal found that the case arose from complaints about defective batteries supplied under warranty and that the liability had been disputed before the statutory demand notice was issued.
A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra observed, “It is sufficient that the pre-existing dispute is genuine and is raised prior to the issuance of notice under Section 8 of the IBC, 2016. Considering that the dispute was raised prior to the issuance of notice under Section 8 of the IBC, 2016, the Ld. NCLT has rightly rejected the application of the Operational Creditor.”
Filing CIRP To Evade Tax Liabilities Amounts To Fraud: NCLAT New Delhi
Case Title : Gopal Trading Company Vs Ravindra Kumar Goyal and Ors
Case Number : Company Appeal (AT) (Insolvency) 222/2026
CITATION : 2026 LLBiz NCLAT 101
The New Delhi Bench of the National Company Law Appellate Tribunal on 17 March, held that initiating the Corporate Insolvency Resolution Process of a corporate debtor to evade tax liabilities amounts to fraud under Section 65 of the Insolvency and Bankruptcy Code, 2016.
A Bench comprising Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra observed: “Thus, what seems to underpin the reason for triggering CIRP proceedings was clearly to circumvent the tax liability. It is clearly evident from the timing of CIRP admission that the moratorium provision was being put to use by the Appellant to shield themselves from their tax liabilities and not as a genuine resolution tool.”
Case Title : Velocity Enterprises Vs. Jaiprakash Associates Ltd. & Ors
Case Number : Comp. App. (AT) (Ins) No. 538 & 539 of 2026
CITATION : 2026 LLBiz NCLAT 102
The National Company Law Appellate Tribunal (NCLAT) in Delhi on Friday directed that the bank guarantee furnished by Velocity Enterprises, a subcontractor engaged by Jaiprakash Associates Limited (JAL) for erection and maintenance of substations, shall not be invoked for six months beyond its expiry on March 31, 2026. The order came in the first appeal filed after the National Company Law Tribunal approved Adani Group's Rs 15,000-crore resolution plan for the company.
The matter was heard by a bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra.
RBI Circular Cannot Override IBC; Written Agreement Not Mandatory To Prove Financial Debt: NCLAT
Case Title : Subham Capital Private Limited Vs Vedic Realty Private Limited
Case Number : Company Appeal (AT) (Insolvency) 2068/2024
CITATION : 2026 LLBiz NCLAT 103
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that RBI circulars requiring written loan agreements cannot override the Insolvency and Bankruptcy Code. The tribunal observed that it is “a clear derivative” of its earlier judgments that the RBI circular does not prevail over IBC proceedings and that a written agreement is not mandatory to establish financial debt under the Code.
Case Title : Subham Capital Private Limited Vs Vedic Realty Private Limited
Case Number : Company Appeal (AT) (Insolvency) 2068/2024
CITATION : 2026 LLBiz NCLAT 104
The National Company Law Appellate Tribunal (NCLAT) has recently held that Subham Capital Pvt. Ltd. was entitled to file a fresh Section 7 petition against Vedic Realty Pvt. Ltd. after breach of a settlement agreement, ruling that the subsequent default gave rise to a new cause of action and was not barred by res judicata. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed:
“The breach of settlement clearly gave rise to a new cause of action in favour of the Appellant to file a Section 7 application and the Adjudicating Authority had misdirected itself by applying the principles of res judicata in the present case.”
Case Title : SPS Steels Rolling Mills Limited Vs Central Bank of India
Case Number : Company Appeal (AT) (Insolvency) 352/2024 and 353/2024
CITATION : 2026 LLBiz NCLAT 106
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently held, in the insolvency of SPS Steels Rolling Mills Ltd, that the successful resolution applicant is not required to specify every asset of the corporate debtor in the resolution plan, and assets not mentioned in the information memorandum do not cease to belong to the corporate debtor after approval of the plan.
A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, after examining the insolvency regulations governing the contents of the information memorandum and the resolution plan, observed, “We find that in above quoted regulations regarding Resolution Plan, no such stipulation has been made that SRA is bound to give such specific details of the assets being taken over. The Appellant gave its Resolution Plan based on the information memorandum prepared by the Resolution Professional. It is also observed that in information memorandum there was no clause that any assets not mentioned in the information memorandum will not be passed on the Appellant being the SRA, or in other words such assets will be given to Erstwhile CoC.”
Case Title : Sunrise Industries Vs Umesh Gupta
Case Number : Company Appeal (AT) (Insolvency) 2269/2024
CITATION : 2026 LLBiz NCLAT 107
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently observed that fairness in insolvency asset sales cannot be viewed from the perspective of a single bidder alone, while dismissing Sunrise Industries' appeal seeking consideration of its higher bid submitted after the deadline in the liquidation process of Hema Automotive Pvt. Ltd. The bench of Judicial Member Justice N Seshasayee and Technical Member Indevar Pandey observed that,
“Fairness is a constant that works differently in different factual context. And it needs to be understood in the context. The appellant who worries about denial of fairness to it has overlooked fairness to which the second respondent is entitled to. It is desperate to realise its dues....Fairness does not exist to the exclusion of all, but works in conjunction with all. It is not a one-way street.”
Case Title : Indu Jain Vs Birla Jewels Ltd.
Case Number : Company Appeal (AT) (Insolvency) 1840/2024
CITATION : 2026 LLBiz NCLAT 108
The National Company Law Appellate Tribunal (NCLAT) Principal Bench at New Delhi has recently allowed an appeal filed by a sole proprietorship against rejection of its insolvency plea, holding that a Section 9 application under the Insolvency and Bankruptcy Code, 2016, is maintainable at the instance of a proprietorship concern. The tribunal relied on earlier precedent to hold that proprietorship firms are competent to initiate corporate insolvency resolution process.
NCLAT Refuses To Stay Adani's Rs 15,000 Cr Resolution Plan For JAL on Vedanta's Challenge
Case Title : Vedanta Limited Vs. Bhuvan Madan Resolution Professional of Jaiprakash Associates Ltd. & Ors
Case Number : Company Appeal (AT) (Insolvency) 552 and 553 /2026
The National Company Law Appellate Tribunal (NCLAT), Delhi, on Tuesday refused to stay the implementation of Adani's ₹15,000-crore resolution plan for Jaiprakash Associates Limited (JAL) while hearing a plea by the Vedanta Group challenging the approval of the plan by the Allahabad Bench of the National Company Law Tribunal (NCLT).
The bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said that “the implementation of the resolution plan shall go on, however, the action shall abide with the result of the case,” while declining to grant an interim stay on the March 17, 2026 order approving the plan submitted by Adani Enterprises Limited.
CIRP Must Remain Confined To Single Project, Cannot Affect Other Projects: NCLAT New Delhi
Case Title : Navin M. Raheja v. Vipul Jain & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 2168 of 2024
CITATION : 2026 LLBiz NCLAT 109
The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) at New Delhi, on 20 March 2026 held that a Corporate Insolvency Resolution Process (CIRP) initiated by the allottees of a single real estate project must stay confined to that project and cannot extend to other projects of the developer.
A Bench comprising Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra disposed of an appeal filed by the suspended director of Raheja Developers Ltd., Navin M. Raheja, against the NCLT, New Delhi. The NCLT had admitted a Section 7 application filed by the allottees of project Raheja Shilas (Low Rise).
Case Title : Attluru Sreenivasulu Reddy Vs AS Met Corp Pvt Ltd & Anr.
Case Number : Company Appeal (AT) (Insolvency) 210/2023
CITATION : 2026 LLBiz NCLAT 111
In a case that was transferred to the Principal Bench after a controversy over alleged attempts to influence a judicial member, the National Company Law Appellate Tribunal (NCLAT) has set aside the admission of insolvency proceedings against KLSR Infratech Ltd and dismissed a Rs 3.79-crore claim filed by A.S. Met Corp Pvt Ltd, holding that a genuine dispute existed between the parties and imposing costs of Rs 10 lakh on the operational creditor.
Limitation Act Cannot Extend Time To Appeal Against Liquidator's Rejection Of Claim Under IBC: NCLAT
Case Title : Sansar Investment & Finance Company Pvt. Ltd. v. Atlantic Spinning and Weaving Mills Ltd. (Liquidator)
Case Number : Company Appeal (AT) (CH) (Ins) No.466/2024 and (IA No.1271/2024)
CITATION : 2026 LLBiz NCLAT 111
The National Company Law Appellate Tribunal (NCLAT), Chennai, has recently held that the 14-day limitation period for filing an appeal against a liquidator's decision under Section 42 of the Insolvency and Bankruptcy Code, 2016, is a self-contained time limit and cannot be extended by invoking Section 5 of the Limitation Act through Section 238A of the Code.
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey held that Section 238A applies only where the Code does not itself prescribe a specific limitation period and that Section 42 contains a self-contained time limit for filing an appeal.
After Submitting EoI Under RFRP, Resolution Applicant Cannot Question Its Clauses: NCLAT
Case Title : Goldendreams Buildcon Private Limited v. Snehal Arvind Kamdar (RP of Somerset Construction Pvt. Ltd.) & Ors
Case Number : Company Appeal (AT) (Insolvency) No. 215 of 2026
CITATION : 2026 LLBiz NCLAT 112
The National Company Law Appellate Tribunal (NCLAT) has recently held that a resolution applicant cannot question clauses of the Request for Resolution Plan after submitting its Expression of Interest under the same RFRP, while challenging rejection of its resolution plan by the Committee of Creditors.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “When the Appellant had submitted their EoI basis the RFRP, they cannot now turn around to question any of the clauses of the RFRP. Having submitted their EoI in terms of the RFRP tantamount to subscribing to the clauses of the RFRP and that having been done, applicability of Clause 12 cannot be questioned at this stage when the plan has been rejected.”
Successive Fraud Plea Not Maintainable Under IBC After Finality Of CIRP Admission: NCLAT Chennai
Case Title : N.K Kurian v. K. Easwara Pillai
Case Number : Company Appeal (AT) (CH) (Ins) No. 557/2025
CITATION : 2026 LLBiz NCLAT 113
The National Company Law Appellate Tribunal (NCLAT) at Chennai on Tuesday held that a party cannot file successive applications under Section 65 of the Insolvency and Bankruptcy Code, 2016 to indirectly reopen insolvency proceedings that have already attained finality.
A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by N.K. Kurian, the suspended Managing Director of Mango Meadows Agricultural Pleasure Land Pvt Ltd, noting deliberate concealment of material facts and abuse of process.
Case Title : BSE Limited Vs Avil Menzes & Ors and BSE Limited Vs Mrudula Brodie & Ors
Case Number : Company Appeal (AT) (Insolvency) 1786/2025 and Company Appeal (AT) (Insolvency) 1862/2024
CITATION : 2026 LLBiz NCLAT 114
The National Company Law Appellate Tribunal (NCLAT) on Tuesday held that once dues against a corporate debtor stand crystallised and the dispute relates to recovery affecting the insolvency or liquidation process, the matter falls within the ambit of the Insolvency and Bankruptcy Code. In such cases, the National Company Law Tribunal has jurisdiction to pass directions concerning the assets of the corporate debtor, even if the action originates under the securities law.
Case Title : Raja Sekhara Rao Narayanam and Ors. vs. Kalvakolanu Murali Krishna Prasad and Anr.
Case Number : Company Appeal (AT) (CH) (Ins) No.98/2024
CITATION : 2026 LLBiz NCLAT 115
The National Company Law Appellate Tribunal at Chennai has recently held it is not required to examine the reasons behind a bank's decision to reject a one-time settlement proposal while deciding whether insolvency proceedings should continue, so long as debt and default are established.
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain made the observation while dismissing an appeal filed by the suspended directors of Anand Bharathi Fertilisers (India) Pvt Ltd against the admission of insolvency proceedings at the instance of Canara Bank.
Case Title : Atul Babulal Prajapati and Pinal Prajapati Vs Suhas Dinkar Bhattbhatt
Case Number : Company Appeal (AT) (Insolvency) 2273/2024
CITATION : 2026 LLBiz NCLAT 117
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Wednesday held that extinguishment of receivables through accounting entries can amount to a transfer of property under the Insolvency and Bankruptcy Code (IBC), and where such adjustments benefit related parties and reduce the corporate debtor's asset pool, the transaction may be treated as preferential under Section 43 of the Code.
Limitation To File Appeal Under IBC Begins From Date Of Pronouncement In Open Court: NCLAT New Delhi
Case Title : Mukesh Sumermal Sanghvi v. R. D. Engineer (India) Pvt. Ltd.
Case Number : Company Appeal (AT) (Ins) No. 1194 of 2025
CITATION : 2026 LLBiz NCLAT 116
The Principle Bench of the National Company Law Appellate Tribunal (NCLAT), at New Delhi on 25 March, held that the limitation period to file an appeal under Section 61(2) of the Insolvency and Bankruptcy Code, 2016, begins from the date of the pronouncement of the order in open court, not from the date of its uploading on the NCLT portal.
A Bench comprising Justice N. Seshasayee and Technical Member Arun Baroka clarified that uploading constitutes only an administrative act.
NCLAT New Delhi Upholds NCLT Order Cancelling Anil Syal Property Auction Over Procedural Lapses
Case Title : Akshat Gupta Vs Union Bank of India &Ors
Case Number : Company Appeal (AT) (Insolvency) 1577/2024
CITATION : 2026 LLBiz NCLAT 119
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 25 March, held that the auction of Anil Syal's 50% undivided share in a Uday Park residential flat was procedurally flawed due to inadequate notice, undervaluation, and lack of stakeholder consultation, justifying fresh valuation and re‑auction.
A Bench of Judicial Member Justice N Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed an appeal filed by successful bidder Akshat Gupta.
Case Title : Nandani Singh v. Sandeep Kr. Bhatt and Anr.
Case Number : Company Appeal (AT) (Ins) No.60 of 2025
CITATION : 2026 LLBiz NCLAT 118
The National Company Law Appellate Tribunal at New Delhi on 25 March, held that in the case of a continuing guarantee enforceable on demand, the limitation under Section 95 of the Insolvency and Bankruptcy Code, 2016, runs from the date of the enforceable-demand notice and not from the date of execution of the guarantee document. A Bench comprising Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey observed:
“It is far too fundamental a point that where a deed of guarantee provides for its invocation through a demand, then the liability under the same becomes enforceable only on demand. It is admitted that the notice under Sec.13(2) SARFAESI Act was issued on 27.02.2019 and the default commenced 27.04.2019. Necessarily the petition filed under Sec.95 IBC on 30.12.2021 is within time.”
NCLAT Flags Petty Litigation By Income Tax Dept, Calls For CBDT Policy Action In IBC Case
Case Title : Income Tax Officer Vs M/s Solar Voltaic Power LLP & Mr. Prashant Agarwal
Case Number : Company Appeal (AT) (Insolvency) 286/2025
CITATION : 2026 LLBiz NCLAT 120
Calling the appeal a “perfect example for wastage of valuable public resources," the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by the Income Tax Department in an insolvency matter and directed that the issue be brought to the notice of the Chairperson of the Central Board of Direct Taxes (CBDT) for appropriate policy action against such litigation.
The appellate tribunal made the observation while upholding the approval of the resolution plan of Solar Voltaic Power LLP and rejecting the challenge raised by the Income Tax Department, which had sought a higher allocation towards its tax dues.
Acknowledgment Of Debt By Corporate Debtor Is Acknowledgment By Guarantor, Extends Limitation: NCLAT
Case Title : Phoenix Arc Private Limited Trustee of Phoenix Trust Versus Mr. Rajendra Himmatlal Salot
Case Number : Company Appeal (AT) (Insolvency) No. 2185 of 2024
CITATION : LLBiz NCLAT 121
The National Company Law Appellate Tribunal (NCLAT) has recently held that acknowledgment of debt in a corporate debtor's financial statements extends the limitation period against personal guarantors, setting aside an order of the National Company Law Tribunal (NCLT) which had dismissed insolvency proceedings as time-barred. “We note that an acknowledgement made by a company in its balance sheet has the effect of extending the period of limitation for the purpose of Section 18 of the Limitation Act, 1963.
And that such a position has been settled in the judgment of the Hon'ble Supreme Court in the matter of Asset Reconstruction Co. (India) Ltd. v Bishal Jaiswal”, the tribunal said.
CIRP Cannot Be Revived After Resolution Plan Approval And Liquidation: NCLAT Chennai
Case Title : MR. G. MADHUSUDHAN RAO Vs SRA OF BHEEMA CEMENTS LIMITED
Case Number : Company Appeal (AT) (Insolvency) 146/2026
CITATION : 2026 LLBiz NCLAT 122
On 18 March 2026, the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) held that a Corporate Insolvency Resolution Process (CIRP) cannot be revived after approval of the resolution plan and initiation of liquidation.
A Bench comprising Judicial Member Sharad Kumar Sharma and Technical Member Indevar Pandey, dismissed the appeal filed by Mr. G. Madhusudhan Rao, Ex-Resolution Professional and Chairman of the Monitoring Committee of Bheema Cements Limited.
Case Title : Sushant Chhabra & Anr. v. Catalyst Trusteeship Ltd. & Anr.
Case Number : Company Appeal (AT) (Ins.) Nos. 443 & 444 of 2026
CITATION : 2026 LLBiz NCLAT 123
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday held that a fresh insolvency application against a personal guarantor filed during the subsistence of an interim moratorium triggered by an earlier application under the Insolvency and Bankruptcy Code is void from the outset and cannot be validated even if the earlier proceedings are later withdrawn.
A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said, “The interim moratorium in Section 96 has statutory consequences, which interim moratorium although shall come to an end when application is either dismissed or admitted or withdrawn, but during the period when interim moratorium is operating, any initiation of proceeding shall be non-est in law."
Case Title : Delhi Metro Rail Corporation Limited Vs Consortium of Crown Steels and Sunrise Industries & Ors
Case Number : Company Appeal (AT) (Insolvency) 1683/2025
CITATION : 2026 LLBiz NCLAT 123
The National Company Law Appellate Tribunal (NCLAT) on Friday held that the Delhi Metro Rail Corporation (DMRC) cannot be directed to revive a concession agreement for the development of a multi-level parking and commercial project at the New Delhi Railway Station under the Airport Express Line.
The tribunal noted that the agreement had been terminated in 2017, well before the initiation of the Corporate Insolvency Resolution Process (CIRP) of Prime Infrapark Pvt Ltd, the special purpose vehicle to which the concession was assigned.
Non‑Issuance Of NOCs By Financial Creditor Not Fraud In Insolvency Proceedings: NCLAT New Delhi
Case Title : Mr Hemant Yadav & Ors Vs IDBI Trusteeship Services Ltd
Case Number : Company Appeal (AT) (Insolvency) 268/2026 & 269/2026
CITATION : 2026 LLBiz NCLAT 124
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 March, held that the non-issuance of No Objection Certificates (NOCs) by a financial creditor cannot be treated as fraudulent or malicious in the initiation of insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). A Section 7 petition remains valid where a corporate debtor defaults on its debt obligations, irrespective of later contractual disputes with homebuyers.
Case Title : S2 Tech.com India Pvt. Ltd Vs Mr. Birendra Kumar Agarwal, RP & CoC
Case Number : Company Appeal (AT) (Insolvency) 456/2024
CITATION : 2026 LLBiz NCLAT 126
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently set aside the approval of a resolution plan for Manjeera Constructions Limited after finding that the successful resolution applicant's earnest money deposit was credited three days after the stipulated deadline, rendering the bid non-responsive
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain rejected the contention that the requirement stood satisfied since the amount had been debited on the last date and held that actual receipt within the deadline was mandatory.
Case Title : Surender Singh Vs IDBI Trusteeship Services Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) 266/2026
CITATION : 2026 LLBiz NCLAT 125
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 27 March, held that insolvency proceedings in real estate cases must be confined to the specific project for which financing was raised.
A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra heard an appeal by Surender Singh, the suspended director of Vatika Limited in relation to the “Aspirations” project in Sector 88B, Gurgaon.
NCLAT Upholds NCLT Mumbai Order Directing Eviction Of Unauthorised Occupant In Infra Company CIRP
Case Title : Classic Marble Company Pvt. Ltd v. Truvisory Insolvency Professionals Pvt. Ltd and Anr.
Case Number : CA(AT)(Insolvency)/187/2026
CITATION : 2026 LLBiz NCLAT 127
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld an order directing eviction of an unauthorised occupant from a corporate debtor's property during insolvency proceedings.
The court upheld the NCLT Mumbai's view that a Resolution Professional can approach the NCLT to secure possession of assets and that requiring separate civil proceedings would “unduly prolong the insolvency process which is a time bound process.”
Case Title : SGN Universal Construction Company Limited Vs Shailendra Kumar Singh & Ors
Case Number : Company Appeal (AT) (Insolvency) 2207/2024
CITATION : 2026 LLBiz NCLAT 129
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal by SGN Universal Construction Company Pvt. Ltd. challenging observations made by the NCLT on its claimed rights over Tower 5 of the “Morpheus Bluebell” project in Greater Noida (West), developed by M/s Morpheus Prodevelopers Pvt. Ltd.
The appellate tribunal said the Adjudicating Authority had not returned any finding on those claims and that such issues fall for consideration within the insolvency process.
Non‑Issuance Of NOCs By Financial Creditor Not Fraud In Insolvency Proceedings: NCLAT New Delhi
Case Title : Mr Hemant Yadav & Ors Vs IDBI Trusteeship Services Ltd
Case Number : Company Appeal (AT) (Insolvency) 268/2026 & 269/2026
CITATION : 2026 LLBiz NCLAT 124
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 March, held that the non-issuance of No Objection Certificates (NOCs) by a financial creditor cannot be treated as fraudulent or malicious in the initiation of insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). A Section 7 petition remains valid where a corporate debtor defaults on its debt obligations, irrespective of later contractual disputes with homebuyers.
Case Title : S2 Tech.com India Pvt. Ltd Vs Mr. Birendra Kumar Agarwal, RP & CoC
Case Number : Company Appeal (AT) (Insolvency) 456/2024
CITATION : 2026 LLBiz NCLAT 126
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently set aside the approval of a resolution plan for Manjeera Constructions Limited after finding that the successful resolution applicant's earnest money deposit was credited three days after the stipulated deadline, rendering the bid non-responsive
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain rejected the contention that the requirement stood satisfied since the amount had been debited on the last date and held that actual receipt within the deadline was mandatory.
Case Title : Surender Singh Vs IDBI Trusteeship Services Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) 266/2026
CITATION : 2026 LLBiz NCLAT 125
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 27 March, held that insolvency proceedings in real estate cases must be confined to the specific project for which financing was raised.
A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra heard an appeal by Surender Singh, the suspended director of Vatika Limited in relation to the “Aspirations” project in Sector 88B, Gurgaon.
NCLAT Upholds NCLT Mumbai Order Directing Eviction Of Unauthorised Occupant In Infra Company CIRP
Case Title : Classic Marble Company Pvt. Ltd v. Truvisory Insolvency Professionals Pvt. Ltd and Anr.
Case Number : CA(AT)(Insolvency)/187/2026
CITATION : 2026 LLBiz NCLAT 127
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld an order directing eviction of an unauthorised occupant from a corporate debtor's property during insolvency proceedings. The court upheld the NCLT Mumbai's view that a Resolution Professional can approach the NCLT to secure possession of assets and that requiring separate civil proceedings would “unduly prolong the insolvency process which is a time bound process.”
Case Title : SGN Universal Construction Company Limited Vs Shailendra Kumar Singh & Ors
Case Number : Company Appeal (AT) (Insolvency) 2207/2024
CITATION : 2026 LLBiz NCLAT 129
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal by SGN Universal Construction Company Pvt. Ltd. challenging observations made by the NCLT on its claimed rights over Tower 5 of the “Morpheus Bluebell” project in Greater Noida (West), developed by M/s Morpheus Prodevelopers Pvt. Ltd. The appellate tribunal said the Adjudicating Authority had not returned any finding on those claims and that such issues fall for consideration within the insolvency process.
Judicial Custody Of Appellant No Ground To Extend IBC Limitation: NCLAT In Alps Leisure Liquidation
Case Title : Alpesh Vasudev Gandhi v. Vinodkumar S. Shah, Liquidator of Alps Leisure Holidays Ltd.
Case Number : I.A. No. 147 & 477 of 2026 in Company Appeal (AT) (Ins.) No. 39 & 126 of 2026
CITATION : 2026 LLBiz NCLAT 130
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently dismissed two applications as time-barred, holding that judicial custody cannot be used to bypass the statutory limitation period under the Insolvency and Bankruptcy Code. The appellate tribunal clarified that Section 61 of the IBC permits condonation only up to 15 days beyond the initial 30-day limitation period and does not allow any extension beyond this outer limit, even if the appellant was in judicial custody.
NCLAT Rejects Successful Bidder's Plea For Post-Sale Reliefs In Veda Biofuel Liquidation
Case Title : Biotech Private Limited v Dr. Kondapalli Venkat Srinivas
Case Number : Company Appeal (AT) (CH) (Ins) No. 418/2025 and (IA No. 1198/2025)
CITATION : 2026 LLBiz NCLAT 131
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently upheld the rejection of post-sale reliefs sought by MS Biotech Pvt. Ltd., finding that a bidder who enters an auction on an “as is where is” basis cannot later turn around and ask for concessions beyond what was agreed.
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the company's appeal against the NCLT, Amravati Bench order dated July 3, 2025.
Case Title : Mr T Venkatram Reddy Vs L & T Finance Limited & Renuka Devi Rangaswamy
Case Number : Company Appeal (AT) (Insolvency) 383/2022
CITATION : 2026 LLBiz NCLAT 132
The National Company Law Appellate Tribunal (NCLAT) at Chennai recently rejected a creditor's attempt to treat a loan default as a “continuing guarantee” to overcome limitation, holding that default under the Insolvency and Bankruptcy Code is a singular event that cannot be stretched to revive time-barred proceedings, especially where the demand notice itself records a specific date of default.
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain observed, “So far as we are concerned, having appreciated the arguments extended by the Ld. counsel for the parties, we are of the view that when the statute, quite in its explicit term, while consciously defining the default, has referred to in it the word 'when' and that has been used in context of debt 'whole or in part', it deals with a specific singular event of default, which has to be taken as to be a factor for the purposes of issuance of a notice and those factors are inclusive of a default of a whole amount or a partial amount.”
CIRP Petition By Non-Existent Entity Not Maintainable Post Amalgamation: NCLAT Chennai
Case Title : M/s. Samunnati Agri Value Chain Solutions Pvt. Ltd v. M/s. Nekkanti Sea Foods Ltd.
Case Number : Company Appeal (AT) (CH) (Ins) No. 337 / 2025
CITATION : 2026 LLBiz NCLAT 133
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 2 April, held that a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by a non-existent entity is not maintainable, particularly where the entity had been dissolved pursuant to an approved scheme of amalgamation prior to initiation of proceedings. Section 9 allows operational creditors, such as suppliers, employees, or service providers , to initiate the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor.
NCLAT Allows NCLT To Decide Deceased Depositor's Claim Without Awaiting Probate
Case Title : Dr. M.A.M. Ramaswamy Chettiar of Chettinad Charitable Trust v. M/s Chettinad Coal Washeries Pvt. Ltd.
Case Number : Company Appeal (AT) (CH) No.20/2025 (IA No.259/2025)
CITATION : 2026 LLBiz NCLAT 134
Holding that issues relating to repayment and retention of deposits made by a deceased depositor fall within the jurisdiction of the National Company Law Tribunal, the National Company Law Appellate Tribunal (NCLAT), Chennai, has allowed an appeal by a claimant and remanded the matter for fresh consideration without awaiting the outcome of pending probate proceedings.
A bench of Judicial member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain clarified that questions concerning the existence, maturity, and retention of the deposit must be independently examined by the NCLT under the Companies Act.
No Power Under IBC To Order TDS Refund; Issue To Be Decided By Income Tax Dept.: NCLAT
Case Title : S. Dhanapal v. Income Tax Officer & Anr.
Case Number : Company Appeal (AT) (CH) (Ins) No. 644/2025
CITATION : 2026 LLBiz NCLAT 135
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently observed that tribunals under the Insolvency and Bankruptcy Code (IBC), 2016 cannot order a refund of Tax Deducted at Source (TDS) and that such issues must be decided by the Income Tax Department, even in cases involving companies under liquidation.
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain made the observation while dismissing an appeal filed by S. Dhanapal, the liquidator of Servalakshmi Paper Limited, who had challenged the deduction of TDS by State Bank of India on interest earned from fixed deposits created out of liquidation proceeds.
NCLAT New Delhi Lays Down Illustrative Factors For Withdrawal Of CIRP Before CoC Formation
Case Title : Suyog Suryakant Talekar v. Trivenimudrai Project Ltd. & Ors.
Case Number : Company Appeal (AT) (Ins) No. 247 of 2026 & I.A. No. 1534 of 2026
CITATION : 2026 LLBiz NCLAT 136
The National Company Law Appellate Tribunal (NCLAT) on 6 April laid down illustrative guidelines for adjudicating authorities while considering applications for withdrawal of Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) before the constitution of the Committee of Creditors (CoC).
A Bench comprising Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey held that once CIRP is admitted, the adjudicating authority must examine broader indicators of the corporate debtor's financial condition and the interests of other creditors, and cannot treat withdrawal as a mere bilateral settlement between the parties.
NCLAT Bars Recovery Of Premises Occupied By Future Lifestyle In Kolkata Mall During CIRP
Case Title : Sudha Apparels Ltd Vs Mr. Ravi Sethia
Case Number : Company Appeal (AT) (Insolvency) 2026/2024
CITATION : 2026 LLBiz NCLAT 138
The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused to allow recovery of premises occupied by Future Lifestyle Fashion Ltd, the Kishore Biyani-led company, in a Kolkata mall during its insolvency process. The court held that such possession is protected under the moratorium. Dismissing an appeal by Sudha Apparels Ltd, the tribunal held that since the Resolution Professional (RP) was in possession of the leased premises during the Corporate Insolvency Resolution Process (CIRP), Section 14(1)(d) of the Insolvency and Bankruptcy Code (IBC) barred the lessor from recovering the property.
No Eviction While Lease Dispute Pending: NCLAT Grants Relief To Rose Constructions
Case Title : Rose Constructions v. Atul Kumar Kansal, RP
Case Number : Company Appeal (AT) (Ins) No. 965 of 2023
CITATION : 2026 LLBiz NCLAT 139
The National Company Law Appellate Tribunal (NCLAT) in Delhi has set aside an order against Rose Constructions, holding that it cannot be treated as an encroacher while its claim of lawful possession under a lease deed is still pending adjudication.
A bench of Judicial Member Justice N. Seshasayee and Technical members Arun Baroka and Indevar Pandey said, “There are two aspects: (a) I.A. 1197 of 2019 which is premised on the legitimacy of the lease deed dated 20.12.2017 and other is I.A. 2738 of 2020. As long as I.A. 1197 of 2019 is pending, it may be difficult to hold that the present appellant would be an encroacher of the same property. It may be that the appellant might not have contested I.A. 2738 of 2020 diligently, but inasmuch as I.A. 1197 of 2019 is pending on the file of the Adjudicating Authority, any decision to evict the appellant during the pendency of the I.A. 1197 of 2019 cannot be reconciled with the allegation of unlawful occupation of the property in question.”
Monitoring Committee Cannot Revisit Approved Resolution Plan Or Alter Distribution Mechanism: NCLAT
Case Title : Indian Bank & Ors. v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (Ins.) No. 629 of 2024
CITATION : 2026 LLBiz NCLAT 140
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has reiterated that a Monitoring Committee constituted under a resolution plan cannot assume the role of the Committee of Creditors (CoC) or the Adjudicating Authority to revisit or modify the terms of an already approved resolution plan. The tribunal dismissed an appeal filed by assenting financial creditors challenging the order of the NCLT, Cuttack Bench, which had directed payment to a dissenting financial creditor in accordance with its liquidation value as determined by the evaluation advisor appointed by the CoC under Section 30(2)(b) of the Insolvency and Bankruptcy Code, 2016.
Case Title : Anurag Gupta v. M/s. Rare Assets Reconstruction Pvt Ltd. and Ors
Case Number : Company Appeal (AT) (CH) (Ins) No.371/2025 and IA No. 1107/2025
CITATION : 2026 LLBiz NCLAT 141
The National Company Law Appellate Tribunal (NCLAT) at Chennai has dismissed an appeal filed by a personal guarantor to MBS Impex Pvt. Ltd. as barred by limitation, holding that his plea of gaining knowledge of the order at a later date was untenable since he had participated in the proceedings and that the delay of 32 days was beyond the condonable limit prescribed under law.
A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Memer Jatindranath Swain observed, “….Though he might not be present on the day of pronouncement of order, but since he has participated in the proceedings right from the day where the application under Section 95 of the Code was filed against him. Therefore, his plea that he was not aware of the fact of the order having been pronounced cannot be accepted by this Appellate Tribunal, being contrary to records. In any case, the limitation will start only from the date of pronouncement and not from the date of knowledge, especially when the Appellant is a party, and was contesting the proceedings. .”
Case Title : Shikhar Dhawan Vs Absolute Legends Sports Pvt. Ltd.
Case Number : Comp. App. (AT) (Ins) No. 594 of 2026
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday issued notice in an appeal filed by cricketer Shikhar Dhawan challenging the rejection of his insolvency plea against Absolute Legends Sports Private Limited. The appellate tribunal will examine whether Dhawan's claim for unpaid player fees for his participation in the Legends League Cricket qualifies as an operational debt and whether the National Company Law Tribunal (NCLT) was right in holding that the debt was not due and payable.
Case Title : M. Chandra Bushanaswamy Reddy v. National Bank for Agriculture and Rural Development (NABARD) & Anr.
Case Number : Company Appeal (AT) (CH) (Ins) No. 256/2025 (IA Nos. 725 & 726/2025)
CITATION : 2026 LLBiz NCLAT 142
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 9 April 2026 held that limitation for initiating insolvency proceedings against a personal guarantor under Section 95 of the Insolvency and Bankruptcy Code, 2016 starts only when the guarantee is clearly and unequivocally invoked, and not from earlier communications that only show default or an intention to recall the loan.
Case Title : Company Appeal (AT) (CH) (Ins) Nos. 17 & 18 of 2026
Case Number : Company Appeal (AT) (CH) (Ins) Nos. 17 & 18 of 2026
CITATION : 2026 LLBiz NCLAT 143
The National Company Law Appellate Tribunal (NCLAT) at Chennai has observed that a High Court should not have directed exclusion of time or condonation of delay after declining to entertain a writ petition on the ground of availability of an alternative statutory remedy under the Insolvency and Bankruptcy Code (IBC).
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held.“Therefore, for all practical purposes when the Hon'ble High Court has observed that the writ petition is not maintainable and has declined to interfere on the same count, it becomes functus officio. Once the maintainability question has been decided by the High Court, on the basis of availability of an appellate remedy before the NCLAT under Section 61 itself, the High Court should not have passed an order, directing this Appellate Tribunal to condone the delay, since the Appellate Tribunals created under Section 410 of Companies Act, under law, are kept out of the supervisory jurisdiction of the High Courts,”
NCLAT Refuses CIRP Deferment Despite Favourable Arbitral Award, Cites Higher Total Debt
Case Title : Vikram Sharma v. Canara Bank
Case Number : Company Appeal (AT) (Insolvency) No. 1750 of 2025
CITATION : 2026 LLBiz NCLAT 145
The National Company Law Appellate Tribunal (NCLAT) on Friday upheld the admission of insolvency proceedings against a road project SPV, rejecting its plea to defer admission under Section 7 of the IBC on the ground that amounts claimed under an arbitral award exceeded the bank's claim. A bench of Justice Ashok Bhushan and Barun Mitra held that this was not a fit case to apply the Supreme Court's ruling in Vidarbha Industries Power Ltd. v. Axis Bank Ltd., which allows the NCLT to delay admission in appropriate cases.
NCLAT Upholds Voting Window Extended Within Unijules CIRP Timeline, Says No Material Irregularity
Case Title : Consortium of Shantech International Pvt Ltd and Worldfa Exports Pvt Ltd v. Mr. Amit Chandrashekhar Poddar, RP and Ors.
Case Number : Company Appeal (AT) (Ins) Nos. 02, 69, 71, 73 89 & 205 of 2026
CITATION : 2026 LLBiz NCLAT 146
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the extension of the voting window in the insolvency resolution process of Unijules Life Sciences Ltd., holding that continuation of e-voting beyond the initially fixed date did not amount to a material irregularity as it remained within the overall CIRP timeline. Dismissing a batch of appeals filed by unsuccessful resolution applicants and dissenting financial creditor Satsai Finlease Pvt Ltd, the appellate tribunal affirmed the order of the National Company Law Tribunal, Mumbai, approving the resolution plan submitted by S S Fabricators and Manufacturers Pvt Ltd, which had secured 98.54 percent votes of the committee of creditors.
Case Title : V-Con Integrated Solutions Pvt Ltd Vs Shreeram Technology Services Pvt Ltd
Case Number : Company Appeal (AT) (Insolvency) 283/2025
CITATION : 2026 LLBiz NCLAT 147
The National Company Law Appellate Tribunal (NCLAT) has refused to revive an insolvency plea filed by V-Con Integrated Solutions Pvt. Ltd. against Shreeram Technology Services Pvt. Ltd., holding that statutory timelines under the Insolvency and Bankruptcy Code cannot be bypassed by invoking the tribunal's inherent powers. A bench comprising Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey reiterated that the 30-day limit prescribed under Rule 48(2) of the NCLT Rules, 2016 for seeking restoration of a petition is binding and cannot be relaxed by resorting to Rule 11.
Routine Administrative Reasons Cannot Justify Delay: NCLAT Dismisses Kotak Mahindra Bank's Appeal
Case Title : Kotak Mahindra Bank Ltd Vs Naren Seth
Case Number : I.A. No. 7489 of 2025 in Company Appeal (AT) (Insolvency) 1952/2025
CITATION : 2026 LLBiz NCLAT 148
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has refused to condone a 112-day delay in re-filing an appeal by Kotak Mahindra Bank Ltd. in the insolvency proceedings of DBM Geotechnics & Construction Pvt. Ltd., holding that routine administrative processes cannot justify such a prolonged delay and dismissing the appeal itself. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said the explanation offered by the bank reflected nothing more than generalised internal difficulties.
NCLAT Confines Insolvency Proceedings Against Raheja Developers To Krishna Housing Scheme Project
Case Title : Navin M Raheja Vs Shravan Minocha
Case Number : Company Appeal (AT) (Insolvency) 1276/2025
CITATION : 2026 LLBiz NCLAT 149
The National Company Law Appellate Tribunal (NCLAT) at Delhi has confined the corporate insolvency resolution process (CIRP) against Raheja Developers Ltd. to its Krishna Housing Scheme project in Sohna, Gurugram, holding that proceedings initiated by homebuyers of the project are to be confined to that project. The appellate tribunal noted that the National Company Law Tribunal (NCLT), by its order dated August 21, 2025, had admitted a Section 7 application filed by 130 homebuyers and initiated CIRP against the corporate debtor.
NCLAT Upholds Rejection of Insolvency Plea Against Essar Power Gujarat Over Pre-Existing Dispute
Case Title : Narayani Resources Pvt Ltd Vs Essar Power Gujarat Ltd
Case Number : Company Appeal (AT) (Insolvency) 158/2026
CITATION : 2026 LLBiz NCLAT 150
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the rejection of an insolvency plea filed by Narayani Resources Pvt. Ltd. against Essar Power Gujarat Ltd., holding that the dispute between the parties were pre-existing. A bench of Justice Ashok Bhushan and Technical Member Barun Mitra said the disagreement over settlement and payment reconciliation was clear from the record.
Case Title : Omkaram Venkata Ramana v. Bank of India and Anr
Case Number : Company Appeal (AT) (CH) (Ins) No.123/2023; (IA Nos.419, 421 & 420/2023)
CITATION : 2026 LLBiz NCLAT 151
The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, has held that the power of the Adjudicating Authority under Section 114(3) of the Insolvency and Bankruptcy Code, 2016 to direct modification of a repayment plan is not obligatory and can be exercised only when supported by material on record. The tribunal dismissed an appeal filed by a personal guarantor to loans availed by the Nithin Group of Companies from Bank of India, challenging the order of the National Company Law Tribunal, Amaravati Bench at Mangalagiri, which had accepted the Resolution Professional's report recording rejection of his repayment plan by the Committee of Creditors.
No Appeal Lies Against Dismissal Of Contempt Plea Without Punishment: NCLAT
Case Title : Venkata Chalam Varanasi v. Mr. Upender Kumar Agarwal
Case Number : Company Appeal (AT) (CH) (INS) No. 189 / 2026
CITATION : 2026LLBiz NCLAT 152
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently reiterated that an appeal against dismissal of a contempt petition is not maintainable where no punishment has been imposed. The bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain fater examining the Contempt of Courts Act, observed, “Section 19(1) envisages Appeal against only those orders where a punishment has been inflicted for contempt. In the instant case, no punishment has been awarded.”
Case Title : Rashtriya Mill Mazdoor Sangh, Bombay Vs National Textile Corporation Limited
Case Number : Company Appeal (AT) (Insolvency) 1704/2025
CITATION : 2026 LLBiz NCLAT 157
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the rejection of an insolvency plea filed by Rashtriya Mill Mazdoor Sangh against National Textile Corporation Ltd., finding that disputes over wage dues were already pending, indicating a pre-existing dispute between the parties. A Bench of Justice Ashok Bhushan and Technical Member Barun Mitra observed, “The scope of Section 9 of IBC cannot be bent to use it as an instrument for debt recovery as the focus of IBC is on ensuring the revival and continuation of the corporate debtor rather than facilitating recovery of the debt owed by the corporate debtor to its creditors"
Case Title : Art Construction Pvt Ltd Vs Udayraj Patwardhan RP of Adel Landmarks Ltd & Ors
Case Number : Company Appeal (AT) (Insolvency) 460/2026
CITATION : 2026 LLBiz NCLAT 155
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently set aside an order of the National Company Law Tribunal that had sent the resolution plan of real estate developers, Adel Landmarks Ltd., back to the Committee of Creditors for reconsideration. The appellate tribunal held that the direction amounted to an "unwarranted" interference with the commercial wisdom of the creditors, even though the plan had already been approved with an 82.66% voting share after multiple rounds of deliberations.
Case Title : Suniel Dhhandhania and Anr v. Dr. Vichitra Narayan Pathal
Case Number : Company Appeal (AT) (Ins) No. 841 of 2024
CITATION : 2026 LLBiz NCLAT 156
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the liability of former directors of Golden Tobacco Ltd. for failing to deposit employee salary deductions with a credit society. It held that diversion of such funds, even without personal gain, may constitute fraudulent conduct under Section 66 of the Insolvency and Bankruptcy Code.
NCLAT Refuses To Halt Carnival Techno Park CIRP, Says Fraud Plea Cannot Reopen Finding Of Default
Case Title : Canara Bank Vs Bhavesh Mansukhbai Rathod, IRP & Ors
Case Number : Company Appeal (AT) (Insolvency) 556/2025 & 588/2025
CITATION : 2026 LLBiz NCLAT 159
The National Company Law Appellate Tribunal (NCLAT) has refused to halt insolvency proceedings against Carnival Techno Park Pvt. Ltd., holding that Canara Bank cannot challenge the existence of debt and default through a plea alleging fraudulent initiation of the process. A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said the bank failed to show any fraud in the initiation of the process.
Case Title : Shivani Enterprises Vs S Square Cargo Movers Pvt Ltd
Case Number : Company Appeal (AT) (Insolvency) 463/2026
CITATION : 2026 LLBiz NCLAT 158
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the dismissal of a Section 9 CIRP application filed by Shivani Enterprises against S Square Cargo Movers Pvt. Ltd. It held that the interest component reflected in the invoices was not mutually agreed between the parties and could not be included in the operational debt.
Case Title : Kotak Mahindra Bank Ltd. Versus IDBI Bank Limited And Ors.
Case Number : Company Appeal (AT) (Ins) No. 67 of 2024
CITATION : 2026 LLBiz NCLAT 174
The National Company Law Appellate Tribunal (NCLAT) in Delhi has held that restructuring of loan facilities does not necessarily amount to modification of charge requiring fresh registration where the underlying security remains unchanged. “We are in agreement with the approach adopted by the Ld. Adjudicating Authority in construing the term modification liberally as the same will not prejudice the security interest of existing lenders and the restructuring of the facilities done by the lender Banks may not amount to modification of charge in strict sense.”, the tribunal observed.
Case Title : ASREC (India) Limited Versus Bhaskar Gopal Shetty and Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 359 of 2026
CITATION : 2026 LLBiz NCLAT 175
The National Company Law Appellate Tribunal (NCALT) at New Delhi has upheld the classification of Kamlesh Mehta, a second charge holder, as a secured financial creditor of the corporate debtor, Mirage Ceramics Pvt. Ltd. It held that the absence of consent from the first charge holder and non-registration of charge under Section 77 of the Companies Act, 2013 did not vitiate the second charge in the facts of the case.
NCLAT Dismisses CIRP Plea By Durgapur Corporation Against Aryan Ispat, Cites Pre-Existing Dispute
Case Title : Durgapur Corporation Private Limited v. M/s. Aryan Ispat & Power Private Limited
Case Number : Company Appeal (AT) (Insolvency) No. 1218 of 2025
CITATION : 2026 LLBiz NCLAT 177
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has dismissed an appeal filed by Durgapur Corporation Private Limited against Aryan Ispat & Power Private Limited, reiterating that a Section 9 application must be rejected where there exists a pre-existing dispute between the parties. “The only thing that is to be looked into is that whether there is plausible contention. In the facts of the present case, we find that plausible contention was raised by the Corporate Debtor in the reply to Section 9 application and there being pre-existing dispute between the parties, application filed under Section 9 deserved rejection.”
Case Title : Milan Aggarwal (Suspended director of Prayag Polytech Private Limited) Versus Canara Bank & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 298 of 2026
CITATION : 2026 LLBiz NCLAT 176
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the admission of insolvency proceedings against Prayag Polytech Pvt. Ltd., rejecting the company's reliance on multiple No Dues Certificates and holding that these were issued only for satisfaction of specific charges and did not extinguish its overall liability to Canara Bank. A bench of Judicial Member Justice Ashok Bhushan and technical member Barun Mitra held that the certificates relied upon by the suspended director could not be treated as proof that no debt remained outstanding.
Case Title : JS Steel Co. Ltd. v. Amod Stampings Private Limited
Case Number : Company Appeal (AT) (Insolvency) No. 112 of 2026
CITATION : 2026 LLBiz NCLAT 178
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld the rejection of plea seeking initiation of the corporate insolvency resolution process (CIRP) against Amod Stampings Private Limited, holding that emails admitting defective supply and offering compensation demonstrate a pre-existing dispute.
A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “The Appellant having agreed to compensate the Corporate Debtor is also a clear admission of the fact that the goods supplied were not in terms of the specifications which had been agreed to by the parties. The plea taken by the Appellant that the Adjudicating Authority did not take into account the surrounding facts and circumstances in that the Appellant was compelled to agree to pay the compensation amount as they were subjected to blackmail by the Corporate Debtor does not impress us. When the emails explicitly record admission of deficiency in supply and resultant payment of compensation by the Appellant, it is not the remit of the Adjudicating Authority to get into the circumstantial reasons which led to such compensatory offers.”
NCLT Asking Parties To Explore Settlement Not A Reference To Mediation: NCLAT
Case Title : Vijay Data v. Data Ingenious Global Ltd. & Ors.
Case Number : Company Appeal (AT) No. 134 of 2026
CITATION : 2026 LLBiz NCLAT 179
The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that asking parties in a long-pending oppression and mismanagement dispute to explore settlement is not the same as referring the matter to mediation. The ruling came in an appeal filed by Vijay Data against Data Ingenious Global Ltd and others, challenging an order of the National Company Law Tribunal (NCLT), Jaipur Bench, which had dismissed his application seeking recall of an earlier order dated February 19, 2026.
NCLT Cannot Entertain Challenge To Statutory Development Authority Orders Under IBC: NCLAT New Delhi
Case Title : Sunil Kumar Rastogi & Ors. v. Lucknow Development Authority & Ors.
Case Number : Comp. App. (AT) (Ins) No. 456 of 2026
CITATION : 2026 LLBiz NCLAT 180
The New Delhi National Company Law Appellate Tribunal (NCLAT), on 6 April, held that orders passed by statutory authorities in exercise of statutory powers cannot be challenged before the NCLT under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey observed: “The Tribunal held that sanction of Plan, which is in exercise of Statutory jurisdiction of Lucknow Development Authority under Uttar Pradesh Urban Planning and Development Act, 1973 cannot be made subject matter of challenge before the NCLT. ….The said decision in exercise of Statutory jurisdiction of Lucknow Development Authority can be subjected to challenge only in accordance with the provisions of Uttar Pradesh Urban Planning and Development Act, 1973.”
Case Title : Employees Provident Fund Organisation, Kandivali East v. Ashok Mittal, Resolution Professional of Dhruv Wellness Ltd.
Case Number : CA (AT) (Ins) No. 662 of 2026 & I.A. No. 2583 of 2026
CITATION : 2026 LLBiz NCLAT 181
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed an appeal filed by the Employees' Provident Fund Organisation (EPFO) seeking admission of a Rs. 61.36 lakh claim in the CIRP of Dhruv Wellness Ltd., holding that a claim based only on an internal communication and without any assessment under Section 7A of the EPF & MP Act could not be sustained. The tribunal further observed that the appellant must bear the consequence of not crystallising the claim at the relevant stage.
Coparcener Claiming Guarantor's Property Cannot Intervene In Guarantor's Insolvency Case: NCLAT
Case Title : Dr. Srinivas Manchala v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (CH) (Ins) No. 160, 163 & 164 of 2026
CITATION : 2026 LLBiz NCLAT 182
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a person claiming coparcenary rights over a guarantor's property cannot be impleaded in personal guarantor insolvency proceedings (Section 95), as such proceedings are confined to personal guarantors. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain emphasised that the Insolvency and Bankruptcy Code limits such proceedings to specific individuals acting as guarantors.
No Financial Debt Where Flats Given In Lieu Of Legal Fees: NCLAT New Delhi
Case Title : L & L Partners Litigation Vs Jalesh Kumar Grover
Case Number : Company Appeal (AT) (Insolvency) 1944/2025
CITATION : 2026 LLBiz NCLAT 184
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 23 April dismissed the appeal filed by L & L Partners Litigation, holding that allotment of three flats by AKME Projects Ltd. towards professional legal fees did not constitute a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code (IBC).
Case Title : V. Nagarajan Vs ICICI Bank Ltd.
Case Number : Company Appeal (AT) (Insolvency) 152/2023
CITATION : 2026 LLBiz NCLAT 185
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 April held that R. Subramaniam, who had long represented the Liquidator of Cethar Ltd., could not continue as counsel in view of conflict of interest concerns, non-disclosure obligations under the Insolvency framework, suspension of his licence, and subsequent criminal conviction. A Bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by V. Nagarajan, Resolution Professional and Liquidator of Cethar Ltd.
Case Title : Manjeet Cotton Pvt. Ltd. Versus Phoenix ARC Pvt. Ltd.
Case Number : Company Appeal (AT) (Ins.) No. 1676 of 2025
CITATION : 2026 LLBiz NCLAT 183
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal challenging the distribution of surplus generated during the insolvency process, holding that such surplus, if not provided for in the resolution plan, cannot be claimed by the successful resolution applicant and must be distributed under the IBC waterfall. A Bench of Justice Ashok Bhushan and Technical Member Indevar Pandey emphasised that the nature and timing of the surplus were determinative.
Case Title : STCI Finance Limited Vs IMP Powers Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 1019/2024, 1657/2024, 893/2025
CITATION : 2026 LLBiz NCLAT 187
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April, dismissed STCI Finance Limited's appeals challenging the liquidation process of IMP Powers Ltd., holding that while the Liquidator's inclusion of STCI's assets in the liquidation estate was valid, STCI failed to establish any illegality warranting interference with the process. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey further held that disputes over the distribution of sale proceeds under Section 53 of the Insolvency and Bankruptcy Code (IBC) must first be adjudicated by the National Company Law Tribunal (NCLT) before the appellate forum can examine them.
NCLAT Chennai Dismisses Personal Guarantors Appeals Upholds 208-Day Exclusion In PGIRP
Case Title : B Nirmal Kumar & Ors Vs K J Vinod
Case Number : Company Appeal (AT) (Insolvency) 205/2026, 206/2026,207/2026,208/2026
CITATION : 2026 LLBiz NCLAT 188
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April dismissed four connected appeals filed by personal guarantors B. Nirmal Kumar, B. Kamlesh Kumar, B. Anand Kumar, and N. Rekha, challenging orders of the National Company Law Tribunal (NCLT), Chennai, dated 10 March 2026. A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the NCLT correctly excluded a period of 208 days (16 April 2025 to 10 November 2025) from the statutory timeline of the Personal Guarantor Insolvency Resolution Process (PGIRP).
Case Title : Imperial Coastal Infra v. Liquidator, IVRCL Ltd. & Ors.
Case Number : Company Appeal (AT) (CH) (Ins) No. 250/2024
CITATION : 2026 LLBiz NCLAT 186
The National Company Law Appellate Tribunal (NCLAT) has recently directed the liquidator of IVRCL Limited to release over Rs 41 lakh to sub-contractor Imperial Coastal Infra, holding that 96% of the project receivables belonged to the sub-contractor, were held by the corporate debtor in a fiduciary capacity, and could not be treated as part of the liquidation estate or as operational debt. A Chennai Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain set aside an order of the National Company Law Tribunal, Hyderabad, which had upheld the liquidator's decision to treat the withheld amount as pre-insolvency dues to be distributed under the Insolvency and Bankruptcy Code.
NCLAT Rejects Cosmic Ferro Alloys' Refund Claim On Revised Power Tariffs Post Resolution Plan
Case Title : Cosmic Ferro Alloys Ltd. Versus Damodar Valley Corporation & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 1332 of 2022
CITATION : 2026 LLBiz NCLAT 191
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by Cosmic Ferro Alloys Ltd., the corporate debtor now under new management pursuant to an approved resolution plan, holding that no refund or adjustment arises from revised electricity tariffs after approval of the plan. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra reiterated that once the resolution plan is approved, it binds all stakeholders and settles pre-insolvency claims.
Case Title : Mohit Arora v. PNB Housing Finance Ltd. & Anr.
Case Number : Company Appeal (AT) (Ins) No. 1284 of 2022
CITATION : 2026 LLBiz NCLAT 191
The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld the admission of an insolvency application against Mohit Arora, personal guarantor to loans taken by Supertech Ltd. and two other companies. It held that the process initiated by PNB Housing Finance cannot be blocked by a moratorium arising from another petition, which is non-est in law. “...when the IFCI petition being CP IB No. 428 of 2021 was filed on 02.06.2021 during the interim moratorium commenced by the filing of the petition by the PNB being 203 of 2021 the petition filed by the IFCI on 02.06.2021 would be deemed to be non-est in the eye of law and therefore cannot commence any interim moratorium.”, it observed.
NCLAT Sets Aside NCLT Order Allowing Late Expression Of Interest, Resolution Plan
Case Title : Ram Prasad Agarwala Suspended Director of Fairdeal Supplies Ltd. Versus Bijay Murmuria Resolution Professional & Ors.
Case Number : Comp. App. (AT) (Ins) No. 661 of 2026
CITATION : 2026 LLBiz NCLAT 190
The National Company Law Appellate Tribunal (NCLAT) in Delhi has set aside an NCLT order that allowed a delayed expression of interest (EOI) and resolution plan, ruling that a resolution applicant cannot be considered after missing the prescribed timelines. “We are of the view that order of the Adjudicating Authority directing acceptance of the late EoI of Respondent No. 5 could not be sustained and the order need to be set aside.”, the tribunal observed.
EPFO Cannot Rely On Enforcement Report Prepared During Moratorium To Raise Claim: NCLAT New Delhi
Case Title : Employees Provident Fund Organisation Vs. Arun Kishanlal Bagaria
Case Number : Company Appeal (AT) (Insolvency) No. 1643 of 2025
CITATION : 2026 LLBiz NCLAT 189
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 28 April held that claims based on an Area Enforcement Officer's Report (AEOR) prepared during the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted in insolvency proceedings unless the underlying statutory assessment has been crystallised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed an appeal filed by the Employees' Provident Fund Organisation (EPFO), affirming the order of the National Company Law Tribunal (NCLT), Mumbai Bench rejecting EPFO's claim.
Case Title : Kamlesh Keshavbhai Gondaliya v. IDBI Trusteeship Services Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) Nos. 680 & 670 of 2026
CITATION : 2026 LLBiz NCLAT 192
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld insolvency proceedings against personal guarantors of Takshashila Heights India Private Limited, rejecting their challenge to the debenture trustee's authority to initiate the case. The appeals were filed against orders admitting applications under Section 95 of the Insolvency and Bankruptcy Code by IDBI Trusteeship Services Ltd.
Case Title : Kotak Mahindra Bank Ltd. Versus IDBI Bank Limited And Ors.
Case Number : Company Appeal (AT) (Ins) No. 67 of 2024
CITATION : 2026 LLBiz NCLAT 174
The National Company Law Appellate Tribunal (NCLAT) in Delhi has held that restructuring of loan facilities does not necessarily amount to modification of charge requiring fresh registration where the underlying security remains unchanged. “We are in agreement with the approach adopted by the Ld. Adjudicating Authority in construing the term modification liberally as the same will not prejudice the security interest of existing lenders and the restructuring of the facilities done by the lender Banks may not amount to modification of charge in strict sense.”, the tribunal observed.
Case Title : ASREC (India) Limited Versus Bhaskar Gopal Shetty and Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 359 of 2026
CITATION : 2026 LLBiz NCLAT 175
The National Company Law Appellate Tribunal (NCALT) at New Delhi has upheld the classification of Kamlesh Mehta, a second charge holder, as a secured financial creditor of the corporate debtor, Mirage Ceramics Pvt. Ltd. It held that the absence of consent from the first charge holder and non-registration of charge under Section 77 of the Companies Act, 2013 did not vitiate the second charge in the facts of the case.
NCLAT Dismisses CIRP Plea By Durgapur Corporation Against Aryan Ispat, Cites Pre-Existing Dispute
Case Title : Durgapur Corporation Private Limited v. M/s. Aryan Ispat & Power Private Limited
Case Number : Company Appeal (AT) (Insolvency) No. 1218 of 2025
CITATION : 2026 LLBiz NCLAT 177
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has dismissed an appeal filed by Durgapur Corporation Private Limited against Aryan Ispat & Power Private Limited, reiterating that a Section 9 application must be rejected where there exists a pre-existing dispute between the parties. “The only thing that is to be looked into is that whether there is plausible contention. In the facts of the present case, we find that plausible contention was raised by the Corporate Debtor in the reply to Section 9 application and there being pre-existing dispute between the parties, application filed under Section 9 deserved rejection.”
Case Title : Milan Aggarwal (Suspended director of Prayag Polytech Private Limited) Versus Canara Bank & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 298 of 2026
CITATION : 2026 LLBiz NCLAT 176
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the admission of insolvency proceedings against Prayag Polytech Pvt. Ltd., rejecting the company's reliance on multiple No Dues Certificates and holding that these were issued only for satisfaction of specific charges and did not extinguish its overall liability to Canara Bank. A bench of Judicial Member Justice Ashok Bhushan and technical member Barun Mitra held that the certificates relied upon by the suspended director could not be treated as proof that no debt remained outstanding.
Case Title : JS Steel Co. Ltd. v. Amod Stampings Private Limited
Case Number : Company Appeal (AT) (Insolvency) No. 112 of 2026
CITATION : 2026 LLBiz NCLAT 178
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld the rejection of plea seeking initiation of the corporate insolvency resolution process (CIRP) against Amod Stampings Private Limited, holding that emails admitting defective supply and offering compensation demonstrate a pre-existing dispute.
A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “The Appellant having agreed to compensate the Corporate Debtor is also a clear admission of the fact that the goods supplied were not in terms of the specifications which had been agreed to by the parties. The plea taken by the Appellant that the Adjudicating Authority did not take into account the surrounding facts and circumstances in that the Appellant was compelled to agree to pay the compensation amount as they were subjected to blackmail by the Corporate Debtor does not impress us. When the emails explicitly record admission of deficiency in supply and resultant payment of compensation by the Appellant, it is not the remit of the Adjudicating Authority to get into the circumstantial reasons which led to such compensatory offers.”
NCLT Asking Parties To Explore Settlement Not A Reference To Mediation: NCLAT
Case Title : Vijay Data v. Data Ingenious Global Ltd. & Ors.
Case Number : Company Appeal (AT) No. 134 of 2026
CITATION : 2026 LLBiz NCLAT 179
The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that asking parties in a long-pending oppression and mismanagement dispute to explore settlement is not the same as referring the matter to mediation. The ruling came in an appeal filed by Vijay Data against Data Ingenious Global Ltd and others, challenging an order of the National Company Law Tribunal (NCLT), Jaipur Bench, which had dismissed his application seeking recall of an earlier order dated February 19, 2026.
NCLT Cannot Entertain Challenge To Statutory Development Authority Orders Under IBC: NCLAT New Delhi
Case Title : Sunil Kumar Rastogi & Ors. v. Lucknow Development Authority & Ors.
Case Number : Comp. App. (AT) (Ins) No. 456 of 2026
CITATION : 2026 LLBiz NCLAT 180
The New Delhi National Company Law Appellate Tribunal (NCLAT), on 6 April, held that orders passed by statutory authorities in exercise of statutory powers cannot be challenged before the NCLT under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey observed: “The Tribunal held that sanction of Plan, which is in exercise of Statutory jurisdiction of Lucknow Development Authority under Uttar Pradesh Urban Planning and Development Act, 1973 cannot be made subject matter of challenge before the NCLT. ….The said decision in exercise of Statutory jurisdiction of Lucknow Development Authority can be subjected to challenge only in accordance with the provisions of Uttar Pradesh Urban Planning and Development Act, 1973.”
Case Title : Employees Provident Fund Organisation, Kandivali East v. Ashok Mittal, Resolution Professional of Dhruv Wellness Ltd.
Case Number : CA (AT) (Ins) No. 662 of 2026 & I.A. No. 2583 of 2026
CITATION : 2026 LLBiz NCLAT 181
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed an appeal filed by the Employees' Provident Fund Organisation (EPFO) seeking admission of a Rs. 61.36 lakh claim in the CIRP of Dhruv Wellness Ltd., holding that a claim based only on an internal communication and without any assessment under Section 7A of the EPF & MP Act could not be sustained. The tribunal further observed that the appellant must bear the consequence of not crystallising the claim at the relevant stage.
Coparcener Claiming Guarantor's Property Cannot Intervene In Guarantor's Insolvency Case: NCLAT
Case Title : Dr. Srinivas Manchala v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (CH) (Ins) No. 160, 163 & 164 of 2026
CITATION : 2026 LLBiz NCLAT 182
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a person claiming coparcenary rights over a guarantor's property cannot be impleaded in personal guarantor insolvency proceedings (Section 95), as such proceedings are confined to personal guarantors. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain emphasised that the Insolvency and Bankruptcy Code limits such proceedings to specific individuals acting as guarantors.
No Financial Debt Where Flats Given In Lieu Of Legal Fees: NCLAT New Delhi
Case Title : L & L Partners Litigation Vs Jalesh Kumar Grover
Case Number : Company Appeal (AT) (Insolvency) 1944/2025
CITATION : 2026 LLBiz NCLAT 184
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 23 April dismissed the appeal filed by L & L Partners Litigation, holding that allotment of three flats by AKME Projects Ltd. towards professional legal fees did not constitute a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code (IBC).
Case Title : V. Nagarajan Vs ICICI Bank Ltd.
Case Number : Company Appeal (AT) (Insolvency) 152/2023
CITATION : 2026 LLBiz NCLAT 185
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 April held that R. Subramaniam, who had long represented the Liquidator of Cethar Ltd., could not continue as counsel in view of conflict of interest concerns, non-disclosure obligations under the Insolvency framework, suspension of his licence, and subsequent criminal conviction. A Bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by V. Nagarajan, Resolution Professional and Liquidator of Cethar Ltd.
Case Title : Manjeet Cotton Pvt. Ltd. Versus Phoenix ARC Pvt. Ltd.
Case Number : Company Appeal (AT) (Ins.) No. 1676 of 2025
CITATION : 2026 LLBiz NCLAT 183
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal challenging the distribution of surplus generated during the insolvency process, holding that such surplus, if not provided for in the resolution plan, cannot be claimed by the successful resolution applicant and must be distributed under the IBC waterfall. A Bench of Justice Ashok Bhushan and Technical Member Indevar Pandey emphasised that the nature and timing of the surplus were determinative.
Case Title : STCI Finance Limited Vs IMP Powers Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 1019/2024, 1657/2024, 893/2025
CITATION : 2026 LLBiz NCLAT 187
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April, dismissed STCI Finance Limited's appeals challenging the liquidation process of IMP Powers Ltd., holding that while the Liquidator's inclusion of STCI's assets in the liquidation estate was valid, STCI failed to establish any illegality warranting interference with the process. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey further held that disputes over the distribution of sale proceeds under Section 53 of the Insolvency and Bankruptcy Code (IBC) must first be adjudicated by the National Company Law Tribunal (NCLT) before the appellate forum can examine them.
NCLAT Chennai Dismisses Personal Guarantors Appeals Upholds 208-Day Exclusion In PGIRP
Case Title : B Nirmal Kumar & Ors Vs K J Vinod
Case Number : Company Appeal (AT) (Insolvency) 205/2026, 206/2026,207/2026,208/2026
CITATION : 2026 LLBiz NCLAT 188
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April dismissed four connected appeals filed by personal guarantors B. Nirmal Kumar, B. Kamlesh Kumar, B. Anand Kumar, and N. Rekha, challenging orders of the National Company Law Tribunal (NCLT), Chennai, dated 10 March 2026. A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the NCLT correctly excluded a period of 208 days (16 April 2025 to 10 November 2025) from the statutory timeline of the Personal Guarantor Insolvency Resolution Process (PGIRP).
Case Title : Imperial Coastal Infra v. Liquidator, IVRCL Ltd. & Ors.
Case Number : Company Appeal (AT) (CH) (Ins) No. 250/2024
CITATION : 2026 LLBiz NCLAT 186
The National Company Law Appellate Tribunal (NCLAT) has recently directed the liquidator of IVRCL Limited to release over Rs 41 lakh to sub-contractor Imperial Coastal Infra, holding that 96% of the project receivables belonged to the sub-contractor, were held by the corporate debtor in a fiduciary capacity, and could not be treated as part of the liquidation estate or as operational debt. A Chennai Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain set aside an order of the National Company Law Tribunal, Hyderabad, which had upheld the liquidator's decision to treat the withheld amount as pre-insolvency dues to be distributed under the Insolvency and Bankruptcy Code.
NCLAT Rejects Cosmic Ferro Alloys' Refund Claim On Revised Power Tariffs Post Resolution Plan
Case Title : Cosmic Ferro Alloys Ltd. Versus Damodar Valley Corporation & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 1332 of 2022
CITATION : 2026 LLBiz NCLAT 191
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by Cosmic Ferro Alloys Ltd., the corporate debtor now under new management pursuant to an approved resolution plan, holding that no refund or adjustment arises from revised electricity tariffs after approval of the plan. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra reiterated that once the resolution plan is approved, it binds all stakeholders and settles pre-insolvency claims.
Case Title : Mohit Arora v. PNB Housing Finance Ltd. & Anr.
Case Number : Company Appeal (AT) (Ins) No. 1284 of 2022
CITATION : 2026 LLBiz NCLAT 191
The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld the admission of an insolvency application against Mohit Arora, personal guarantor to loans taken by Supertech Ltd. and two other companies. It held that the process initiated by PNB Housing Finance cannot be blocked by a moratorium arising from another petition, which is non-est in law. “...when the IFCI petition being CP IB No. 428 of 2021 was filed on 02.06.2021 during the interim moratorium commenced by the filing of the petition by the PNB being 203 of 2021 the petition filed by the IFCI on 02.06.2021 would be deemed to be non-est in the eye of law and therefore cannot commence any interim moratorium.”, it observed.
NCLAT Sets Aside NCLT Order Allowing Late Expression Of Interest, Resolution Plan
Case Title : Ram Prasad Agarwala Suspended Director of Fairdeal Supplies Ltd. Versus Bijay Murmuria Resolution Professional & Ors.
Case Number : Comp. App. (AT) (Ins) No. 661 of 2026
CITATION : 2026 LLBiz NCLAT 190
The National Company Law Appellate Tribunal (NCLAT) in Delhi has set aside an NCLT order that allowed a delayed expression of interest (EOI) and resolution plan, ruling that a resolution applicant cannot be considered after missing the prescribed timelines. “We are of the view that order of the Adjudicating Authority directing acceptance of the late EoI of Respondent No. 5 could not be sustained and the order need to be set aside.”, the tribunal observed.
EPFO Cannot Rely On Enforcement Report Prepared During Moratorium To Raise Claim: NCLAT New Delhi
Case Title : Employees Provident Fund Organisation Vs. Arun Kishanlal Bagaria
Case Number : Company Appeal (AT) (Insolvency) No. 1643 of 2025
CITATION : 2026 LLBiz NCLAT 189
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 28 April held that claims based on an Area Enforcement Officer's Report (AEOR) prepared during the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted in insolvency proceedings unless the underlying statutory assessment has been crystallised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed an appeal filed by the Employees' Provident Fund Organisation (EPFO), affirming the order of the National Company Law Tribunal (NCLT), Mumbai Bench rejecting EPFO's claim.
Case Title : Kamlesh Keshavbhai Gondaliya v. IDBI Trusteeship Services Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) Nos. 680 & 670 of 2026
CITATION : 2026 LLBiz NCLAT 192
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld insolvency proceedings against personal guarantors of Takshashila Heights India Private Limited, rejecting their challenge to the debenture trustee's authority to initiate the case. The appeals were filed against orders admitting applications under Section 95 of the Insolvency and Bankruptcy Code by IDBI Trusteeship Services Ltd.
NCLAT Upholds Rejection Of Prospective Homebuyer's Plea To Join Koncept Nirman's CIRP
Case Title : Krishna Pabsetti and Anr v. Koncept Nirman Pvt Ltd. and Anr
Case Number : Company Appeal (AT) (CH) (Ins) No.220/2026 and (IA Nos. 617, 618 & 619/2026)
CITATION : 2026 LLBiz NCLAT 193
The National Company Law Appellate Tribunal (NCLAT), Chennai, has held that a prospective homebuyer who relied on an unregistered agreement to purchase a flat from Koncept Nirman Private Limited cannot intervene in insolvency proceedings initiated against the company by a financial creditor. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain observed, “In the instant case, the Appellant herein doesn't owe a financial debt, at the behest of the Financial Creditor, nor there is any direct legal assignment of any loan or a debt to the present proposed intervener by the Financial Creditor”
Case Title : Vedanta Ltd. Vs. Bhuvan Madan Resolution Professional of Jaiprakash Associates Ltd. & Ors.
Case Number : Comp. App. (AT) (Ins) No. 552 & 553 of 2026
CITATION : 2026 LLBiz NCLAT 196
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Monday dismissed Vedanta Limited's appeal challenging the approval of Adani Enterprises Limited's resolution plan for Jaiprakash Associates Limited. The tribunal upheld the Committee of Creditors' decision despite Vedanta's higher bid. A bench of Chairperson Ashok Bhushan and Technical Member Braun Mitra affirmed the March 17 order of the Allahabad bench of the National Company Law Tribunal, which had approved Adani Enterprises Limited's plan while rejecting Vedanta Limited's proposal.
NCLAT Rejects Insolvency Plea Over Disputed, Time-Barred Advance Refund Claim
Case Title : Geeta Sugars v. The Indian Sugars and Refiners Limited
Case Number : TA (AT) No.192/2021 (CA (AT) (Ins) No.1405/2019)
CITATION : 2026 LLBiz NCLAT 194
The National Company Law Appellate Tribunal (NCLAT) at Chennai, has dismissed an appeal filed by Geeta Sugars against The Indian Sugars and Refiners Ltd., upholding the rejection of its insolvency plea over a claim for a refund of advance paid for sugar, where the remaining quantity was not supplied. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the claim was both disputed and time-barred.
NCLAT Declines Travel Permission To Bankrupt Individual As Basis For Travel Has Ceased
Case Title : Sunil Surendrabhai Kakkad v. Samir Ganeshbhai Marathe & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 349 of 2026
CITATION : 2026 LLBiz NCLAT 197
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has declined to grant relief to a bankrupt individual seeking permission to travel to the UAE, holding that once the work contract cited to justify such travel had expired, “the very basis” for seeking permission no longer survived. The Tribunal was dealing with an appeal filed by Sunil Surendrabhai Kakkad, who was declared bankrupt on September 12, 2025, and was consequently barred from travelling abroad without prior permission of the Adjudicating Authority.
NCLAT Upholds Insolvency Admission Against JV Partner As Claim Arose From Supply Obligation
Case Title : Amarendra Mohapatra Vs Daga Power Systems & Engineers Pvt. Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1660/2025
CITATION : 2026 LLBiz NCLAT 199
The National Company Law Appellate Tribunal at Delhi has upheld the admission of insolvency proceedings against ASB Energy Systems & Construction Pvt. Ltd., holding that unpaid dues for supplies made by its joint venture partner qualify as operational debt. A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the case was about unpaid dues for supplies, not profit sharing between joint venture partners.
Case Title : Om Logistics Limited v. Bakul Casting Private Limited
Case Number : I.A. No. 6569, 6639 & 6641 of 2025 in Company Appeal (AT) (Ins.) No. 1687 of 2025
CITATION : 2026LLBiz NCLAT 202
The National Company Law Appellate Tribunal (“NCLAT”) at Delhi has recently dismissed an appeal filed by Om Logistics Limited after refusing to condone a delay of 198 days in refiling. The tribunal rejected the company's explanation that its authorised signatory was unavailable till April 13, 2025 due to personal exigencies. A bench of Judicial Member Justice Ashok Bhushan and Technical Member Indevar Pandey observed that Om Logistics Limited could not justify the prolonged delay merely because one authorised signatory was unavailable.
Case Title : Hotel Horizon Pvt. Ltd. v. Tea4Health Pvt. Ltd.
Case Number : Company Appeal (AT) (Ins) No. 1443 of 2023
CITATION : 2026 LLBiz NCLAT 201
The Principle Bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi on 6 May 2026 held that disputes relating to unusable commercial premises, disruption of essential services, and failure to maintain operational infrastructure constitute a genuine pre-existing dispute sufficient to reject a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Naresh Salecha upheld the order of the National Company Law Tribunal (NCLT), Mumbai Bench-IV, which had rejected the Section 9 application filed by Hotel Horizon Private Limited against Tea4Health Private Limited.
NCLAT Delhi Refuses CIRP Against Indorama Ventures, Holds Pre-Existing Disputes Bar Section 9 Plea
Case Title : Rattan Singh Builders Private Limited Vs Indorama Ventures Yarns Private Limited
Case Number : Company Appeal (AT) (Insolvency) 453/2026
CITATION : 2026LLBiz NCLAT 203
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 6 May held that a Section 9 application under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be maintained where genuine pre-existing disputes exist between the parties regarding contractual performance, liquidated damages and statutory deductions. Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed the appeal filed by Rattan Singh Builders Pvt. Ltd. (RSB) against Indorama Ventures Yarns Pvt. Ltd. (IVYPL) and upheld the Mumbai NCLT's order dated 14 January 2026 rejecting initiation of Corporate Insolvency Resolution Process (CIRP).
Case Title : M. D. Devcon Private Limited Vs Kedar Parshuram Mulye & Ors
Case Number : Company Appeal (AT) (Insolvency) 1370/2024
CITATION : 2026LLBiz NCLAT 204
The National Company Law Appellate Tribunal (NCLAT) has recently dismissed a challenge by a project homebuyer to the insolvency proceedings against M.D. Devcon Pvt Ltd. It held that the two allottees who initiated the case had ceased to be homebuyers after cancelling their allotment and seeking a refund and were therefore not required to meet the threshold applicable to real estate allottees filing insolvency pleas.
Case Title : Kunal Structure India Pvt. Ltd. & Anr. Vs Kotak Mahindra Bank Ltd
Case Number : Company Appeal (AT) (Insolvency) 1473/2025
CITATION : 2026LLBiz NCLAT 205
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently declined to examine Kunal Structure India Pvt Ltd's challenge to a third member's opinion favouring its admission into the corporate insolvency resolution process. It held that the Ahmedabad bench of the National Company Law Tribunal must first pass a final order in the matter. “The opinion of third Member impugned in the Appeal is opinion, which is to be placed before the NCLT Ahmedabad Bench to pass appropriate order with regard to Company Petition (IB) No.76 of 2022. We are of the view that at this stage various submissions raised by the Appellant, need no consideration.”
Case Title : Ashwani Kumar Oberoi v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 741 & 742 of 2026
CITATION : 2026 LLBiz NCLAT 206
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed appeals by a personal guarantor who sought to halt recovery proceedings after a bank auction had already concluded, holding that his insolvency filing was not bona fide but an attempt to obstruct debt recovery. “...initiation of proceeding under Section 94 by the personal guarantor was not with object of resolution of insolvency of the personal guarantor rather it was only with the intent to somehow create hurdles in the conclusion of the proceedings initiated by the Bank for recovery of its debts when auction was already held on 11.04.2024 which was confirmed on 12.04.2024, filing of the application on 27.04.2024 clearly was not bona fide application and the application was an abuse of process of Court...”
Resolution Professional Need Not Consult CoC To Appoint Professionals To Assist In CIRP : NCLAT
Case Title : Dharamveer Singh Magan Singh Shekhawat & Ors. v. Dharmendra Dhelariya & Ors.
Case Number : Company Appeal (AT) (Ins.) No. 1522 of 2025
CITATION : 2026 LLBiz NCLAT 207
The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that a Resolution Professional need not consult the Committee of Creditors before appointing professionals such as transaction auditors to assist in the corporate insolvency resolution process. The ruling came while rejecting KSS Ltd. directors' objection in a preferential transaction case arising from transfers to the company's sister concerns.
Case Title : Rakesh Dalpatram Panchal v. Kisaan Steels Pvt. Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 526 of 2025
CITATION : 2026 LLBiz NCLAT 209
The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld insolvency proceedings against Gemini Engi. Fab. Private Limited. The tribunal held that the company could not rely on disputes over delayed deliveries and defective goods to resist the case after it had itself quantified deductions for those issues and reflected a balance amount payable to the supplier. “Since the issues related to quality and delay are governed by the contractual terms and conditions of the work order, and the appellant itself has incorporated them and prepared a consequences sheet and shared it with the R1 and later on has agreed to pay this amount, therefore the claim of the Appellant that there are issues relating to quality and delay and that is leading to a dispute is an untenable ground for a pre-existing dispute”, the court observed.
Statutory Auditor Not Part Of Company Management, Cannot Be Compelled To Assist RP Under IBC: NCLAT
Case Title : Sanjeev Kumar Arora Vs Deepak Thukral & Ors
Case Number : Company Appeal (AT) (Insolvency) 1407/2022
CITATION : 2026 LLBiz NCLAT 211
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a statutory auditor, as an independent professional and not part of a company's management, cannot be compelled under Section 19 of the Insolvency and Bankruptcy Code to assist a resolution professional in the same manner as company personnel. “A statutory auditor is a professional who by the very nature of the audit to be undertaken cannot be associated with the company whose affairs he is to audit. On the contrary, a statutory auditor is only required to hold a mirror vis-à-vis the performance of a company, more particularly its financial health to the stakeholders of the Company... It is plainly difficult to hold that the appellant, who was appointed as a statutory auditor only couple of months before the CD was admitted to CIRP and was also removed soon thereafter, be termed as one who is associated with the management of the CD,” the tribunal held.
Case Title : Gokul Aggarwal Vs Bank of India & Ors
Case Number : Company Appeal (AT) (Insolvency) 1047/2024
CITATION : 2026 LLBiz NCLAT 210
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the liquidation of Chamber Constructions Pvt Ltd. It held that simultaneous insolvency proceedings can continue against principal borrower RNA Corp and Chamber Constructions, which had furnished a corporate guarantee for the same debt. “Hon'ble Supreme Court has delivered its judgement in ICICI Bank Ltd. v. Era Infrastructure (India) Ltd.; 2026 SCC Online SC 314 on 26.02.2026, and has not barred holding simultaneous CIRP proceedings against both principal debtor and corporate guarantor and such proceedings are maintainable under the existing provisions of the law. Thus, proceedings against both the principal borrower and also the Corporate Guarantor in this case can be proceeded against simultaneously.”, it observed.
Case Title : Assistant Commissioner of State Tax, Vapi Vs M/s ARCK Resolution Professionals LLP & UV Stressed Assets Management Private Limited
Case Number : Company Appeal (AT) (Insolvency) 108/2025
CITATION : 2026 LLBiz NCLAT 212
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that where a statute creates a charge, it cannot be treated as waived merely because a statutory authority marked “N.A.” against security interest in the prescribed insolvency claim form, unless the statute itself permits such waiver. Partly allowing an appeal by the Assistant Commissioner of State Tax, Vapi, in the CIRP of Vinergy International Pvt Ltd, the tribunal held that Gujarat VAT dues must be treated as the claim of a secured operational creditor, though the same benefit would not extend to the CST component.
Case Title : Amit Bhatnagar v. UCO Bank & Anr.
Case Number : Comp. App. (AT) (Ins) No. 2038 of 2024 & Comp. App. (AT) (Ins) No. 2039 of 2024
CITATION : 2026 LLBiz NCLAT 213
The National Company Law Appellate Tribunal (NCLAT) in New Delhi on Tuesday has reiterated that approval of a resolution plan and acceptance of a haircut by financial creditors does not extinguish their right to proceed against personal guarantors for unpaid dues. The tribunal observed, “The filing and admission of claims in the CIRP of the corporate guarantor does not amount to full satisfaction of the debt and does not bar the recovery of the remaining dues from other obligants, including the personal guarantors. It is well settled that recovery proceedings can validly continue against the personal guarantors for the unpaid amount.”
Case Title : AMISHA IN SKY CREATION PVT. LTD. Vs SANDEEP D MAHESHWARI
Case Number : Company Appeal (AT) (Insolvency) 578/2025 & 640/2025
CITATION : 2026 LLBiz NCLAT 215
The National Company Law Appellate Tribunal at Delhi has held that in the facts of a case, a company that mortgaged its property to help a borrower secure a bank loan could not claim to be a financial creditor in the borrower's insolvency proceedings merely because it was promised interest in return. The ruling came in a case where a Raipur-based company had mortgaged its land to help Setubandhan Infrastructure Ltd. secure loan facilities from State Bank of India and later sought recognition as a secured financial creditor in the company's insolvency process.
NCLAT Rejects Venugopal Dhoot's Bid To Include Videocon Foreign Oil Assets In VIL CIRP
Case Title : State Bank of India & Ors Vs Venugopal Dhoot & Ors
Case Number : Company Appeal (AT) (Insolvency) 299/2020
CITATION : 2026 LLBiz NCLAT 216
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday held that the foreign oil and gas assets of Videocon Oil Ventures Ltd (VOVL) and its subsidiaries in Brazil and Indonesia cannot be included in the Corporate Insolvency Resolution Process (CIRP) of Videocon Industries Ltd (VIL). The bench of Judicial Member Yogesh Khanna and Technical Member Ajai Das Mehrotra set aside the Mumbai NCLT's February 12, 2020 order directing inclusion of these assets in VIL's information memorandum. The bench also dismissed appeals filed by former promoter Venugopal Dhoot, who had argued that VOVL's foreign oil and gas assets should be treated as part of Videocon Industries Ltd's insolvency process rather than dealt with separately in VOVL's CIRP.
NCLAT New Delhi Rejects PPL's Entry Tax Exemption Claim, Finds No "Deemed Consent" Under SICA
Case Title : Paradeep Phosphates (PPL) Vs State of Orissa & Anr
Case Number : Company Appeal (AT) (Insolvency) 193/2023
CITATION : 2026 LLBiz NCLAT 218
On 18 May, the New Delhi National Company Law Appellate Tribunal (NCLAT) held that the State of Orissa was not bound to grant Entry Tax exemptions to Paradeep Phosphates Ltd. (PPL) under a BIFR-sanctioned rehabilitation scheme, since the State had expressly refused consent during the proceedings. Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra dismissed PPL's appeal against the National Company Law Tribunal (NCLT), Cuttack Bench, noting that its express refusal excluded the application of “deemed consent” under Section 19(2) of the Sick Industrial Companies Act, 1985 (SICA).
Loan Or Promoter Funding? NCLAT Remands Insolvency Plea Against Jaikrishan Estates
Case Title : Rajender Prasad Mittal Vs Jaikrishan Estates Private Limited
Case Number : Company Appeal (AT) (Insolvency) 368/2025
CITATION : 2026 LLBiz NCLAT 219
The National Company Law Appellate Tribunal (NCLAT) at Delhi has remanded an insolvency plea filed by a former director of Jaikrishan Estates for fresh consideration, holding that the true nature of the alleged debt required fuller examination rather than summary rejection. “...we find the real nature of the debt to be questionable due to the existence of share purchase agreement, which is not on record and also the so called assignment by unrecoverable and unconditional gift deed dated 19.07.2019 in favour of this wife by the Appellant,” the tribunal observed.
Case Title : Lyka Labs Ltd Vs Modi Lifecare Industries Ltd
Case Number : Company Appeal (AT) (Insolvency) 726/2024
CITATION : 2026 LLBiz NCLAT 221
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that Lyka Labs' insolvency plea against Modi Lifecare Industries was not an attempt to “harass and/or embarrass and/or humiliate” the company. The tribunal found that the petition was based on material facts and that Modi Lifecare had not disputed an operational debt exceeding ₹1 lakh. A bench of Chairperson Justice Ashok Bhushan and Technical Members Barun Mitra and Arun Baroka set aside an Ahmedabad NCLT order rejecting Lyka Labs' Section 9 insolvency plea over unpaid royalty dues under a Technical Guidance Agreement.
NCLAT New Delhi Dismisses Shreenathji Infra Appeal, Finds Pre-Existing Dispute Bars IBC Action
Case Title : Shreenathji Infrastructure Vs Namasthetu Infratech Pvt. Ltd
Case Number : Company Appeal (AT) (Insolvency) 2153/2024
CITATION : 2026 LLBiz NCLAT 220
On 19 May, the New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Shreenathji Infrastructure against Namasthetu Infratech Pvt. Ltd., holding that incomplete performance of work and termination of contracts by the Corporate Debtor reflected a pre-existing dispute and rendered insolvency petition non-maintainable.
NCLAT Finds No Fault In Jet Airways Aircraft Auction, Rejects Losing Bidder's Challenge
Case Title : Industrial Asset Transaction Services Pvt. Ltd Vs Satish Kumar Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 922/2026
CITATION : 2026 LLBiz NCLAT 222
The National Company Law Appellate Tribunal (NCLAT) has recently dismissed a challenge by a losing bidder to the auction of two Jet Airways aircraft during the airline's liquidation, holding that the process was transparent and that adequate opportunity had been given to inspect the assets before bidding.
Case Title : CMA Harshad Deshpande Vs SHRI RAKESH KUMAR RELAN & Committee of Creditors
Case Number : Company Appeal (AT) (Insolvency) 108/2026
CITATION : 2026 LLBiz NCLAT 223
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld an equitable remedy granted by the National Company Law Tribunal (NCLT), ruling that an Interim Resolution Professional was not automatically entitled to full statutory fees where the insolvency process functioned under significant judicial restrictions. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed the appeal filed by CMA Harshad Deshpande, former Interim Resolution Professional (IRP) of Shri Tradco Deesan Pvt. Ltd., against Resolution Professional and the Committee of Creditors (CoC) of the company.
Only Central Government Can Order SFIO Probes, Not Company Tribunals: NCLAT
Case Title : Nitin Ramchandra Jadhav & Ors Vs Vijendra Kumar Jain & Ors
Case Number : Company Appeal (AT) (Insolvency) 1044/2024
CITATION : 2026 LLBiz NCLAT 224
The National Company Law Appellate Tribunal (NCLAT) in Delhi has recently reiterated that company tribunals cannot directly order a Serious Fraud Investigation Office probe, ruling that the power to direct such an investigation rests with the Central Government.
Case Title : Suraksha Realty Limited Vs VITHAL M. DAHAKE & Ors
Case Number : Company Appeal (AT) (Insolvency) 1754/2025
CITATION : 2026 LLBiz NCLAT 226
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a mortgage created nearly seven years after a financing agreement, and just weeks before the start of insolvency proceedings, amounted to a preferential transaction under the Insolvency and Bankruptcy Code. The tribunal dismissed Suraksha Realty Limited's appeal against the avoidance of its security interest in the corporate insolvency resolution process of Radius Estate Projects Pvt. Ltd
NCLAT Upholds Liquidation of Vrundavan Ceramic Pvt. Ltd., Cautions Against Delays In IBC Resolution
Case Title : LORENZO VITRIFIED TILES PRIVATE LIMITED Vs COMMITTEE OF CREDITORS OF VRUNDAVAN CERAMIC PRIVATE LIMITED
Case Number : Company Appeal (AT) (Insolvency) 1950/2024 & 1952/2024
CITATION : 2026 LLBiz NCLAT 225
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 20 May dismissed two connected appeals filed by Lorenzo Vitrified Tiles Pvt. Ltd. (Successful Resolution Applicant) and Arvind Gaudana (Resolution Professional of Vrundavan Ceramic Pvt. Ltd.) and upheld an Order of the Ahmedabad National Company Law Tribunal (NCLT) directing liquidation of the corporate debtor. Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Ajai Das Mehrotra held that the Insolvency and Bankruptcy Code, 2016 requires strict timelines and that stakeholders cannot delay resolution in a manner that reduces the value of the corporate debtor's assets.
Case Title : SUMEET INDUSTRIES LIMITED Vs DAKSHIN GUJARAT VIJ COMPANY LIMITED & Eagle Group
Case Number : Company Appeal (AT) (Insolvency) 251/2026
CITATION : 2026 LLBiz NCLAT 229
The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused to reopen a dispute involving more than ₹12 crore in electricity dues and security deposit adjustments concerning Sumeet Industries Ltd. It held that disturbing the issue after approval and implementation of the resolution plan would unsettle settled commercial rights. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey also observed that reopening the dispute after the resolution plan had attained finality and implementation had commenced would disturb settled commercial rights.
Homebuyers' Statutory Rights Cannot Be Negated By Landowner Or Developer: NCLAT In Developer's CIRP
Case Title : ISHAN SINGH Vs NARENDER KUMAR SHARMA
Case Number : Company Appeal (AT) (Insolvency) 1107/2025
CITATION : 2026 LLBiz NCLAT 230
The National Company Law Appellate Tribunal at Delhi has held that homebuyers' statutory rights in a real estate project cannot be defeated by disputes between the landowner and the developer. It dismissed landowner Ishaan Singh's challenge to the inclusion of the unsold inventory and project land of the Spaze Arrow commercial project in Gurugram in the insolvency valuation of Spaze Towers Pvt. Ltd.
Case Title : Dharampal Premchand Ltd Vs Jitendra Bhandari & Ors
Case Number : Company Appeal (AT) (Insolvency) 1872/2025
CITATION : 2026 LLBiz NCLAT 231
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed the challenge by Dharampal Premchand Ltd, the company behind the BABA brand, to reopen Trimurti Foodtech Ltd's approved insolvency resolution plan over the treatment of its disputed ₹6.81 crore claim. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey held that Dharampal Premchand's claim was never treated as an admitted, crystallised operational debt but was consistently classified as contingent because of reciprocal contractual disputes and counterclaims raised by the corporate debtor.
NCLAT Sets Aside Order Initiating Insolvency Against Naxnova After NeSL Marks Debt 'Disputed'
Case Title : Salil Musale Vs Lintec India Pvt. Ltd. & Ors.
Case Number : Company Appeal (AT) (Insolvency) 870/2026
CITATION : 2026 LLBiz NCLAT 232
The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside the admission of Lintec India's insolvency plea against Naxnova after finding that the corporate debtor had raised a pre-existing dispute and that the alleged default was also marked as “disputed” on the National E-Governance Services Ltd. (NeSL) information utility portal.
Winding-Up Petitions Transferred From High Courts Must Meet Prevailing Insolvency Threshold: NCLAT
Case Title : Aidem Ventures Pvt. Ltd Vs Skyline Radio Network Ltd.
Case Number : Company Appeal (AT) (Insolvency) 782/2026
CITATION : 2026 LLBiz NCLAT 233
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that winding-up proceedings transferred from High Courts must satisfy the prevailing insolvency threshold applicable at the time they are considered by the tribunal, dismissing appeals filed by Aidem Ventures Pvt. Ltd. against three media companies.
'Wafer-Thin Majority' Alone No Ground To Reject Insolvency Resolution Plan: NCLAT
Case Title : Express Resorts and Hotels Limited Vs Amit Jain & Ors
Case Number : Company Appeal (AT) (Insolvency) 517/2024
CITATION : 2026 LLBiz NCLAT 235
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a resolution plan cannot be rejected merely because it was approved by a “wafer-thin majority,” setting aside the NCLT's rejection of Express Resorts and Hotels Ltd's plan for Neesa Leisure Ltd. A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra said the Ahmedabad bench of the NCLT had rejected the plan on legally unsustainable grounds despite it securing the requisite creditor approval.
Prima Facie Case Of Contempt Must Be Established Before Issuing Show-Cause Notice: NCLAT
Case Title : State Bank of India & Ors Vs Jyoti Structures Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 388/2026 & 389/2026
CITATION : 2026 LLBiz NCLAT 236
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday held that courts must first ascertain whether a prima facie case of contempt is made out and identify specific alleged contemnors before issuing notice to show cause. It set aside a National Company Law Tribunal order directing State Bank of India, Bank of India, Canara Bank, ICICI Bank, Indian Bank and Union Bank of India to release rolled-over bank guarantee limits within one month, failing which the officers concerned would undergo one day of simple imprisonment in civil prison.
Case Title : Chandra Prakash Lohia Vs West Bengal Agro Textile Corporation Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1668/2025
CITATION : 2026 LLBiz NCLAT 234
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 25 May held that an application for withdrawal of insolvency proceedings under Regulation 30A of the CIRP Regulations, 2016, filed before constitution of the Committee of Creditors (CoC), does not require issuance of notice to other creditors and remains valid if authorities comply with the prescribed procedure. Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed two appeals filed by Chandra Prakash Lohia and Basanti Devi Lohia and upheld the Kolkata Bench of the National Company Law Tribunal's order permitting withdrawal of insolvency proceedings against West Bengal Agro Textile Corporation Ltd.
NCLAT Says Dispute Over Title To Cotton Bales In Galaxy Cotton Liquidation Lies Before DRAT
Case Title : Giriraj Enterprise Vs Rameshkumar Totla & Ors
Case Number : Company Appeal (AT) (Insolvency) 2036/2024 & 2037/2024
CITATION : 2026 LLBiz NCLAT 239
The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by two cotton traders seeking exclusion of cotton bales claimed by them from the liquidation estate of Galaxy Cotton & Textiles Pvt. Ltd., after noting that the liquidator had already excluded the disputed stock from the liquidation process and that disputes over title and security interest in the goods were pending before the Debt Recovery Appellate Tribunal (DRAT).
Case Title : Chandra Shekhar Jha & Ors Vs Religare Enterprise Ltd & Ors
Case Number : Company Appeal (AT) (Insolvency) 992/2023 & 1238/2023
CITATION : 2026 LLBiz NCLAT 237
The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside the admission of insolvency proceedings against Ligare Aviation Ltd., holding that the transactions relied upon by Religare Enterprises Ltd. were “only round tripping of money” and not “for the purpose of any genuine financial transaction.”
NCLAT New Delhi Restores Resolution Plan Approval Process For Aldiam Motors, Quashes NCLT Order
Case Title : Manohar Lal Vij Vs Khushvinder Singhal & Ors
Case Number : Company Appeal (AT) (Insolvency) 512/2026 & 513/2026
CITATION : 2026 LLBiz NCLAT 238
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 May set aside an order of the National Company Law Tribunal (NCLT), Ahmedabad Bench, which had rejected the resolution plan submitted by Meghdoot Leisure LLP for Aldiam Motors Pvt. Ltd. Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that the Corporate Insolvency Resolution Process (CIRP) was conducted in accordance with the directions of the Committee of Creditors (CoC) and found no material irregularity on the part of the Resolution Professional (RP).
NCLAT Delhi Rules Unregistered Development Agreement Cannot Defeat CIRP Rights Over Ananta Residency
Case Title : Phoenix ARC Pvt. Ltd Vs Halwasiya Developments Pvt. Ltd. & Ors
Case Number : Company Appeal (AT) (Insolvency) 164-166/2025, 266-268/2025, 295/2025 & 365/2025
CITATION : 2026 LLBiz NCLAT 248
he New Delhi Bench of the National Company Law Appellate Tribunal on 25 May partly allowed a batch of appeals concerning the Ananta Residency project, holding that Halwasiya Developments Pvt. Ltd. could not claim ownership or exclusive rights under an unregistered Development Agreement executed in 2018. Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra noted that the project continued to form part of the Corporate Insolvency Resolution Process (CIRP) despite the 2014 mortgage and initiation of insolvency proceedings against the Corporate Debtor.
NCLAT New Delhi Orders Fresh Auction In MBSL Case, Holds JFC Finance Excluded Over BAANKNET Glitch
Case Title : JFC FINANCE (INDIA) LTD. Vs ARVIND GARG & Ors
Case Number : Company Appeal (AT) (Insolvency) 1820/2025
CITATION : 2026 LLBiz NCLAT 249
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 29 May allowed the appeal filed by JFC Finance (India) Ltd., holding that the bidder was wrongfully excluded from the e-auction process due to a possible technical glitch on the BAANKNET platform and directing a fresh auction with a reserve price of Rs 54 crore.
NCLAT Holds Appeal E-Filed At 9 PM On Last Condonable Day Within Limitation
Case Title : Acrow Realcon Pvt. Ltd. & Ors. v. Union Bank of India & Ors.
Case Number : I.A. Nos. 2936, 2937, 2938 & 2939 of 2026 in Company Appeal (AT) (Insolvency) Nos. 755-758 of 2026
CITATION : 2026 LLBiz NCLAT 251
The National Company Law Appellate Tribunal (NCLAT) in Delhi has held that an insolvency appeal filed electronically at 9 PM on the last day of the condonable period cannot be treated as time-barred merely because it was filed after the tribunal's working hours.
Going Concern Sale Does Not Transfer Subsidiaries Outside Liquidation Estate: NCLAT
Case Title : RAGHAVA SQUARE PRIVATE LIMITED Vs IVRCL LIMITED & Ors
Case Number : Company Appeal (AT) (Insolvency) 93/2025 & 96/2025, 309/2024, 310/2024
CITATION : 2026 LLBiz NCLAT 252
he National Company Law Appellate Tribunal (NCLAT) in Chennai has recently held that a purchaser of a corporate debtor sold as a going concern in liquidation cannot claim rights over its subsidiaries, joint ventures, or associate entities merely because they belong to the same corporate group. The tribunal ruled that such assets fall outside the liquidation estate and do not automatically pass to the successful bidder.
NCLAT Upholds NCLT Order Asking CoC To Consider Prior Judicial Observations On RP Before Appointment
Case Title : TSN Raja
Case Number : Company Appeal (AT) (Insolvency) 264/2026 & 265/2026
CITATION : 2026 LLBiz NCLAT 253
The National Company Law Appellate Tribunal (NCLAT) in Chennai has refused to interfere with an order directing the Committee of Creditors (CoC) to consider adverse observations made against an insolvency professional in an earlier proceeding. The observations were to be considered before proceeding with approval of his appointment as Resolution Professional in two corporate insolvency cases. A bench of Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain observed that the National Company Law Tribunal (NCLT) Hyderabad's direction was only precautionary in nature. It did not finally determine any rights.
Insolvency Professional Can Continue Existing Assignments After Attaining Age 70: NCLAT
Case Title : Chavva Naga Sampathi Tayaru Vs Sri Ananda Lakshmi Narasimha Industries India Pvt Ltd & Central Bank of India
Case Number : Company Appeal (AT) (Insolvency) 261/2026 & 260/2026
CITATION : 2026 LLBiz NCLAT 254
The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that an insolvency professional can continue handling assignments already entrusted to him even after turning 70 years of age, the upper age limit for insolvency professionals, if the Authorisation for Assignment (AFA) expires during the course of those assignments. LLP Legal Services.
Case Title : MR. RAIZ BASHIRUDEEN Vs TATA CAPITAL FINANCIAL SERVICES LIMITED
Case Number : Company Appeal (AT) (Insolvency) 400/2024
CITATION : 2026 LLBiz NCLAT 257
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently held that insolvency proceedings against a personal guarantor cannot be invalidated solely because a separate deed of guarantee has not been placed on record.
NCLAT Upholds NCLT Order Allowing Liquidator To Challenge JDA, GPA Termination Before Civil Court.
Case Title : Sri Brindhavan Brick Works Vs DiMax Restructuring Private Limited
Case Number : Company Appeal (AT) (Insolvency) 275/2026
CITATION : 2026 LLBiz NCLAT 258
The National Company Law Appellate Tribunal (NCLAT) at Chennai has upheld an order allowing the liquidator of a company under liquidation to approach a civil court to challenge the unilateral termination of a Joint Development Agreement (JDA) and cancellation of a General Power of Attorney (GPA) relating to the Manapakkam project.
Case Title : Raychem RPG Pvt Ltd Vs Soura Natural Energy Solutions India Pvt Ltd
Case Number : Company Appeal (AT) (Insolvency) 180/2026
CITATION : 2026 LLBiz NCLAT 255
On 10 June, the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) allowed an appeal filed by Raychem RPG Pvt Ltd, set aside the order of the National Company Law Tribunal (NCLT), Kochi Bench, and directed grant of a final opportunity to rectify defects, subject to payment of costs of Rs. 50,000.
NCLAT Stays Insolvency Proceedings Against Vikram Solar
Case Title : Sameer Nagpal Suspended Director of Vikram Solar Ltd. Vs ISITVA Steel Pvt. Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1087/2026
CITATION : 2026 LLBiz NCLAT 259
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the National Company Law Tribunal's (NCLT) order admitting insolvency proceedings against Vikram Solar Ltd. It also directed the company to deposit ₹91.98 lakh pending further hearing.
Anil Ambani Appeals NCLT Order Admitting SBI's Personal Guarantor Insolvency Plea
Case Title : Anil Dhirajlal Ambani Vs State Bank of India & Anr.
Case Number : Company Appeal (AT) (Ins) No. 1088 of 2026
On Wednesday, Industrialist Anil Ambani approached the Delhi bench of the National Company Law Appellate Tribunal (NCLAT) against the personal insolvency proceedings initiated by the the State Bank of India (SBI).
Jet Airways Workmen's PF, Gratuity Dues Must Be Paid, Fall Outside Liquidation Estate: NCLAT
Case Title: State Bank of India & Ors vs Manoj Kumar Das & Ors
Case Number: Company Appeal (AT) (Insolvency) No. 419 & 420 of 2026
NCLT
Common Resolution Professional For Group Companies Not Barred Under IBC: NCLT Mumbai
Case Title: Jubin Kishore Thakkar v. Ashutosh Agarwala & Anr
Citation: 2026 LLBiz NCLT (MUM) 1
Case Number: I.A. No. 59/2025 IN C.P. NO. 881(IB)/MB/2023
The National Company Law Tribunal (NCLT) at Mumbai recently held that the Insolvency and Bankruptcy Code, 2016 does not prohibit the appointment of a single resolution professional for companies belonging to the same corporate group. According to the tribunal, such an appointment does not by itself create a conflict of interest.
A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer, while dismissing a plea seeking removal of a common resolution professional, refused to remove Ashutosh Agarwala as the resolution professional of KLT Automotive and Tubular Products Limited.
Case Title: JVS Comatsco Industries Pvt Ltd vs Pankaj Kumar Tibrewal, Committee of Creditors of Incab Industries Ltd
Case Citation: 2026 LLBiz NCLT (KOL) 2
Case Number: I.A. (IB) No. 685/KB/2025 in CP (IB) No. 1684/KB/2018
The National Company Law Tribunal (NCLT) at Kolkata , has recently held that a bidder who joined the first round of the insolvency process but stayed out of the second, restored round cannot later challenge a resolution plan approved by lenders.
A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah, in an order dated December 3, observed that participation in the restored CIRP process is essential to challenge the same.
Liquidator Cannot Claim Fee On SARFAESI Realisations Outside Liquidation Estate: NCLT Ahmedabad
Case Title: Ramesh Kumar Totla v. State Bank of India Stressed Assets Management Branch
Citation: 2026 LLBiz NCLT (AHM) 3
Case Number: IA No. 1002 (AHM) 2025 in C.P.(IB) 74 (AHM) 2024
The National Company Law Tribunal (NCLT) at Ahmedabad recently held that when a secured creditor enforces its security interest under the SARFAESI Act without involving the liquidator, the amount realised does not form part of the liquidation estate. The liquidator therefore count in that sale to compute the liquidator's fee.
A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, while dealing with an application filed by liquidator Ramesh Kumar Totla against State Bank of India in the liquidation of Raghuvanshi Cotton Ginning and Pressing Private Limited
Refunds Under Vivad Se Vishwas Scheme Cannot Be Enforced Under Insolvency Jurisdiction: NCLT Chennai
Case Title: R Venkatakrishnan (RP) M/s Star Trace Pvt Ltd v. Hindustan Copper Ltd
Citation: 2026 LLBiz NCLT (CHE) 4
Case Number: IA/IB/2365/CHE/2024 in IBA/304/2020
The National Company Law Tribunal (NCLT) at Chennai has held that refunds claimed under the Vivad Se Vishwas–I Scheme, a government COVID-19 relief measure that allows MSMEs to seek return of most performance guarantees forfeited during the pandemic, cannot be enforced through insolvency proceedings under Section 60(5) of the Insolvency and Bankruptcy Code.
Insolvency Threshold For Transferred Cases Depends On Filing Date, Not Transfer Date: NCLT Bengaluru
Case Title: Lapp India Private Limited v. Schenker India Private Limited
Citation: 2026 LLBiz NCLT (BEN) 5
Case Number: IA (IBC) 635 /2025 in TP (IBC) 05/ 2024 in CP 21/2014
The National Company Law Tribunal (NCLT) at Bengaluru has recently held that winding-up and insolvency cases transferred from High Courts continue to be governed by the monetary threshold that applied when they were first filed, and not by the higher limits introduced later.
The tribunal made this ruling in a dispute between logistics firm Schenker India Private Limited and Lapp India Private Limited.
NCLT Bengaluru Dismisses Insolvency Plea Over Rs 428 Crore Claim Against Atria Group Firm
Case Title: Piramal Capital & Housing Finance Ltd. & Anr. v. Atria Brindavan Power Pvt. Ltd.
Citation: 2026 LLBiz NCLT (BEN) 6
Case Number: CP (IB) No. 185/BB/2024
The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an insolvency plea seeking to recover over Rs. 428 crore from Atria Group's renewable energy arm, Atria Brindavan Power.
The plea was filed by Piramal Capital and Housing Finance Limited and Omkara Assets Reconstruction Private Limited. It said the case was about recovering money, not resolving insolvency.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada found that the insolvency process was being used as pressure tactic against a solvent company.
NCLT Jaipur Imposes Rs 5 Lakh Cost On Jaipur Company for Malicious Voluntary Insolvency Plea
Case Title: M.D Suitings Pvt Ltd v. State Bank of India and Ors
Citation: 2026 LLBiz NCLT (JAI) 10
Case Number: IA No. 251/JPR/2023 in CP No. (IB)- 11/10/JPR/2023
The National Company Law Tribunal (NCLT) at Jaipur has imposed a cost of Rs. 5 lakh on a Jaipur-based company after holding that it had misused the insolvency process to block recovery action by State Bank of India.
The tribunal dismissed the insolvency petition filed by M.D. Suitings Pvt. Ltd. for its own insolvency under Section 10 of the Insolvency and Bankruptcy Code, finding it to be fraudulent and malicious.
NCLT Mumbai Approves ₹16.10 Crore Klassic Wheels' Resolution Plan for Indian Refrigerator Company
Case Title: Silveroak Home Appliances Pvt Ltd vs Indian Refrigerator Company Ltd
Citation: 2026 LLBiz NCLT (MUM) 8
Case Number: IA (PLAN)/37/2025 in CP (IB)/252(MB)2024
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs. 16.10 crore resolution plan submitted by Klassic Wheels Ltd for the revival of debt-laden Indian Refrigerator Company Ltd, bringing the resolution process to an end.
A coram of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati, in an order dated December 19, 2025, held that the plan complied with all mandatory requirements under the Insolvency and Bankruptcy Code and therefore deserved approval.
IBC Cannot Waive Statutory Requirements Under Other Laws: NCLT Mumbai
Case Title: AmitKumar Rishi Kumar Bhabhda & Ors vs Amit Chandrasehkhar Poddar & Ors
Case Citation: 2026 LLBiz NCLT (MUM) 7
Case Number: IA (I.B.C) No. 5599/MB/2023 in CP (IB) No. 1620/MB/2017
The National Company Law Tribunal at Mumbai has recently held that the Insolvency and Bankruptcy Code does not wipe out the need for statutory approvals or licenses required under other laws, even after a resolution plan is approved or a company is sold as a going concern during liquidation.
The tribunal made it clear that the insolvency framework is meant to streamline timelines, not to bypass regulatory compliance.
Case Title: Central Bank of India v. A Dominic Savio
Case Number: CP(IB)/217(CHE)/2021
Citation: 2026 LLBiz NCLT (CHE) 18
The National Company Law Tribunal (NCLT) at Chennai recently held that insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, can be initiated against a personal guarantor even if he is a foreign citizen and does not own any assets in India.
The tribunal said nationality and absence of property in India do not prevent the Code from applying.
A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam rejected the objection to the maintainability of the proceedings against the personal guarantor of Oceanic Edibles International Ltd, which is already under liquidation.
NCLT Ahmedabad Orders Recovery of ₹2 Lakh Costs From Personal Guarantor As Arrears of Land Revenue
Case Title: Yash Thakarshibhai Gajera and Anr v. Bank of India
Citation: 2026 LLBiz NCLT (AHM) 20
Case Number: CP(IB)/322(AHM)2025
The National Company Law Tribunal (NCLT) at Ahmedabad has directed that costs of Rs 2 lakh imposed earlier on a personal guarantor be recovered as arrears of land revenue, after finding that he had repeatedly ignored its order and failed to pay the amount.
A coram of Judicial Member Justice Shammi Khan and Technical Member Sanjeev Sharma noted that the personal guarantor had shown continued and wilful non-compliance.
Fraud Has No Look-Back Period, Directors Cannot Use Lapse Of Time As Shield : NCLT Kochi
Case Title: K.J. Vinod vs Mukeshbhavan Mukesh Karthikeyan & Ors
Case Citation: 2026 LLBiz NCLT (KOC) 22
Case Number: IA(IBC)/303/KOB/2024 in CP(IBC)/57/KOB/2022
The National Company Law Tribunal (NCLT) at Kochi has held that allegations of fraudulent and wrongful trading are not restricted by any fixed look-back period, and directors cannot avoid personal liability merely by arguing that the conduct took place long ago. It therefore directed the suspended directors of a Kochi-based insolvent company to jointly contribute Rs 11.95 crore to the company's assets.
Case Title: Dhyaneshwar Shankar Unde Proprietor of Swadarshan Dairy Products v. Shukla Dairy Private Limited
Citation: 2026 LLBiz NCLT (AHM)
Case Number: CP (IB) No.239/9/AHM/2020
The National Company Law Tribunal (NCLT) at Ahmedabad has dismissed an insolvency plea against Shukla Dairy Private Limited, holding that once parties settle and the case is closed, an operational creditor cannot reopen insolvency proceedings without clear bank records showing a fresh default.
A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said bare allegations of non-payment are not enough, especially when the corporate debtor places specific proof of payment on record.
Case Title: Prem Agarwal v. Anil Kumar Satyanarayan Agarwal
Citation: 2026 LLBiz NCLT (AHM) 23
Case Number: I.A. No.1389/NCLT(AHM)/2025 in CP(IB) No.211/9(AHM)2025
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that a settlement between an operational creditor and a suspended director cannot be used to withdraw a company from insolvency once the Committee of Creditors is in place.
Dismissing a withdrawal plea in the insolvency of Vimla Fuels & Metals Limited, the tribunal said such a private arrangement cannot override the claims of financial creditors exceeding Rs 61 crore.
Avoidance Provisions Under Insolvency Code Are Restorative, Not Punitive: NCLT Kochi
Case Title: CA Sreenivasan PR vs Astern Realtors Pvt Ltd & Ors
Case Citation: 2026 LLBiz NCLT (KOC) 26
Case Number: IA(IBC)/239/KOB/2025 IN CP(IBC)/12/KOB/2024
The National Company Law Tribunal at Kochi has clarified that the avoidance provisions under the Insolvency and Bankruptcy Code are meant to undo the preferential effect of certain transactions and restore the corporate debtor's estate, not to impose punitive liability on the beneficiary.
Judicial Member Vinay Goel made the observation while partly allowing an avoidance application filed by the Resolution Professional of Astern Properties and Developers Pvt Ltd under Sections 43 and 44 of the Code.
NCLT Mumbai Approves Sagacious Capital's Rs 110 Crore Plan To Revive Reliance Innoventures
Case Title: JC Flowers Asset Reconstruction Pvt Ltd vs Reliance Innoventures Pvt Ltd
Case Citation: 2026 LLBiz NCLT (MUM) 27
Case Number: I.A. 62/2024 in C.P. NO. 1154(IB)/MB/2020
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs. 110.10 crore resolution plan submitted by Sagacious Capital Pvt Ltd for the revival of debt-ridden Reliance Innoventures Pvt Ltd. The tribunal held that once a plan satisfies the requirements of the Insolvency and Bankruptcy Code, the tribunal cannot interfere with the commercial decisions of lenders.
A bench comprising Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati observed that the resolution plan complied with statutory requirements under Section 30(2) of the IBC and the relevant CIRP Regulations.
Case Title: Ramachander Rao Bikumalla and Splendid Metal Products Ltd
Case Citation: 2026 LLBiz NCLT (HYD) 13
Case Number: IA (IBC) No. 124 of 2022 in CP (IB) No. 504/10/HDB/2018
The National Company Law Tribunal (NCLT) at Hyderabad has held that when a corporate debtor has received full consideration and acted upon a slump sale transaction, he cannot later reclaim the property on the ground that the agreement was unregistered, as such conduct is barred by the doctrine of estoppel.
A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri dismissed a set of applications filed by the liquidator of Handum Industries Ltd, which has been under liquidation since June 11, 2021.
The approval came on January 6, 2026, following resolutions passed by the boards of the companies on February 4 and February 12, 2025. Under the scheme, the appointed date for the first leg of the demerger has been fixed as October 1, 2024, while the second leg will take effect from January 1, 2025.
CIRP Claims Cannot Rely On 12-Year Limitation Period For Enforcing Mortgage Rights: NCLT Mumbai
Case Title: Omkara Asset Reconstruction Private Limited v. Gigeo Construction Private Limited and ors.
Citation: 2026 LLBiz NCLT (MUM) 30
Case Number: CP (IB) 1180 (MB)2022
The National Company Law Tribunal (NCLT) at Mumbai has recently ruled that secured creditors cannot rely on the 12-year limitation period for enforcing mortgage rights when filing claims in a corporate insolvency resolution process. For insolvency claims, the Tribunal said, the applicable limitation period is three years.
The decision was delivered by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar.
Case Title: Abhay Narhar Kadam vs Vakati Balasubramanyam Reddy
Citation: 2026 LLBiz NCLT (MUM) 29
Case Number: IA (IBC) NO. 3078 OF 2025 IN CP (IB) NO. 144/MB/2021
The National Company Law Tribunal (NCLT) at Mumbai has dismissed a challenge by a suspended director seeking disclosure of valuation reports and other Corporate Insolvency Resolution Process (CIRP) documents. The court held that valuation reports are confidential and cannot be shared with persons who are themselves potential or competing resolution applicants.
Fraud Claims On Insolvency Admission Must Be Raised In Appeal, Not In Later NCLT Pleas: NCLT Kolkata
Case Title: Pramila Bajoria & Ors vs Eastern Udyog Finance Ltd & Ors
Case Citation: 2026 LLBiz NCLT (KOL) 31
Case Number: IA (IB) NO. 1583/KB/2024 IN C.P (IB) NO. 309/KB/2022
The National Company Law Tribunal (NCLT) at Kolkata has recently held that allegations of fraud or collusion in the admission of insolvency proceedings cannot be raised months later through a fresh application and must be pursued through the appellate route provided under the law.
A bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra said former promoters cannot use Section 65 of the Insolvency Code to challenge an admission order they never appealed.
Case Title: Sanctuary Apartment Owner's Association vs K. Parameswaran Nair and Ors
Citation: 2026 LLBiz NCLT (KOC) 35
Case Number: IA (IBC)/265/KOB/2024 in CP (IBC)/05/KOB/2021
The National Company Law Tribunal (NCLT) at Kochi has ruled that apartments and project land covered only by sale or construction agreements cannot be treated as “assets held in trust” for homebuyers when a builder enters insolvency. The tribunal said such properties continue to belong to the builder during the Corporate Insolvency Resolution Process until sale deeds are executed and registered.
A coram of Judicial Member Vinay Goel said the Insolvency and Bankruptcy Code does not permit property to be taken out of the insolvency process merely because buyers have entered into agreements or paid money.
MoU Between Debtor And Creditor Is Only Acknowledgment, Not Proof Of Debt: NCLT Mumbai
Case Title: Mulraj Mody vs Westin Habitats Pvt Ltd
Citation: 2026 LLBiz NCLT (MUM) 33
Case Number: RCP (IB)/16(MB)2024
The National Company Law Tribunal (NCLT) at Mumbai has said that a Memorandum of Understanding (MoU) can, at best, show an acknowledgment of debt, but it cannot, by itself, prove that a financial debt exists or that there has been a default. The tribunal said documents showing the original loan and actual disbursal of money are necessary to trigger insolvency proceedings.
A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar dismissed a petition filed by Mulraj Mody against Westin Habitats Pvt Ltd, which sought initiation of the corporate insolvency resolution process (CIRP) based on MoUs and settlement documents.
NCLT Mumbai Approves Supreme Capinfra's Rs. 96 Crore Plan To Revive C & M Farming
Case Title: Orion Resolution & Turnaround Pvt Ltd vs Committee of Creditors of C and M Farming Ltd
Case Citation: 2026 LLBiz NCLT (MUM) 38
Case Number: IA (PLAN)/66/2025 in CP (IB)/1031(MB)2021
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 96.81 crore resolution plan for the revival of C and M Farming Ltd, a poultry business. The tribunal held that once a resolution plan meets the requirements of the Insolvency and Bankruptcy Code, it cannot interfere with the commercial decisions of the Committee of Creditors. A coram comprising Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati passed the order on January 9. The bench found the plan to be fully compliant with Section 30(2) of the Code and the applicable regulations.
Delay In Seeking Revised Valuation Of Asset Not Enough To Term It Sham: NCLT Mumbai
Case Title: Subhash Ganpatrao Buty vs Pankaj Bhattad
Case Citation: 2026 LLBiz NCLT (MUM) 37
Case Number: IA NO. 5019 of 2025 in CP No. (IB) 1180 (MB) 2022
The National Company Law Tribunal (NCLT) at Mumbai has held that a revised valuation obtained after discovery of additional restrictions on a property cannot be dismissed as a sham merely because there was a delay in seeking such revision. It said valuation is a technical exercise and must be assessed in light of the facts available to the valuer at the relevant time.
Disputed Property Cannot Be Excluded From Information Memorandum After CoC Approval: NCLT Mumbai
Case Title: Jayesh Krushnakant Parekh vs Orion Resolution & Turnaround Pvt Ltd
Case Citation: 2026 LLBiz NCLT (MUM) 36
Case Number: IA (IBC) No. 2137 of 2025 in CP (IB) No. 1031/MB/2021
The National Company Law Tribunal (NCLT) at Mumbai has held that once a resolution plan is approved by the Committee of Creditors (CoC) and awaits confirmation, permitting amendments to the Information Memorandum would unsettle the resolution process.
Case Title: Techntrans Construction India Pvt Ltd vs SBI
Case Citation: 2026 LLBiz NCLT (HYD) 40
Case Number: IA (IBC)/1616/2025 in CP (IB)/74/94/HDB/2024
The National Company Law Tribunal (NCLT) at Hyderabad has recently ordered the bankruptcy of Pasam Laxmi Srinivas Reddy, the personal guarantor of Techtrans Constructions India Private Limited, an infrastructure firm. The tribunal said there was no repayment plan on record and no way forward for resolution. The order was passed by Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri. Setting out the reason in clear terms, the bench said, “Admittedly, the repayment plan has not been submitted by the personal guarantor, and since there is no resolution plan for resolving the insolvency, we accept the prayer of the applicant and admit this petition to declare the personal guarantor bankrupt.”
NCLT Hyderabad Orders Dissolution of Srianagha Sky Scrapers After Voluntary Liquidation Under IBC
Case Title: Srinagha Sky Scrapers Pvt Ltd and Registrar of Companies, Telangana
Case Citation: 2026 LLBiz NCLT (HYD) 41
Case Number: CP (IB)/110/59/HDB/2025
The National Company Law Tribunal (NCLT) has recently ordered the dissolution of Srianagha Sky Scrapers Private Limited, a Hyderabad-based infrastructure company, after recording the successful completion of its voluntary liquidation under the Insolvency and Bankruptcy Code, 2016. The order was passed by the Hyderabad Bench on January 8, 2026. A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, said it was satisfied that the process was carried out strictly as required under the law.
Requests For Time Or Settlement Does Not Amount To Pre-Existing Dispute Under IBC: NCLT Mumbai
Case Title: Incred Value Plus Pvt Ltd vs Atum Capital Pvt Ltd
Case Citation: 2026 LLBiz NCLT (MUM) 44
Case Number: CP (IB)/894/MB/2025
The National Company Law Tribunal at Mumbai has held that requests for time, settlement, or proposals for alternative arrangements does not amount to a dispute under the Insolvency and Bankruptcy Code and therefore do not negate an admitted liability. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar, in an order dated January 12, said such communications far from raising a genuine dispute, often reinforce acknowledgement of debt.
Recall Order Cannot Cure Failure To File Claims During Liquidation: NCLT Ahmedabad
Case Title: Pratham Realty Developers v. Nirav Tarkas and Ors.
Citation: 2026 LLBiz NCLT (AHM) 43
Case Number: IA/377(AHM)2021 in C.P. (I.B.) No. 03 (AHM) 2017
Holding that reopening a matter for fresh hearing cannot make up for a failure to follow mandatory legal procedures, the National Company Law Tribunal at Ahmedabad has dismissed an insolvency-related application filed by Pratham Reality Developers Private Limited against Stratus Foods Pvt. Ltd The application sought payment of licence fees, occupation charges and other dues during the liquidation process.
Case Title: Sagar Sharma & Anr. vs Committee of Creditors & Anr.
Case Citation: 2026 LLBiz NCLT (MUM) 45
Case Number: I.A. NO. 4764 OF 2025 IN C.P. NO. (IB) 1241 (MB) OF 2022
The National Company Law Tribunal (NCLT) at Mumbai has clarified that a member of the Committee of Creditors (CoC) is not barred from voting on a resolution plan merely because its related persons have an interest in the consortium of a resolution applicant. It said insolvency law does not prescribe any such disqualification on the ground of conflict of interest. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed an application filed by the suspended promoters of Hotel Horizon Pvt Ltd challenging the approval of a resolution plan during its corporate insolvency resolution process.
Interest-Free Loans, Write-Offs Not Fraudulent Per Se Without Intent: NCLT Mumbai
Case Title: Dinkar T. Venkatasubramanian vs Arun Kumar Maiti and Ors.
Case Citation: 2026 LLBiz NCLT (MUM) 46
Case Number: IA 2839 of 2024 In CP IB 1555 of 2017
The Mumbai bench of the National Company Law Tribunal (NCLT) has held that accounting irregularities or regulatory violations, including the grant of interest-free advances, do not by themselves amount to fraudulent trading. It clarified that fraudulent trading can be established only when there is clear, cogent evidence showing an intent to defraud creditors, assessed in the context of the company's business model.
Financial Creditor Cannot Avoid Liquidation Costs After Settling Dues Through OTS: NCLT Bengaluru
Case Title: Ravindranath Narayana Rao v. Jammu & Kashmir Bank Ltd
Case Number: I.A. No. 397 of 2025 in C.P. (IB) No. 286/BB/2019
Citation: 2026 LLBiz NCLT (BEN) 49
The National Company Law Tribunal (NCLT) at Bengaluru has held that a financial creditor that participated in the liquidation process and secured its dues through a one-time settlement cannot later avoid paying its share of liquidation costs for the ime it had taken part in it. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada directed Jammu & Kashmir Bank Ltd to bear its proportionate share of liquidation expenses in the liquidation of Alpine Wineries Pvt Ltd.
NCLT Admits Insolvency Plea Against Aman Hospitality Over ₹119 Crore Default
Case Title: Bank of India v. Aman Hospitality Private Limited
Citation: 2026 LLBiz NCLT(DEL) 51
Case Number: CP (IB) – 276(ND)/2025
The National Company Law Tribunal (NCLT) at Delhi has admitted Bank of India's insolvency plea against Delhi- based Aman Hospitality Private Limited over a default of about Rs 119 crore, excluding its equity, following a plea by Bank of India. A coram comprising President Justice Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi passed the order on January 12, 2026. The dispute arises from loans sanctioned for Aman's five-star hotel project in Shahdara, Delhi. Between 2010 and 2011, a banking consortium extended facilities aggregating over Rs 160 crore. Bank of India was one of the lenders.
NCLT Mumbai Rejects GNIDA Plea To Recall 2017 Shirdi Industries Resolution Plan
Case Title: Greater Noida Industrial Development Authority vs Devendra Padamchand Jain
Citation: 2026 LLBiz NCLT (MUM) 48
Case Number: IA 3803 of 2024 In CP IB 839 of 2017
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an application filed by the Greater Noida Industrial Development Authority (GNIDA) seeking recall of a 2017 order approving Rakesh Agarwal's resolution plan for Shirdi Industries Ltd. It held that GNIDA was informed of the insolvency process and failed to file its claim despite specific notice. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that Noida authority could not allege violation of principles of natural justice after it chose not to participate in the insolvency process. It ruled that the approval of the resolution plan was neither ex parte nor illegal.
NCLT Admits 'Sip On' Maker Manpasand Beverages To Insolvency Over ₹25 Crore Dues
Case Title: Tetra-Pak India Private Limited v. Manpasand Beverages Limited
Case Number: CP(IB) 812 of 2019
Citation: 2026 LLBiz NCLT (AHM) 56
The National Company Law Tribunal (NCLT) at Ahmedabad has admitted Manpasand Beverages Limited, the maker of the popular mango drink Sip On, into corporate insolvency proceedings on a plea by iits packaging partner Tetra Pak India Private Limited. The plea was admitted over unpaid dues of more than Rs 25 crore for the supply of packaging material, machinery and related services provided by Tetra Pak to Manpasand under multiple agreements.
Participating Interest In Oil Block Qualifies as 'Property' Under IBC: NCLT Mumbai
Case Title: Pan India Consultants Pvt Ltd vs Amit Chandrakant Shah & Anr.
Case Citation: 2026 LLBiz NCLT (MUM) 47
Case Number: IA 4589 of 2025 In CP IB 973 of 2020
The National Company Law Tribunal (NCLT) at Mumbai has ruled that rights under Production Sharing Contracts are “property” under the Insolvency and Bankruptcy Code. As a result, a company's participating interest in an onshore oil block must be treated as an asset during insolvency and cannot be excluded from resolution. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed an application filed by Pan India Consultants Pvt Ltd seeking exclusion of the Participating Interest (PI) held by Frost International Ltd in an onshore oil block in the Cambay Basin from the insolvency process.
Case Title: Krithika Subramanian v. Indian Bank
Case Number: CP(IB)/257(CHE)/2025
The National Company Law Tribunal (NCLT) at Chennai has recently observed that merely filing an insolvency petition after the initiation of proceedings under the SARFAESI Act does not, by itself, indicate an attempt to delay or obstruct recovery proceedings. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramanian was hearing a petition filed by a personal guarantor seeking initiation of personal insolvency resolution proceedings under Section 94 of the Insolvency and Bankruptcy Code, 2016.
Full Payment Of Admitted Claim In Guarantor's CIRP Bars Creditor's Recovery From Principal Borrower
Case Title: Omkara Asset Reconstruction Private Limited v. Amit Pareek
Case Number: IA(IBC)/137/GB/2024 IA(IBC)(Plan)/1/GB/2024 and IA(IBC)/50/GB/2025 in CP(IB)/9/GB/2019
Citation: 2026 LLBiz NCLT (GUA) 59
The NCLT Guwahati has recently held that full settlement of an admitted claim under a resolution plan in the corporate guarantor's CIRP discharges the debt, extinguishing the creditor's rights against both the borrower and the guarantor. A coram of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh was dealing with applications arising out of the Corporate Insolvency Resolution Process of National Plywood Industries Limited.
Case Title: Santanu T Ray vs Sunil Kumar Trivedi & Ors.
Case Citation: 2026 LLBiz NCLT (MUM) 58
Case Number: IA 4619/2023
The National Company Law Tribunal (NCLT) at Mumbai has suggested that the Insolvency and Bankruptcy Board of India issue an advisory to insolvency professionals and financial creditors on reducing their dependence on information supplied by suspended management and on actively using third-party sources to reconstruct company records. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar made the suggestion while dealing with an application filed by the resolution professional of Neo Corp International Ltd, who alleged fraudulent transactions during the period before the company entered insolvency.
Mere Pendency Of Appeal Does Not Stall Bankruptcy Proceedings: NCLT Kochi
Case Title: Tata Capital Limited v. Bobby Abraham
Case Number: IA(IBC) /488 /KOB/2025 in CP (IBC)/ 42//KOB/2024 & IA(IBC) /490 / KOB/2025 in CP(IBC)/ 44/ KOB/ 2024 & IA(IBC)/ 491/KOB/2025 in CP(IBC)/ 51/KOB/2024 & IA(IBC)/ 489/ KOB/2025 in CP(IBC)/ 52/KOB/ 2024 & CP(IBC)/ 492/KOB/ 2025 in CP(IBC)/ 53/ KOB/2024
Citation: 2026 LLBiz NCLT (KOC) 60
The National Company Law Tribunal (NCLT), Kochi Bench, on 14 January held that the mere pendency of an appeal does not operate as a stay on proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), in the absence of a specific interim order from the appellate forum. A Bench presided over by Judicial Member Vinay Goel was dealing with a batch of applications filed by Tata Capital Limited seeking initiation of bankruptcy proceedings against five personal guarantors of Simtel Trading Corporation Private Limited.
NCLT Mumbai Sets Aside Reclassification of PNB from Secured To Unsecured Creditor In Arshiya CIRP
Case Title: Punjab National Bank vs Pankaj Mahajan
Case Citation: 2026 LLBiz NCLT (MUM) 64
Case Number: IA 2913 of 2025 IN CP (IB)/ 3143 (MB) 2019
The National Company Law Tribunal (NCLT) at Mumbai has recently set aside the resolution professional's (RP) unilateral reclassification of Punjab National Bank (PNB) from a secured to an unsecured creditor in the corporate insolvency resolution process of Arshiya Ltd. A bench of Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey held that once PNB's claim had been admitted, the resolution professional had no authority to alter its classification. It held that any such change could only be made pursuant to directions of the adjudicating authority
Case Title: Consortium of Ashdan Properties Pvt Ltd & Ors
Case Citation: 2026 LLBiz NCLT (MUM) 55
Case Number: I.A. NO. 3032 OF 2025 IN C.P. NO. (IB) 1241 (MB) OF 2022
The National Company Law Tribunal (NCLT) at Mumbai has held that Prospective Resolution Applicants (PRAs) are required to exercise due care and diligence while submitting resolution plans. It said the applicants cannot later fault the insolvency process merely because they discovered additional information from the public domain. A coram comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed an application filed by the consortium of Ashdan Properties Pvt. Ltd., a PRA in the corporate insolvency resolution process (CIRP) of Hotel Horizon Private Ltd.
Party Taking Over Contract Cannot Deny Liability By Claiming No Privity: NCLT Mumbai
Case Title: Baij Nath Ram Nath (India) Pvt Ltd vs Trivenimudrai Project Ltd
Case Citation: 2026 LLBiz NCLT (MUM) 54
Case Number: CP (IB) No. 265/MB/2025
The National Company Law Tribunal (NCLT) at Mumbai has held that where a party steps into the shoes of the original contracting entity and expressly assumes contractual obligations, it cannot subsequently evade liability by pleading absence of privity of contract. It said that a party that has solemnly entered into a written arrangement acknowledging specific obligations cannot be permitted to approbate and reprobate by later denying those very obligations.
Negative Cash Balances, Salary Mismatches Alone Don't Prove Fraud: NCLT Ahmedabad
CITATION : 2026 LLBiz NCLT (AHM) 65
Case Number : I.A. No. 828/NCLT(AHM)/2020 in CP(IB) No. 17/7(AHM)2019
Case Title : Bhavi Shreyans Shah (Liquidator) v. Champat Sanghvi and Ors.
The National Company Law Tribunal (NCLT) at Ahmedabad has held that accounting lapses such as a small negative cash balance, salary mismatches, and routing of funds through non-consortium banks do not, by themselves, amount to fraudulent or wrongful trading under the Insolvency and Bankruptcy Code. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma said that every irregularity in accounts cannot be treated as fraud.
Financial Creditor Cannot Avoid Liquidation Costs After Settling Dues Through OTS: NCLT Bengaluru
Case Title: Ravindranath Narayana Rao v. Jammu & Kashmir Bank Ltd
Case Number: I.A. No. 397 of 2025 in C.P. (IB) No. 286/BB/2019
Citation: 2026 LLBiz NCLT (BEN) 49
The National Company Law Tribunal (NCLT) at Bengaluru has held that a financial creditor that participated in the liquidation process and secured its dues through a one-time settlement cannot later avoid paying its share of liquidation costs for the ime it had taken part in it. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada directed Jammu & Kashmir Bank Ltd to bear its proportionate share of liquidation expenses in the liquidation of Alpine Wineries Pvt Ltd.
Defying CIRP Orders 'Not In Public Interest', Amounts To Civil Contempt: NCLT Mumbai
Case Title: Pravin R. Navandar vs Sagar Sharma & Anr.
Case Citation: 2026 LLBiz NCLT (MUM) 57
Case Number: Cont.A. (IBC)/33/MB/2025 IN CP(IB) No. 1241 of 2022
The National Company Law Tribunal (NCLT) at Mumbai has held that deliberate disobedience of its directions during a corporate insolvency resolution process (CIRP), even on the ground that the quantification of a financial creditor's claim is pending in appeal, is against public interest and amounts to civil contempt. Allowing a contempt application filed by the resolution professional (RP) of Hotel Horizon Private Limited against its suspended directors, coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar said that their conduct “meets the ingredients of section 2(b) of the Contempt of Courts Act, 1971.”
NCLT Delhi Admits Rana Kapoor Family Company Bliss House Into Insolvency Over ₹922-Crore Default
Case Title : J.C. Flower Asset Reconstruction Pvt. Ltd. v. Bliss House Private Limited
Case Number : CP (IB) No. 585/ND/2025
CITATION : 2026 LLBiz NCLT (DEL) 87
The National Company Law Tribunal (NCLT) at Delhi has admitted Bliss House Private Limited, a real estate firm promoted by the family of Yes Bank founder Rana Kapoor, into insolvency over alleged defaults of about Rs 922.46 crore. The tribunal held that an arbitral award can extend the limitation period for initiating insolvency proceedings even if the award is under challenge.
A bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri admitted a CIRP plea filed by J.C. Flowers Asset Reconstruction Private Limited.
NCLT Upholds ₹1 Notional Admission Of MCD's Rs 6,000-Crore Claim Against MEP Infrastructure
Case Title : Municipal Corporation of Delhi vs Ravindra Kumar Goyal
Case Number : IA (I.B.C) No. 5963/MB/2024 IN CP (IB) No. 973/MB/2023
CITATION : 2026 LLBiz NCLT (MUM) 83
The National Company Law Tribunal (NCLT) at Mumbai has upheld the treatment of a Rs. 6,000-plus crore claim filed by the Municipal Corporation of Delhi in the insolvency process of MEP Infrastructure Developers Ltd. The tribunal refused to interfere with the notional admission of the claim and its classification as unsecured.
A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan held that the admission of MCD's claim at a notional value of Rs. 1 did not warrant interference. The remaining amount of Rs. 6,073.35 crore continued to be reflected as a contingent claim in the insolvency process.
Case Title : Sarga Hotel Pvt Ltd and Anr vs West Bengal State Electricity Distribution Company Ltd Case Number : I.A.(IB) No. 2481/KB/2024 in C.P. (IB) No. 302/KB/2021
CITATION : 2026 LLBiz NCLT (KOL) 85
The National Company Law Tribunal (NCLT) at Kolkata has held that electricity dues linked to a corporate debtor's lessor cannot be imposed on a successful resolution applicant or used to deny a fresh electricity connection for revival of the corporate debtor.
A bench of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah observed that once a resolution plan is approved, the corporate debtor is entitled to a clean slate, with only those pre-CIRP claims extinguished that were duly admitted during the insolvency process.
NCLT Mumbai Approves Rs 345.6 Crore Hirani Ventures Plan For E-Commerce Magnum
Case Title : J.C. Flowers Assets Reconstruction Pvt Ltd vs E-Commerce Magnum Solution Ltd
Case Number : IA (I.B.C) (Plan) No. 115/MB/2025 in CP (IB) No. 364/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 84
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs. 345.60 crore resolution plan submitted by Hirani Ventures Pvt Ltd for E-Commerce Magnum Solution Ltd. The tribunal said it cannot interfere with the commercial decisions of lenders once a resolution plan complies with the Insolvency and Bankruptcy Code.
A bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt held that the plan met all requirements under Section 30(2) of the Code.
NCLT Mumbai Approves ₹467 Crore JSW Infrastructure Plan For NCR Rail Revival
Case Title : Edelweiss Asset Reconstruction Company Ltd vs NCR Rail Infrastructure Ltd
Case Number : IA (I.B.C) (Plan) No.87/MB/2025 in CP (IB) No.1079/MB/2022
CITATION : 2026 LLBiz NCLT (MUM) 82
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 467.47 crore resolution plan submitted by JSW Infrastructure Limited for the revival of NCR Rail Infrastructure Limited, which operates a private freight terminal at Khurja in Uttar Pradesh. The plan was approved after receiving 100 percent voting approval from the Committee of Creditors.
A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, in an order pronounced on January 22, 2026, held, “In view of the aforesaid discussions and the settled legal position, we are of the considered view that the Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38(1A), and 39(4) of the CIRP Regulations. The Plan is not in contravention of any of the provisions of Section 29A of the Code, as undertaken by the SRA, and is in accordance with the law.”
Case Title : India Bank v. Nipun Verma
Case Number : CP (IB) No. 571/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 81
The National Company Law Tribunal at Mumbai has recently admitted Indian Bank's insolvency petition against Nipun Verma, a personal guarantor for Frost International Limited, after rejecting his objection that the claim was time-barred.
A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the petition was filed within limitation. The tribunal said limitation was saved both by the Supreme Court's Covid extension orders and by a subsequent acknowledgement of debt in the borrower's audited accounts.
IBC Moratorium Not Automatic, Applies Only After Express Order: NCLT Mumbai
Case Title : Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Limited) vs ICICI Bank Ltd
Case Number : IA (I.B.C)/1983 (MB) 2025 & IA (I.B.C)/2915 (MB) 2025 IN C.P. (IB)/1371(MB)2017 CITATION : 2026 LLBiz NCLT (MUM) 80
The National Company Law Tribunal (NCLT) at Mumbai recently held that a moratorium under the Insolvency and Bankruptcy Code does not commence automatically on the insolvency commencement date and can take effect only when it is expressly declared by the adjudicating authority. On this basis, the tribunal dismissed applications filed by Patanjali Foods Ltd., formerly Ruchi Soya Industries Ltd., which came under Patanjali following approval of a resolution plan, seeking retrospective application of the moratorium against ICICI Bank and reversal of debits amounting to Rs 65.83 crore from the corporate debtor's bank accounts.
Approved Resolution Plan Cannot Be Modified Even If Plan Allows It: NCLT Mumbai
Case Title : Shanti G.D. Ispat and Power Pvt Ltd vs Dhiren Shantilal Shah & Ors
Case Number : I.A. (IB) No. 5533 of 2024 IN C.P. (IB) No. 271/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 71
The National Company Law Tribunal at Mumbai has held that a resolution plan approved under the Insolvency and Bankruptcy Code cannot be modified or amended after approval by the adjudicating authority, even if the plan itself contains a clause permitting such modification. The tribunal said that once a plan receives statutory approval under Section 31 of the Code, it attains finality and becomes binding on all stakeholders, including the successful resolution applicant, which cannot be reopened on contractual grounds.
OCDs Not Converted Into Equity By Notice Alone: NCLT Admits CIRP Against Arcturus Developers
Case Title : Beacon Trusteeship Limited v. Arcturus Developers Pvt. Ltd
Case Number : CP (IB) – 209/ND/2025
CITATION : 2026 LLBiz NCLT (DEL) 76
The National Company Law Tribunal (NCLT) at Delhi has admitted insolvency proceedings against Arcturus Developers Private Limited for a default of Rs 1,258.73 crore, holding that a mere conversion notice does not legally convert debt into equity unless mandatory statutory steps are completed.
A bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri held that Optionally Convertible Debentures (OCDs) continue to retain the character of “financial debt” in the absence of actual allotment of equity shares.
Case Title : Joshi v. Shikharchand Jain, Liquidator of Dhanlaxmi Solvex Pvt. Ltd.
Case Number : TP No. 246 of 2019
CITATION : 2026 LLBiz NCLT (MUM) 75
The National Company Law Tribunal, Indore Bench, has held that a labor court award by itself cannot give priority to old workmen's dues in liquidation under the Insolvency and Bankruptcy Code. The tribunal said that priority for workmen's dues is limited to amounts arising in the twenty-four months preceding the liquidation commencement date as per waterfall mechanism
A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta said a prior labour adjudication cannot alter the IBC waterfall under Section 53.
Case Title : Unity Small Finance Bank Limited v. Bafna Motors Private Limited.
Case Number : 110. IA/80/2026 C.P. (IB)/344(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 73
The National Company Law Tribunal (NCLT), Mumbai Bench, has recently clarified that a resolution professional's duties under the Insolvency and Bankruptcy Code are limited to taking custody and control of a corporate debtor's assets and do not extend to improving their value.
A bench of Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati noted that the corporate insolvency resolution process (CIRP) against Bafna Motors began on October 14, 2025.
NCLT Ahmedabad Admits Another Blu-Smart Entity To Insolvency Over Rs 142 Cr Default
Case Title : Catalyst Trusteeship Limited v. Blu-Smart Charge Private Limited
Case Number : CP(IB) No. 483/7/AHM/2025
CITATION : 2026 LLBiz NCLT (AHM) 66
The National Company Law Tribunal (NCLT) at Ahmedabad has admitted Blu-Smart Charge Private Limited into the Corporate Insolvency Resolution Process after a default of Rs 142.95 crore on debenture payments.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma admitted a petition filed by Catalyst Trusteeship Limited under Section 7 of the Insolvency and Bankruptcy Code. The bench said the material on record clearly showed the existence of a financial debt and a default.
NCLT Mumbai Dismisses Workmen's Belated Wage Claims Against IL&FS, Cites Moratorium
Case Title : S.A. Azad, Authorised Representative of Workmen vs Infrastructure Leasing and Financial Services Ltd.
Case Number : IA (COMPANIES.ACT)/120 (MB) 2025 IN CP/3638 (MB) 2018
CITATION : 2026 LLBiz NCLT (MUM) 79
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an application filed by S.A. Azad, the authorised representative of 31 workmen, seeking admission of wage claims against Infrastructure Leasing and Financial Services Ltd. (IL&FS). The tribunal dismissed the application on the grounds that the claims were barred by the 2018 moratorium and filed beyond the extended timelines, while also noting that the workmen were not directly employees of IL&FS.
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.
Inconsistencies Between E-Auction Notice And Process Memo Vitiate Liquidation Sale: NCLT Amaravati
Case Title : State Bank of India vs IND TOB International Pvt Ltd
Case Number : IA(IBC)/52/2026
CITATION : 2026 LLBiz NCLT (AMR) 118
The National Company Law Tribunal (NCLT) at Amaravati has prima facie held that inconsistencies between an e-auction sale notice and the auction process memorandum create serious ambiguity regarding the assets offered for sale and render the liquidation auction process legally unsustainable under the Insolvency and Bankruptcy Code.
Judicial Member Kishore Vemulapalli was dealing with applications filed by the suspended directors of IND TOB International Pvt Ltd, which is undergoing liquidation. The company was admitted into liquidation in proceedings initiated by the State Bank of India in 2021.
Case Title : Indian Bank vs Nipun Verma
Case Number : C.P. (IB) No. 571/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 105
The National Company Law Tribunal (NCLT) at Mumbai has held that a delay in issuing a statutory demand notice does not invalidate personal insolvency proceedings under the Insolvency and Bankruptcy Code so long as the insolvency plea is filed within time.
The tribunal clarified that the limitation runs from the date of default and not from the date on which the demand notice is issued.
The ruling was delivered by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar while admitting a personal insolvency application filed by Indian Bank against Nipun Verma, the personal guarantor of Frost International Limited.
Case Title : Dolphin Offshore Enterprises (India) Ltd vs Oil and Natural Gas Corporation Ltd, Office of the Assistant Commissioner of Central GST & Central Excise
Case Number : I.A. No. 4135/2024 in C.P. No. 4087(IB)/MB/2018
CITATION : 2026 LLBiz NCLT (MUM) 115
The National Company Law Tribunal (NCLT) at Mumbai has recently directed Oil and Natural Gas Corporation Limited (ONGC) to release payments due for work executed under its contracts with Dolphin Offshore Enterprises (India) Ltd., which had been withheld pursuant to a GST department garnishee notice. It held that pre-CIRP claims of the GST department stood extinguished upon approval of the resolution plan.
Case Title : The Assistant Commissioner of Central Tax and Central Excise v. C.S Ramachandran and Anr
Case Number : IA(IBC)/506/KOB/2025 In CP(IBC)/21/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 113
The National Company Law Tribunal (NCLT) at Kochi has dismissed the tax department's plea to include a Rs 6.06 crore belated GST claim in the insolvency process of SDF Industries Limited, holding that claims cannot be entertained after approval of the resolution plan by the Committee of Creditors.
A coram of Judicial Member Vinay Goel held that permitting the tax department to raise its claim at such a stage would reopen settled stages of the corporate insolvency resolution process and undermine the process.
Case Title : Pankaj Ramdas Majitha vs Yes Bank
Case Number : I.A. 384 OF 2025 IN CP No. 364/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 100
The National Company Law Tribunal (NCLT) at Mumbai has recently held that the unilateral liquidation and appropriation of a corporate debtor's fixed deposit by a bank during insolvency proceedings amounts to an impermissible recovery action barred by the moratorium.
“Section 14 of the Code imposes a complete bar on any action to recover, foreclose, or enforce any security interest against the assets of the Corporate Debtor once the CIRP has commenced and the moratorium under Section 14 has kicked in,” the tribunal observed.
Jet Airways Liquidation: NCLT Directs Distribution Of Sale Proceeds Despite Pending Workmen Claims
Case Title : State Bank of India vs Satish Kumar Gupta
Case Number : I.A. NO. 4757 OF 2025 IN C.P. (IB) NO. 2205 (MB) 2019
CITATION : 2026 LLBiz NCLT (MUM) 109
The National Company Law Tribunal (NCLT) at Mumbai has directed the liquidator of Jet Airways (India) Ltd to proceed with the distribution of liquidation proceeds under the Insolvency and Bankruptcy Code, holding that indefinite deferment of distribution defeats the objective of timely value realisation.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar heard an application filed by State Bank of India on behalf of the assenting financial creditors. The application sought directions to the liquidator to distribute proceeds realised from the sale of Jet Airways' assets, including its Bandra-Kurla Complex property in Mumbai.
Case Title : Sai Infinium Limited v. Anand Multitrade
Case Number : IA 1520 (AHM) 2025 in C.P. (IB) 315 (AHM) 2025
CITATION : 2026 LlBiz NCLT (AHM) 108
The National Company Law Tribunal (NCLT) at Ahmedabad has directed issuance of contempt notices to Sai Infinium Limited and its representatives after holding that a recall plea contained “contemptuous” allegations against the Bench. The tribunal also rejected the recall plea..
A coram of Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy made the observation while dismissing an application filed by the corporate debtor seeking recall of an ex parte order dated November 12, 2025.
Attachment During Insolvency Unenforceable, But NCLT Kochi Cannot Lift Consumer Forum Order
Case Title : Buildwell and Anr v. Joseph Velivil and Anr
Case Number : IA(IBC)/85/KOB/2025 in IA(IBC)/325/KOB/2023 in CP(IB)/01/KOB/2021 CITATION : 2026 LLBiz NCLT (KOC) 107
The National Company Law Tribunal (NCLT) at Kochi has recently held that an attachment ordered by the Kerala State Consumer Disputes Redressal Commission during an insolvency moratorium is legally unenforceable but said it lacks jurisdiction to itself remove or set aside the attachment.
A bench led by Judicial Member Vinay Goel said the attachment could not survive the moratorium or the approval of the resolution plan of the corporate debtor, under which the claim had already been dealt with.
Case Title : Yash Manish Pethani vs Pankaj Ramandas Majithia
Case Number : CP No. 364/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 104
The National Company Law Tribunal (NCLT) at Mumbai has dismissed six applications seeking recognition as financial creditors in the insolvency of E-Commerce Magnum Solution Ltd. It held that a purported allotment in a proposed real estate project, without proof of disbursement, does not create a financial debt under the Insolvency and Bankruptcy Code.
A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt rejected applications filed by six individuals, including Yash Manish Pethani and members of the Adani family, against the resolution professional of E-Commerce Magnum Solution Ltd.
NCLT Ahmedabad Extends Blu-Smart Mobility Insolvency Process By 90 Days
Case Title : Catalyst Trusteeship Limited v. Blu-Smart Mobility Limited
Case Number : IA/124 (AHM) 2026 in C.P. (IB)/205 (AHM) 2025
CITATION : 2026 LLBiz NCLT (AHM) 103
The National Company Law Tribunal (NCLT) at Ahmedabad has granted an additional 90 days to complete the insolvency process of Blu-Smart Mobility Limited, extending the deadline beyond January 24, 2026.
The insolvency proceedings against the company had begun on July 28, 2025, after the tribunal admitted a petition filed by Catalyst Trusteeship Limited under Section 7 of the Insolvency and Bankruptcy Code.
Case Title : Canara Bank Limited vs Poonam Anoop Wadhera
Case Number : IA(IBC)/5600(MB)/2025
CITATION : 2026 LLBiz NCLT (MUM) 123
The National Company Law Tribunal (NCLT) at Mumbai has admitted personal insolvency resolution proceedings against Poonam Anoop Wadhera, the personal guarantor of Frost International Limited, in connection with a default of Rs 671.56 crore.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar admitted the petition filed by Canara Bank Limited under Section 95 of the Insolvency and Bankruptcy Code.
CIRP Can Be Initiated Only On Default, Not On Apprehension Of Inability To Pay: NCLT Ahmedabad
Case Title : Rajshree Silk Mills Private Limited.
Case Number : CP (IBC)/201/AHM/2024
CITATION : 2026 LLBiz NCLT (AHM) 125
A corporate insolvency resolution process can be initiated only upon the occurrence of default and not on a mere apprehension of inability to pay debts, the National Company Law Tribunal, Ahmedabad Bench, has held while rejecting a voluntary insolvency application filed by a textile company under Section 10 of the Insolvency and Bankruptcy Code.
The matter was heard by a coram comprising Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy.
Case Title : State Bank of India vs Madhucan Toll Highways Ltd
Case Number : Company Petition IB/154/7/HDB/2023
CITATION : 2026 LLBiz NCLT (HYD) 126
The National Company Law Tribunal (NCLT) at Hyderabad has recently observed that an Inter-Creditor Agreement meant to ensure coordinated action among consortium lenders does not prevent an individual financial creditor from initiating insolvency proceedings, even as it declined to admit the petition on the facts of the present case.
A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri observed:
“In view of the overriding effect of the IBC, the Inter-Creditor Agreement that has been entered between some of the consortium members, at no stretch of imagination, will come in the way of admission of the petition under Section 7 of IBC when debt and default is proved beyond doubt.”
Case Title : Omkara Assets Reconstruction Pvt Ltd vs Mahesh Chandulal Shah
Case Number : C.P. (IB) NO. 305/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 120
The National Company Law Tribunal (NCLT) at Mumbai has recently observed that default under the Insolvency and Bankruptcy Code is a factual state of non-payment and minor variations in the dates of default in notices issued under SARFAESI and the Insolvency and Bankruptcy Code to a personal guarantor cannot defeat insolvency proceedings when the debt and failure to pay are otherwise clearly established.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was dealing with a petition filed by Omkara Assets Reconstruction Pvt Ltd under Section 95 of the Code against Mahendra Chandulal Shah. He had stood as a personal guarantor for credit facilities availed by C. Mahendra Exports Ltd.
NCLT Ahmedabad Slaps ₹1 Lakh Costs On Sintex-BAPL Creditor, Upholds Finality Of Resolution Plan
Case Title : Ganesh Electricals v. Ashish Chhawchharia & Ors.
Case Number : IA/758(AHM)2024 in IA/187(AHM)2023 in CP (IB) No. 759 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 128
On 9 February, the National Company Law Tribunal Ahmedabad, (NCLT) dismissed an operational creditor's request for full payment after the resolution plan for Sintex-BAPL Limited, a plastic products maker, was approved.
A Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, imposed exemplary costs of Rs. 1,00,000 on the applicant, Ganesh Electricals, for pursuing litigation against settled law, holding that a concluded Corporate Insolvency Resolution Process (CIRP) cannot be reopened simply because a creditor took a haircut under the plan.
Case Title : Abhay Narayan Manudhane vs My Palace Mutually Aided Cooperative Society & Ors
Case Number : I.A. No. 3781 of 2023
CITATION : 2026 LLBiz NCLT (MUM) 129
On 9 February, the National Company Law Tribunal (NCLT), Mumbai, lifted an interim injunction that had blocked third-party rights over land linked to Housing Development and Infrastructure Ltd (HDIL), ruling that the Tribunal cannot extend temporary protection if it lacks jurisdiction to grant final relief.
A Bench comprising Judicial Member Sushil Mahadeorao Kochey heard the matter following a reference under Section 419(5) of the Companies Act, arising from a split decision in an earlier NCLT Mumbai Bench. The Technical Member had concluded the tribunal lacked jurisdiction, while a Judicial Member had proposed making the interim order absolute.
Case Title : True Steels Pvt. Ltd. vs. Inox Wind Ltd.
Case Number : RST. A(IBC)/31(CH)2024 in CP(IB) No. 114/CHD/HP/2019
CITATION : 2026 LLBiz NCLT (CHD) 130
The National Company Law Tribunal (NCLT) at Chandigarh recently observed that a counsel's personal difficulties, including childcare responsibilities as well as technical glitches, do not amount to “sufficient cause” for repeated non-appearance in insolvency proceedings under the Insolvency and Bankruptcy Code.
Dismissing a third application seeking restoration of an insolvency petition filed by True Steels Private Limited, the Tribunal said the IBC is a time-bound code that requires strict diligence from operational creditors.
IBC Cannot Be Used To Legitimize Proceeds of Crime: NCLT Recalls Alchemist Limited CIRP
Case Title : Directorate of Enforcement Through its Deputy Director v. Alchemist Limited Case Number : I.A. NO. 1997 OF 2025 IN C.P. IB NO 275 (ND) OF 2020
CITATION : 2026 LLBiz NCLT (DEL) 131
The National Company Law Tribunal (NCLT) at New Delhi has recalled its own order admitting insolvency proceedings against Alchemist Limited, holding that the Code cannot be used to legitimise proceeds of crime.
The tribunal found that the Corporate Insolvency Resolution Process (CIRP) was “vitiated by fraud, collusion and malicious intent.”
A Bench of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi imposed a penalty of Rs 5 lakh on the operational creditor, Sai Tech Medicare Private Limited. The amount has been directed to be deposited with the Insolvency and Bankruptcy Board of India (IBBI) within ten days.
NCLT Kochi Rejects Plea To Implead CBI In Corporate Petition Alleging Oppression And Mismanagement
Case Title : Mrpn Minority Share Holder Customer Welfare Association, Represented by Smt. Asha Mary Cherian v/s Mary Rani Popular Nidhi Ltd & 6 Others
Case Number : CP/35/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 136
The Kochi Bench of the National Company Law Tribunal (NCLT) on 6 February dismissed an application by MRPN Minority Share Holder Customer Welfare Association, seeking to implead the Central Bureau of Investigation (CBI) in a pending company petition against Mary Rani Popular Nidhi Ltd. under Sections 241 and 242 of the Companies Act, 2013. The application alleged key managerial persons of the company of oppression and mismanagement.
The Bench comprising Judicial Member Shri Vinay Goel, held that impleading an investigating agency while a probe is ongoing is neither necessary for adjudicating corporate governance disputes nor conducive to the administration of justice.
Case Title : Colliers International (India) Property Services Pvt Ltd vs SAS iTower Pvt Ltd Case Number : IA No. 393/2025 In CP(IB) No.187/9/HDB/2024
CITATION : 2026 LLBiz NCLT (HYD) 134
The National Company Law Tribunal (NCLT) at Hyderabad has recently held that a mistake warranting recall of order must be apparent on the face of the record and attributable to an error of the tribunal, and not to the failure of a party to place relevant material before it.
A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri on February 11, 2026, dismissed a recall application filed by Colliers International (India) Property Services Pvt. Ltd.
NCLT Ahmedabad Slaps ₹2 Lakh Cost on Dharmadev Infra Director, Admits ₹20.97 Crore Insolvency Plea
Case Title : UG Fincon Advisors LLP v. Dharmadev Infrastructure Ltd.
Case Number : CP (IB) No.417/7/AHM/2025 with I.A. No. 45/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 137
Calling it a “counterblast” and an abuse of process, the National Company Law Tribunal (NCLT) Ahmedabad has imposed ₹2,00,000 in personal costs on a director of Dharmadev Infrastructure Limited while admitting an insolvency petition over dues of ₹20,97,43,678. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an application filed under Sections 60(5) and 65 of the Insolvency and Bankruptcy Code, holding that no ingredient of fraudulent or malicious initiation of insolvency proceedings was established
Case Title : Savino Ceramic Private Limited v. M/s Fontana Impex Private Limited
Case Number : CP(IBC)/40/KOB/2025
CITATION : 2026 LLBiz NCLT (KOC) 141
The National Company Law Tribunal (NCLT) at Kochi has dismissed an insolvency petition after holding that an operational creditor cannot rely solely on an interest clause printed on invoices to inflate the claim amount and cross the statutory Rs. 1 crore threshold under the Insolvency and Bankruptcy Code, in the absence of any binding agreement for payment of interest.
Judicial Member Vinay Goel rejected a Section 9 plea filed by Savino Ceramic Private Limited against Fontana Impex Private Limited, observing that the claimed default of Rs. 1,52,29,080.50 included Rs. 71,64,651 towards interest, which had no contractual foundation.
NCLT Allahabad Reserves Verdict On Vedanta Plea Against CoC Approval Of Adani's JAL Plan
Case Title : Vedanta Ltd. v. Bhuvan Madan, RP of Jaiprakash Associates Ltd & Anr.
Case Number : IA No. 01/2026 in CP (IB) No. 330/ALD/2018
The National Company Law Tribunal at Allahabad has reserved its orders on Vedanta Limited's challenge to the Committee of Creditors' approval of Adani Enterprises' resolution plan for insolvent Jaiprakash Associates Limited.
Vedanta was one of the resolution applicants in the process.
The matter was heard by Judicial Member Praveen Gupta and Technical Member Ashish Verma, who reserved orders after hearing Vedanta and the Resolution Professional.
Case Title : GIC Housing Finance Ltd vs Truvisory Insolvency Professionals Pvt Ltd
Case Number : IA No. 3109 of 2025 IN CP(IB) No.651/MB/2023
CITATION : 2026 LLBiz NCLT (MUM) 133
The National Company Law Tribunal (NCLT), Mumbai, recently held that in a real estate insolvency, homebuyers' and a housing finance company's secured interests cannot overlap. Where the builder has undertaken repayment obligations, the financier's interest must be protected.
A Bench comprising Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, on 29 January allowed an application filed by GIC Housing Finance Ltd. in the corporate insolvency resolution process (CIRP) of Karrm Infrastructure Pvt. Ltd.
NCLT Guwahati Quashes Income Tax Reassessment Against Maxim Infrastructure For Pre-CIRP Dues
Case Title : Maxim Infrastructure & Real Estate Private Limited vs Income Tax Officer
Case Number : IA(IBC)/176/GB/2024 In CP(IB)/4/GB/2018
CITATION : 2026 LLBiz NCLT (GUA) 135
The National Company Law Tribunal (NCLT), Guwahati Bench, has ruled that the Income Tax Department cannot reopen tax assessments for dues it failed to claim during a company's insolvency process.
A coram comprising Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh on January 15, allowed an application filed by Maxim Infrastructure & Real Estate Pvt. Ltd. It quashed reassessment proceedings for Assessment Year 2018–19.
NCLT Delhi Appoints Two-Member Committee To Monitor Jaypee Infratech Project Progress
Case Title : IDBI Bank v. Jaypee Infratech Ltd
Case Number : IA 5944/2024 and connected matters
CITATION : 2026 LLBiz NCLT (DEL) 144
The National Company Law Tribunal (NCLT), New Delhi, recently appointed a two-member expert committee to assess the progress of construction of Jaypee Infratech Limited (JIL) projects under the approved resolution plan.
A Bench comprising President Ramalingam Sudhakar and Technical Member Ravindra Charurvedi passed the direction while hearing multiple applications raising concerns regarding delays and grievances of homebuyers.
Bank's No Dues Certificate Not Determinative At CIRP Admission: NCLT Jaipur
Case Title : Canara Bank v. Prayag Polytech Pvt. Ltd.
Case Number : CP No. (IB) 68/7/JPR/2024
CITATION : 2026 LLBiz NCLT (JAI) 145
The National Company Law Tribunal (NCLT) at Jaipur, has admitted Prayag Polytech Private Limited into insolvency over a Rs.34.14 crore default to Canara Bank.
The bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar held that disputes over “No Dues Certificates” cannot defeat a Section 7 petition at the threshold.
NCLT Mumbai Says Mumbai, Delhi Airport Operators Are Unsecured Creditors In Jet Airways Liquidation
Case Title : Mumbai International Airport Ltd, Airports Authority of India Ltd, Delhi International Airport Ltd vs Jet Airways
Case Number : IA 644 OF 2025, APPEAL 34 OF 2025
CITATION : 2026 LLBiz NCLT (MUM) 146
The National Company Law Tribunal (NCLT), Mumbai Bench, has recently held that Mumbai International Airport Ltd (MIAL) and Delhi International Airport Ltd (DIAL) are not secured creditors in the liquidation of Jet Airways (India) Ltd, rejecting their contention that airport regulations conferred a lien over aircraft for unpaid dues
NCLT Ahmedabad Refuses Travel Relief To Personal Guarantor With ₹2717 Crore Liability
Case Title : Sunil Surendrabhai Kakkad v. Samir Ganeshbhai Marathe & Anr.
Case Number : IA/1178(AHM)2025 in C.P.(IB)/313(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 147
The National Company Law Tribunal at Ahmedabad, on 12 February rejected a travel permission plea filed by Sunil Surendrabhai Kakkad, a personal guarantor facing liabilities of Rs. 2,717.88 crore, holding that his proposal to travel abroad for employment could jeopardise the time-bound bankruptcy process.
A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy held that the applicant's presence was “absolutely necessary for the further inquiry and day to day progress of the proceedings.”
NCLT President Submits Enquiry Report After NCLAT Calls Chennai Bench Order “Rather Dubious”
Outgoing NCLT President Chief Justice (Retd.) Ramalingam Sudhakar has firmly rejected allegations of impropriety against the Chennai Bench, stating that “no material has emerged suggesting any impropriety, bias or departure from judicial discipline.” The report was submitted pursuant to an enquiry ordered by the National Company Law Appellate Tribunal in an appeal filed by Asset Reconstruction Company (India) Limited in the insolvency proceedings of Regen Powertech Private Limited.
Resolution Professional Cannot Seek Removal Of Statutory Lien Created Before CIRP: NCLT Mumbai
Case Title : Anurag Jain vs Income Tax Officer
Case Number : IA 3271 of 2025 In CP 1475 of 2020
CITATION : 2026 LLBiz NCLT (MUM) 148
The National Company Law Tribunal at Mumbai has held that while the Insolvency and Bankruptcy Code mandates a resolution professional to preserve and take control of the assets of the corporate debtor, it does not confer any specific authority to seek removal of statutory attachments or liens lawfully created prior to commencement of the insolvency.
On February 13, a bench comprising Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati held that a statutory lien validly created before initiation of CIRP cannot be nullified merely because insolvency proceedings have commenced.
NCLT Mumbai Admits Insolvency Plea Against Reliance Ornatus Over ₹133.88 Crore Default
Case Title : Creative Ashtech Engineering Projects Private Limited Vs. ROEVPL Ventures Private Limited
Case Number : C.P. (IB)/176/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 149
The National Company Law Tribunal (NCLT), Mumbai has admitted an insolvency application filed by Creative Ashtech Engineering Projects Private Limited against Reliance Ornatus Enterprises and Ventures Private Limited Ventures Private Limited, holding that a financial debt of Rs. 133.88 crore and default stood established.
A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held, “In view of the aforesaid findings, this Application bearing C.P. (IB) No. 176/MB/2025 filed under Section 7 of IBC, 2016, by Creative Ashtech Engineering Projects Private Limited, the Applicant (FC) for initiating CIRP in respect of ROEVPL Ventures Private Limited, the CD, is admitted.”
Case Title : Carnet Elias Fernandes v. Jagdish Kumar Parulkar & Anr.
Case Number : IA 305 (MP) 2025 in CP (IB) 49 (MP) 2024
CITATION : 2026 LLBiz NCLT (IND) 150
The National Company Law Tribunal (NCLT) at Indore has held that mere reflection of a Director Identification Number (DIN) as “Approved/Active” on the MCA portal is not sufficient to establish eligibility to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). The tribunal dismissed an application filed by Carnet Elias Fernandes, Suspended Management/Promoter of GEI Power Limited, challenging the Resolution Professional's decision declaring him ineligible to submit a resolution plan under Sections 29A(e) and 29A(f) of the Code.
A bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held that an online DIN status, in the absence of a clear and categorical order passed by the competent authority removing the disqualification, cannot establish eligibility to participate in the resolution process.
Case Title : Nithiyanathan Ramachandran v. Shri K. Boothalingam and Ors
Case Number : IA(IBC)/ 17 (CHE)/2023 in IBA/31/2020
CITATION : 2026 LLBiz NCLT (CHE) 152
The National Company Law Tribunal (NCLT) at Chennai has dismissed an application filed by the liquidator of Srivatsa International Private Limited alleging that the company's suspended directors committed fraud by mortgaging a property to Yes Bank.
A coram comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that offering property as collateral to secure credit for the corporate debtor's business operations does not by itself amount to fraudulent trading under Section 66 of the Insolvency and Bankruptcy Code.
NCLT Bengaluru Rejects EPFO Claim For PF Dues In Dunlop Polymers Insolvency
Case Title : The Regional Provident Fund Commissioner (Legal) v. Dunlop Polymer Private Limited and Anr
Case Number : IA No.741/ 2025 in CP(IB) No.123/BB/2019
CITATION : 2026 LLBiz NCLT (BEN) 154
The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an application filed by the Regional Provident Fund Commissioner (Legal) in the insolvency proceedings of Dunlop Polymers Private Limited. The tribunal held that EPFO cannot seek remittance of provident fund dues during the moratorium when its claim has not been admitted in the Corporate Insolvency Resolution Process.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held that the relief sought would amount to enforcement of statutory dues during the subsistence of the moratorium under Section 14 of the Insolvency and Bankruptcy Code. Such enforcement is impermissible.
NCLT Mumbai Allows Saraswat Bank To Make Clarificatory Amendments To Section 7 Petition
Case Title : Saraswat Co-Op. Bank Limited Aaacorp Exim India Private Limited
Case Number : IA/3713/2024 C.P. (IB)/682(MB)2023
CITATION : 2026 LLBiz NCLT (MUM) 158
On 5 February 2026, the Mumbai Bench of the National Company Law Tribunal (NCLT) allowed Saraswat Co‑operative Bank Limited to amend its pending Section 7 petition against AAACORP Exim India Private Limited to correct the date of default, NPA classification date, and outstanding dues of Rs. 15.59 crore.
The Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Charanjeet Singh Gulati, held that that such amendments are permitted if they are clarificatory, necessary for effective adjudication, and do not create a new case or prejudice the corporate debtor.
Mere MOU For Flat Allotment Not Financial Debt Without Disbursal To Corporate Debtor: NCLT Mumbai
Case Title : Wescon Housing India Private Limited vs. Mr. Pankaj Ramdas Mathia and Ors. Case Number : IA (I.B.C) No. 4491/MB/2025 in CP (IB) No. 364/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 159
The National Company Law Tribunal (NCLT) at Mumbai recently held that a payment made under an MOU for allotment of 3,000 sq ft of FSI in a proposed real estate project does not qualify as a “financial debt” under the Insolvency and Bankruptcy Code, 2016 if there is no disbursal to the corporate debtor and no element of time value of money.
A Bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt said, “There is nothing to show that money was disbursed by the Applicant against the consideration for the time value of money so as to be treated as a financial debt under Section 5(8) of the Code.”
Mere Non-Payment Of Ordered Amount Not Civil Contempt, Execution Is Proper Remedy: NCLT Kochi
Case Title : Renahan Vamakesan v. Anish Lawrence and Anr
Case Number : Contempt Petition (IBC)/2/KOB/2023
CITATION : 2026 LLBiz NCLT (KOC) 160
The National Company Law Tribunal at Kochi has recently observed that mere non-payment of amounts directed under its orders does not automatically amount to civil contempt and that execution proceedings are the appropriate remedy.
A coram of Judicial Member Vinay Goel observed that contempt proceedings, being quasi-criminal in nature, cannot be routinely invoked as a substitute for execution of orders.
Non-Issuance Of NOC By Financial Creditor After Default Cannot Stall Insolvency: NCLT Chandigarh
Case Title : IDBI Trusteeship Services Ltd vs Vatika Ltd
Case Number : IA (I.B.C)/1537(CH)2025 in CP(IB) No. 45/Chd/Hry/2024
CITATION : 2026 LLBiz NCLT (CHD) 157
The National Company Law Tribunal (NCLT) at Chandigarh has rejected a plea by homebuyers seeking dismissal of insolvency proceedings against Vatika Ltd. The tribunal held that non-issuance of a No Objection Certificate by the debenture trustee, which was required for execution and registration of conveyance deeds in favour of plot buyers, cannot by itself obstruct proceedings under Section 7 of the Insolvency and Bankruptcy Code once a financial default has occurred.
The matter was heard by Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal. The bench observed that issues arising after the occurrence of default cannot dilute the statutory consequences flowing from an admitted default.
Case Title : Insta Capital Pvt Ltd & Ors vs JBS Enterprises Ltd
Case Number : CP(IB)/546/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 161
The National Company Law Tribunal at Mumbai has admitted an insolvency petition against JBS Enterprises Ltd, formerly known as JBS Enterprises Private Limited holding that a corporate debtor cannot escape liability merely because loan documents were executed in its earlier name prior to conversion from a private limited company to a public limited company.
A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar said that once the corporate debtor has availed and benefited from financial facilities, it cannot rely on technical defects in its own documentation to defeat proceedings under the Insolvency and Bankruptcy Code.
Even Without Plea, NCLT Kochi Examines Covid-19 Suspension Bar, Rejects CIRP Pleas
Case Title : Lakshmi Venkateshwara Traders v. KKR Products and Marketing Private Limited Case Number : CP(IB)/39/KOB/2025 & CP(IB)/02/KOB/2026
CITATION : 2026 LLBiz NCLT (KOC) 162
Holding that the statutory Covid-period bar under the Insolvency and Bankruptcy Code must be examined even in the absence of a specific defence, the NCLT Kochi Bench dismissed two insolvency petitions against KKR Products and Marketing Private Limited. The tribunal found that the alleged defaults arose during the pandemic suspension period (Section 10A).
A coram of Judicial Member Vinay Goel examined the applicability of the statutory bar under Section 10A of the IBC even though no formal defence invoking the provision had been raised by the corporate debtor.
MSME Protections Must Be Invoked By Corporate Debtor, Not Personal Guarantors: NCLT Kochi
Case Title : Tata Capital Limited v. Mr. Jinu Varghese
Case Number : CP(IBC)/30/KOB/2025 & CP(IBC)/31/KOB/2025
CITATION : 2026 LLBiz NCLT (KOC) 166
The National Company Law Tribunal, Kochi Bench, has held that benefits under the MSMED Act, 2006 and the RBI MSME restructuring framework must be specifically invoked by the corporate debtors. Personal guarantors have no independent right to claim such relief.
A Bench comprising Judicial Member Vinay Goel admitted insolvency petitions filed by Tata Capital Limited against personal guarantors Jinu Varghese and Geeba Kolliyelil Jenny and declared a moratorium in their respect.
Case Title : OPG Power Generation Pvt Ltd v. AKMG Alloys Pvt Ltd
Case Number : CP(IBC)/282(CHE)/2021
CITATION : 2026 LLBiz NCLT (KOC) 167
Admitting a power generator's insolvency plea against its industrial consumer, the National Company Law Tribunal, Chennai, has held that a company cannot escape liability for electricity dues by claiming the power was consumed by its lessee. The tribunal ruled that liability under Section 9 of the Insolvency and Bankruptcy Code flows from privity of contract, not from actual usage of services.
A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy admitted the Section 9 petition filed by OPG Power Generation Pvt Ltd over unpaid electricity dues arising from a Power Supply Agreement dated April 1, 2018.
TDS On Interest Alone Not Enough To Cross Insolvency Threshold: NCLT Chandigarh
Case Title : Wild dreams Trading Company Pvt.Ltd v. Ascendancy Financial Services Pvt. Ltd.
Case Number : CP (IB) No. 335/Chd/J&K/2024
CITATION : 2026 LLBiz NCLT (KOC) 168
The National Company Law Tribunal (NCLT) at Chandigarh has dismissed a Section 7 CIRP plea after holding that deduction of TDS on alleged interest cannot be treated as an acknowledgment of liability to cross the statutory threshold under Section 4 of the Insolvency and Bankruptcy Code, 2016.
The coram of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal was hearing a petition filed by Wild Dreams Trading Company Pvt. Ltd. seeking initiation of CIRP against Ascendancy Financial Services Pvt. Ltd.
Case Title : State Bank of India v. Mr. Mallampati Madhu.
Case Number : Company Petition IB/144/95/HBD/2023
CITATION : 2026 LLBiz NCLT(HYD) 169
The Hyderabad Bench of the National Company Law Tribunal (NCLT) declined to admit a petition filed by the State Bank of India (SBI) seeking initiation of insolvency proceedings against Mallampati Madhu, the personal guarantor of TN (DK) Expressways Limited, holding that such action would be inequitable while a substantial arbitral award of Rs. 288.96 crores in its favour remains under challenge and unrealised.
A Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri observed: “In view of the arbitral award (of Rs. 288.96 crores) in favour of the Principal Borrower being substantially higher than the amount of default (of Rs. 138.27 crores)… initiation of CIRP against the guarantor would be discriminatory vis-à-vis the Applicant.”
NCLT Mumbai Admits CIRP Plea Against Baggit India Pvt Ltd Over ₹1.11 Crore Operational Debt
Case Title : Sunrise Global Tradelinks vs Baggit India Pvt Ltd
Case Number : CP (IB)/764/2025
CITATION : 2026 LLBiz NCLT (MUM) 171
The National Company Law Tribunal (NCLT) at Mumbai had admitted an operational creditor's insolvency petition against Baggit India Private Limited, an Indian handbags and fashion accessories company over a debt of Rs 1,11,84,020.
A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the application filed by Sunrise Global Tradelinks was complete in all respects and that default stood established.
Case Title : Metro Tyres Limited Vs M/S Hero Electric Vehicles Pvt Ltd
Case Number : IA 4/2026 in IB no 397/ND/2024
CITATION : 2026 LLBiz NCLT (DEL) 183
The New Delhi bench of the National Company Law Tribunal (NCLT) has recently ordered the liquidation of electric scooter maker Hero Electric Vehicles Pvt. Ltd. after the company's insolvency resolution process ended without approval of any resolution plan.
A bench of Judicial Member Bachu Venkat Balaram Das and Technical Member Reena Sinha Puri held that once the Corporate Insolvency Resolution Process (CIRP) expires without an approved plan, liquidation must follow under the Insolvency and Bankruptcy Code.
Case Title : N.K Kurian v. K Easwara Pillai
Case Number : IA(IBC)/115/KOB/2024 in CP(IB)/06/KOB/2022
CITATION : 2026 LLBiz NCLT (KOC) 182
The National Company Law Tribunal (NCLT) at Kochi on Friday held that a scheme of compromise or arrangement under Section 230 of the Companies Act, 2013 cannot be considered during the corporate insolvency resolution process (CIRP) in the absence of a liquidation order.
A coram of Judicial Member Vinay Goel observed that the statutory framework places schemes under Section 230 at the post-liquidation stage and dismissed the application seeking its sanction as premature.
NCLT Delhi Refuses To Initiate CIRP On Shikhar Dhawan's Plea Against Legends League Cricket Operator
Case Title : Shikhar Dhawan Vs Absolute Legends Sports Private Limited
Case Number : C.P. IB/533/ND/2025
CITATION : 2026 LLBiz NCLT (DEL) 180
The National Company Law Tribunal (NCLT) at New Delhi on Thursday refused to initiate insolvency proceedings against Absolute Legends Sports Pvt Ltd on a plea filed by Indian cricketer Shikhar Dhawan alleging a default of over Rs. 1.24 crore in unpaid player fees. Absolute Legends Sports Pvt. Ltd. owns and operates the Legends League Cricket, a franchise-based T20 tournament featuring retired international cricketers.
A bench of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi held that Dhawan failed to establish that the claimed operational debt had become due and payable.
NCLT's Residuary Jurisdiction Under IBC Cannot Be Used To Reopen NCLAT Findings: NCLT Ahmedabad
Case Title : Bhupinder Singh Rajput Vs Civic Services Holding Pvt Ltd
Case Number : IA/235 (AHM) 2024 In CP(IB) 497/2018
CITATION : 2026 LLBiz NCLT (AHM) 177
The National Company Law Tribunal (NCLT) at Ahmedabad has recently dismissed an application filed by Bhupendra Singh Rajput, holding that its jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code cannot be used to reopen or circumvent findings of the National Company Law Appellate Tribunal (NCLAT).
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “The jurisdiction under Section 60(5)(c) is supervisory and residuary in nature and cannot be exercised to reopen or circumvent findings rendered by the Appellate Tribunal, directly or indirectly.”
NCLT Kolkata Admits CIRP Against Saket Infra, Rules FRR Framework Cannot Bar Insolvency Proceedings
Case Title : Aditya Birla Finance Ltd vs Saket Infra Developers Pvt Ltd
Case Number : IA (IB) No. 613/KB/2025 In Company Petition (IB) No. 273/KB/2024
CITATION : 2026 LLBiz NCLT (KOL) 176
The National Company Law Tribunal at Kolkata on 17 February, held that the RBI's Framework for Revival and Rehabilitation (FRR) for MSMEs cannot override the Insolvency and Bankruptcy Code or prevent a financial creditor from initiating insolvency proceedings once default is established.
A Bench comprising Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra observed that the plea of MSME protection was unsustainable in the absence of any contemporaneous MSME certificate produced before the lender during loan sanction or restructuring, while admitting an insolvency petition filed by Aditya Birla Finance against Saket Infra Developers Pvt Ltd.
Tribunal Not A 'Court' Under BNSS, Cannot Order Prosecution For False Evidence: NCLT Indore
Case Title : Delhi Liquors vs Badri Prasad
Case Number : IA/423(MP)/2024 IN C.P. (IB) No. 25 of 2024
CITATION : 2026 LLBiz NCLT (IND) 175
The National Company Law Tribunal at Indore ruled that it does not have jurisdiction to initiate criminal prosecution under Sections 215 and 379 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), holding that such powers are vested only in courts and not in statutory tribunals. Section 215 bars cognisance of certain offences relating to false evidence in judicial proceedings except on a complaint by the concerned court, while Section 379 lays down the procedure for such courts to conduct an inquiry and file a complaint before a magistrate.
The Tribunal comprising Judicial Member Mohan P. Tiwari and Technical Member Sanjeev Sharma observed: “The Tribunal does not possess powers akin to those of a civil court under the Code of Civil Procedure, nor does it exercise criminal jurisdiction under the Bharatiya Nagarik Suraksha Sanhita. Its powers are limited, confined and circumscribed strictly by the statute creating it. It cannot assume jurisdiction by implication, analogy or equity. Penal provisions must receive strict construction. In the absence of express legislative inclusion of tribunals within the meaning of “Court” under BNSS, this Tribunal cannot invoke Sections 215 or 379 of the said enactment.”
Case Title : Ujaas Energy Ltd v. Hindustan Aeronautics Ltd
Case Number : CP(IB) No. 21/BB/2026
The National Company Law Tribunal at Bengaluru on Wednesday issued notice to Public Sector Undertaking Hindustan Aeronautics Limited in a petition filed by Ujaas Energy Limited, seeking initiation of insolvency proceedings under Section 9 of the Insolvency and Bankruptcy Code over an alleged default of Rs 8.41 crore arising out of an arbitral award.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order.
Financial Hardship No Ground To Reject Insolvency Plea Once Default Is Established: NCLT Jaipur
Case Title : Epicrop Organics Limited v. Cropberry Foods Private Limited
Case Number : CP No.(IB)-68/9/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 174
The National Company Law Tribunal (NCLT) at Jaipur has observed that financial hardship and liquidity constraints are not legally recognised grounds to reject an insolvency petition once default is established under Section 9 of the Insolvency and Bankruptcy Code, 2016.
A coram of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar admitted an application filed by Epicrop Organics Limited and initiated the Corporate Insolvency Resolution Process (CIRP) against Cropberry Foods Private Limited.
NCLT Ahmedabad Denies Secured Creditor Priority To State Tax Dept. In Diamond Power Liquidation
Case Title : State Tax Officer Vs Nitin Parikh
Case Number : IA/1060 (AHM) 2025 in CP (IB)28 OF 2017
CITATION : 2026 LLBiz NCLT (AHM) 173
The National Company Law Tribunal (NCLT) at Ahmedabad, has recently reiterated that priority in liquidation is governed strictly by Section 53 of the Insolvency and Bankruptcy Code (IBC), while dismissing a plea by the State Tax Officer to be treated as a secured creditor in the liquidation of Diamond Power Transformer Ltd.
“The priority of claims during liquidation is governed strictly by Section 53 and no deviation is permissible based on general statutory charges created under other enactments,” a coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed.
Case Title : Dr. Ayyappan Nair Raghavan Pillai v. CoC of M/s Attukal Devi Institute of Medical Sciences Limited
Case Number : IA(IBC)/2/KOB/2026 in IA(IBC)/379/KOB/2025 in CP(IB)/22/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 172
The National Company Law Tribunal at Kochi has recently observed that insolvency proceedings cannot be converted into a full-fledged evidentiary trial. It ruled that powers under Section 424 of the Companies Act, 2013 cannot be used to reopen the commercial evaluation undertaken by the Committee of Creditors.
Dismissing an application filed by an unsuccessful resolution applicant in the insolvency process of Attukal Devi Institute of Medical Sciences Limited, Judicial Member Vinay Goel held that the Tribunal's jurisdiction in matters concerning approval of a resolution plan is limited by the Insolvency and Bankruptcy Code, 2016.
Revival Of Insolvency After Settlement Breach Not A Recovery Action: NCLT Ahmedabad
Case Title : SN Global v. Aksa Paper Mills Private Limited.
Case Number : Res. App. 33 of 2025 in CP(I.B) NO. 165 OF 2024
CITATION : 2026 LLBiz NCLT (AHM) 184
The National Company Law Tribunal (NCLT) at Ahmedabad, recently observed that when a settlement recognised by a judicial order is breached, the revival of insolvency proceedings does not amount to using the insolvency process as a recovery tool but merely restores the legal consequence that had already been adjudicated.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma made the observation while reviving insolvency proceedings against Aksa Paper Mills Pvt. Ltd.
Case Title : M/s Aidem Ventures Pvt. Ltd. Vs M/S. News24 Broadcast India Limited.
Case Number : TP (Co. Act.)- 38(PB)/2023 Old CP No. 451/2013
CITATION : 2026 LLBiz NCLT (AHM) 185
The Principal Bench of the National Company Law Tribunal (NCLT) at Delhi, on 13 February, dismissed three petitions seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) filed by Aidem Ventures against NEWS24 Broadcast India Limited, holding that the claims involved pre-existing contractual disputes and were primarily aimed at recovery of dues, not resolution of the corporate debtor.
A Bench comprising President Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi observed that under Sections 8 and 9 of the Insolvency and Bankruptcy Code (IBC), the Adjudicating Authority cannot adjudicate contractual disputes at the CIRP initiation stage.
Case Title : State Tax Officer-3 vs. Mr Alok Kailash Saksena
Case Number : IA No. 497 of 2020 in CP (IB) 116/2017
CITATION : 2026 LLBiz NCLT (AHM) 186
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that the liquidator of Gujarat Foils Ltd. was justified in rejecting a VAT and CST claim of about Rs 211.87 crore filed by the State Tax Department during the company's liquidation, finding that the liabilities were still disputed and pending before appellate authorities.
A bench of Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy observed that the claim could not be admitted when the underlying tax demands had not been finally determined.
Case Title : Tata Power EV Charging Solutions Ltd vs Cab-Eez Infra Tech Limited
Case Number : CP (IB) 478 OF 2025
CITATION : 2026 LLBiz NCLT (MUM) 187
The National Company Law Tribunal (NCLT) at Mumbai has allowed the withdrawal of Rs. 1.9 crore insolvency proceedings initiated by Tata Power EV Charging Solutions Ltd. against Cab-Eez Infra Tech Ltd. after the parties reached a settlement.
On February 2, 2026, a bench comprising Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati permitted withdrawal of Tata Power's insolvency plea under Section 12A of the Insolvency and Bankruptcy Code after noting that the companies had entered into consent terms.
Bankruptcy Trustee Not Automatically Discharged Upon Filing Of Section 138 Application: NCLT Delhi
Case Title : Viram Vishal Minhas and anr v. Hulas Rahul Gupta and Ors .
Case Number : I.A. No. 5175/ND/2025 IN C.P.(IB) – 985/ND/2020
CITATION : 2026 LLBiz NCLT (DEL) 189
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 18 February, held that a Bankruptcy Trustee does not automatically stand discharged merely upon filing an application under Section 138 of the Insolvency and Bankruptcy Code (IBC). Discharge occurs only upon the adjudicating authority passing an appropriate order.
A Bench comprising Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri clarified that mere filing under Section 138(1) does not effectuate discharge, and the tribunal must actively consider the application before granting it.
NCLT Mumbai Allows Amendment In Oppression Petition After Expiry Of Limitation Period
Case Title : Tirupati Sankalp Realtors Private Limited v. Ruhi Realty Private Limited and Ors. Case Number : I.A. No. 178 of 2023 IN C.P. No. 1631/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 188
The Mumbai Bench of the National Company Law Tribunal on 23 February allowed an amendment to a company petition under Rules 11 and 155 of the NCLT Rules, 2016, holding that a delay in filing amendments does not prevent changes needed to address the real issues, especially when the new facts could not have been discovered earlier.
A Bench, comprising Technical Member Anil Raj Chellan and Judicial Member K.R. Saji Kumar, was hearing an interlocutory application filed by Tirupati Sankalp Realtors Pvt. Ltd. seeking amendment of a petition instituted under Sections 241 and 242 of the Companies Act, 2013.
Case Title : Mahaveer Exim Vs CA, Tejas Shah
Case Number : IA/741(AHM)2025 In CP(IB) No.141/NCLT/AHM/2019
CITATION : 2026 LLBiz NCLT (AHM) 191
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) recently observed that Section 60(5)(c) of the Insolvency and Bankruptcy Code is a residuary provision that helps the tribunal facilitate insolvency proceedings but cannot be used to grant blanket exemptions from other laws.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed,
“It is clarified that the jurisdiction of this Adjudicating Authority under Section 60(5)(c) of the Code is residual and facilitative, and does not extend to granting blanket statutory exemptions or overriding substantive provisions of other enactments, except to the limited extent expressly recognized under Sections 31, 32A and 238 of the Code, and judicial precedents extending clean-slate principles to going concern sales under Regulation 32(e).”
Income Tax Refunds Determined During CIRP Form Part of Corporate Debtor's Assets: NCLT Ahmedabad
Case Title : Wind World (India} Limited Vs The Income Tax Department
Case Number : IA/996(AHM)2025 In C.P.(IB) 14(AHM) of 2018
CITATION : 2026 LLBiz NCLT (AHM) 190
The National Company Law Tribunal (NCLT) at Ahmedabad has recently observed that income tax refunds determined during the Corporate Insolvency Resolution Process (CIRP) form part of the assets of the corporate debtor and must remain available for the insolvency resolution process.
A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed that, “Once the refund is determined under Section 143(1) of the Income Tax Act, the said amount constitutes a receivable of the Corporate Debtor and therefore forms part of the assets of the Corporate Debtor which must remain available for the insolvency resolution process.”
Case Title : SREI MULTIPLE ASSET INVESTMENT TRUST Vs. ODISHA SLURRY PIPELINE INFRASTRUCTURE LIMITE
Case Number : IA(IB) No.64 of 2025
CITATION : 2026 LLBiz NCLT (CUT) 193
The National Company Law Tribunal's Cuttack bench on Tuesday dismissed a recall application filed by SREI Multiple Asset Investment Management Trust seeking recall of the orders admitting Odisha Slurry Pipeline Infrastructure Ltd (OSPIL) into insolvency and approving its resolution plan. The tribunal held that the attempt amounted to an abuse of the legal process and reflected a lackadaisical attitude.
A bench comprising Acting President Deep Chandra Joshi and Technical Member Banwari Lal Meena observed that the applicant had attempted to undo a successful resolution nearly three years after the plan had attained finality, including affirmation by the Supreme Court. “This Adjudicating Authority sternly notes that the present Applicant's Application is indicative of the fact that the applicant has clearly abused the process of law and has tried to undo a successful resolution of a Respondent No. L after almost 3 years since the plan has been upheld by none other than the Apex court of the country. During the proceedings as weIl, the applicant has shown lackadaisical attitude.” the tribunal observed.
Case Title : Suburban Diagnostics (India) Pvt Ltd
Case Number : CP(IB)/195/2026
CITATION : 2026 LLBiz NCLT (MUM) 194
The National Company Law Tribunal (NCLT) at Mumbai has ordered the dissolution of Suburban Diagnostics (India) Pvt Ltd, a subsidiary of Dr Lal PathLabs, after the successful completion of its voluntary liquidation process under the Insolvency and Bankruptcy Code.
A bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order while noting that the process was conducted in “accordance with law”.
NCLT Bengaluru Issues Notice To Flipkart On Insolvency Plea Alleging Rs 4.37 Crore Default
Case Title : Netambit Value First Services Pvt Ltd Vs Flipkart Internet Pvt Ltd
Case Number : CP(IB) No. 329/BB/2025
The National Company Law Tribunal (NCLT) at Bengaluru on Wednesday issued notice to Walmart-owned e-commerce company Flipkart Internet Pvt. Ltd. on an insolvency petition alleging a default of Rs 4.37 crore under the Insolvency and Bankruptcy Code, 2016.
The petition has been filed by Netambit Value First Services Pvt. Ltd., an operational creditor, under Section 9 of the Code. A bench of Judicial Member Mahendra Khandelwal and Technical Member Ravindra Chaturvedi issued the notice after hearing counsel for the petitioner.
IBC Moratorium Operates Automatically, Not Dependent On Creditor's Knowledge Of CIRP: NCLT Indore
Case Title : Nishant Agrawal Vs Income Tax Department
Case Number : IA/366(MP)2025 in CP(IB)/48(MP)2023
CITATION : 2026 LLBiz NCLT (IND) 198
The National Company Law Tribunal (NCLT) at Indore has recently observed that the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016, operates automatically from the insolvency commencement date and is binding even if the creditor or statutory authority had no knowledge of the admission of the Corporate Insolvency Resolution Process (CIRP).
A bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta observed, “The statutory prohibition under Section 14(1) is absolute and automatic, and does not depend upon whether a creditor or statutory authority had actual knowledge or notice of the admission order. Any person, authority or institution whether a private creditor or a statutory instrumentality of the State is equally bound by the moratorium from the date of its commencement.”
Personal Guarantor Can Face Insolvency Even If Corporate Debtor Is In Liquidation: NCLT Indore
Case Title : State Bank of India Vs Sumit Rajpal
Case Number : C.P.(IB)/24(MP)2021
CITATION : 2026 LLBiz NCLT (IND) 199
The National Company Law Tribunal (NCLT) at Indore has recently held that insolvency proceedings can be initiated against a personal guarantor even when liquidation proceedings against the corporate debtor are pending. The tribunal observed that the issue before it was, “whether an Insolvency Resolution Process can be initiated against the Personal Guarantor of a Corporate Debtor when the Liquidation Proceedings against the Corporate Debtor are already pending?” and held that “the above issue is answered in the affirmative.”
The order was passed by Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta on an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 by State Bank of India.
Case Title : Ashiana Landcraft Realty Pvt. Ltd Versus Haryana Real Estate Regulatory Authority, Gurugram
Case Number : I.A. (IB) No. 2291/KB/2024
CITATION : 2026 LLBiz NCLT (KOL) 200
The National Company Law Tribunal's Kolkata bench has recently observed that once the competent Real Estate Regulatory Authority levies and realizes late fee in exercise of its statutory powers, such levy assumes the character of a statutory charge payable to the State authority and cannot be ordered to be refunded in insolvency proceedings unless it is challenged before the appropriate appellate forum under the RERA law.
A bench of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah dismissed an application filed by Ashiana Landcraft Realty Pvt Ltd, which is undergoing resolution under the Insolvency and Bankruptcy Code.
NCLT Bengaluru Admits CIRP Against VOI Jeans Retail India Over ₹1.11 Crore Operational Debt Default
Case Title : Raymond UCO Denim Pvt Ltd v. VOI Jeans Retain Pvt Ltd
Case Number : CP(IB) No. 204/BB/2025
CITATION : 2026 LLBiz NCLT (BEN) 201
The National Company Law Tribunal (NCLT) at Bengaluru has admitted a petition filed by Raymond UCO Denim Pvt Ltd seeking initiation of the corporate insolvency resolution process (CIRP) against VOI Jeans Retail India Pvt. Ltd. for an operational debt of Rs 1.1 crore.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order. Raymond UCO Denim, the operational creditor engaged in the business of manufacturing and supplying denim fabrics, approached the Tribunal alleging that VOI Jeans Retail had defaulted in payment of Rs 1,11,75,455 towards invoices raised for supply of fabrics between December 31, 2023 and February 25, 2024.
NCLT Chandigarh Rejects Omkara ARC Plea Over 1267-Day Belated Claim In Vikas WSP CIRP
Case Title : Omkara Assets Reconstruction Pvt Ltd. Vs Mr Darshan Singh Anand
Case Number : IA(I.B.C.)/1339(CH)2025 In CP (IB) No.315/Chd/Hry/2019
CITATION : 2026 LLBiz NCLT (CHD) 203
The National Company Law Tribunal (NCLT) at Chandigarh has dismissed a plea filed by Omkara Assets Reconstruction Pvt. Ltd. seeking admission of its claim in the corporate insolvency resolution process (CIRP) of Vikas WSP Ltd., holding that a claim filed 1267 days after the prescribed deadline and after approval of the resolution plan cannot be entertained under the Insolvency and Bankruptcy Code (IBC).
Refusing to condone the delay, the bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh said the IBC is meant to ensure time-bound insolvency resolution and cannot be used to revive recovery claims at a late stage of the process.
Case Title : GKS Associates vs Shapoorji Pallonji and Company Pvt Ltd
Case Number : C.P. (IB)/949(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 207
The National Company Law Tribunal (NCLT) at Mumbai Bench has dismissed an insolvency petition filed by GKS Associates against Shapoorji Pallonji and Company Pvt Ltd, a leading construction company headquartered in Mumbai, holding that an operational creditor cannot artificially inflate the claim amount through unilateral interest entries to meet the statutory threshold under the Insolvency and Bankruptcy Code.
A bench comprising Judicial Member Nilesh Sharma and Technical Member Sameer Kakar while dismissing the petition observed: “It is therefore safe to conclude that the present Section 9 Application has been filed by artificially inflating the alleged default through an interest claim which has no contractual or legal basis. Accordingly, the interest component claimed by the Applicant cannot be included while computing the amount of default. Upon exclusion of the said interest, the principal amount falls below the statutory threshold under Section 4 of the IBC.”
GKS Associates claimed a total default of Rs 1.38 crore, comprising Rs 77.24 lakh as principal and Rs 61.53 lakh as interest, alleging non-payment of dues arising from the supply of scaffolding and shuttering materials on hire basis for projects including Ozone Metrozone in Chennai, Christian Medical College in Vellore, and IIT Palakkad. The work orders were issued between July 2017 and January 2022 and invoices were raised periodically for equipment hire charges.
Case Title : Telecom Regulatory Authority of India vs Vijakumar V. Iyer
Case Number : MA No. 4013/MB/2019 In CP (IB) No. 302/MB/2018
CITATION : 2026 LLBiz NCLT (MUM) 210
The National Company Law Tribunal (NCLT) at Mumbai has held that security deposits of post-paid subscribers and unspent balances of prepaid subscribers in the insolvency proceedings of Dishnet Wireless Ltd must be treated as operational debt under the Insolvency and Bankruptcy Code.
"We have no hesitation in holding that the amount of security deposit balances refundable to post paid subscribers and the amount of un-spent balances in prepaid plans are the money collected in excess of the rates prescribed by TRAI.”, a coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt observed.
Part Payment By Third Party Does Not Discharge Corporate Debtor's Liability Under IBC: NCLT Cuttack
Case Title : Patnaik Steel International Ltd vs SSAB Energy & Mineral Ltd
Case Number : CP IB 23 OF 2025
CITATION : 2026 LLBiz NCLT (CUT) 211
The National Company Law Tribunal (NCLT) at Cuttack recently observed that the acceptance of a part payment from a third party cannot be treated as a substitution of the corporate debtor for the entire outstanding liability, particularly when the corporate debtor itself continued to make substantial payments toward the same debt.
A coram of Acting President Deep Chandra Joshi and Technical Member Banwari Lal Meena made the observation while allowing an insolvency application filed by Patnaik Steel International Ltd against SSAB Energy and Minerals Ltd. (corporate debtor) for default in payment arising from the supply of iron ore fines.
NCLT Chandigarh Admits Paytm Insolvency Plea Against Eyemyeye Over ₹3 Crore Ads' Dues
Case Title : ONE97 Communications Limited Vs Eyemyeye Private Limited
Case Number : CP (IB) No. 67/Chd/Hry/2025
CITATION : 2026 LLBiz NCLT (CHD) 214
The Chandigarh Bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by One97 Communications Ltd. (Paytm) against Eyemyeye Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, over unpaid dues of more than ₹3 crore arising from digital advertising and related services.
The bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal initiated the Corporate Insolvency Resolution Process (CIRP) against Eyemyeye Private Limited for a total operational debt of Rs 3,03,53,925.94.
Ahmedabad NCLT Admits IDBI Trusteeship's Insolvency Petition Against Guarantor Over ₹100 Crore Debt
Case Title : IDBI Trusteeship Services Limited vs. Mr Kamlesh Gondalia
Case Number : C.P.(IB)/188(AHM)2025 With IA/140(AHM)2026 in C.P.(IB)/188(AHM)2025 CITATION : 2026 LLBiz NCLT (AHM) 217
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Monday 16 March, admitted a personal insolvency application filed by IDBI Trusteeship Services against Kamlesh Gondalia, personal guarantor of Takshashila Heights India Pvt. Ltd.
A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy, directed initiation of insolvency proceedings against the guarantor and imposed a moratorium of 180 days, staying legal proceedings and restricting transfer of assets. The Bench stated:
“It is immaterial whether the CD is or not under CIRP and the factual position is the CD has been admitted in to CIRP and various appeals before Honble Supreme Court havebeen turned down.”
Amaravati NCLT Holds Recovery Certificate Triggers Fresh Cause Of Action
Case Title : ASREC (India) Ltd. Vs. Visakha Prime Properties Constructions Ltd.
Case Number : CP (IB)/30/7/AMR/2025
CITATION : 2026 LLBiz NCLT (AMR) 218
The Amaravati Bench of the National Company Law Tribunal on 4 March admitted a Section 7 application filed by ASREC (India) Ltd. against Visakha Prime Properties Constructions Ltd., holding that a recovery certificate issued by the Debt Recovery Tribunal creates a fresh cause of action for initiating insolvency proceedings.
A Bench comprising Judicial Member Kishore Vemulapalli and Technical Member Umesh Kumar Shukla noted that the petition filed in July 2025 was within limitation, being instituted within three years of the recovery certificate dated 19 October 2024.
Personal Guarantor Insolvency Pleas Governed By 3-Year Limitation Under Limitation Act: NCLT Mumbai
Case Title : Kiran Ratilal Sheth
Case Number : C.P. (IB)/410(MB)2023
CITATION : 2026 LLBiz NCLT (MUM) 219
The National Company Law Tribunal (NCLT) at Mumbai has reiterated that in the absence of a specific limitation period under the Insolvency and Bankruptcy Code, applications filed under Section 94 by personal guarantors are governed by Article 137 of the Limitation Act, 1963, which prescribes a three-year limitation period, and dismissed a personal insolvency petition as time-barred and procedurally defective.
Case Title : The Regional Provident Fund Commissioner-II vs. Mr. Raju Palanilkunnathil Kesavan and Anr.
Case Number : Company Appeal (IBC)/11/KOB/2025 In IBA/51/KOB/2019
CITATION : 2026 LLBiz NCLT (KOC) 220
The National Company Law Tribunal (NCLT) at Kochi has recently held that a statutory authority cannot raise fresh claims at the fag end of a liquidation process, observing that the insolvency framework does not permit reopening concluded claims after earlier dues have already been admitted and paid.
Judicial Member Vinay Goel dismissed an appeal filed by the Regional Provident Fund Commissioner II, EPFO, which sought condonation of delay in filing an additional claim in the liquidation of Trivandrum International Health Services Limited.
Case Title : Employee Provident Fund Organisation v. NDA Metaoxides Pvt. Ltd.
Case Number : I.A (IBC) No. 481/JPR/2025 in CP No. (IB)-64/9/JPR/2024
CITATION : 2026 LLBiz NCLT (JAI) 221
The National Company Law Tribunal at Jaipur has held that Section 36(4) of the Insolvency and Bankruptcy Code, 2016, which excludes provident fund dues from the liquidation estate, does not permit the creation or quantification of liabilities during the moratorium.
The tribunal further held that provident fund claims cannot be admitted when they are based on post-moratorium assessment proceedings or are unsupported by proof of employment and identifiable beneficiaries.
Validity Of Telangana VAT Attachment Pending In HC Cannot Be Decided In CIRP: NCLT Hyderabad
Case Title : JM Financial Asset Reconstruction Company Limited AND KOBO Biotech Limited Case Number : CP(IB) No. 277/7/HDB/2023
CITATION : 2026 LLBiz NCLT (HYD) 219
The National Company Law Tribunal (NCLT) at Hyderabad recently held that issues relating to the validity of attachment under the Telangana Value Added Tax (TVAT) Act, particularly where such attachment is already under challenge before the High Court, cannot be adjudicated in insolvency proceedings.
The observations were made by a bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri while deciding an application filed by the resolution professional of Kobo Biotech Ltd seeking removal of attachment over the corporate debtor's property.
NCLT Allahabad Approves Adani's ₹15,000 Crore Resolution Plan For Jaiprakash Associates
Case Title : Bhuvan Madan, RP of Jaiprakash Associates Ltd. Vs Committee of Creditors Jaiprakash Associates Ltd
Case Number : IA (PLAN) No. 11/2025 in CP (IB) NO.330/ALD/2018
CITATION : 2026 LLBiz NCLT (ALL) 223
The Allahabad Bench of the National Company Law Tribunal (NCLT) on Tuesday approved the ₹15,000-crore resolution plan submitted by Adani Enterprises Limited for insolvent Jaiprakash Associates Limited (JAL). The order was pronounced orally on March 17, 2026, by a bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma. A detailed order is yet to be uploaded.
Homebuyers' Advances Used For Project Development Are Financial Debt Under IBC: NCLT Mumbai
Case Title : Ajay Sanadhyav Vs M/S Vatsalya Builders and Developers Private Limited
Case Number : CP (IB) No.230/MB/2025
CITATION : 2026 LLBiz NCLT (ALL) 224
The National Company Law Tribunal (NCLT) at Mumbai has recently reiterated that amounts paid by homebuyers in a real estate project will qualify as financial debt if the money is used for financing and development of the project. Relying on the Supreme Court's ruling in Pioneer Urban Land and Infrastructure Ltd. v. Union of India, a bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed,
“Applying the aforesaid legal position to the facts of the present case, it is evident that the upfront amounts paid by the Applicants to the CD were utilized for financing and development of the Project and, therefore, possess the commercial effect of borrowing and qualify as 'financial debt' within the meaning of Section 5(8)(f) of the Code. Consequently, the applicants, being allottees in a real estate project, are entitled in law to be classified and treated as Financial Creditors under Section 5(7) of the Code.”
NCLT Indore Admits ₹95.31 Crore Insolvency Plea By Central Bank Of India Against Narmada Extrusions
Case Title : Central Bank of India Ltd vs. Narmada Extrusions Ltd
Case Number : CP(IB)/21(MP)2025
CITATION : 2026 LLBiz NCLT (IND) 225
The Indore Bench of the National Company Law Tribunal on 13 March admitted an insolvency petition filed by Central Bank of India against Narmada Extrusions Limited under Section 7 of the Insolvency and Bankruptcy Code 2016 over default in repayment of financial debt of more than Rs. 95.31 crore.
A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held that the Financial Creditor had established the existence of financial debt and the occurrence of default by the Corporate Debtor.
Personal Guarantor's Non-Compliance With Repayment Plan Allows Bankruptcy Proceedings: NCLT Kochi
Case Title : Rakesh Kumar Tulsyan (in the matter of M/s Tata Capital Limited v. Mrs Molly G) Case Number : IA(IBC)/74/KOB/2026 in CP(IBC)/14/KOB/2025
CITATION : 2026 LLBiz NCLT (KOC) 227
The Kochi Bench of the National Company Law Tribunal (NCLT) on 26 February, held that a personal guarantor's failure to submit a repayment plan despite sufficient opportunities has the same effect as rejection of a repayment plan, allowing creditors to initiate bankruptcy proceedings.
Judicial Member Vinay Goel allowed the application filed by the Resolution Professional of a personal guarantor to Tata Capital Limited
IBC Does Not Require Same Due Date On All Invoices For Insolvency Plea: NCLT Mumbai
Case Title : ABV Electronics vs Anmol Innovative Electronic Pvt Ltd
Case Number : C.P. (IB) No. 459/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 230
The National Company Law Tribunal (NCLT) at Mumbai has recently observed that there is no requirement under the Insolvency and Bankruptcy Code that the due dates of all invoices must be identical to trigger insolvency proceedings.
The ruling came in a petition filed in June 2024 by ABV Electronic, an operational creditor, seeking initiation of corporate insolvency resolution process (CIRP) against Anmol Innovative Electrical Private Limited for default in payment of dues arising from supply of electrical goods
Ojas Tradelease CIRP: NCLT Mumbai Sets Aside 21-Year Acropolis Mall Lease As Fraudulent Under IBC
Case Title : Aegis Resolution Services Pvt Ltd vs Praxis Home Retail Ltd
Case Number : IA 5114 of 2025 IN COMPANY PETITION (IB) NO. 865 OF 2022
CITATION : 2026 LLBiz NCLT (MUM) 229
The National Company Law Tribunal (NCLT) at Mumbai has held that leasing a commercial asset like Acropolis Mall on long-term unfavourable terms without periodic escalation cannot be treated as a bona fide business decision and is detrimental to the interests of the corporate debtor and its creditors.
A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar allowed an application filed by the Resolution Professional of Ojas Tradelease and Mall Management Pvt. Ltd. under Section 66 of the Insolvency and Bankruptcy Code, which deals with fraudulent trading.
Case Title : Arrhum Tradelink Private Limited Vs Shri Manoj Khattar
Case Number : IA No. 685 of 2025 IN CP (IB) No. 135 of 2017
CITATION : 2026 LLBiz NCLT (AHM) 226
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has dismissed an application filed by Arrhum Tradelink Pvt. Ltd., the successful bidder for Vimal Oil & Foods Ltd. in liquidation, seeking reliefs including extinguishment of past liabilities, restoration of listing status, and exemptions from securities law compliance under Section 60(5) of the Insolvency and Bankruptcy Code.
A coram comprising Judicial Member Chitra Hankare and Technical Member Velamur G Venkata Chalapathy held that corporate debtor had been sold on an “as is where is”, “as is what is”, “whatever there is” and “without recourse” basis
Case Title : Biomatiques Identification Solutions Private Limited v. Wipro Limited
Case Number : CP(IB) No. 210/BB/2019
CITATION : 2026 LLBiz NCLT (BEN) 231
The National Company Law Tribunal (NCLT) at Bengaluru on Wednesday dismissed an insolvency petition filed against Wipro Ltd, holding that a pre-existing dispute regarding the supply and quality of biometric devices barred initiation of the Corporate Insolvency Resolution Process.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held that insolvency proceedings cannot be invoked as a substitute for recovery of disputed contractual claims.
IBC Cannot Replace Statutory Process For Determination And Recovery Of GST Liability: NCLT Hyderabad
Case Title : The Central Goods and Service Tax Department vs K. Vatsa Kumar & Ors
Case Number : IA (IBC)/332/2026 in CP (IB) No.678/7/HDB/2018
CITATION : 2026 LLBiz NCLT (HYD) 232
The National Company Law Tribunal (NCLT) at Hyderabad on Wednesday observed that liquidation proceedings under the Insolvency and Bankruptcy Code cannot be employed as a substitute for the statutory process governing determination and recovery of GST liability.
The bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri delivered the ruling in an application filed by the Central Goods and Services Tax (CGST) Department seeking directions against the liquidator of Lanco Kondapalli Power Ltd and MCM Pacific Pte Ltd in relation to the sale of Phase-III assets.
Case Title : IFCI Limited vs NPV Insolvency Professionals Pvt Ltd
Case Number : I.A. (IB) No. 940 of 2025 IN C.P. (IB) No. 1020/MB/2023
CITATION : 2026 LLBiz NCLT (MUM) 233
The National Company Law Tribunal (NCLT) at Mumbai on Tuesday held that relinquishment of security in the liquidation of a principal borrower does not affect a mortgage created in favour of the lender by a third-party corporate debtor, and the lender can still claim secured creditor status in the debtor's separate insolvency proceedings. A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan, while deciding an application filed by IFCI Ltd seeking recognition of its claim of Rs. 520.04 crore as a secured creditor in the CIRP of Replenish Reality Pvt Ltd, observed:
“Merely because the Principal Borrower has undergone a liquidation process in separate proceedings, and for that matter, the security interest created by the Principal Borrower has been relinquished by the Applicant, has no impact on the third party securities.”
S.94 IBC | Parallel SARFAESI, DRT Proceedings No Bar To Personal Guarantor Insolvency: NCLT Indore
Case Title : Ramdhari Mittal v. Omkara Assets Reconstruction Private Limited through Assistant Vice President and Ors
Case Number : CP(IB) No. 76 of 2022
CITATION : 2026 LLBiz NCLT (IND) 237
The National Company Law Tribunal (NCLT) at Indore has held that insolvency proceedings against a personal guarantor under the Insolvency and Bankruptcy Code cannot be rejected merely because recovery proceedings are pending before the Debts Recovery Tribunal or under the SARFAESI Act.
The tribunal also observed that the exact quantum of debt can be verified during the process and does not affect admission at this stage.
Case Title : Rumit Lifecare Vs Shari Pharmachem Pvt. Ltd.
Case Number : C.P.(IB/21(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 238
The National Company Law Tribunal (NCLT) at Ahmedabad has reiterated that interest mentioned only in invoices without any contractual stipulation cannot be counted as operational debt for determining the statutory threshold under Section 4 of the Insolvency and Bankruptcy Code, 2016, while dismissing a plea filed by an operational creditor seeking initiation of insolvency proceedings. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed that,
“Where interest is claimed solely on the basis of unilateral terms printed in invoices, without evidence of acceptance by the corporate debtor, the same cannot be treated as undisputed operational debt for the purpose of admission of a petition under Section 9 of the Code.”
Case Title : Telangana Housing Board vs Koncept Nirman Pvt Ltd & Ors
Case Number : Intervention Petition (IBC)/8/2022
CITATION : 2026 LLBiz NCLT (HYD) 239
The National Company Law Tribunal (NCLT) at Hyderabad has held that third parties cannot ordinarily be impleaded in proceedings under Section 7 of the Insolvency and Bankruptcy Code at the pre-admission stage unless their presence is indispensable for determining the existence of financial debt and default.
The observations came in an order dated March 9, 2026, passed by a bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri while dismissing an intervention petition filed by the Telangana Housing Board seeking impleadment in the insolvency proceedings against Indu Eastern Province Projects Pvt Ltd.
Fraud Must Be Clearly 'Found,' Not Presumed To Invoke Fraudulent Trading Under IBC: NCLT Hyderabad
Case Title : Kobo Biotech Limited v. Mr. Urja Vijaykumar Shah and Ors
Case Number : I.A (IBC) No. 26 of 2025 IN C.P (IB) No.277/7/HDB/2023
CITATION : 2026 LLBiz NCLT (HYD) 240
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that proceedings under Section 66 of the Insolvency and Bankruptcy Code, which deals with fraudulent and wrongful trading by directors, cannot be sustained on mere suspicion and require a clear finding of intent to defraud supported by cogent evidence.
A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri passed the ruling while dismissing an application filed by the Resolution Professional of Kobo Biotech Limited seeking directions against the suspended directors to contribute amounts to the assets of the corporate debtor for alleged fraudulent and wrongful trading under Section 66 of the IBC.
Case Title : Canara Bank vs. BNH Infra Projects India Pvt Ltd
Case Number : CP (IB) No.98/BB/2025
CITATION : 2026 LLBiz NCLT (BEN) 241
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on March 16 admitted insolvency proceedings against BNH Infra Projects India Pvt. Ltd. over a loan default of about Rs 11.3 crore, after Canara Bank claimed total outstanding dues of over Rs 64 crore.
A coram comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada noted that the respondent was proceeded ex parte due to failure to appear and comply with the tribunal's directions, observing that there was conscious abstention on the part of the respondent.
Case Title : Kampalapura Narasimaiah Jayalakshmi and Ors v. M/s Vistara Media Private Limited and Anr
Case Number : IA No. 768/ 2025 in CP(IB) No. 21/BB/2025
CITATION : 2026 LLBiz NCLT (BEN) 244
The National Company Law Tribunal (NCLT) at Bengaluru has held that no third party has a right to intervene at the pre-admission stage of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, reiterating that the Tribunal's scope at that stage is limited to examining the existence of financial debt and default.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada was dealing with an interlocutory application seeking permission to intervene in an insolvency petition filed by Mysore Mercantile Company Ltd against Vistara Media Pvt. Ltd.
Case Title : ERICSSON INDIA PVT LTD V/s RELIANCE COMMUNICATIONAS LIMITED
Case Number : IA(I.B.C)/2200( MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 245
The National Company Law Tribunal (NCLT) at Mumbai has partly allowed an application by former Reliance Communications Ltd director Anil Dhirajlal Ambani seeking access to insolvency records of the company, including documents furnished to the Enforcement Directorate and the Central Bureau of Investigation, holding that a suspended director cannot be denied pre-CIRP records required to defend himself in proceedings based on those materials.
Case Title : Allahabad Bank vs Anoop Kumar Wadhera
Case Number : CP (IB) 798 OF 2024
CITATION : 2026 LLBiz NCLT (MUM) 247
The National Company Law Tribunal's Mumbai bench has admitted an insolvency application filed by Indian Bank (erstwhile Allahabad Bank) against Anoop Kumar Wadhera, personal guarantor to Frost International Ltd, in a case involving a default of approximately Rs 285.77 crore. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, while admitting the petition and initiating an insolvency resolution process against Wadhera, observed:
“Considering the above facts and circumstances and upon perusal of the documents on record, the C.P. (IB) / 798 / MB /2024 filed under Section 95 of the Code, hereby Admitted and the Insolvency Resolution Process stands initiated against Anoop Kumar Wadhera viz. the Personal Guarantor herein.”
Case Title : Sanwar Mal Tiwari v. Aesthetic Stone Arts India Pvt Ltd
Case Number : IA(IBC) No.22/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 248
The National Company Law Tribunal (NCLT) at Jaipur has dismissed an application filed by the erstwhile Resolution Professional of Aesthetic Stone Arts India Pvt. Ltd. seeking ratification of Corporate Insolvency Resolution Process (CIRP) costs, holding that determination of such costs lies exclusively within the domain of the Committee of Creditors (CoC).
A coram of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar also held that no interlocutory application is maintainable after the disposal of the main petition.
Mere Non-Reflection Of Funds In Books Not Proof Of Fraud Under IBC: NCLT Kochi
Case Title : Kizhakkekkara Kuriakose Jose v. A.D Krishnan
Case Number : IA(IBC)/272/KOB/2025 in CP(IBC)/29/KOB/2022
CITATION : 2026 LLBiz NCLT (KOC) 249
The National Company Law Tribunal (NCLT) at Kochi has dismissed an application filed by the liquidator of Vysali Pharmaceuticals Ltd against its suspended Managing Director, holding that mere non-reflection of amounts in the books of accounts cannot by itself establish fraudulent diversion of funds under Section 66 of the Insolvency and Bankruptcy Code.
A coram of Judicial Member Vinay Goel observed that allegations of fraud must be supported by cogent and credible evidence and cannot be sustained on assumptions or incomplete material.
Case Title : Canara Bank vs. Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited
Case Number : CP (IB) No.66/Chd/Hry/2025
CITATION : 2026 LLBiz NCLT (CHA) 250
The National Company Law Tribunal (NCLT) at Chandigarh recently held that mere pendency of arbitration cannot be a ground to defer insolvency proceedings once debt and default are established.
A bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh while admitting a Tollways company to CIRP observed, “Mere pendency of arbitration does not constitute a realizable asset or extinguish an admitted financial liability. In contrast, the Financial Creditor has established a debt of ₹ 283.95 crores as on 31.10.2024, well above the statutory threshold, and default stands proved. Accordingly, the pending arbitration proceedings do not furnish a valid ground to defer or reject admission of the present application.”
Liquidation Can Be Recalled Using Inherent Powers Where Debt Is Settled: NCLT Hyderabad
Case Title : Maximus Arc Limited v. Ms. Mummaneni Vasra Laxmi
Case Number : IA (IBC)/1942/2025 in Company Petition IB/36/7/HDB/2022 U/s 7 of IBC CITATION : 2026 LLBiz NCLT (HYD) 252
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 6 March, held that even though the Insolvency and Bankruptcy Code (IBC), 2016, does not expressly provide for withdrawal of liquidation proceedings, the Tribunal can exercise its inherent powers in appropriate cases to secure the ends of justice.
The Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri recalled the liquidation process against Ravi Cranes & Movers Ltd., preventing the liquidation from proceeding further.
NCLT Indore Rejects Suspended Management Plea To Join GEI Power Resolution Plan Approval Proceedings
Case Title : Carnet Elias Fernandes Vs Jagdish Kumar Parulkar RP of GEI Power Ltd Case Number : Inv.P/1(MP)2026 in IA(Plan)/5(MP)2025 in CP(IB)/49(MP)2024
CITATION : 2026 LLBiz NCLT (IND) 251
The Indore Bench of the National Company Law Tribunal (NCLT) has rejected a plea by the suspended management of GEI Power Ltd. seeking to take part in the proceedings where the Tribunal is considering approval of the company's resolution plan, holding that former management cannot intervene at this stage after the lenders have already approved the plan.
Refusing the request, the tribunal said that allowing such participation would go against the limited role of the court at the plan approval stage, observing that, “Impleading the Applicant at this stage would have the practical effect of inviting commercial objections to a plan that has already been approved by the CoC with the requisite voting share, which would directly impinge upon the commercial wisdom of the CoC and would be contrary to the settled law on the subject."
Case Title : Bank of Maharashtra v. Smt. Nukala Savithri and ors.
Case Number : CP(IB) No. 181/95/HDB/2022u/s. 95 of IBC, 2016
CITATION : 2026 LLBiz NCLT (HYD) 254
The National Company Law Tribunal (NCLT) at Hyderabad has recently reiterated that an objection based on insufficient stamp duty on a guarantee deed cannot defeat proceedings under Section 95 of the Insolvency and Bankruptcy Code, admitting a personal insolvency petition filed by Bank of Maharashtra against Nukala Savithri, personal guarantor to SVSVS Projects Private Limited.
A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri heard the petition filed for initiation of insolvency resolution against the personal guarantor, arising from default in repayment of credit facilities granted to the corporate debtor.
IBC Cannot Be Misused To Impede Recovery Process Under SARFAESI: NCLT Delhi
Case Title : Viveck Goel v. Federal Bank and Ors.
Case Number : C.P (IB) No. 4/ND/2026
CITATION : 2026 LLBiz NCLT (DEL) 256
The National Company Law Tribunal, Delhi, has recently dismissed an application filed under Section 94 of the Insolvency and Bankruptcy Code, which allows a personal guarantor to initiate insolvency proceedings against himself, holding that the provision cannot be used to stall recovery proceedings already underway under the SARFAESI Act, 2002, and before the Debt Recovery Tribunal. The Tribunal said the plea was a tactical attempt to take advantage of the interim moratorium under the IBC.
NCLT Chandigarh Orders Promoters Responsible For Insolvency To Vacate Majestic Hotels' Property
Case Title : Mr. Navneeet Gupta Vs Mr. Jasbir Singh Khangura & Ors
Case Number : IA(IBC/2486(CH)/2024 In CP(IB) No.180/Chd/Pb/2022
CITATION : 2026 LLBiz NCLT (CHD) 257
On 17 March, the Chandigarh Bench of the National Company Law Tribunal (NCLT), in the insolvency proceedings of Majestic Hotels Ltd. (corporate debtor), directed the promoters and related parties to vacate portions of the company's flagship property, Hotel Majestic Park Plaza in Ludhiana.
A Bench comprising Judicial Member K. Biswal and Technical Member K.K. Singh observed: “The intent as per the provisions of the IBC is that if the Corporate Debtor has failed to meet its obligations in payment to the Creditors, then following the process as provided in the Code, management of the CD is to be handed over to a third person who could resolve the condition of insolvency of the said Corporate Debtor. Accordingly, R1 and R4 either individually or jointly cannot claim to be treated at par with third party creditors as they are the ones responsible for the failure of the CD and bringing it to the condition of insolvency.”
Parties Cannot Reopen Claims Invoking Tribunal's Review Powers After Plan Is Approved: NCLT Indore
Case Title : Employees Provident Fund Organisation Through- Regional Provident Fund Commissioner v. Naveen Kumar Sood, Erstwhile RP of Ujaas Energy Limited and Anr. Case Number : Review Application/1(MP)2024 in (MP) CP(IB) 9 of 2020
CITATION : 2026 LLBiz NCLT (IND) 262
The Indore Bench of the National Company Law Tribunal (NCLT) on 19 March 2026 held that once a resolution plan is approved, parties cannot reopen claim classification by invoking the Tribunal's inherent powers under Rule 11 of the NCLT Rules, 2016.
A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta dismissed a review application filed by the Employees' Provident Fund Organisation (EPFO), which sought to modify the order approving the resolution plan of Ujaas Energy Limited.
Penal Provisions Under IBC Require Proof Of Wilful Conduct: NCLT Indore
Case Title : Kuldeep Verma, RP of KS Oils Ltd v. Ramesh Chandra Garg and Ors
Case Number : IA 164 of 2018 in TP 60 of 2019 [CP(IB) 32 of 2017]
CITATION : 2026 LLBiz NCLT (IND) 264
The Indore Bench of the National Company Law Tribunal (NCLT) on 20 March, held that Sections 70, 72, and 74 of the Insolvency and Bankruptcy Code, 2016, cannot be invoked without clear and cogent evidence of wilful intent or fraudulent conduct.
A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta rejected an application seeking penal action against the erstwhile management of K.S. Oils Ltd.
Non‑Compliance Of Form FA Cannot Defeat Insolvency Settlement Backed By CoC Approval: NCLT Chennai
Case Title : Mr. R Sugumaran v. Safire Machinery Company Private Limited and Anr
Case Number : IA(IBC)/1766(CHE)/2024 in TCP(IBC)/141/2017
CITATION : 2026 LLBiz NCLT (CHE) 261
On 23 March, the Chennai National Company Law Tribunal (NCLT) held that non-filing of Form FA during insolvency proceedings would not defeat a settlement where all dues were satisfied and Committee of Creditors (CoC) approval was already in place. Form FA is the prescribed application to formally request withdrawal of insolvency proceedings once the parties have reached a settlement.
A Bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam closed the insolvency proceedings against Safire Machinery Company Private Limited
NCLT Ahmedabad Relies On DRT Judgment To Prove Execution Of Personal Guarantees Despite No Originals
Case Title : Canara Bank Vs Rushi Pradeep Mehta
Case Number : C.P.(IB)/97(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 259
The National Company Law Tribunal (NCLT) at Ahmedabad recently relied on a Debt Recovery Tribunal (DRT) judgment, along with prior admissions and affidavits, to hold that the execution of personal guarantees stood proved even in the absence of original documents, observing: “It is further observed that even though the original documents are not produced, the existence and execution of the guarantee stand established from (i) the judgment of the Debts Recovery Tribunal, (ii) the admission of the Personal Guarantor in earlier proceedings, and (iii) the affidavit of the consortium leader bank. In proceedings under the Code, strict rules of evidence are not applicable and _ the Adjudicating Authority is empowered to rely upon secondary evidence where sufficient foundation is laid.”
No Asset Or Repayment Assessment Needed At Admission Stage For Personal Guarantor IRP: NCLT Chennai
Case Title : Mr. S Senthil Kumar v. Canara Bank
Case Number : CP(IB)/325 (CHE)/2025
CITATION : 2026 LLBiz NCLT (CHE) 263
The Chennai National Company Law Tribunal (NCLT) on 23 March held that at the stage of admission under Section 94 of the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority need not assess the repayment capacity or sufficiency of assets of a personal guarantor.
A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramanian admitted the petition filed by Senthil Kumar, a personal guarantor to Biogen Fertilizers India Private Limited, seeking initiation of an Insolvency Resolution Process (IRP) against himself.
OTS Proposals By Corporate Debtor Extend Limitation Against Personal Guarantors: NCLT Ahmedabad
Case Title : Canara Bank Vs Rushi Pradeep Mehta
Case Number : C.P.(IB)/97(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 259
The National Company Law Tribunal (NCLT) Ahmedabad recently held that One Time Settlement proposals made by the borrower can amount to acknowledgment of liability and extend limitation in insolvency proceedings against personal guarantors.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “The OTS proposals placed on record demonstrate acknowledgment of liability within the meaning of Section 18 of the Limitation Act, 1963. Even if such proposals were initiated by the Corporate Debtor, the liability of the Personal Guarantors being coextensive under Section 128 of the Indian Contract Act, 1872, such acknowledgment ensures to the benefit of the Financial Creditor against the guarantors as well, in the absence of any contractual exclusion. Further, the judgment and Recovery Certificate issued by the Debts Recovery Tribunal constitute a continuing cause of action. Accordingly, the application is held to be within limitation.”
Case Title : Santanu T. Ray vs Axis Bank
Case Number : I.A. (IBC) 1521(KB) of 2025
CITATION : 2026 LLBiz NCLT (KOL) 265
The National Company Law Tribunal (NCLT) at Kolkata has held that the procedural requirements under the IBBI Circular dated November 4, 2025, which provides for approaching the PMLA Special Court for restitution of attached assets, cannot be applied retrospectively to defeat or delay the relief sought in the present application during an ongoing Corporate Insolvency Resolution Process (CIRP) of Kaizen Power.
A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah observed: “In that view of the matter, the procedural requirement as envisaged under the aforesaid Circular cannot be applied retrospectively so as to defeat or delay the relief sought in the present application, particularly when the issue pertains to custody and control of the assets of the Corporate Debtor during subsistence of CIRP.”
NCLT Bengaluru Says Suspended Director Cannot Challenge Resolution Plan After Skipping CoC Meetings
Case Title : Ms. Disha Choudhary v. Ms. Ramanathan Bhuvaneshwari
Case Number : IA No. 925 of 2024 in CP(IB) No. 113/BB/2022
CITATION : 2026 LLBiz NCLT (BEN) 268
The National Company Law Tribunal (NCLT) at Bengaluru has held that a suspended director who had notice of meetings of Committee of Creditors but failed to effectively participate or seek documents cannot later challenge the resolution process on that ground.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada has dismissed an application filed by a suspended director of an infra company seeking rejection of a resolution plan on the ground of non-supply of documents.
NCLT Ahmedabad Approves Niyogi Enterprise's ₹35.9 Crore Capital Reduction
Case Title : Niyogi Enterprises Private Limited (In the matter of reduction of share capital)
Case Number : CP/12(AHM) 2025
CITATION : 2026 LLBiz NCLT (CHE) 270
The National Company Law Tribunal (NCLT), Ahmedabad has approved a Rs 35.9 crore capital reduction by Niyogi Enterprise, holding that the scheme does not prejudice any stakeholder and that objections raised by the Income Tax Department can be examined independently under applicable law.
A bench of Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy was dealing with a petition under Section 66 of the Companies Act, 2013, seeking confirmation of the reduction of the company's issued, subscribed, and paid-up 9% redeemable non-cumulative non-convertible preference share capital to nil.
Case Title : State Bank of India v. Shree Padmavati Metaliks Private Limited and Anr.
Case Number : IA (IB) No. 1460/ (KB) /2025 & IA (IB) No. 219/ (KB) /2026 In CP(IB) No. 165/( KB) /2022
CITATION : 2026 LLBiz NCLT (CHE) 271
The National Company Law Tribunal (NCLT) Kolkata, has refused to interfere with the bidding process in the insolvency of Shree Padmawati Metaliks Pvt. Ltd., holding that where an applicant, despite opportunity, chose not to participate in the bidding process, no case was made out to declare the process illegal or to direct a re-run of the CIRP.
The bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra was dealing with applications filed by City Alloys Pvt. Ltd. against the resolution professional and State Bank of India.
Case Title : Malco Gems v. Prince Foundations Limited
Case Number : CP(IB)/29(CHE)/2025
CITATION : 2026 LLBiz NCLT (CHE) 274
The National Company Law Tribunal (NCLT) Chennai has recently held that withdrawal of an insolvency application at the pre-admission stage, even without liberty to file afresh, does not bar a subsequent petition. It ruled that such proceedings are governed by the Insolvency and Bankruptcy Code as a self-contained framework and not by the Civil Procedure Code.
A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam admitted a Section 7 application filed by Malco Gems against Prince Foundations Limited. The order initiates the corporate insolvency resolution process (CIRP) against the company.
NCLT Bengaluru Says Suspended Director Cannot Challenge Resolution Plan After Skipping CoC Meetings
Case Title : Ms. Disha Choudhary v. Ms. Ramanathan Bhuvaneshwari
Case Number : IA No. 925 of 2024 in CP(IB) No. 113/BB/2022
CITATION : 2026 LLBiz NCLT (BEN) 268
The National Company Law Tribunal (NCLT) at Bengaluru has held that a suspended director who had notice of meetings of Committee of Creditors but failed to effectively participate or seek documents cannot later challenge the resolution process on that ground.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada has dismissed an application filed by a suspended director of an infra company seeking rejection of a resolution plan on the ground of non-supply of documents.
Case Title : State Bank of India v. Shree Padmavati Metaliks Private Limited and Anr. Case Number : IA (IB) No. 1460/ (KB) /2025 & IA (IB) No. 219/ (KB) /2026 In CP(IB) No. 165/( KB) /2022
CITATION : 2026 LLBiz NCLT (CHE) 271
The National Company Law Tribunal (NCLT) Kolkata, has refused to interfere with the bidding process in the insolvency of Shree Padmawati Metaliks Pvt. Ltd., holding that where an applicant, despite opportunity, chose not to participate in the bidding process, no case was made out to declare the process illegal or to direct a re-run of the CIRP.
The bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra was dealing with applications filed by City Alloys Pvt. Ltd. against the resolution professional and State Bank of India.
Case Title : Malco Gems v. Prince Foundations Limited
Case Number : CP(IB)/29(CHE)/2025
CITATION : 2026 LLBiz NCLT (CHE) 274
The National Company Law Tribunal (NCLT) Chennai has recently held that withdrawal of an insolvency application at the pre-admission stage, even without liberty to file afresh, does not bar a subsequent petition. It ruled that such proceedings are governed by the Insolvency and Bankruptcy Code as a self-contained framework and not by the Civil Procedure Code.
A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam admitted a Section 7 application filed by Malco Gems against Prince Foundations Limited. The order initiates the corporate insolvency resolution process (CIRP) against the company.
NCLT Mumbai Admits Authum Investments' Insolvency Petition Against RPL Sunlight Power
Case Title : Authum Investments and Infrastructure Limited vs. M/s RPL Sunlight Power Private Limited
Case Number : C.P. (IB)/13(MB)2025
CITATION : 2026 LLBiz NCLT (AHM) 276
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 26 March, admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Authum Investments & Infrastructure Limited (erstwhile Reliance Commercial Finance Limited) against RPL Sunlight Power Private Limited. A Bench comprising Judicial Member Nilesh Sharma and Technical Member Sameer Kakar initiated the Corporate Insolvency Resolution Process (CIRP) after finding that the Financial Creditor had established the existence of a financial debt and the default exceeding the statutory threshold.
NCLT Guwahati Directs Suspended Directors Of Sree Bajrang Infracon To Cooperate With Liquidator
Case Title : Purushotam Gaggar v. Rakesh Kumar Singh and Anr
Case Number : IA(IBC)/30/GB/2024 in CP(IB)/7/GB/2023
CITATION : 2026 LLBiz NCLT (GUA) 277
The Guwahati Bench of the National Company Law Tribunal (NCLT) on 10 March directed the suspended directors of Sree Bajrang Infracon Pvt Ltd (Corporate Debtor) to fully cooperate with the Liquidator, Purshotam Gaggar, and hand over all records and assets, holding that non-cooperation undermines the time-bound insolvency process under the Insolvency and Bankruptcy Code, 2016.
A Bench comprising Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh emphasised that personnel of the Corporate Debtor, including suspended directors, have a statutory obligation to assist the Interim Resolution Professional, Resolution Professional, or Liquidator.
SCC's Role In Liquidation Only Consultative, Liquidator Has Final Say: NCLT Bengaluru
Case Title : Shri Vijay Pitamber Lulla v. K. Usha Rani and Ors
Case Number : IA No. 1090/ 2025 in CP(IB) No. 122/BB/2017
CITATION : 2026 LLBiz NCLT (BEN) 280
The National Company Law Tribunal (NCLT) at Bengaluru has directed the liquidator of an infra company to accept a one-time settlement (OTS) offer of Rs 2 crore to break a prolonged deadlock in the liquidation process, holding that the Stakeholders' Consultation Committee (SCC) is only consultative in nature and the ultimate decision-making authority rests with the liquidator.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order.
Case Title : Bank of India vs Pallishree Limited
Case Number : C.P.(IB)No.272.KB.2024
CITATION : 2026 LLBiz NCLT (KOL) 281
The National Company Law Tribunal (NCLT) at Kolkata recently held that a financial creditor forming part of a consortium of lenders can independently initiate insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code without requiring consent from other consortium members, admitting a plea by Bank of India against Pallishree Ltd and triggering the corporate insolvency resolution process.
Going Concern Sale Not Same As Resolution Plan, No Automatic Waiver Of Dues: NCLT Ahmedabad
Case Title : Lemit Paper LLP v. Rajeshkumar Malani .
Case Number : IA/50/(AHM)/2026, CP(IB) No. 83/NCLT/AHM/2023
CITATION : 2026 LLBiz NCLT (AHM) 285
The National Company Law Tribunal (NCLT) at Ahmedabad has held that a purchaser who takes over a corporate debtor as a going concern during liquidation cannot automatically walk away from past liabilities or statutory dues, making it clear that such a transaction does not stand on the same footing as a resolution plan under the Insolvency and Bankruptcy Code.
The finding came on an application by the successful auction purchaser of Camerich Papers Private Limited. The company had been sold as a going concern through an e-auction held on October 13, 2025, after which the purchaser moved the Tribunal seeking reliefs tied to the acquisition.
Case Title : Prawincharan Prafulcharan Dwary RP in the matter of Mrs Neetima Kad v. Neetima Kad and Ors.
Case Number : IA/612/(AHM)/2025,IA/613/(AHM)2025&IA/614/(AHM)/2025
CITATION : 2026 LLBiz NCLT (AHM) 288
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that abstention by creditors cannot be treated as consent while voting on a repayment plan under the Insolvency and Bankruptcy Code, 2016, and rejected a proposal submitted by personal guarantors for failing to meet the mandatory voting threshold.
A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma found that the plan received only 21.35% votes in favour, while 20.14% voted against, 42.60% of the voting share abstained, and 15.91% remained absent. The tribunal held that abstention does not count toward approval and cannot be used to satisfy the statutory majority requirement.
Purchaser Cannot Avoid Liabilities Voluntarily Accepted At Auction: NCLT Hyderabad
Case Title : Indian Overseas Bank vs Sri Lakshmi Narasimha Oil Mills Pvt Ltd
Case Number : IA (IBC)/1483/2024 in CP(IB) No.532/7/HDB/2019
CITATION : 2026 LLBiz NCLT (HYD) 286
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 11 March, held that a purchaser of assets in a liquidation auction cannot resile from liabilities voluntarily accepted at the time of purchase, including outstanding electricity dues.
A Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri dismissed the application filed by Sri Lakshminarasimha Oil Mills Pvt Ltd, and refused to direct the Northern Power Distribution Company of Telangana to grant a fresh electricity connection without clearing arrears of Rs. 92.68 lakh.
Case Title : Mr Keshav Khaneja RP of Gensol Engineering Limited Vs Maharashtra State Power Generation Company Limited
Case Number : IA/1405(AHM)2025 in C.P.(IB)/195(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 290
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has held that Maharashtra State Power Generation Company Limited's (MAHAGENCO) termination of Gensol Engineering Limited's Rs 292.5 crore EPC contract will remain inoperative during the company's insolvency process.
The order by a bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma came on an application filed by Resolution Professional Keshav Khaneja, who sought to restrain MAHAGENCO from giving effect to the termination of the Letter of Award dated October 19, 2023 and the Engineering, Procurement, and Construction (EPC) Contract dated February 21, 2024.
Case Title : SBC MINERALS PVT LTD Vs MR BHUVAN MADAN
Case Number : IA NO.113/2026 In CP (IB) NO.330/ALD/2018
CITATION : 2026 LLBiz NCLT (ALL) 293
The Allahabad Bench of the National Company Law Tribunal (NCLT) has recently held that operational creditors cannot seek disclosure of a resolution plan or liquidation value at the pre-approval stage under the Insolvency and Bankruptcy Code while rejecting a plea arising out of the insolvency of JaiPrakash Associates Limited. Notably, The resolution plan for the company was approved on March 17 in separate proceedings and is under challenge before the National Company Law Appellate Tribunal.
Case Title : Renaissance Realty Vs Resolution Professional of Jaiprakash Associates Ltd
Case Number : IA No.77/2025 IN CP(IB) No. 330/ALD/2018
CITATION : 2026 LLBiz NCLT (ALL) 294
The Allahabad Bench of the National Company Law Tribunal (NCLT), while deciding an application filed by Renaissance Realty, acknowledged that the applicant had already received possession of a flat in the Jaypee Greens Kalypso Court project. A Bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma also ordered that Rs. 1 crore recovered under RERA proceedings be returned to the insolvency estate of JAL.
Case Title : Anevolve Mando Emobility Pvt Ltd Vs Ola Electric Technologies Pvt Ltd
Case Number : CP(IB) No. 70/BB/2026
On Monday, 6 April, the Bengaluru Bench of the National Company Law Tribunal (NCLT) heard an insolvency petition filed by Anevolve Mando Emobility Pvt Ltd against Ola Electric Technologies Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, over an alleged operational debt of Rs. 9.84 crore arising from the supply of motors. Before a Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, Anevolve stated that it had issued a demand notice under Section 8 to Ola Electric prior to filing the petition.
Case Title : SREI Equipment Finance Ltd. V/s. Hajib Raghavan Viswanath
Case Number : I.A. No. 154 of 2025 IN C.P. (IB) No. 66/(MB)/2023
CITATION : 2026 LLBiz NCLT (MUM) 299
Holding that a sole secured financial creditor cannot ''jump in and jump out" of the corporate insolvency resolution process (CIRP), the National Company Law Tribunal (NCLT) at Mumbai emphasised that such conduct would undermine the scheme and objectives of the Insolvency and Bankruptcy Code (IBC).
A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan was hearing an application filed by SREI Equipment Finance Ltd. seeking withdrawal of its claim and exit from the committee of creditors (CoC) of Interbuild Infrastructure Pvt. Ltd.
Case Title : Kohinoor City Office Towers Industrial Estate & Premises Co-op. Society Ltd. Versus Mr. Santanu T. Ray, the Liquidator of Firestar Diamond International Private Limited and Anr.
Case Number : IA No. 4520/2025 In C.P (IB) No. 2096/2019
CITATION : 2026 LLBiz NCLT (MUM) 297
The National Company Law Tribunal (NCLT) at Mumbai has recently observed that a liquidator's obligation to preserve and protect assets forming part of the liquidation estate continues despite attachment under the Prevention of Money Laundering Act (PMLA), so long as such assets are not confiscated.
A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Sanjiv Dutt was dealing with an application filed by Kohinoor City Office Towers Industrial Estate & Premises Co-operative Society Ltd. against the liquidator of Firestar Diamond International Pvt Ltd.
Case Title : Omkara Assets Reconstruction Pvt. Ltd Vs Darshan Singh Anand
Case Number : IA(I.B.C.)/1339(CH)2025 In CP (IB) No.315/Chd/Hry/2019
CITATION : 2026 LLBiz NCLT (CHD) 300
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 10 March dismissed an application filed by Omkara Assets Reconstruction Pvt. Ltd. seeking admission of its claim as a secured financial creditor in the corporate insolvency resolution process (CIRP) of Vikas WSP Ltd. A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh held that the claim, filed 1,267 days after the prescribed deadline and after the Committee of Creditors (CoC) approved the resolution plan, could not be entertained under the Insolvency and Bankruptcy Code, 2016 (IBC).
Case Title : Prakash Kishorebhai Bindal Vs Axis Bank Limited
Case Number : C.P.(IB)/25(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 302
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed a voluntary insolvency application by a personal guarantor (Section 94 of the Insolvency and Bankruptcy Code, 2016), holding that the plea was barred by limitation and filed with the intent to stall recovery proceedings under the SARFAESI Act.
Liability For Fraudulent Trading Under IBC Cannot Be Determined Mechanically: NCLT Amaravati
Case Title : Indian Renewable Energy Development Agency Ltd Versus Saradambika Power Plant Pvt Ltd
Case Number : IA(IBC)/401/2022,
CITATION : 2026 LLBiz NCLT (AMR) 307
The National Company Law Tribunal (NCLT), Amaravati, has held that liability for fraudulent trading under Section 66 of the Insolvency and Bankruptcy Code cannot be determined through a mechanical or formula-based approach and must instead rest on a detailed examination of financial records and transactions. A Bench of Judicial Member Kishore Vemulapalli and Technical Member Umesh Kumar Shukla observed that fixing liability based merely on contractual percentages or competing claims without proper reconciliation would be impermissible.
Moratorium Under Section 14 IBC Does Not Protect Personal Guarantors: NCLT Chandigarh
Case Title : State Bank of India Vs Jitendra Singh
Case Number : CP (IB) NO. 205/CHD/CHD/2021 & CP (IB) NO. 214/CHD/HRY/2021 CITATION : 2026 LLBiz NCLT (CHD) 306
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 18 March held that the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 does not extend to personal guarantors of a corporate debtor and therefore allows creditors to continue proceedings against them even during the pendency of the corporate insolvency resolution process (CIRP). A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal admitted insolvency petitions filed by the State Bank of India against personal guarantors Jitendra Singh and Gurmeet Sodhi.
NCLT Amaravati Bench Admits Insolvency Plea Against Kallam Textiles Over ₹210 Crore Default
Case Title : Union Bank of India vs. Kallam Textiles Ltd.
Case Number : CP (IB)/3/7/AMR/2026
CITATION : 2026 LLBiz NCLT (AMR) 303
The National Company Law Tribunal's Amravati Bench has admitted Union Bank of India's insolvency plea against Kallam Textiles Ltd. over a default exceeding Rs 210 crore. The Bench of Judicial Member Kishore Vemulapalli and Technical Member Umesh Kumar Shukla said there was no reason to refuse admission once debt and default were clearly established. It rejected the company's claim that the proceedings were being used merely for recovery.
Case Title : Aakash Educational Services Limited v. Mr.Shailendra Ajmera and Anr
Case Number : IA No. 1111/2025 in CP(IB) No. 149/BB/2023
CITATION : 2026 LLBiz NCLT (BEN) 310
The Bengaluru bench of the National Company Law Tribunal (NCLT) has refused to examine questions relating to foreign exchange law compliance in a dispute arising from the Aakash Educational Services–Byju's rights issue. It held that such issues fall outside its jurisdiction under the Insolvency and Bankruptcy Code. The order was passed on Tuesday by a bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada. It came on an application filed by Aakash Educational Services Limited against Think & Learn Pvt Ltd, the parent entity of ed-tech Byju's.
Limiting CIRP Negotiations To Higher-Ranked Bidders Not Arbitrary If As Per RFRP: NCLT Indore
Case Title : Biotreasure Overseas Through Himanshu Agrawal v. Mangesh Vitthal Kekre RP of Indian Soya Industries Pvt. Ltd and ors
Case Number : IA/208(MP)2021 in TP 49 of 2019 [CP(IB) 484 of 2019]
CITATION : 2026 LLBiz NCLT (IND) 311
The National Company Law Tribunal (NCLT) Indore Bench has held that restricting negotiations in a corporate insolvency resolution process to higher-ranked bidders is valid where it flows from the bidding framework and serves the objective of value maximisation. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta in the CIRP of Soya Industries observed that “the Corporate Insolvency Resolution Process (CIRP) was conducted strictly in accordance with the Request for Resolution Plan (RFRP), which specifically stipulated that the Committee of Creditors (CoC) would negotiate only with the H1 and H2 bidders, with the objective of streamlining and narrowing down the CIRP process.”
Chit Fund Firms Are Financial Service Providers; Insolvency Plea Not Maintainable: NCLT Hyderabad
Case Title : Siply Services Private Limited v. IBG Echits India Limited
Case Number : CP (IB) No. 11/7/HDB/2025
CITATION : 2026 LLBiz NCLT (HYD) 312
The National Company Law Tribunal (NCLT) at Hyderabad has held that chit fund companies are financial service providers under the Insolvency and Bankruptcy Code and cannot be treated as corporate debtors for insolvency proceedings. It dismissed a plea filed by Siply Services Private Limited against IBG Echits India Private Limited.
NCLT Ahmedabad Rejects Company's Own Insolvency Plea As Tactic To Stall Recovery By Lenders
Case Title : Qtop Fab Engineering Pvt. Ltd.
Case Number : CP(IB) 47(Ahm) of 2023]
CITATION : 2026 LLBiz NCLT (AHM) 313
The National Company Law Tribunal (NCLT) at Ahmedabad has refused to admit a company's own insolvency plea, holding that the move showed a “lack of bona fide intent” and was a “tactical measure to frustrate recovery proceedings” initiated by lenders. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said that even where debt and default are established, admission is “not so mechanical as to permit admission of every application,” and the tribunal must examine whether the plea is genuine or an abuse of process.
Case Title : Gutz Feel Film Production LLP vs Eros International Media Limited
Case Number : CP (IB) No.670/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 314
The National Company Law Tribunal (NCLT) at Mumbai on Tuesday dismissed an insolvency application filed by Gutz Feel Film Production LLP against Eros International Media Ltd over an alleged default of Rs. 3.33 crore arising from profit-sharing agreements for the films “English Vinglish” and “Ki and Ka”. Holding that the claim arose from a profit-sharing arrangement, which does not qualify as an operational debt under the Insolvency and Bankruptcy Code, a bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt observed:
“Thus, the profit from the revenue-sharing arrangement cannot be equated with an operational debt, and the agreement is essentially in the nature of a joint venture can not be construed as service or goods supplied to the Respondent by any stretch of imagination. At best, it can be termed as recoverable amount, which can be agitated before the Civil Court leading document and evidence etc .”
NCLT Bengaluru Appoints RP From IBBI Panel In FineFacilis Personal Guarantor Insolvency
Case Title : Asset Reconstruction Company (India) Limited v. Vasudevan Sathyamoorthy
Case Number : CP(IB) No. 178/BB/2024
CITATION : 2026 LLBiz NCLT (BEN) 317
The National Company Law Tribunal (NCLT), Bengaluru, on 30 March 2026, appointed Kondisetty Kumar Dushyantha as the Resolution Professional (RP) in insolvency proceedings initiated by Asset Reconstruction Company (India) Ltd (ARCIL) against the personal guarantor of FineFacilis Management Pvt Ltd. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada rejected the guarantor, Vasudevan Sathyamoorthy's challenge alleging non-compliance with Section 97 of the Insolvency and Bankruptcy Code, 2016, which governs the appointment of an RP.
Dispatch Of Statutory Demand Notice to Last Known Address Constitutes Valid Service: NCLT Hyderabad
Case Title : Punjab National Bank and Kotim Reddy Anitha
Case Number : Company Petition IB/65/95/HDB/2025
CITATION : 2026 LLBiz NCLT (HYD) 319
The Hyderabad National Company Law Tribunal (NCLT) held that sending a statutory demand notice to the last known address of a personal guarantor constitutes valid service under the Insolvency and Bankruptcy Code, 2016, even if the notice is returned unserved. A Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri admitted a petition filed by Punjab National Bank under Section 95 of the Code to initiate the Personal Insolvency Resolution Process (PIRP) against Smt. Kotimreddy Anitha, the personal guarantor of Variegate Projects Pvt. Ltd.
Part Payment Of Debt After Filing CIRP Plea Won't Affect IBC Threshold: NCLT Mumbai
Case Title : Omshree Agro Tech Private Limited v. Kasturi Farm Private Limited
Case Number : C.P. (IB)/1099(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 321
The Mumbai bench of the National Company Law Tribunal (NCLT) has held that part-payments made by a corporate debtor after the filing of a Section 9 application under the Insolvency and Bankruptcy Code will not defeat the CIRP threshold. A bench of judicial member Nilesh Sharma and technical member Sameer Kakar reiterated, “…we hold that the threshold under Section 4 of Code is required to be made at the time of filing of application under Section 9 and even if some payment is made by the corporate debtor after filing of application by the applicant reducing the amount claimed to an amount below the threshold amount, the application will still be maintainable,” while dealing with a plea filed by Omshree Agro Tech Private Limited seeking initiation of corporate insolvency resolution process against Kasturi Farm Private Limited.
CoC-Approved Resolution Plan Can Be Rejected If It Violates IBC: NCLT Kochi
Case Title : K Parameswaran Nair
Case Number : IA(IBC)(Plan)/03/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 320
The National Company Law Tribunal (NCLT) Kochi Bench has held that even an approved resolution plan cannot be approved if it fails to meet the mandatory requirements under Section 30(2) of the Insolvency and Bankruptcy Code, 2016, sending back plans for two real estate projects of Samson and Sons Builders and Developers Pvt Ltd to the Committee of Creditors for reconsideration. A coram of Judicial Member Vinay Goel said, “Even where a Resolution Plan has been approved by the Committee of Creditors, this Adjudicating Authority is duty-bound to examine whether the plan conforms to the provisions of the Code and the CIRP Regulations, and in cases of non-compliance, the decision of the Committee of Creditors can be interfered with to ensure adherence to the statutory framework.”
Loss-Making Companies Can Pay Shareholders During Capital Reduction: NCLT Chennai
Case Title : Abtran India Private Limited
Case Number : CP(CA)/49(CHE)/2024
CITATION : 2026 LLBiz NCLT (CHE) 322
The Chennai Bench of the National Company Law Tribunal (NCLT) has reiterated that even loss-making companies are legally permitted to pay shareholders during a capital reduction exercise under Section 66 of the Companies Act, 2013, observing that such decisions fall within the commercial wisdom of shareholders. The coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam said there is no bar in law on a company with accumulated losses returning capital to its shareholders, provided statutory requirements are complied with.
NCLT Mumbai Upholds CoC's Decision To Conduct Second E-Challenge In Future Enterprises' CIRP
Case Title : Orissa Metaliks Pvt Ltd vs Avil Jerome Menzes & Ors
Case Number : I.A No. 4320/2025 In CP No. 513 /2022
CITATION : 2026 LLBiz NCLT (MUM) 325
The National Company Law Tribunal (NCLT) at Mumbai has recently dismissed Orissa Metaliks Private Limited's challenge to the Committee of Creditors' decision to conduct a second round of the e-challenge mechanism in the CIRP of Future Enterprises Limited. A bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer held that the CoC's decision to undertake a second challenge process is not in violation of Regulation 39(1A) of the CIRP Regulations, while observing that the objective of the Code includes maximisation of the value of the assets of the corporate debtor.
Non-Disclosure By Bankrupt Prompts NCLT Kochi To Condone 470-Day Delay In Federal Bank Claim
Case Title : The Federal Bank Limited v. C Prabhakaran
Case Number : IA(IBC)/356/KOB/2025 in CP(IBC)/48/KOB/2023
CITATION : 2026 LLBiz NCLT (KOC) 326
The National Company Law Tribunal (NCLT) at Kochi has condoned a 470-day delay in filing a claim by Federal Bank in bankruptcy proceedings against personal guarantor Reena Paul, holding that the delay stood sufficiently explained due to non-disclosure and suppression of material facts by the bankrupt. A coram of Judicial Member Vinay Goel passed the order, observing: "…this Adjudicating Authority is of the considered view that although the Applicant is bound by the public announcement, the delay in filing the claim stands sufficiently explained due to the non-disclosure and suppression of material facts by the Bankrupt.”
NCLT Kochi Admits CIRP Against Seguro Foundations, Applies ₹1 Lakh Threshold As Claim Pre-Amendment
Case Title : Mr. Saji Mathew (Deceased) and Ors v. M.s Seguro Foundations and Structures Pvt Ltd and Anr
Case Number : IBA/30/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 327
The National Company Law Tribunal at Kochi has admitted an insolvency plea against Seguro Foundations & Structures Pvt Ltd over unpaid salary dues, making it clear that the earlier Rs 1 lakh threshold will apply as the case was filed before the law was revised. The order was passed by Judicial Member Vinay Goel. The case had been brought by Shaji Mathew, an operational creditor, seeking insolvency proceedings over unpaid salary. Mathew had been appointed as a project manager for a school modernization project in the Malappuram district at a monthly salary of Rs 80,000.
Case Title : Dr. Shailendra Trivedi Vs Chhaya Gupta
Case Number : IA No. 157 OF 2024 in TP 230 of 2019
CITATION : 2026 LLBiz NCLT (IND) 329
The National Company Law Tribunal (NCLT) at Indore has held that homebuyers cannot be prejudiced by an internal transfer of a real estate project, emphasising that their rights are not merely contractual but tied to the right to life. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta, underlining the constitutional dimension of such claims, observed that such rights cannot be viewed purely as contractual.
Case Title : Dilip Yadav Vs Chaya Gupta &Devvrat Developers Private Limited
Case Number : IA No. 22 OF 2026 in CP(IB) 56 of 2021
CITATION : 2026 LLBiz NCLT (IND) 328
The Indore bench of the National Company Law Tribunal (NCLT) has rejected a homebuyer's plea for possession of a flat, holding that a claim filed nearly eighteen months after approval of the resolution plan cannot be entertained. Observing that permitting such belated claims would disrupt the resolution process, the bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held, “The Successful Resolution Applicant takes over the Corporate Debtor on the basis of the liabilities crystallized in the approved Resolution Plan and therefore permitting additional claims at a later stage would fundamentally alter the commercial framework of the plan”
Case Title : Madan Gopal Jindal, Resolution professional of M/s White Water Hospitality Private Limited v . VIR Foods and ors.
Case Number : I.A. No. 2162/2023 in CP (IB) No. 90/Chd/Chd/2018
CITATION : 2026 LLBiz NCLT (CHA) 332
The National Company Law Tribunal (NCLT) at Chandigarh has held that in the present case, where a corporate insolvency process was set aside and the parties settled their dispute, the costs incurred during the process must be borne by the financial creditor that initiated it. A coram of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal said, “It can be seen that once the admission of CIRP itself is set aside and the dispute is settled between the initiating Financial creditor and the CD, the liability to bear CIRP costs must follow the party who invoked and pursued the insolvency proceedings, particularly when the CIRP process did not culminate in resolution or liquidation and a settlement was reached between them."
No New Claims Maintainable After CIRP Settled In White Water Hospitality Case: NCLT Chandigarh
Case Title : Bharat Food and Agro Products v. White Water Hospitality Private Limited and Ors. Case Number : IA(IBC) 713(CH)2025 AND IA(IBC)714(CH)2025 IN CP (IB) No. 90/Chd/Chd/2018(Admitted)
CITATION : 2026 LLBiz NCLT (CHA) 333
The National Company Law Tribunal at Chndigarh has held that in the case of a company whose insolvency process was set aside by the Supreme Court and whose dues to the initiating financial creditor were paid, the insolvency process comes to an end and all steps taken during it lose their legal basis. The order was passed by a coram of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal while deciding pleas filed by Bharat Food and Agro Products and its partner, Kamal Kant Dewan in the CIRP of White Water Hospitality Private Limited
Case Title : ADM Agro Industries Kota & Akola Pvt Ltd Vs Bari Foods Pvt Ltd
Case Number : CP(IB)/56(MP)2023
CITATION : 2026 LLBiz NCLT (IND) 330
The National Company Law Tribunal (NCLT) at Inodre has rejected a Rs 2.56 crore insolvency plea by ADM Agro Industries Kota & Akola Pvt. Ltd. against Bari Foods Pvt. Ltd., holding that disputes over contract formation, resale of goods and quantification of losses constitute a genuine pre-existing dispute beyond the scope of summary proceedings under the Insolvency and Bankruptcy Code. The bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta said the issues required detailed examination of facts and evidence and could not be decided under Section 9 of the Code.
Case Title : State Bank of India vs Venugopal Nandlal Dhoot
Case Number : CP (IB) 1197 OF 2020
CITATION : 2026 LLBiz NCLT (MUM) 334
The National Company Law Tribunal at Mumbai has admitted a personal insolvency application filed by State Bank of India against Venugopal Nandlal Dhoot, promoter of the Videocon Group and personal guarantor to Videocon Industries Limited and Videocon Telecommunications Limited, involving a default of Rs 6,157 crore. A Bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati admitted the application filed under Sections 95 and 97 of the Insolvency and Bankruptcy Code, on finding that the requirements of the provision stood satisfied.
Case Title : Satish GopalKrishna Pillai v. Mr. Vinesan Gopinathan and Ors.
Case Number : Contempt Petition (IBC)/5/ KOB/2025 IN IA(IBC)/97/KOB/2023
CITATION : 2026 LLBiz NCLT (KOC) 335
The National Company Law Tribunal at Kochi has held that once a final order is passed in a matter, all acts and issues arising during the pendency of the proceedings stand merged in that order, and any alleged breach of interim directions cannot later be used to initiate contempt proceedings for past acts.
A Bench of Judicial Member Vinay Goel observed: “Upon finalisation of the proceedings, all acts and matters arising during the pendency of the proceedings stand merged in the final order. Any alleged breach or disobedience of such interim orders would not give rise to a fresh cause of action to initiate contempt proceedings at a later stage for past acts. Further, the Petitioner is well within its rights to seek execution of the order in accordance with law.”
NCLT New Delhi Admits CIRP Against Madhuvan Tieup, Rejects Corporate Debtor's NBFC Claim
Case Title : HDFC Bank Limited vs Madhuvana Tieup Limited
Case Number : CP (IB)- 25/ND/2023
CITATION : 2026 LLBiz NCLT (DEL) 336
The New Delhi National Company Law Tribunal (NCLT), on 6 April admitted the Corporate Insolvency Resolution Process (CIRP) of Madhuvan Tieup Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, for a default of approximately Rs 80.78 crore. A Bench comprising Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri rejected the Corporate Debtor's claim that it was a Non-Banking Financial Company (NBFC), holding that it did not engage in financial services as defined under the Code.
Case Title : Manoj Chandrakant Jagirdar
Case Number : IVN. P. (I.B.C)/186/MB/2025 IN CP(IB) No. 7 of 2023
CITATION : 2026 LLBiz NCLT (MUM) 338
The National Company Law Tribunal (NCLT) at Mumbai has reiterated that the powers of a Resolution Professional and Liquidator under the Insolvency and Bankruptcy Code, 2016 (“IBC”) are confined strictly to assets owned by the Corporate Debtor, and do not extend to properties belonging to third parties even if such assets are reflected in the Corporate Debtor's records.
The Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar observed, "It is trite that the powers of the Insolvency Professional under Section 18 and Section 25 of the Code, and of the Liquidator under Section 35, extend only to assets owned by the Corporate Debtor. The Code does not empower the RP/Liquidator to take control of assets belonging to third parties or deal with the rights of third parties in assets even if existing in name of the corporate debtor."
Case Title : DBS Bank India Limited v. Orchid Pharma Limited and Ors
Case Number : IA(IBC) 784/(CHE)/2020
CITATION : 2026 LLBiz NCLT (CHE) 339
The National Company Law Tribunal (NCLT) at Chennai has dismissed an application by DBS Bank India Ltd seeking over Rs. 46 crore in lease rentals and CIRP-related expenses in the insolvency of Orchid Pharma Ltd, holding that in the present case such claims cannot be treated as Insolvency Resolution Process Costs in the absence of approval by the Committee of Creditors and cannot be raised after approval of the resolution plan.
Resolution Professional Cannot Convene Creditors' Meeting Without Repayment Plan: NCLT Kochi
Case Title : State Bank of India Vs. Ms. Sanam Basheer
Case Number : IA(IBC)/136/KOB/2026
CITATION : 2026 LLBiz NCLT (KOC) 341
On 13 April, the Kochi Bench of the National Company Law Tribunal (NCLT) held that, in the absence of a repayment plan, insolvency proceedings against a personal guarantor cannot proceed to the stage of convening a creditors' meeting and the Resolution Professional must file a report recording such non-submission.
Case Title : M/s Capt. Praveen Sharma and Ors v. M/s Official Liquidator, Kingfisher Airlines (under Liquidation) and Ors
Case Number : CP No. 20/BB/2026
CITATION : 2026 LLBiz NCLT (BEN) 344
The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an application filed by former employees of Kingfisher Airlines seeking disbursement of their admitted salary dues, holding that the Karnataka High Court, which is supervising the winding-up proceedings, is the appropriate forum. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order.
Case Title : J.C. Flowers Asset Reconstruction Pvt. Ltd. Vs Imagine Habitat Private Limited, Imagine Residence Private Limited, Imagine Home Private Limited and Imagine Estate Private Limited
Case Number : C.P.(IB) – 30/ND/2026, C.P.(IB) – 31/ND/2026, C.P.(IB) – 32/ND/2026 And C.P.(IB) – 36/ND/2026
CITATION : 2026 LLBiz NCLT (DEL) 345
The Delhi Bench of the National Company Law Tribunal (NCLT) has admitted four CIRP pleas filed by JC Flowers Asset Reconstruction Pvt. Ltd. against subsidiaries of RAB Enterprises (India) Private Limited, a group promoted by Rana Kapoor and Bindu Kapoor. The proceedings have been initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. The order, delivered on April 7, 2026, was passed by Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri.
Mere Non-Explanation Of Fund Use Not Enough To Prove Fraudulent Trading Under IBC: NCLT Chennai
Case Title : Mr. K Sivalingam v. Singaravelu Ravindranathan and Ors
Case Number : IA(IBC)/173/2021 in CP/885/IB/CHE/2018
CITATION : 2026 LLBiz NCLT (CHE) 346
The National Company Law Tribunal (NCLT) in Chennai has held that mere non-explanation of fund utilisation or irregular accounting, without clear evidence of intent to defraud creditors, is insufficient to invoke fraudulent trading under Section 66 of the Insolvency and Bankruptcy Code. Examining the scope of Section 66, the Tribunal held that mere inability to explain fund utilisation in a business context does not meet the statutory requirement unless accompanied by clear evidence of intent to defraud.
NCLT Chandigarh Refuses To Restrain Sale Of White Water's Panchkula Land After CIRP Set Aside
Case Title : Kamal Kant Dewan & Bharat Food and Agro Products Vs White Water Hospitality Private Limited & VIR Foods Ltd.
Case Number : I.A. No. 427/2024 in CP (IB) No. 90/Chd/Chd/2018
CITATION : 2026 LLBiz NCLT (CHA) 347
The National Company Law Tribunal (NCLT) at Chandigarh recently held that once a corporate insolvency process is set aside and the payment directed by the Supreme Court is complied with, it cannot restrain a company from dealing with its assets in the absence of a statutory moratorium that arises only upon admission of insolvency proceedings.
A Bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal said, “Once the CIRP is set aside and gets terminated, the CoC stands disbanded and becomes functus officio. Any recognition of claims during a period of CIRP that has since been declared void or set aside, cannot form the basis for an interlocutory restraint on a solvent company's assets. It does not provide a ground for this Tribunal to interfere with the commercial autonomy of a Respondent No.1 against which no insolvency proceeding is currently pending.”
Case Title : State Bank of India v. Adhunik Alloys and Power Limited and Ors.
Case Number : I.A (I.B.C) No. 521/KB/2021 In C.P (I.B.C) No. 387/KB/2017
CITATION : 2026 LLBiz NCLT (KOL) 348
The National Company Law Tribunal at Kolkata has held that its jurisdiction cannot be invoked after approval of a resolution plan to seek disclosure of CIRP documents or reopen settled issues. A bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra said that once a plan is approved, “any claims not included in the plan are generally extinguished, preventing further disputes or litigation, ensuring a 'Clean Slate' for the successful resolution applicant.”
Case Title : Savithri Naidu and Ors v. Mr. Ebenezar Inbaraj
Case Number : IA No. 1160 of 2025 in CP/IB/1423/CHE/2019
CITATION : 2026 LLBiz NCLT (CHE) 349
Holding that parties cannot “cherry-pick” between an arbitral award and a subsequent settlement to maximize recovery, the National Company Law Tribunal (NCLT) at Chennai dismissed a plea by landowners who sought Rs. 62.72 crore despite having agreed to settle their dues at Rs. 45 crore.
A bench of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy passed the order in the insolvency of Landmark Housing Projects Chennai Private Limited, upholding the liquidator's decision to admit the claim to the extent of Rs 45 crore and classify the landowners as operational creditors.
NCLT Kochi Approves Associated Alcohols' Resolution Plan For SDF Industries Revival
Case Title : Ramachandran Thekkumkat Madathil
Case Number : IA(IBC)(Plan)/01/KOB/2026 IN CP(IBC)/21/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 353
The National Company Law Tribunal at Kochi on Thursday approved a resolution plan submitted by Associated Alcohols & Breweries Limited for the revival of SDF Industries Limited. A coram of Judicial Member Vinay Goel allowed the application filed by the Resolution Professional of SDF Industries, noting that the plan had been approved by the Committee of Creditors with a 100% voting share and complied with all statutory requirements.
Auction Of Corporate Debtor's Assets Under Depositors Act During IBC Moratorium Void: NCLT Indore
Case Title : CMA Shaikh Nafis Anjum Vs The Tehsildar, Bhkhara & Anr
Case Number : IA (I.B.C)/107/MP/2022 inTP 20 of 2019 [CP(IB) 358 of 2019]
CITATION : 2026 LLBiz NCLT (IND) 352
On 8 April, the Indore Bench of the National Company Law Tribunal (NCLT) set aside the auction of Suvidha Farming Ltd.'s assets conducted under the Chhattisgarh Protection of Interest of Depositors Act, 2005, holding that the sale was void as it took place during the moratorium period under the Insolvency and Bankruptcy Code (IBC), 2016. A Bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta directed restoration of possession of the property to the Liquidator.
NCLT Mumbai Admits APRN Enterprises Insolvency Case, Emphasises Courts Cannot Rewrite Contracts
Case Title : APRN Enterprises Pvt Ltd vs Marveledge Realtors Pvt Ltd
Case Number : CP(IB)/732/2025
CITATION : 2026 LLBiz NCLT (MUM) 355
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 6 April held that courts and tribunals cannot rewrite contracts and must enforce the bargain as agreed between parties, unless the agreement is vitiated by fraud, coercion, or illegality. A Bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted an insolvency application filed by APRN Enterprises Pvt Ltd against Marveledge Realtors Pvt Ltd.
Case Title : BEML Limited vs Padma Priyanka Vangala
Case Number : I.A No. 780 of 2024
CITATION : 2026 LLBiz NCLT (HYD) 358
The National Company Law Tribunal (NCLT), Hyderabad, has recently set aside the rejection of a Rs.2.57 crore claim filed by BEML Limited against BEML Midwest Limited, finding that the liquidator's decision was not based on a complete and proper examination of the material on record and that the claim needed verification. The bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri said that incomplete documentation by itself could not end the matter and that the claim had to be properly verified.
Dissenting Financial Creditor Cannot Interfere Between SRA and RP After Plan Approval: NCLT Kochi
Case Title : Kerala Financial Corporation v. Sharon Hills Residential Association and Ors
Case Number : IA(IBC)/73/KOB/2026 in IA(IBC)/99/KOB/2025 in CP(IB)/05/KOB/2021 CITATION : 2026 LLBiz NCLT (KOC) 358
The National Company Law Tribunal (NCLT) at Kochi has held that a dissenting financial creditor cannot interfere in issues between the Successful Resolution Applicant (SRA) and the Resolution Professional after approval of a resolution plan. The tribunal dismissed an impleadment application filed by Kerala Financial Corporation in proceedings relating to implementation of the approved plan for Samson and Sons Builders and Developers Pvt. Ltd.
NCLT Bengaluru Admits CIRP Against Vivimed Labs Over ₹2.78 Crore Operational Debt
Case Title : Blue Cube Germany Assets GmbH & Co KG v. Vivimed Labs Limited
Case Number : CP(IB) No. 91/BB/2025
CITATION : 2026 LLBiz NCLT (BEN) 359
The National Company Law Tribunal, Bengaluru, has admitted CIRP against Vivimed Labs Ltd., a listed pharma company, for default of operational debt of Rs. 2.78 crore (inclusive of interest) in a petition filed by Blue Cube Germany Assets GmbH & Co KG. The bench, comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, made it clear that a company cannot avoid insolvency proceedings simply because a civil court has already passed a decree or because execution proceedings are underway.
Freezing Bank Accounts Of Corporate Debtor During Insolvency Violates Moratorium: NCLT Ahmedabad
Case Title : Wind World (India) Ltd. Vs IDBI Bank Ltd. & Mining Engineer, (Recovery) Mines and Geology Department, Jaisalmer
Case Number : IA No. 1278 of 2023 in C.P.(1.B.) No.14/7/(AHM)/2018
CITATION : 2026 LLBiz NCLT (AHM) 356
The National Company Law Tribunal (NCLT) at Ahmedabad has held that freezing a company's bank accounts during insolvency violates the moratorium under the Insolvency and Bankruptcy Code, directing IDBI Bank to lift all liens and restore operations in the accounts of Wind World (India) Ltd.
Legal Representatives Can Maintain Oppression Petitions Without Membership Registration: NCLT Mumbai
Case Title : Anjum Karmali (Khandelwal) v. Ahmed A Fazelbhoy Private Limited and ors
Case Number : C.A./ 63 (MB) / 2023 IN C.P. / 268 (MB) / 2021
CITATION : 2026 LLBiz NCLT (MUM) 361
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 7 April 2026 held that legal representatives of a deceased shareholder can pursue proceedings for oppression and mismanagement under Sections 241 and 242 of the Companies Act, 2013, even if they are not registered as members of the company. A Bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati held that legal representatives may step into the shoes of the deceased shareholder for continuing such proceedings.
CoC's Commercial Wisdom Cannot Override IBC Mandates In Early Dissolution Plea: NCLT Mumbai
Case Title : Mr Mukesh Kumar Jain v. Jayesh Lifescience India Private Limited
Case Number : IA No.29 /MB/2025 IN CP (IB) No. 196/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 362
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 2 April, held that the Committee of Creditors' (CoC) commercial wisdom cannot override mandatory requirements under the Insolvency and Bankruptcy Code, 2016, especially when key steps under the CIRP process remain incomplete.
A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Sanjiv Dutt emphasised that early dissolution cannot be ordered merely on the CoC's recommendation or on cost considerations, unless the Adjudicating Authority is satisfied that the corporate insolvency process has been properly and fully concluded.
Case Title : PM CopperWire& Cables BHD Vs Relicab Cable Manufacturing Limited
Case Number : C.P.(IB)/63(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 364
The Ahmedabad bench of the National Company Law Tribunal has recently held that where an operational debt is denominated in foreign currency, the exchange rate on the date of the invoice must be used to determine whether the Rs. 1 crore threshold under the Insolvency and Bankruptcy Code is met. On applying this, the Tribunal found that the amount fell below Rs. 1 crore and dismissed the petition as not maintainable.
NCLT Rejects CIRP Plea Against Electrotherm Over Pre-Existing Dispute
Case Title : A.T. Trade Overseas Private Limited Vs Electrotherm (India) Limited
Case Number : C.P.(IB)289/(AHM)/2025
CITATION : 2026 LLBiz NCLT (AHM) 363
The National Company Law Tribunal (NCLT) at Ahmedabad has rejected a CIRP plea against Electrotherm (India) Ltd. over an operational debt of about Rs. 5.70 crore, finding that the claim was tied up in disputes raised well before the insolvency notice. The order was passed by the bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma.
NCLT Hyderabad Dismisses Insolvency Plea Against Steel Exchange India Over Pre-Existing Dispute
Case Title : Shakti International LLP vs Steel Exchange India Ltd
Case Number : CP (IB) No.30/09/HDB/2025
CITATION : 2026 LLBiz NCLT (HYD) 367
The National Company Law Tribunal (NCLT), Hyderabad Bench, has dismissed an insolvency petition filed by Shakti International LLP against Steel Exchange India Limited, holding that the claimed operational debt of Rs. 162.57 crore was not maintainable due to a bona fide pre-existing dispute over delayed/extension charges. The order was passed by a bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri under Section 9 of the Insolvency and Bankruptcy Code
NCLT Allahabad Admits Aarti Industries' ₹8.21 Crore Insolvency Plea Against Magma Industries
Case Title : Aarti Industries Limited Vs Magma Industries Limited
Case Number : CP (IB) No.154/ALD/2024
CITATION : 2026 LLBiz NCLT (ALL) 369
The Allahabad Bench of the National Company Law Tribunal (NCLT) has admitted a CIRP plea filed by Aarti Industries Limited against Magma Industries Limited, holding that the company defaulted on operational dues of over Rs 8.21 crore and that no real dispute existed to block the proceedings. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma said, “Therefore, we find that the alleged disputes claimed by the Corporate Debtor are feeble and not supported by credible evidence. Hence, no real pre-existing dispute is discernible as there is no sufficient ground to establish any real and substantial preexisting dispute which can thwart the admission of section 9 application against the Corporate Debtor"
NCLT Kolkata Rejects Insolvency Plea Against Burnpur Cement, Flags Disputed Debt
Case Title : Mittal Polysacks Private Limited v. Burnpur Cements
Case Number : C.P (IB) NO. 37/KB/2022
CITATION : 2026 LLBiz NCLT (KOL) 370
The Kolkata Bench of the National Company Law Tribunal (NCLT) has thrown out an insolvency plea against Burnpur Cement Ltd, finding that the claim itself was riddled with gaps and contradictions and could not be pushed through the insolvency route. At the heart of the case was a claim by Mittal Polysacks Pvt. Ltd., which said it had supplied polypropylene cement bags worth about Rs.1.25 crore and had not been paid. But the tribunal found little on record to back that assertion in a manner fit for insolvency proceedings.
Homebuyers Can't Claim 8% Interest Where Agreement Provides Delay Compensation: NCLT Kolkata
Case Title : Canara Bank v. Riverbank Developers Private Limited and ors
Case Number : I.A. (IB) No. 2451/KB/2024 In Company Petition (IB) No. 345/KB/2022 CITATION : 2026 LLBiz NCLT (KOL) 371
The Kolkata Bench of the National Company Law Tribunal (NCLT) has dismissed a plea by homebuyers seeking addition of 8% interest on the amounts paid by them to a developer, holding that such interest cannot be granted where the agreement already provides compensation for delay. “Thus, it can be said that the RP is right in not including the statutory interest of 8% pa as per Regulation 16A(7) of the CIRP Regulations, when the contractual terms provide for compensation for not giving the possession to the allottee within the scheduled date," the tribunal said.
NCLT Mumbai Orders Income Tax Dept To Lift Lien On Deep Star Alloys Bank Accounts During Moratorium
Case Title : Vishnu Kant Kabra v. PNB and ors.
Case Number : IA/795/2025 C.P. (IB)/1295(MB)2022
CITATION : 2026 LLBiz NCLT (MUM) 372
The Mumbai Bench of the National Company Law Tribunal (NCLT) has directed the Income Tax Department to lift the lien on the bank accounts of Deep Star Alloys and Steels Private Limited, which is currently undergoing insolvency proceedings, making it clear that once a moratorium is in force, no action can be taken against the company's assets under any other law.
NCLT Hyderabad Rejects Insolvency Plea Against Madhucon Over Disputed Debt, Inconsistent Claims
Case Title : Shri Balaji Associates and Madhucon Projects Limited
Case Number : CP (IB) NO. 260/9/HDB/2018
CITATION : 2026 LLBiz NCLT (HYD) 373
The National Company Law Tribunal (NCLT) at Hyderabad has dismissed a corporate insolvency plea filed by Sri Balaji Associates against Madhucon Projects Ltd. for an alleged operational debt of Rs.83.84 lakh. It held that material inconsistencies in the computation of debt, along with a pre-existing dispute, meant the claim could not be admitted under the Insolvency and Bankruptcy Code, 2016.
Case Title : Fresenius Medical Care India Private Limited Vs Quality Care Dialysis Private Limited
Case Number : IA (LIQ) 102 of 2025 IN CP IB 280 of 2024
CITATION : 2026 LLBiz NCLT (AHM) 376
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 21 April 2026 ordered liquidation of Quality Care Dialysis Private Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, after it received no resolution plan despite repeated attempts during the Corporate Insolvency Resolution Process (CIRP). A Bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati allowed the application that the Resolution Professional, Ms. Sapna Pankaj Chourasia, filed, noting that the Committee of Creditors (CoC) had unanimously decided to liquidate the Corporate Debtor in exercise of its commercial wisdom.
Case Title : HDFC Bank Ltd Vs Terlin Engineerings OPC Pvt Lid
Case Number : IA/101(AHM)2022 in CP(IB) 377 of 2018
CITATION : 2026 LLBiz NCLT (AHM) 375
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 20 April, held a forensic audit in Kanoovi Foods Pvt. Ltd. established diversion of funds and fraudulent as well as wrongful trading, attracting liability under Section 66 of the Insolvency and Bankruptcy Code, 2016 (IBC), against promoters, directors, and associated third parties. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma directed the company to restore Rs. 58.27 crore to the assets of the corporate debtor for the benefit of creditors, including HDFC Bank Ltd.
Homebuyer Who Has Paid Full Consideration And Is In Possession Entitled To Sale Deed: NCLT Kochi
Case Title : Tom Thomas v. Ms. Annie Abraham and Ors
Case Number : IA(IBC)/419/KOB/2024 in IBA/11/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 377
The Kochi Bench of the National Company Law Tribunal (NCLT) on 23 April, held that a homebuyer who has paid the entire consideration and is placed in possession of the property is entitled to execution of the sale deed, and such property cannot form part of the liquidation estate of the corporate debtor under the Insolvency and Bankruptcy Code framework. A Bench comprising Judicial Member Vinay Goel allowed an application filed by Tom Thomas seeking execution and registration of a sale deed in respect of a villa in the “MIR Greens” project developed by MIR Realtors Private Limited during liquidation proceedings.
Case Title : Indian Bank Vs Nimitiya Hotel and Resorts Limited
Case Number : IB-1913(ND)2019
CITATION : 2026 LLBiz NCLT (DEL) 378
The National Company Law Tribunal (NCLT) at Delhi has recently directed a senior officer of Indian Bank to appear in person after finding that the bank filed a 60 page affidavit far beyond a limited clarification it had sought in a dispute over replacing the resolution professional of Nimitiya Hotel and Resorts Limited. A bench of Judicial Member Justice Jyotsna Sharma and Technical Member Reena Sinha Puri said, “The affidavit contains many facts which are beyond the scope of the direction given by this bench. We have no hesitation in observing that there is clearly an attempt to import facts and circumstances in the matter, which were probably not in the original pleadings filed by the Applicant."
NCLT Mumbai Approves Rs. 730 Crore Resolution Plan For Rajesh Business And Leisure Hotels
Case Title : ICICI BANK LIMITED V/s RAJESH BUSINESS AND LEISURE HOTELS PRIVATE LIMITED
Case Number : I.A. (I.B.C) No. 1085/MB/2023
CITATION : 2026 LLBiz NCLT (MUM) 380
The National Company Law Tribunal (NCLT) in Mumbai has approved a Rs. 730 crore resolution plan for Rajesh Business and Leisure Hotels Pvt Ltd, submitted by a consortium of Rare Asset Reconstruction Limited and Check-Inn Hotels Pvt Ltd. A bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt was dealing with an application filed by the resolution professional seeking approval of the plan, which had been cleared with a 100% voting share of the committee of creditors.
Case Title : UCO Bank v. Souvanik Mal
Case Number : I.A. (I.B.C.)/1077/KB/2025 IN C.P. (IB)/117/KB/2025
CITATION : 2026 LLBiz NCLT (KOL) 383
The National Company Law Tribunal (NCLT), Kolkata Bench, has reiterated that the limitation period for initiating insolvency proceedings against a personal guarantor runs from the date of invocation of the guarantee and not from the date of default of the corporate debtor. The bench of Judicial Member Bidisha Banerjee and Technical Member Rekha Kantilal Shah observed, “We rely on the judgment of the Hon'ble Supreme Court, in Civil Appeal No. 6894 of 1997 (Syndicate Bank vs. Channaverappa Beleri & Ors.), by an order dated April 10, 2006, held that the limitation period of three years for proceedings against a guarantor begins from the date of invocation of the bank guarantee and not from the date of default of the corporate debtor. It provides that the limitation starts on expiry of 15 days from the date the demand is made by the bank, and a suit filed within three years from such demand is timely."
Case Title : Canara Bank v. Mr. Rajiv Prasad
Case Number : CP (IB)/1075(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 384
On 23 April, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that subsequent demand notices issued to a personal guarantor do not give rise to a fresh cause of action for initiating proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016, and that limitation must be computed from the first invocation of the guarantee. Section 95 deals with the initiation of insolvency resolution process against a personal guarantor to a corporate debtor.
Suspended Director Cannot Reopen CIRP Process After Repeated Eligibility Defaults: NCLT Bengaluru
Case Title : Mr. Ramachandran Radhakrishnan v. Mr. Naveen Kumar Jain and Ors
Case Number : IA No. 283 of 2025 in CP(IB) No. 32/BB/2023
CITATION : 2026 LLBiz NCLT (BEN) 387
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 6 April, refused to permit a suspended director of a corporate debtor to submit a resolution plan at a belated stage after he repeatedly failed to satisfy eligibility conditions under the Corporate Insolvency Resolution Process (CIRP), reiterating the strict time-bound framework under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application filed by the suspended director of Stellence Pharmascience Pvt Ltd, who sought permission to submit a resolution plan after the CIRP had substantially progressed and the Committee of Creditors (CoC) had already approved a plan.
Homebuyers With RERA Refund Orders Still 'Allottees', Must Meet IBC Threshold: NCLT Chennai
Case Title : Arumugam Thimmarayan and Ors v. M/s Ozone Projects Private Limited
Case Number : CP(IB)/185(CHE)/2022
CITATION : 2026 LLBiz NCLT (BEN) 388
The National Company Law Tribunal (NCLT) at Chennai has held that homebuyers who have obtained refund orders from RERA cannot be treated differently from other allottees for initiating insolvency proceedings, ruling that all such buyers must meet the collective threshold under the Insolvency and Bankruptcy Code.
Case Title : Bank of Maharashtra v. Visa Power Ltd. & Anil Goel (Liquidator)
Case Number : I.A. (IB) No. 388/KB/2022 in C.P. (IB) No. 574/(KB)/2017
CITATION : 2026 LLBiz NCLT (KOL) 389
The National Company Law Tribunal (NCLT) at Kolkata has refused to exclude, for the purpose of computing a liquidator's fee, the period during which the liquidation process was affected by appellate orders, holding that such benefit cannot be granted where the delay is linked to disputes over the liquidator's conduct A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah said, “In our view, if any dispute arises due to misconduct of the liquidator, resulting in litigation which eventually leads to a stay of the entire proceedings, the liquidator ought not to be granted the benefit of exclusion of such time periods, for the purpose of remuneration.”
Automated Set-Off Of Income Tax Refunds During Moratorium Violates IBC: NCLT Indore
Case Title : Gautam Mittal RP of Sanwaria Consumer Ltd V/s Chief Commsioner of Income Tax Bhopal & An
Case Number : IA/498(MP)2025 in (MP) CP(IB) 7 of 2019
CITATION : 2026 LLBiz NCLT (IND) 392
The National Company Law Tribunal (NCLT) at Indore recently held that even automated adjustment of income tax refunds during the IBC moratorium is illegal, directing the Income Tax Department to refund Rs 30.16 lakh set off against pre-CIRP tax dues of Sanwaria Consumer Limited. “The mere fact that the adjustment was effected through an automated or system-driven process does not alter its legal character. The effect of the action remains the same, namely recovery of pre-CIRP dues during the moratorium, which is expressly prohibited under Section 14 of the Code.”
Case Title : Amresh Shukla Liquidator V/s State of Madhya Pradesh through Principal Secretary
Case Number : I.A./577(MP)2025 IN TP 182 of 2019 [CP(IB)/591(MP)2019]
CITATION : 2026 LLBiz NCLT (IND) 393
The National Company Law Tribunal (NCLT), Indore Bench, has dismissed a plea by the liquidator of Girdharilal Sugar & Allied Industries Limited seeking action against Commercial Tax Department officials for allegedly sharing details of a Stakeholders' Consultation Committee (SCC) meeting with a prospective bidder via email, holding that the inclusion was inadvertent and caused no prejudice.
NCLT Kochi Records Interim Payment Plan To Ensure Access To Jatayupara Tourism Project
Case Title : Shawn Jeff Christopher v. Guruchandrika Builders & Property Pvt. Ltd. & Ors.
Case Number : MA(C/Act)/02/KOB/2025 in CP/21/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 390
The National Company Law Tribunal (NCLT), Kochi Bench, has recently recorded and accepted an interim arrangement for payment of dues to a landowner to ensure uninterrupted access and continued operation of the Jatayupara Tourism Project (JTP), noting that denial of access would render the project unusable. The order was passed by Judicial Member Vinay Goel on an application filed by an NCLT-appointed Chartered Accountant assigned, pursuant to directions of the Supreme Court, to verify and approve necessary operational expenses of the project.
Case Title : Axis Bank Ltd v. M/s IMOST Academy (India) Private Limited
Case Number : CP(IBC)/8/KOB/2026
CITATION : 2026 LLBiz NCLT (KOC) 396
The National Company Law Tribunal (NCLT) at Kochi has admitted an insolvency petition filed by Axis Bank Limited to initiate the Corporate Insolvency Resolution Process against IMOST Academy (India) Private Limited, holding that once debt and default are established, objections based on reputational impact cannot defeat admission. A coram of Judicial Member Vinay Goel rejected the academy's contention that initiation of CIRP would adversely affect its international standing.
Distribution During CIRP Must Conform To Section 30(2) Of IBC: NCLT Mumbai
Case Title : Punjab National Bank v Arshiya Ltd.
Case Number : IA(I.B.C)/1331( MB)2026 In C.P. (IB)/3143(MB)2019
CITATION : 2026 LLBiz NCLT (MUM) 391
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 6 April held that it cannot use its inherent powers under Rule 11 of the NCLT Rules, 2016 to allow distribution of sale proceeds during the Corporate Insolvency Resolution Process (CIRP) without complying with Section 30(2) of the Insolvency and Bankruptcy Code (IBC). A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar rejected the Resolution Professional's plea in the CIRP of Arshiya Limited to distribute proceeds from sale of non-core assets to secured financial creditors before completion of CIRP.
CoC Cannot Bypass NCLAT Directions On Potential Resolution Applicant Eligibility: NCLT Mumbai
Case Title : Jubin Kishore Thakkar and Ors. v. Ashutosh Agarwala
Case Number : IA(IB) No. 1366 OF 2025 & IA(IB) No. 3401 OF 2025 IN C.P.(IB) NO. 40/MB/2022
CITATION : 2026 LLBiz NCLT (MUM) 394
The Mumbai Bench of the National Company Law Tribunal on 13 April held that the Committee of Creditors (CoC) cannot bypass binding directions issued by the NCLAT regarding relaxation of eligibility criteria for potential resolution applicants (PRAs) in the corporate insolvency resolution process (CIRP). The Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan further clarified that resolution applicants may revise their financial offers upwards, but shall not be permitted to withdraw them.
NCLT Chennai Holds Contractual Valuation Cannot Be Reopened, Dismisses Kamarajar Port Plea
Case Title : Kamarajar Port Ltd. v. N Veerapandian (Liquiadtor) M/s. Sical Iron Ore Terminals Ltd
Case Number : IA(IBC)/828(CHE)2025 in CP(IB)/114(CHE)2021
CITATION : 2026 LLBiz NCLT (CHE) 395
The Chennai Bench of the National Company Law Tribunal (NCLT) on 2 April 2026, dismissed an application filed by Kamarajar Port Limited seeking a fresh valuation of project assets of Sical Iron Ore Terminals Ltd., which is in liquidation. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that once the contractual mechanism for valuation had been triggered and concluded, it could not be reopened on the ground of subsequent deterioration of assets.
OTS Proposal Can Constitute Acknowledgment Of Debt For Limitation Under IBC: NCLT Indore
Case Title : Punjab National Bank Vs Akhilesh Argal
Case Number : CP(IB)/78(MP)2023
CITATION : 2026 LLBiz NCLT (IND) 397
The Indore Bench of the National Company Law Tribunal (NCLT) on 13 April held that a One-Time Settlement (OTS) proposal can amount to an acknowledgment of debt for limitation under Section 95 of the Insolvency and Bankruptcy Code, 2016. Further, objections on limitation, stamping, and pending Debts Recovery Tribunal proceedings do not bar admission of insolvency proceedings against a personal guarantor at the threshold stage.
Only Contractual Guarantee Debt Relevant For IBC Section 94 Threshold: NCLT Chandigarh
Case Title : IN THE MATTER OF MUKESH KUMAR
Case Number : ICP (IB) No. 45/Chd/Pb/2026
CITATION : 2026 LLBiz NCLT (CHD) 400
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 17 April held that only debts arising from a valid contract of guarantee can be considered for determining the pecuniary threshold under Section 94 of the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Khetarbasi Biswal and Technical Member Shishir Agarwal clarified that liabilities not arising from such a guarantee or not linked to the petitioner's capacity as a personal guarantor to a corporate debtor cannot be taken into account.
NCLT Mumbai Refers Eros–Aanand L. Rai Dispute Over Colour Yellow Productions To Arbitration
Case Title : Eros International Media Ltd. Versus Colour Yellow Productions Private Limited & Ors.
Case Number : C.A. No. 244 (MB) 2025 In C.P. No. 121 (MB) 2025
CITATION : 2026 LLBiz NCLT (MUM) 399
The National Company Law Tribunal (NCLT) at Mumbai on Tuesday recently referred to arbitration a dispute between Eros International Media Ltd and filmmaker Aanand L. Rai arising from their investment and contractual arrangements in Colour Yellow Productions Pvt. Ltd. It held that Eros' company petition was a dressed-up attempt to bypass arbitration. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was hearing a petition by Eros alleging fund diversion and unauthorised related party transactions, along with a Section 8application filed by Rai seeking reference to arbitration.
Case Title : Canara Bank v. Mr. Rajiv Prasad
Case Number : CP (IB)/1075(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 384
On 23 April, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that subsequent demand notices issued to a personal guarantor do not give rise to a fresh cause of action for initiating proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016, and that limitation must be computed from the first invocation of the guarantee. Section 95 deals with the initiation of insolvency resolution process against a personal guarantor to a corporate debtor.
Suspended Director Cannot Reopen CIRP Process After Repeated Eligibility Defaults: NCLT Bengaluru
Case Title : Mr. Ramachandran Radhakrishnan v. Mr. Naveen Kumar Jain and Ors
Case Number : IA No. 283 of 2025 in CP(IB) No. 32/BB/2023
CITATION : 2026 LLBiz NCLT (BEN) 387
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 6 April, refused to permit a suspended director of a corporate debtor to submit a resolution plan at a belated stage after he repeatedly failed to satisfy eligibility conditions under the Corporate Insolvency Resolution Process (CIRP), reiterating the strict time-bound framework under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application filed by the suspended director of Stellence Pharmascience Pvt Ltd, who sought permission to submit a resolution plan after the CIRP had substantially progressed and the Committee of Creditors (CoC) had already approved a plan.
Homebuyers With RERA Refund Orders Still 'Allottees', Must Meet IBC Threshold: NCLT Chennai
Case Title : Arumugam Thimmarayan and Ors v. M/s Ozone Projects Private Limited
Case Number : CP(IB)/185(CHE)/2022
CITATION : 2026 LLBiz NCLT (BEN) 388
The National Company Law Tribunal (NCLT) at Chennai has held that homebuyers who have obtained refund orders from RERA cannot be treated differently from other allottees for initiating insolvency proceedings, ruling that all such buyers must meet the collective threshold under the Insolvency and Bankruptcy Code.
Case Title : Bank of Maharashtra v. Visa Power Ltd. & Anil Goel (Liquidator)
Case Number : I.A. (IB) No. 388/KB/2022 in C.P. (IB) No. 574/(KB)/2017
CITATION : 2026 LLBiz NCLT (KOL) 389
The National Company Law Tribunal (NCLT) at Kolkata has refused to exclude, for the purpose of computing a liquidator's fee, the period during which the liquidation process was affected by appellate orders, holding that such benefit cannot be granted where the delay is linked to disputes over the liquidator's conduct A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah said, “In our view, if any dispute arises due to misconduct of the liquidator, resulting in litigation which eventually leads to a stay of the entire proceedings, the liquidator ought not to be granted the benefit of exclusion of such time periods, for the purpose of remuneration.”
Automated Set-Off Of Income Tax Refunds During Moratorium Violates IBC: NCLT Indore
Case Title : Gautam Mittal RP of Sanwaria Consumer Ltd V/s Chief Commsioner of Income Tax Bhopal & An
Case Number : IA/498(MP)2025 in (MP) CP(IB) 7 of 2019
CITATION : 2026 LLBiz NCLT (IND) 392
The National Company Law Tribunal (NCLT) at Indore recently held that even automated adjustment of income tax refunds during the IBC moratorium is illegal, directing the Income Tax Department to refund Rs 30.16 lakh set off against pre-CIRP tax dues of Sanwaria Consumer Limited. “The mere fact that the adjustment was effected through an automated or system-driven process does not alter its legal character. The effect of the action remains the same, namely recovery of pre-CIRP dues during the moratorium, which is expressly prohibited under Section 14 of the Code.”
Case Title : Amresh Shukla Liquidator V/s State of Madhya Pradesh through Principal Secretary
Case Number : I.A./577(MP)2025 IN TP 182 of 2019 [CP(IB)/591(MP)2019]
CITATION : 2026 LLBiz NCLT (IND) 393
The National Company Law Tribunal (NCLT), Indore Bench, has dismissed a plea by the liquidator of Girdharilal Sugar & Allied Industries Limited seeking action against Commercial Tax Department officials for allegedly sharing details of a Stakeholders' Consultation Committee (SCC) meeting with a prospective bidder via email, holding that the inclusion was inadvertent and caused no prejudice.
NCLT Kochi Records Interim Payment Plan To Ensure Access To Jatayupara Tourism Project
Case Title : Shawn Jeff Christopher v. Guruchandrika Builders & Property Pvt. Ltd. & Ors.
Case Number : MA(C/Act)/02/KOB/2025 in CP/21/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 390
The National Company Law Tribunal (NCLT), Kochi Bench, has recently recorded and accepted an interim arrangement for payment of dues to a landowner to ensure uninterrupted access and continued operation of the Jatayupara Tourism Project (JTP), noting that denial of access would render the project unusable. The order was passed by Judicial Member Vinay Goel on an application filed by an NCLT-appointed Chartered Accountant assigned, pursuant to directions of the Supreme Court, to verify and approve necessary operational expenses of the project.
Case Title : Axis Bank Ltd v. M/s IMOST Academy (India) Private Limited
Case Number : CP(IBC)/8/KOB/2026
CITATION : 2026 LLBiz NCLT (KOC) 396
The National Company Law Tribunal (NCLT) at Kochi has admitted an insolvency petition filed by Axis Bank Limited to initiate the Corporate Insolvency Resolution Process against IMOST Academy (India) Private Limited, holding that once debt and default are established, objections based on reputational impact cannot defeat admission. A coram of Judicial Member Vinay Goel rejected the academy's contention that initiation of CIRP would adversely affect its international standing.
Distribution During CIRP Must Conform To Section 30(2) Of IBC: NCLT Mumbai
Case Title : Punjab National Bank v Arshiya Ltd.
Case Number : IA(I.B.C)/1331( MB)2026 In C.P. (IB)/3143(MB)2019
CITATION : 2026 LLBiz NCLT (MUM) 391
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 6 April held that it cannot use its inherent powers under Rule 11 of the NCLT Rules, 2016 to allow distribution of sale proceeds during the Corporate Insolvency Resolution Process (CIRP) without complying with Section 30(2) of the Insolvency and Bankruptcy Code (IBC). A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar rejected the Resolution Professional's plea in the CIRP of Arshiya Limited to distribute proceeds from sale of non-core assets to secured financial creditors before completion of CIRP.
CoC Cannot Bypass NCLAT Directions On Potential Resolution Applicant Eligibility: NCLT Mumbai
Case Title : Jubin Kishore Thakkar and Ors. v. Ashutosh Agarwala
Case Number : IA(IB) No. 1366 OF 2025 & IA(IB) No. 3401 OF 2025 IN C.P.(IB) NO. 40/MB/2022
CITATION : 2026 LLBiz NCLT (MUM) 394
The Mumbai Bench of the National Company Law Tribunal on 13 April held that the Committee of Creditors (CoC) cannot bypass binding directions issued by the NCLAT regarding relaxation of eligibility criteria for potential resolution applicants (PRAs) in the corporate insolvency resolution process (CIRP). The Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan further clarified that resolution applicants may revise their financial offers upwards, but shall not be permitted to withdraw them.
NCLT Chennai Holds Contractual Valuation Cannot Be Reopened, Dismisses Kamarajar Port Plea
Case Title : Kamarajar Port Ltd. v. N Veerapandian (Liquiadtor) M/s. Sical Iron Ore Terminals Ltd
Case Number : IA(IBC)/828(CHE)2025 in CP(IB)/114(CHE)2021
CITATION : 2026 LLBiz NCLT (CHE) 395
The Chennai Bench of the National Company Law Tribunal (NCLT) on 2 April 2026, dismissed an application filed by Kamarajar Port Limited seeking a fresh valuation of project assets of Sical Iron Ore Terminals Ltd., which is in liquidation. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that once the contractual mechanism for valuation had been triggered and concluded, it could not be reopened on the ground of subsequent deterioration of assets.
OTS Proposal Can Constitute Acknowledgment Of Debt For Limitation Under IBC: NCLT Indore
Case Title : Punjab National Bank Vs Akhilesh Argal
Case Number : CP(IB)/78(MP)2023
CITATION : 2026 LLBiz NCLT (IND) 397
The Indore Bench of the National Company Law Tribunal (NCLT) on 13 April held that a One-Time Settlement (OTS) proposal can amount to an acknowledgment of debt for limitation under Section 95 of the Insolvency and Bankruptcy Code, 2016. Further, objections on limitation, stamping, and pending Debts Recovery Tribunal proceedings do not bar admission of insolvency proceedings against a personal guarantor at the threshold stage.
Only Contractual Guarantee Debt Relevant For IBC Section 94 Threshold: NCLT Chandigarh
Case Title : IN THE MATTER OF MUKESH KUMAR
Case Number : ICP (IB) No. 45/Chd/Pb/2026
CITATION : 2026 LLBiz NCLT (CHD) 400
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 17 April held that only debts arising from a valid contract of guarantee can be considered for determining the pecuniary threshold under Section 94 of the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Khetarbasi Biswal and Technical Member Shishir Agarwal clarified that liabilities not arising from such a guarantee or not linked to the petitioner's capacity as a personal guarantor to a corporate debtor cannot be taken into account.
NCLT Mumbai Refers Eros–Aanand L. Rai Dispute Over Colour Yellow Productions To Arbitration
Case Title : Eros International Media Ltd. Versus Colour Yellow Productions Private Limited & Ors.
Case Number : C.A. No. 244 (MB) 2025 In C.P. No. 121 (MB) 2025
CITATION : 2026 LLBiz NCLT (MUM) 399
The National Company Law Tribunal (NCLT) at Mumbai on Tuesday recently referred to arbitration a dispute between Eros International Media Ltd and filmmaker Aanand L. Rai arising from their investment and contractual arrangements in Colour Yellow Productions Pvt. Ltd. It held that Eros' company petition was a dressed-up attempt to bypass arbitration. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was hearing a petition by Eros alleging fund diversion and unauthorised related party transactions, along with a Section 8 application filed by Rai seeking reference to arbitration.
NCLT Mumbai Dismisses RP's Plea Against ₹260 Crore RCIL Receivables Assignment, Finds No Fraud
Case Title : Anish Niranjan Nanavaty (Resolution Professional of Reliance Communications Infrastructure Limited) V/s Reliance Communications Tamil Nadu Ltd.
Case Number : IA 941 OF 2021
CITATION : 2026 LLBiz NCLT (MUM) 402
The National Company Law Tribunal (NCLT) in Mumbai has held that a Rs.260 crore inter-company assignment involving Reliance Communications Infrastructure Ltd (RCIL) was not fraudulent, as it caused no loss to creditors. The tribunal dismissed a plea filed by the company's Resolution Professional A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was dealing with the application, in which the Resolution Professional alleged that the assignment of receivables from Reliance Communications Ltd. (RCOM) to RCIL (the corporate debtor) inflated its books and imposed a corresponding liability, thereby defrauding creditors.
Case Title : Tata Capital Financial Services Ltd. v. Sanjay Mahajan, Liquidator of Jans Copper Pvt. Ltd.
Case Number : I.A. No. 2828 of 2025 in C.P. (IB) No. 3138/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 401
The National Company Law Tribunal, Mumbai Bench, has dismissed a plea by Tata Capital Financial Services Ltd. in the liquidation of Jans Copper Pvt. Ltd. It held that the creditor cannot later seek to enforce its security after participating in the liquidation process and failing to clearly state its position. The bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan held that the creditor failed to comply with the requirement of clearly communicating its decision regarding its security interest.
NCLT Ahmedabad Rejects Gensol RP Plea Against Termination Of ₹48.29 Crore EPC Contract By HMEL
Case Title : Keshav Khaneja, RP of Gensol Engineering Limited Vs HMEL Green Energy Private Limited
Case Number : IA/21(AHM)2026 in C.P.(1B)/195(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 406
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed a plea challenging the termination of a Rs. 48.29 crore EPC contract awarded to Gensol Engineering Ltd.
The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed that the termination was based on pre-existing contractual breaches and not solely on the company's insolvency. “...the mere temporal proximity between initiation of CIRP and termination does not establish causation, particularly where contemporaneous material evidences preexisting and continuing contractual breaches. The material on record does not demonstrate a direct nexus between the termination and the insolvency of the Corporate Debtor,” the tribunal observed.
Case Title : Mangal Sales Corporation v. M/s Prolific Papers Pvt. Ltd. & Ors
Case Number : CP IB NO. 429/(ND)/2024
CITATION : 2026 LLBiz NCLT (DEL) 403
The National Company Law Tribunal (NCLT), New Delhi, has found that a demand notice under the Insolvency and Bankruptcy Code was valid despite being sent to an unregistered email ID, as it had been consistently used in prior dealings between the parties. The order was passed by a bench of Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh.
Pollution Control Authorities Cannot Take Coercive Steps During IBC Moratorium: NLCT Bengaluru
Case Title : Mr. Naveen Kumar Jain v. The Chairman, Karnataka State Pollution Control Board
Case Number : IA No. 583 of 2024 in CP(IB) No. 32/BB/2023
CITATION : 2026 LLBiz NCLT (BEN) 407
The National Company Law Tribunal (NCLT) in Bengaluru has recently held that pollution control authorities cannot take coercive steps that disrupt the operations of a corporate debtor during the moratorium, even though they can continue regulatory oversight.
A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held, “We are of a considered view that a distinction is required to be drawn between: Regulatory actions undertaken in public interest to ensure environmental compliance; and Coercive / enforcement actions which have the effect of recovery or adversely impact the assets and operations of the Corporate Debtor during CIRP. While the former cannot be completely interdicted in view of the law laid down in Embassy Property (supra), the latter would fall within the mischief of Section 14 of the Code if they have the effect of defeating the CIRP or disturbing the asset base of the Corporate Debtor.”
Case Title : Shreenathji Rasayan Pvt. Ltd v. Mr. Shrenik Ashokkumar Morakha and ors.
Case Number : IA No. 833(Ahm) 2020 in CP(IB) No. 463 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 411
The National Company Law Tribunal (NCLT), Ahmedabad, has recentlydirected Shreenathji Rasayan Pvt. Ltd., the successful resolution applicant of Morakhia Copper & Alloys Pvt. Ltd., to file a complaint against a Chartered Accountant before the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) for assisting in the falsification of the company's accounts.
NCLT Bengaluru Admits Millennium Starch Into CIRP Despite Technical Defects In Insolvency Plea
Case Title : Axis Bank v. Millennium Starch India Pvt Ltd
Case Number : CP(IB) No. 22/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 412
The National Company Law Tribunal (NCLT) at Bengaluru has admitted a ₹39.19 crore insolvency plea filed by Axis Bank against Millennium Starch India Private Limited, holding that procedural defects in the petition did not prejudice the company and could be cured during the proceedings. “Even if the defect remained, no prejudice is shown to have occurred to the respondent who has been afforded sufficient opportunity to file reply/objections to the petition and address arguments post service of notice. The objection therefore, has melted on satisfaction and does not jeopardise the stance of respondent on any count.”, it observed.
NCLT Kochi Admits Insolvency Plea Against Inditrade Capital Filed By MediBuddy Parent Company
Case Title : M/s Phasorz Technologies Private Limited v. M/s Inditrade Capital Limited
Case Number : CP(IBC)/6/KOB/2026
CITATION : 2026 LLBiz NCLT(KOC) 413
The Kochi Bench of the National Company Law Tribunal, on 6 May admitted an insolvency petition filed by Phasorz Technologies Private Limited, which operates the healthcare platform MediBuddy, against Inditrade Capital Limited (ITCL) over an alleged default of about Rs. 3.58 crore.
Case Title : Cotton Corporation of India Ltd Vs Ajit Kumar
Case Number : IA/548(AHM)2021 In CP{IB) 625 of 2018
CITATION : 2026 LLBiz NCLT (AHM) 414
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 27 April held that a claim linked to pending proceedings and subject to a subsisting stay cannot be treated as a crystallised debt under the Insolvency and Bankruptcy Code, 2016, and may only be recognised at a notional value in the Corporate Insolvency Resolution Process (CIRP). Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an interlocutory application filed under Section 60(5) of the Code, while directing that the claim be admitted at a notional value of Rs. 1 instead of being reduced to nil.
NCLT Ahmedabad Admits Aphelion Finance's ₹6.72 Crore Section 7 Petition Against Osia Hyper Retail
Case Title : Apheloin Finance Private Limited Vs Osia Hyper Retail Limited
Case Number : C.P.(IB)/220(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 415
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 28 April admitted a Section 7 petition filed by Aphelion Finance Pvt. Ltd. against Osia Hyper Retail Ltd, thereby initiating the corporate insolvency resolution process (CIRP) and appointing Ritesh Prakash Adatiya as Interim Resolution Professional. Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy held that once financial debt and default are shown through sanction letters, credit facility agreements, and guarantees, a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 is maintainable and must be admitted if statutory requirements are met.
NCLT Guwahati Holds No Straightjacket Definition For Fraudulent Trading Under Section 66 IBC
Case Title : Mukut Chandra Deka v. JSB Entrade Pvt Ltd.
Case Number : IA (IBC)/48/GB/2022 CP (IB)/19/GB/2021
In a significant ruling on the scope of Section 66 of the Insolvency and Bankruptcy Code, 2016, the Guwahati National Company Law Tribunal (NCLT) on 30 April held that there is no exhaustive or straightjacket test to determine what constitutes fraudulent or wrongful trading. Judicial Member Justice Rammurti Kushawaha and Technical Member Yogendra Kumar Singh were hearing an application filed by the Resolution Professional of JSB Entrade Pvt. Ltd. against the suspended directors, promoter, and related parties of the corporate debtor.
Former Director Liable To Refund Diverted Rental Income Received During CIRP: NCLT Mumbai
Case Title : Ganesh Venkata Siva Rama Krishna Remani v. Puneet P. Bhatia & Ors.
Case Number : IA 4016 of 2025 in CP (IB) No. 280(MB)2023
CITATION : 2026 LLBiz NCLT (MUM) 416
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 29 April held that a former director who diverted rental income from properties of the corporate debtor during the Corporate Insolvency Resolution Process (CIRP) is liable to restore the amounts to the insolvency estate. Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey allowed an application filed by the Resolution Professional in the CIRP of Barracks Retail India Pvt. Ltd., admitted on a Section 7 petition filed by ASREC (India) Limited, against Puneet Bhatia, Respondent No.1 and other respondents.
SARFAESI, DRT Proceedings Do Not Bar IBC Action Against Personal Guarantor: NCLT Mumbai
Case Title : Canara Bank v. Shweta Deepak Patel and Ors
Case Number : C.P. (IB) No.377/NCLT/MB/2025 with IA(I.B.C) No.2976/NCLT/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 418
The National Company Law Tribunal (NCLT) in Mumbai has recently held that proceedings under the SARFAESI Act and pending recovery proceedings before the Debt Recovery Tribunal do not bar insolvency proceedings against a personal guarantor to a corporate debtor under the Insolvency and Bankruptcy Code, 2016. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar passed the ruling while admitting an insolvency application filed by Canara Bank against Shewta Deepak Patel, personal guarantor to Swaminarayan Diamonds Private Limited.
MSME Protections Cannot Override IBC Once Debt And Default Are Established: NCLT Mumbai
Case Title : Buldana Urban Cooperative Credit Society Limited Buldana v. Amar Seeds Private Ltd
Case Number : C.P.(IB)/767(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 417
The Mumbai Bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Amar Seeds Private Limited, holding that its status as a Micro, Small and Medium Enterprise would not bar initiation of proceedings under the Insolvency and Bankruptcy Code once financial debt and default were established.
NCLT Mumbai Approves Mantra Properties' Rs 201 Crore Resolution Plan For Nirmal Lifestyle
Case Title : Amit Vijay Karia vs Beacon Trusteeship Limited & Ors
Case Number : I.A. 783/2026 In C.P.(IB)/1150 (MB)/C-III/2022
CITATION : 2026 LLBiz NCLT (MUM) 421
The National Company Law Tribunal's Mumbai Bench has approved a resolution plan involving an infusion of Rs 201 crore by Mantra Properties and Developers Pvt Ltd for Nirmal Lifestyle (Mulund) Pvt Ltd, which has been undergoing corporate insolvency resolution proceedings since July 11, 2023. A Bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer passed the order on April 29, 2026, allowing an application filed by Resolution Professional Amit Vijay Karia under Section 30(6) of the Insolvency and Bankruptcy Code seeking approval of the plan.
IBC Individual Insolvency Process Applies To Personal Guarantors, Not Co-Borrowers: NCLT Jaipur
Case Title : Ankit Baldwa v. Ugro Capital Limited and Ors
Case Number : IA(IBC) No. 348/JPR/2025 in CP No.(IB)-47/94/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 419
The National Company Law Tribunal (NCLT) at Jaipur has dismissed an insolvency plea after holding that the individual insolvency framework under the Insolvency and Bankruptcy Code applies only to personal guarantors of corporate debtors and not co-borrowers. “In view of the scheme of the Code, we are of the opinion that the legislature in its wisdom extended the application of individual insolvency process only to the Personal Guarantors to the Corporate Debtor,” the tribunal said.
NCLT Ahmedabad Disposes Gensol's Insolvency Case Against Mindra EV After ₹1.5 Crore Settlement
Case Title : Gensol EV Lease Limited v. Mindra EV Private Limited
Case Number : CP(IB)/459(AHM) 2025
CITATION : 2026 LLBiz NCLT(AHM) 423
The National Company Law Tribunal (NCLT) at Ahmedabad has recently disposed of as infructuous insolvency proceedings initiated by Gensol EV Lease Limited against Mindra EV Private Limited after the parties entered into a settlement agreement. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma passed the order. Gensol had filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process against Mindra EV Private Limited over an alleged operational debt of ₹1,61,39,864.
Case Title : AU Small Finance Bank Vs Aviral Bio Tech & Fertilizers Pvt Ltd
Case Number : IA/317(MP)2024 in CP(IB)/49(MP)2023
CITATION : 2026 LLBiz NCLT (IND) 424
The Indore bench of the National Company Law Tribunal has allowed AU Small Finance Bank Limited to join the insolvency proceedings against Aviral Bio Tech & Fertilisers Pvt. Ltd. Holding that the bank, which had extended a vehicle loan to the company, qualifies as a financial creditor, the Tribunal said its objections deserved consideration. “It is not in dispute that the Applicant has extended financial assistance to the Corporate Applicant by way of a vehicle loan, thereby qualifying as a Financial Creditor within the meaning of the Code.”
Show Cause Notice Does Not Create Enforceable Debt Claimable In Liquidation: NCLT Ahmedabad
Case Title : The Commissioner of Customs Vs Arvind Gaudana
Case Number : IA/80(AHM)2026 in C.P.(IB)/119(AHM)2022
CITATION : 2026 LLBiz NCLT(AHM) 425
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently held that a show cause notice is merely a proposal to determine liability and does not create an enforceable debt while dismissing the Commissioner of Customs' delayed Rs 1.63 crore claim against Spel Granito Pvt. Ltd. in liquidation. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed: “A Show Cause Notice is only a proposal to determine liability and does not create an enforceable or adjudicated debt as on the liquidation commencement date.”, the tribunal held.
NCLT Mumbai Holds Water Supply And Service Charges To RIICO Not CIRP Costs
Case Title : Rajasthan State Industrial Development & Investment Corporation Limited Versus Shrivallabh Pittie Industries Ltd. & Ors.
Case Number : IA IBC 567/2026
CITATION : 2026 LLBiz NCLT (MUM) 430
Invoice Dues, Supply Advances Can Be Clubbed As Operational Debt Under IBC: NCLT Chennai
Case Title : Enmas India Pvt. Ltd. v. Sabash Engineering (Chennai) Pvt. Ltd.
Case Number : CP(IB)/271(CHE)/2024
CITATION : 2026 LLBiz NCLT (CHE) 429
The Chennai Bench of the National Company Law Tribunal (NCLT) on 28 April held that outstanding invoice dues and advance payments made towards supply of goods can be clubbed together as “operational debt” under the Insolvency and Bankruptcy Code, 2016 (IBC) for the purpose of maintaining a petition under Section 9 of the IBC. Technical Member Venkataraman Subramaniam and Judicial Member Sanjiv Jain admitted the application filed by Enmas India Pvt. Ltd. seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sabash Engineering, finding that the statutory threshold under Section 4 of the IBC stood satisfied.
Case Title : Mfar Constructions Private Limited v. Canopy Estates Private Limited
Case Number : C.P. (IB) No.21/BB/2020
CITATION : 2026 LLBiz NCLT (BEN) 431
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 28 April held that a separate Corporate Insolvency Resolution Process (CIRP) for another real estate project cannot be initiated through interlocutory applications in an already admitted insolvency proceeding. Judicial Member Justice Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada ruled that the Insolvency and Bankruptcy Code, 2016 (IBC) permits initiation of CIRP only through independent applications under Sections 7, 9 or 10, and not through miscellaneous proceedings in a pending case.
Case Title : Bhaskar Gopal Shetty (Liquidator) v. DCB Bank & Ors. in Raman Enterprises v. Mediaman Infotech Private Limited
Case Number : IA 1686 of 2024 in CP (IB) No. 1817(MB)/2019
CITATION : 2026 LLBiz NCLT (MUM) 433
The National Company Law Tribunal (NCLT) at Mumbai has criticised the erstwhile Resolution Professional in the insolvency of Mediaman Infotech Private Limited, observing that his attempt to extend the Corporate Insolvency Resolution Process beyond 180 days appeared aimed at continuing his assignment as Resolution Professional.
Case Title : Mr. Hasti Mal Kachhara, RP of Nagraj Alloys Pvt. Ltd. v. Niraj Mangal Meshram & Ors.
Case Number : IA 5256 of 2024 in CP (IB) No. 89 of 2022
CITATION : 2026 LLBiz NCLT (MUM) 434
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 7 May held that the write-off of inventory worth Rs. 10,83,69,000 by Nagraj Alloys Private Limited during CIRP was a fraudulent transaction intended to conceal non-existent stock and defraud creditors, thereby attracting liability under Section 66(1) of the Insolvency and Bankruptcy Code, 2016.
Case Title : Peerless Hospitex Hospital and Research Center Limited v. Abhijit Hazarika and Ors
Case Number : 2026 LLBiz NCLT (GUA) 436
CITATION : 2026 LLBiz NCLT (GUA) 436
The National Company Law Tribunal (NCLT) at Guwahati has permitted Peerless Hospitex Hospital and Research Center Limited, the successful resolution applicant for Ayursundra Hospital (Guwahati) Private Limited, to prosecute a pending avoidance application after the conclusion of the Corporate Insolvency Resolution Process by substituting the Resolution Professional. The tribunal held that the approved resolution plan, read with subsequent implementation decisions, contemplated continuation of such proceedings.
Decision On Corporate Debtor's Leased Premises Falls Within CoC's Commercial Wisdom: NCLT Kochi
Case Title : G Vinayan v. CS Narendar Reddy Banala
Case Number : IA(IBC)/75/KOB/2026 in CP(IBC)/5/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 435
On 8 May 2026, the National Company Law Tribunal (NCLT), Kochi held that the decision on whether leased premises occupied by a corporate debtor should be retained or vacated during CIRP or liquidation falls within the commercial wisdom of the Committee of Creditors (CoC). Judicial Member Vinay Goel passed the order and disposed of the application by directing the CoC to convene a meeting within 15 days and take a considered decision on the issue of continuation or vacation of the premises.
Pending Avoidance Applications No Bar To Dissolution Of Corporate Debtor: NCLT Hyderabad
Case Title : In the matter of Urban Farmart India Private Limited Filed by Govada Venkata Subbarao, Liquidator M/s Urban Farmart India Pvt Ltd
Case Number : CP (IB) No. IA (IBC) (DIS) No. 3/2026 IN CP (IB) No: 273/10/HDB/2022
CITATION : 2026 LLBiz NCLT (HYD) 437
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 6 May held that pendency of avoidance applications, including those relating to preferential, undervalued, fraudulent and extortionate (PUFE) transactions, cannot preclude dissolution of a corporate debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016, particularly in view of Regulation 44A of the Liquidation Process Regulations.
Case Title : IDBI Bank Limited vs Lanco Infratech Limited
Case Number : CP (IB) No. 111/7/HDB/2017 AND IA (IBC) 974/2024 in CP (IB) No. 111/7/HDB/2017
CITATION : 2026 LLBiz NCLT (HYD) 438
The National Company Law Tribunal (NCLT), Hyderabad, has held that while liquidation rules allow a liquidator to appoint professionals to assist in the process, that power cannot be used to outsource the liquidator's own statutory duties or claim payments beyond the prescribed fee structure. Applying this principle, the tribunal directed Deloitte Touche Tohmatsu India LLP to refund ₹7.48 crore to Lanco Infratech's liquidation estate.
Arbitration Clause In MoU Does Not Oust Insolvency Jurisdiction Under IBC: NCLT Mumbai
Case Title : Golden Medows Export Private Limited Vs PS IT Infrastructure & Services Limited
Case Number : C.P. (IB)/1232(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 440
Arbitration clauses in Memoranda Of Understanding (MOU) do not bar insolvency proceedings when debt and default are established, the National Company Law Tribunal's Mumbai bench has held while admitting PS IT Infrastructure & Services Ltd into insolvency. “The presence of an arbitration clause in an MoU does not oust the jurisdiction of the Adjudicating Authority while dealing with an application under Section 7 of the Code. The existence of an arbitration clause in the MoU does not bar the admission of a Section 7 application under the IBC.”
Case Title : Ex-Buzz Fire & Security Private Limited V/s Future Market Networks Limited
Case Number : C.P. (IB)/785(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 441
The National Company Law Tribunal (NCLT) in Mumbai has rejected an insolvency plea filed by Ex-Buzz Fire & Security Private Limited against Future Market Networks Limited, a Future Groups company. The tribunal held that the principal operational debt fell below the Rs 1 crore threshold required to trigger insolvency proceedings under the Insolvency and Bankruptcy Code. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the principal operational debt was only Rs 27.03 lakh and that the additional claims were unsupported by any contractual or documentary basis.
Running Account Entries Cannot Extend Limitation For Time-Barred Debt: NCLT Mumbai
Case Title : TRICON INFRA BUILDTECH PRIVATE LIMITED Versus PONY INFRASTRUCTURES AND CONTRACTORS LIMITED
Case Number : CP (IB) / 499 (MB) 2022
CITATION : 2026 LLBiz NCLT (MUM) 442
The National Company Law Tribunal (NCLT) at Mumbai has recently held that a creditor cannot extend the limitation period for recovering a time-barred debt merely by maintaining a running account in its own books unless the debtor acknowledges the liability in writing. “The maintenance of running account of a debtor by the creditor in its books can not extend the period of limitation in respect of debt, the claim of which has become time barred, unless the said running account is acknowledged by the debtor in writing.,” the tribunal observed.
NCLT Mumbai Dismisses CIRP Plea Filed To Avoid Consequences Of ₹250 Crore Statutory Demands
Case Title : INFINITE PINNACLE PVT LTD vs MART OVERSEAS PVT LTD
Case Number : CP (IB)74 (MB)/2026
CITATION : 2026 LLBiz NCLT (MUM) 443
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an insolvency plea filed by Infinite Pinnacle Pvt Ltd against Mart Overseas Pvt Ltd. The tribunal held that the petition was a fraudulent application filed to get away from criminal consequences arising from statutory demands of about ₹250 crores against the corporate debtor. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the petition was filed for a purpose other than the resolution of the corporate debt.
NCLT Ahmedabad Orders Steel Konnect Directors To Repay ₹20.25 Crore For Operating Hidden Account
Case Title : Kedarram R Laddha Vs Vivek Vijay Gupta & Ors.
Case Number : IA 585 of 2020 in CP(IB} 5 of 2017
CITATION : 2026 LLBiz NCLT(AHM) 445
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed suspended directors of Steel Konnect (India) Pvt. Ltd. and a related company to contribute Rs 20.25 crore to the corporate debtor's assets after finding they operated a concealed bank account and diverted company funds, including during the insolvency process. The order was passed by Judicial Member Shammi Khan and Technical Member Sanjeev Sharma.
Corporate Debtor Cannot Be Directly Dissolved Under IBC Without Liquidation: NCLT Mumbai
Case Title : In the matter of: Mr. Navin Khandelwal
Case Number : I.A. (DIS.) No. 28 of 2024 IN C.P. (IB) No. 302/MB/2021
CITATION : 2026 LLBiz NCLT(MUM) 446
The Mumbai bench of the National Company Law Tribunal (NCLT) has held that a corporate debtor cannot be directly dissolved under the Insolvency and Bankruptcy Code without first undergoing the insolvency and liquidation process. The bench of Judicial Member K. R. Saji Kumar and Technical Member Anil Raj Chellan observed: “A plain reading of Section 54 makes it clear that an application for dissolution of the Corporate Debtor is to be filed by the Liquidator and not by the IRP/RP of the Corporate Debtor. Further, the application for dissolution is to be filed after the assets of the Corporate Debtor have been completely liquidated.”
Case Title : UCO Bank vs. Sarita Steel & Power Limited
Case Number : I.A. (IB) No. 1726/KB/2025 In Company Petition (IB) No. 43/KB/2023 CITATION : 2026 LLBiz NCLT(MUM) 447
The Kolkata Bench of the National Company Law Tribunal (NCLT) has refused to consolidate the corporate insolvency resolution processes (CIRPs) of Sarita Steel & Power Limited and Ankit Metal & Power Limited, holding that Ankit Metal's resolution process had already reached an advanced stage with multiple plans evaluated. “The assets are interconnected, but the CIRP of Ankit Metal has reached an advanced stage with multiple resolution plans already evaluated. The CIRP of Sarita Steel is yet to progress much, or maybe it is getting deliberately delayed,” the tribunal observed.
Case Title : Sunil Mandwani v. Santosh Devcon Pvt Ltd.
Case Number : I.A. (COMPANIES ACT)/6(MP)2026 In CP (COMPANIES ACT)/8(MP)2026
CITATION : 2026 LLBiz NCLT(IND) 448
The National Company Law Tribunal (NCLT) in Indore has rejected Santosh Devcon Pvt. Ltd.'s objection that shareholder Sunil Mandwani was forum shopping by pursuing remedies before multiple fora in a dispute over the alleged reduction of his stake, holding that the company law case raised a distinct cause of action. “The present petition has been filed under Sections 241 and 242 of the Companies Act, 2013 alleging oppression by illegal reduction of the Applicant's shareholding and suppressive treatment as a shareholder — a cause of action that is distinct, independent and falls exclusively within the jurisdiction of this Tribunal. This is not forum shopping; this is forum choosing," the tribunal held.
Personal Guarantor Cannot Escape Liability Due To Creditor's Withdrawal from CIRP: NCLT Jaipur
Case Title : Hemant Kumar Bohra v. Manohar Lal VIJ and Ors
Case Number : IA No. 343/JPR/2024 in CP No.(IB)-19/95(1)/JPR/2021
CITATION : 2026 LLBiz NCLT(JAI) 450
The Jaipur Bench of the National Company Law Tribunal (NCLT) has held that withdrawal of a creditor's claim in the corporate insolvency resolution process (CIRP) of a corporate debtor does not, by itself, extinguish the liability of a personal guarantor under an independent contract of guarantee. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar dismissed the application filed by Hemant Kumar Bohra, personal guarantor of Bohra Industries Limited (BIL), challenging the admission of STCI Finance Limited's claim of over Rs. 47 crore in his personal guarantor insolvency proceedings.
NCLT Mumbai Rejects Johnson Screens' Insolvency Plea Against Shapoorji Pallonji
Case Title : Johnson Screens (India) Private Limited Vs. Shapoorji Pallonji and Company Private Limited
Case Number : C.P. (IB)/123/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 453
The Mumbai bench of the National Company Law Tribunal on Tuesday dismissed a plea by Johnson Screens (India) Pvt Ltd to initiate corporate insolvency resolution process against construction major Shapoorji Pallonji and Company Pvt Ltd over an alleged operational debt of Rs 1.05 crore.
Case Title : In the matter of Parvinder Singh, RP for Aabha Industries Limited
Case Number : IA(I.B.C.)/713(CH)2023 in CP(IB)No.62/CHD/PB/2019
CITATION : 2026 LLBiz NCLT (CHA) 455
The Chandigarh bench of the National Company Law Tribunal (NCLT) has directed Neel-Rattan Enterprises Pvt. Ltd. and its directors to hand over possession, custody, and control of factory premises and related assets belonging to Aabha Industries Limited to the resolution professional, holding that continued enforcement of an arbitral award allowing their occupation could not continue during the insolvency moratorium.
NCLT Delhi Allows Withdrawal Of Nobility Estates CIRP, Restores Management Control To Board
Case Title : ASK Property Investment Advisors Private Limited Vs Nobility Estates Private Limited
Case Number : IA-1707/2026 in (IB)- 390(PB)/2023
CITATION : 2026 LLBiz NCLT (DEL) 457
The Delhi Bench of the National Company Law Tribunal (NCLT) on 5 May allowed withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Nobility Estates Private Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016, after recording that creditors met the statutory approval threshold and parties reached a settlement. Acting President Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi allowed the withdrawal application, restored control of the company to its Board of Directors, and discharged the Resolution Professional from all duties.
NCLT Chennai Orders Liquidation Of ARS Energy After CoC Fails To Approve Resolution Plan
Case Title : R.Bhuvaneshwari, Resolution Professional of ARS Energy Private Limited
Case Number : IA/(IBC)/LIQ/7/CHE/2026 in CP/IB/99(CHE)/2024
CITATION : 2026 LLBiz NCLT(CHE) 458
On 5 May, the Chennai Bench of the National Company Law Tribunal ordered liquidation of ARS Energy Private Limited after the Committee of Creditors failed to approve any resolution plan and the proposal to appoint the Resolution Professional as liquidator did not secure the mandatory voting threshold under the Insolvency and Bankruptcy Code, 2016.
NCLT Mumbai Admits Canara Bank's Insolvency Plea Against Supreme Housing Over ₹567 Crore Default
Case Title : CANARA BANK VS SUPREME HOSUING & HOSPITALITY PVT LTD
Case Number : IA (I.B.C) 683/MB/2026 in CP (IB) No. 1257/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 460
The National Company Law Tribunal (NCLT) at Mumbai on Wednesday admitted Canara Bank's Section 7 insolvency petition against Supreme Housing & Hospitality Private Limited over a default of ₹567.43 crore and initiated corporate insolvency resolution process (CIRP) against the company. A Bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed: “Accordingly, in our view, there exists a debt which is in default and the said debt is within limitation and exceeds the threshold prescribed under Section 4 of IBC, 2016. The present Application is complete, and as per the consent of the proposed IRP as placed on record, no disciplinary proceedings are pending against the said proposed IRP.”
Case Title : Boston Ivy Healthcare Solutions Private Limited Vs Aaquaries Global Industries Limited
Case Number : C.P. (IB)/456(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 465
The National Company Law Tribunal (NCLT) in Mumbai has rejected Boston Ivy Healthcare Solutions Private Limited's insolvency plea against Aaquaries Global Industries Limited after finding that the initial demand notice was defective and the company issued a fresh demand notice after already moving the tribunal over the same dues. “In this case, the Applicant filed an application under Section 9 based on a demand notice, which subsequently was found as defective and therefore, the Applicant issued another demand notice dated 11.03.2025 demanding the outstanding claimed in the application. In our view, the same is not permissible and after the issuance of fresh notice of demand, the Applicant has file a fresh Section 9 application complying with the provisions of Section 8 and Section 9 of IBC, 2016. ,” the tribunal said.
NCLT Kochi Holds Similar Pre- and Post-CIRP Pricing Negates Undervaluation Allegation
Case Title : Piyush kisanlal Jani v. Chuzattil Narayanana Manoj
Case Number : IA(IBC)/141/KOB/2025 in CP(IBC)/10/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 467
The Kochi Bench of the National Company Law Tribunal (NCLT) on 8 May dismissed an application filed by the Resolution Professional of Pelican Biotech and Chemicals Labs Private Limited seeking avoidance of alleged undervalued transactions. Judicial Member Vinay Goel held that continuity of pricing between pre-CIRP and CIRP periods can be a relevant factor in assessing allegations of undervaluation under the Insolvency and Bankruptcy Code, 2016.
Case Title : State Bank of India v. Mulpuri Siva Ramakrishna & \
Case Number : IA (IBC)/1963/2025 IA (IBC)/1964/2025 IA (IBC)/1972/2025 in CP (IB) No. 390/95/HDB/2020 U/s 95 of IBC
CITATION : 2026 LLBiz NCLT (HYD) 472
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that specific payments made by a personal guarantor to his daughter and son during the relevant look-back period constituted preferential transactions under the Insolvency and Bankruptcy Code, 2016, and directed recovery of ₹1 crore into the bankruptcy estate. The bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri passed the order in applications arising out of the bankruptcy proceedings against Mulpuri Siva Ramakrishna, personal guarantor to Athena Chhattisgarh Power Limited.
Case Title : Roselabs Limited Vs Bank of Baroda & Ors
Case Number : RCP(IB)/2(AHM)2025 in C.P. (IB)/183/AHM/2024
CITATION : 2026 LLBiz NCLT (AHM) 468
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 11 May dismissed a voluntary insolvency petition filed by Roselabs Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held that the proceedings were initiated with malicious intent to stall recovery and regulatory actions rather than for genuine insolvency resolution, and imposed costs of Rs 10 lakh, directing that the amount be deposited with the Prime Minister's National Relief Fund.
Ahmedabad NCLT Rejects Suwarna Buildcon's CIRP Plea Against Sadbhav Engineering
Case Title : Suwarna Buildcon Pvt Ltd Vs Sadbhav Engineering Ltd
Case Number : C.P.(IB)/52(AHM)2023 With IA/500(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 469
On 11 May, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) dismissed a Section 9 insolvency petition filed by Suwarna Buildcon Pvt. Ltd. against Sadbhav Engineering Ltd., holding that the claim arose from a substituted contract and fell within the Section 10A embargo under the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Shammi Khan and Technical Member Sanjeev Sharma. It also dismissed the connected amendment application.
Case Title : Enercon Gmbh Vs Ravi Sethia, RP of Wind World (India) Ltd
Case Number : IA/425(AHM)2026 In IA(Plan)/7(AHM)2026 In CP(IB) 14 of 2018
CITATION : 2026 LLBiz NCLT (AHM) 470
The Ahmedabad bench of the National Company Law Tribunal has partly upheld objections by German wind energy company Enercon GmbH to the resolution plan for Wind World (India) Ltd. It held that the company's admitted claim for components and materials supplied could not be reduced to a notional value of ₹1 merely because related proceedings remained pending before the Supreme Court. “The mere pendency of the Special Leave Petitions before the Hon'ble Supreme Court could not, by itself, justify mechanical treatment of the entirety of the Objector's claim as liable to be admitted only at a notional value of Rs.1/-, particularly when the liability pertaining to components and materials supplied by Enercon stood specifically acknowledged and undisputed before the Hon'ble Bombay High Court,” the tribunal said.
NCLT Kochi Rejects Bid To Claw Back Periyar Agro's Alleged 'Gift' Transfers To Suspended Directors
Case Title : Mr. George Varkey v. Mohammed Riyaz and Anr
Case Number : IA(IBC)/325/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 473
The National Company Law Tribunal (NCLT) at Kochi has held that payments made to directors through running business accounts cannot be mechanically treated as “gifts” under the Insolvency and Bankruptcy Code without clear proof that they were gratuitous. Dismissing a Resolution Professional's plea against the suspended directors of Periyar Agro Food Industries Private Limited, the tribunal held that the RP had failed to establish that the transactions qualified as undervalued transactions under Section 45 of the IBC.
Case Title : Mr. George Varkey v. Mohammed Riyaz and Anr
Case Number : IA(IBC)/324/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 474
The National Company Law Tribunal (NCLT) at Kochi has recently directed the suspended directors of Periyar Agro Food Industries Private Limited to jointly pay over ₹38 crore to the Corporate Debtor after holding that they had carried on the company's business with intent to defraud creditors. Holding that stock worth ₹14.30 crore could not have “vanished or evaporated like water” without leaving any documentary or financial trail, a coram of Judicial Member Vinay Goel held that the suspended directors had failed to satisfactorily explain the disappearance of stock.
NCLT Ahmedabad Approves ₹29 Crore Resolution Plan for Amul Industries, Rejects Workmen's Objections
Case Title : Vinod Tarachand Agrawal
Case Number : IA(Plan)/15(AHM)2025 in CP(IB)/164(AHM)2023
CITATION : 2026 LLBiz NCLT (AHM) 471
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 May approved the resolution plan submitted by a consortium led by Mr. Sandeep Vadodaria for Amul Industries Pvt. Ltd., holding it compliant with Sections 30(2) and 53 of the Insolvency and Bankruptcy Code, 2016. Judicial Member Chitra Hankare and Technical Member Dr Velamur G. Venkata Chalapathy, approved the plan despite earlier rejection at the NCLT stage and subsequent remand by the National Company Law Appellate Tribunal (NCLAT).
NCLT Mumbai Allows Loyal Auto Globe Liquidator To Seek Release Of MPID-Attached Properties
Case Title : SOLVENZA ADVISORY LLP vs STATE OF MAHARASHTRA & ORS
Case Number : I.A. No.35/MB/C-V/2026 IN C.P. NO. 4216(IB)/MB/2018
CITATION : 2026 LLBiz NCLT (MUM) 475
Holding that Loyal Auto Globe Pvt. Ltd.'s liquidation cannot effectively proceed while its properties remain under MPID attachment, the National Company Law Tribunal at Mumbai on May 15 allowed the liquidator to approach the competent Sessions Court for release of the properties. A bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati said the issue of release of the attachment must be decided by the competent court because the properties form part of the corporate debtor's liquidation estate.
NCLT Mumbai Admits Homebuyers' Insolvency Plea Against Developers Of Stalled Avenue 54 Project
Case Title : Avenue 54 Welfare Association vs Sumer Buildcorp Private Limited & Ors Case Number : C.P.(IB)/284/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 476
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Friday admitted an insolvency plea by Avenue 54 Welfare Association, representing homebuyers of the stalled Avenue 54 housing project in Santacruz (West), Mumbai, against Sumer Buildcorp Private Limited and Sumer Radius Realty Private Limited. The plea concerns an alleged financial debt of Rs 203.27 crore arising from failure to complete the project and hand over possession.
Case Title : Pankaj Bhattad v. Krishan Raghunath Prasad Khadaria and Ors
Case Number : IA no 4240 of 2025 in Company Petition (IB) No. 612 of 2024
CITATION : 2026 LLBiz NCLT (MUM) 477
The National Company Law Tribunal (NCLT) Mumbai bench has recently refused to treat a loss-making share transaction by Laxmiramuna Investments Pvt. Ltd. as fraudulent trading. It held that the company was engaged in securities trading as part of its ordinary business and that no intent to defraud creditors had been established.
Case Title : O.C John v Sea Blue Shipyard Limited and Ors
Case Number : IA (C/Act)/31/KOB/2026 In CP(C/Act)/19/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 478
The Kochi Bench of the National Company Law Tribunal has allowed the legal heirs of a deceased individual named in a company petition to be brought on record. The Tribunal accepted the applicant's claim that he was unaware of the individual's death when the case was filed, observing that “procedural technicalities ought not to be permitted to defeat the ends of justice.” Judicial Member Vinay Goel passed the order while allowing an impleadment application in a company petition concerning Sea Blue Shipyard Limited.
Case Title : AUTHUM INVESTMENT & INFRASTRUCTURE LIMITED vs RNA LIFESTYLE PRIVATE LIMITED
Case Number : RCP (IB)/31/MB/2024 IN C.P. (IB)/2394/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 481
The National Company Law Tribunal (NCLT) Mumbai On Friday held that a financial creditor is not required to file separate insolvency proceedings merely because separate sanction letters or loan agreements were executed in favour of a corporate debtor, or because defaults occurred on different dates. “Merely because separate sanction letters or loan agreements were executed, or because defaults occurred on different dates, does not require the Financial Creditor to institute separate proceedings under Section 7 of the IBC. The scheme of the IBC does not contemplate a fragmented approach to financial transactions where multiple facilities extended by the same creditor to the same corporate debtor are to be artificially segregated. What is relevant under Section 7 is the existence of a financial debt and occurrence of default above the prescribed threshold,” the tribunal held.
Case Title : INDRAJIT MUKHERJEE vs PANKAJ CARGO FORWARDS PVT LTD & ORS
Case Number : I.A. (IB) NO. 1341 OF 2025 IN C.P. (IB) NO. 738/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 483
The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday ordered the liquidation of First Flight Couriers Ltd after the Committee of Creditors failed to arrive at a viable resolution plan that fully provided for EPFO dues and later voted to wind up the company. “Despite being granted sufficient time to reassess and amend the resolution plan for compliance, the CoC has not accomplished this. Consequently, the CoC has made a decision to liquidate the Corporate Debtor as no viable proposal is available,” the Tribunal held.
NCLT Ahmedabad Admits Astron Paper To Insolvency Over Rs 1.77 Crore Dues
Case Title : Empire Sons Pty Ltd Vs Astron Paper & Board Mill Limited
Case Number : COMPANY PETITION (IB) 316 (AHM) 2025
CITATION : 2026 LLBiz NCLT (AHM) 484
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Astron Paper & Board Mill Limited to insolvency proceedings over a Rs 1.77 crore payment default claimed by an Australian supplier of corrugated waste paper. Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy passed the order on May 11. Empire Sony PTY Limited, the operational creditor, said the default arose from supply of corrugated waste paper consignments under sales orders dated March 28, 2023, September 15, 2023, and September 22, 2023. It claimed dues of Rs 1.77 crore, including a principal amount of Rs 1.61 crore and interest of Rs 16.75 lakh.
IBC Court Can't Assume Criminal Court Role For Offences Arising Out Of Insolvency: NCLT Guwahati
Case Title : Sandeep Kaithan v. Shalini Bhagat and Ors
Case Number : IA(IBC)/44/GB/2023 in CP(IB)/22/GB/2019
CITATION : 2026 LLBiz NCLT (GUA) 485
The National Company Law Tribunal (NCLT) at Guwahati has recently reiterated that insolvency proceedings are not the proper forum to determine criminal liability for alleged fraudulent removal of a corporate debtor's assets, ruling that such allegations must be pursued before the designated special court. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh was dealing with an application originally filed by the Resolution Professional of Shree Sai Rolling Mills India Limited, later pursued by the liquidator, alleging fraudulent removal of the company's assets by the suspended management and others.
NCLT Delhi Admits Cedar Hospitality Into CIRP, Holds Borrower's OTS Extends Limitation
Case Title : Bank of India Vs Cedar Hospitality Private Limited
Case Number : Company Appeal (AT) (Insolvency) 2363/2024
CITATION : 2026 LLBiz NCLT (DEL) 487
On 11 May, the Delhi Bench of the National Company Law Tribunal (NCLT) admitted a Section 7 petition filed by Bank of India against Cedar Hospitality Pvt. Ltd. and initiated the Corporate Insolvency Resolution Process (CIRP) over a default of Rs. 140.49 crore. Judicial Member Jyotsna Sharma and Technical Member Anu Jag Mohan Singh appointed Shailesh Chandra Ojha as the Interim Resolution Professional (IRP).
NCLT Ahmedabad Admits Section 95 Petition Against Sonali Exim Guarantor Over Siemens ₹5 Cr Default
Case Title : Siemens Financial Services Private Limited Vs Deepak Agarwal
Case Number : IA/1227(AHM)2025 in C.P. (IB)/298(AHM)2024
CITATION : 2026 LLBiz NCLT (AHM) 489
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 8 May admitted an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 filed by Siemens Financial Services Pvt. Ltd. against Deepak Agarwal, personal guarantor to Sonali Exim Pvt. Ltd. Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy initiated the personal insolvency resolution process.
Case Title : CA and IP Bhavan Trivedi v. Income Tax Department and Anr
Case Number : IA(Plan) 3 of 2026 in CP No. (IB)- 276 OF 2024
CITATION : 2026 LLBiz NCLT (AHM) 490
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 22 April remitted the resolution plan of Button Industries Private Limited to the Committee of Creditors (CoC) for reconsideration, citing concerns over the conditional demerger structure, uncertainty on CIRP costs, and inadequate disclosure regarding the Successful Resolution Applicant's (SRA) financial capacity. Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy heard an application under Sections 30(6) and 60(5) of the Insolvency and Bankruptcy Code, 2016, filed for approval of the resolution plan in the Corporate Insolvency Resolution Process (CIRP) of the company.
Suspended Directors Can Move Tribunal Over Asset Preservation Failures During CIRP: NCLT Kolkata
Case Title : UCO Bank v. Nandini Impex Private Limited
Case Number : IA (IB) No. 212/KB/2025 And IA (IB) No. 1446/KB/2025 In CP (IB) No. 1377/KB/2020
CITATION : 2026 LLBiz NCLT (KOL) 492
The National Company Law Tribunal (NCLT) at Kolkata has recently reiterated that members of a suspended board of directors are not completely remediless during the corporate insolvency resolution process. It held that they may approach the adjudicating authority in appropriate cases concerning conduct of the process, preservation of assets, or alleged violation of statutory duties by the resolution professional or committee of creditors.
SARFAESI Notice Not Invocation Of Personal Guarantee For Insolvency: NCLT Jaipur
Case Title : Bank of Baroda v. Shri Amit Prakash Gupta
Case Number : IA(IBC) No.20/JPR/2026
CITATION : 2026 LLBiz NCLT (JAI) 493
The National Company Law Tribunal (NCLT) at Jaipur has held that a SARFAESI notice cannot, by itself, amount to invocation of a personal guarantee for initiating insolvency proceedings against a personal guarantor. A bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar observed that enforcement of security interest under the SARFAESI Act and invocation of a personal guarantee are “conceptually and legally distinct.”
NCLT Hyderabad Finds GPT Pharmaceuticals–Punarnava Rasayan CIRP Collusive, Finds No Financial Trail
Case Title : GPT Pharmaceutical Pvt Ltd and Punarnava Rasayan Pvt Ltd
Case Number : Miscellaneous Application (IBC)/1/2024 in Company Petition IB/108/7/HDB/2023 U/s 7 of IBC
CITATION : 2026 LLBiz NCLT (HYD) 495
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that parties cannot invoke the insolvency framework under the Insolvency and Bankruptcy Code, 2016 (IBC) in a collusive or malicious manner and that such misuse attracts proceedings and penalty under Section 65 of the Code. Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri initiated proceedings under Section 65 of the IBC and imposed a penalty of Rs. 25 lakh each on GPT Pharmaceuticals Private Limited and Punarnava Rasayan Private Limited for fraudulent initiation of the Corporate Insolvency Resolution Process (CIRP), finding that the proceedings constituted an abuse of the insolvency mechanism.
Case Title : Mukund Choudhary, Personal Guarantor Vs HEMANT SHARMA
Case Number : IA-1529/2026 IN CP (IB)-202(PB)/2021
CITATION : 2026 LLBiz NCLT (DEL) 496
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 19 May held that a personal guarantor stands discharged upon full implementation of a repayment plan under the Insolvency and Bankruptcy Code, 2016, and that the Personal Insolvency Resolution Process must close once statutory compliances under the Code are fulfilled. Judicial Member Mahendra Khandelwal and Technical Member Ms. Anu Jagmohan Singh, allowed an application filed by Resolution Professional Hemant Sharma under Section 119 of the IBC and discharged Mukund Choudhary, personal guarantor to CLC Industries Ltd, while closing the PIRP.
Case Title : Navkar Ploymers v Neo Microns Private limited.
Case Number : CP(IBC)/89/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 497
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that a corporate debtor's plea of an oral dispute over allegedly defective goods, without any supporting material, does not establish the existence of a genuine dispute, while admitting an insolvency plea over unpaid operational debt. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “The plea of oral dispute, in absence of any supporting material, does not establish existence of a dispute,” adding that the defence constituted a “moonshine defence” raised only to evade liability.
Case Title : Nitin Om Kothari RP of Irfan Khan PG of Dmb Paper Mills v. Mr. Irfan Khan
Case Number : CP(IBC)/89/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 498
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that a resolution professional cannot remain a “passive spectator” and attribute delays in a personal guarantor insolvency process to the guarantor or the financial creditor without taking proactive steps. The tribunal made the observation while dismissing a plea to close the personal insolvency resolution process with liberty to initiate bankruptcy proceedings.
Case Title : Assistant Commissioner of State taxes v. Mr. Shivadutt Bannanje
Case Number : IA 502 & 503 of 2025 in CP(IB) No. 14/BB/2017
CITATION : 2026 LLBiz NCLT(BEN) 499
The National Company Law Tribunal (NCLT) at Bengaluru recently refused to condone a 1,784-day delay and consequently declined to admit a belated ₹6.09 crore tax claim filed by the Punjab State Tax Department in the liquidation of Falcon Tyres Ltd. A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed applications filed by the Assistant Commissioner of State Taxes, Jalandhar, seeking condonation of delay and admission of the claim arising under the Punjab Value Added Tax Act and the Central Sales Tax Act.
Case Title : upreme Plascare India Private Limited v. Shiroo Polymers Private Limited
Case Number : CP/IB/76/CHE/2025
CITATION : 2026 LLBiz NCLT(CHE) 500
The Chennai Bench of the National Company Law Tribunal (NCLT) on 5 May held that parties cannot subsequently recharacterise ordinary commercial transactions as financial debt to invoke insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Jyoti Kumar Tripati and Technical Member Ravichandran Ramasamy dismissed Supreme Plascare India Private Limited's plea seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Shiroo Polymers Private Limited over an alleged default of Rs.1.13 crore after finding that it failed to establish the existence of a “financial debt” under the IBC.
NCLT Bengaluru Bars Investors From Other Dreamz Projects From Taking Part In Samhita Project CIRP
Case Title : Dreamz GK Investors Welfare Association v. Ms. Ramanathan Bhuvaneshwari
Case Number : IA No. 543 of 2024 in CP(IB) No. 113/BB/2022
CITATION : 2026 LLBiz NCLT(BEN) 503
The National Company Law Tribunal (NCLT) at Bengaluru has refused to allow an investors' association representing depositors in other Dreamz Infra projects to intervene in the project-specific insolvency proceedings for the Dreamz Samhita project, holding that it had failed to establish any project-specific interest. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application filed by Dreamz GK Investors Welfare Association seeking impleadment in the Corporate Insolvency Resolution Process (CIRP) of Dreamz Infra India Limited's Dreamz Samhita project and a stay on the August 24, 2023 admission order commencing insolvency proceedings.
Case Title : IL&FS Financial Services Limited Versus M/s Ansal Properties and Infrastructure Limited
Case Number : IA/6306/ND/2025 IN IB/558/ND/2024
CITATION : 2026 LLBiz NCLT (DEL) 504
The National Company Law Tribunal (NCLT) at New Delhi Bench has directed restoration of electricity supply to the golf course at Ansal Properties and Infrastructure Ltd's Sushant Golf City project in Lucknow. The relief is subject to the operator paying ₹2 lakh within three days and the balance ₹33.75 lakh within two months, while the Tribunal adjudicates a dispute over termination of its operating agreement during the company's insolvency proceedings.
Title Disputes Over Mortgaged Property Do Not Bar Personal Guarantor Insolvency: NCLT Guwahati
Case Title : Canara Bank Limited Vs Keishing James Lalrongbawl (PG) to North East Region Finservices Limited (CD)
Case Number : CP(IB)/20/GB/2025
CITATION : 2026 LLBiz NCLT(DEL) 505
The National Company Law Tribunal (NCLT) at Guwahat has recently held that pending title disputes over mortgaged property do not bar insolvency proceedings against a personal guarantor, since such proceedings turn on the existence of debt and default rather than adjudication of property rights. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh passed the ruling while admitting Canara Bank's insolvency petition against Keishing James Lalrongbawl, personal guarantor to North East Region Finservices Limited.
NCLT Kolkata Rejects EPFO's ₹8.23 Crore Additional PF Claim In Corporate Power Liquidation
Case Title : Central Board of Trust, Employees Provident Fund through Regional P.F. Commissioner-II (Legal)… Applicant Versus M/s Corporate Power Limited …Corporate Debtor And Mr. Pankaj Dhanuka, Liquidator of the Corporate Debtor namely M/s Corporate Power Limited (in liquidation)
Case Number : I.A. (IB) No. 1262/KB/2024 In Company Petition (IB) No. 23/KB/2019
CITATION : 2026 LLBiz NCLT(KOL) 506
The National Company Law Tribunal (NCLT) in Kolkata has dismissed the Employees Provident Fund Organisation's plea to admit an additional ₹88.23 crore claim towards provident fund damages and interest in the liquidation of Corporate Power Limited(CPL). A bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra held that the additional EPFO claim, which arose from an assessment completed after the commencement of liquidation, could not be admitted in the process.
Case Title : JM Financial Asset Reconstruction Company Limited vs. KOBO Biotech Limited
Case Number : IA (IBC) (Plan) 01/2026 In CP (IB) NO. 277/7/HDB/2023
CITATION : 2026 LLBiz NCLT (HYD) 501
The Hyderabad bench of the National Company Law Tribunal has approved Beaufond Industries Ltd's ₹70.11 crore resolution plan for KOBO Biotech Ltd. The plan provides for a composite restructuring. Beaufond will merge into KOBO Biotech, the API business will be demerged into a separate entity, and the surviving company will be renamed Beaufond Ltd. The coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri clarified that while approval of the resolution plan would suffice to implement the restructuring for KOBO Biotech, other entities involved in the scheme would still need to follow the prescribed Companies Act process.
Case Title : Kunnel Engineers and Contractors Private Limited v. Nest Realtors India Private Limited
Case Number : CP(IBC)/05/KOB/2026
CITATION : 2026 LLBiz NCLT(KOC) 507
The National Company Law Tribunal (NCLT) at Kochi has dismissed an insolvency petition filed by Kunnel Engineers and Contractors Private Limited against Nest Realtors India Private Limited. It held that once construction dues were extinguished under a settlement agreement, a later breach could not revive the original debt for insolvency proceedings.
Highest Score In Evaluation Matrix Doesn't Guarantee Resolution Plan Approval: NCLT Kochi
Case Title : Ayyappan Nair Raghavan Pillai v. Committee of Creditors
Case Number : IA(IBC)/379/KOB/2025 in CP(IBC)/22/KOB/2024
CITATION : 2026 LLBiz NCLT(KOC) 508
Securing the highest score under the evaluation matrix does not give a resolution applicant any vested right to have its plan approved by the Committee of Creditors (CoC), the National Company Law Tribunal at Kochi has reiterated. A coram of Judicial Member Vinay Goel said: “It is now well settled that the Evaluation Matrix is only a guiding tool intended to facilitate comparative assessment of Resolution Plans and does not confer any vested or enforceable right upon the highest-scoring Resolution Applicant to demand approval of its Resolution Plan.”
NCLT Chennai Reiterates Unauthorised Communications Cannot Trigger CIRP, Dismisses ₹1.24 Crore Plea
Case Title : Daedong Sidpping Company Limited v. Srivi Exports And Imports Private Limited Case Number : CP(IB)/78(CHE)/2024
CITATION : 2026 LLBiz NCLT(CHE) 509
The Chennai Bench of the National Company Law Tribunal (NCLT) on 5 May dismissed an insolvency application filed by Daedong Shipping Company Limited, a South Korean shipping company, holding that communications from an unauthorised person cannot be used to establish an operational debt or initiate proceedings under the Insolvency and Bankruptcy Code, 2016. Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy reiterated that corporate liability must rest on valid authorisation and a crystallised debt, while rejecting the plea to initiate Corporate Insolvency Resolution Process (CIRP) against Srivi Exports and Imports Private Limited over an alleged operational debt of about Rs 1.24 crore.
Auction Purchaser Of CoC Member Company Cannot Represent It Until Sale Completion: NCLT Kolkata
Case Title : Gouri Iron & Steel Private Limited v. Chaitanya Alloys Private Limited
Case Number : I.A. (IB) No. 1141/KB/2025 and IA (IB) No. 1025(KB) 2025 in Company Petition (IB) No. 13/KB/2024
CITATION : 2026 LLBiz NCLT(KOL) 511
The National Company Law Tribunal (NCLT), Kolkata Bench, has recently held that a successful auction purchaser of a company that is a committee of creditors (CoC) member in another insolvency process cannot participate in that other company's CoC meetings until the acquisition is legally completed. It held that mere purchase through auction does not by itself confer that right. The bench of Judicial Member Bidisha Banerjee, and Technical Member Siddharth Mishra held that the liquidator would continue to represent the CoC member until ownership effectively passes.
Case Title : Empire Housing Projects Pvt. Ltd. v. M/s Ninaniya Estates Limited
Case Number : CP (IB)No. 90/7/JPR/2025
CITATION : 2026 LLBiz NCLT(JAI) 512
The Jaipur Bench of the National Company Law Tribunal (NCLT) has refused to admit Empire Housing Projects Pvt. Ltd.'s insolvency plea against Ninaniya Estates Ltd. It held that the dispute arose from a complex and seriously contested commercial arrangement linked to a real estate transaction, which could not be resolved in summary insolvency proceedings. The matter was heard by a bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar.
Agreement To Sell Does Not Confer Ownership Rights Over Corporate Debtor's Property: NCLT Bengaluru
Case Title : Fortuna Integral Projects Private Limited v. Shivadutt Bannanje
Case Number : IA No. 596 of 2024 in CP(IB) No. 124/BB/2017
CITATION : 2026 LLBiz NCLT (BEN) 513
The Bengaluru National Company Law Tribunal (NCLT) on 26 May held that an agreement to sell, by itself, does not confer ownership rights or create any interest in an immovable property in favour of a purchaser in insolvency proceedings. Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application seeking execution of a sale deed in respect of a commercial property owned by Fortuna Buildcon (India) Private Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP).
NCLT Jaipur Holds Section 95 IBC Maintainable For Pre-2019 Guarantees If Default Occurs Later
Case Title : Tata Capital Limited v. Mr. Ashit Jain
Case Number : IA(IBC) No. 316/JPR/2025 in CP No.(IB)-7/95/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 514
The Jaipur National Company Law Tribunal (NCLT) on 26 May held that insolvency proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 can be initiated against a personal guarantor even where the guarantee was executed prior to the coming into force of the personal guarantor framework, so long as the default and invocation of the guarantee occurred thereafter. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar admitted an insolvency application filed by Tata Capital Limited against Ashit Jain, personal guarantor of Nidhikamal Automobiles Private Limited.
NCLT New Delhi Holds Cancellation Agreement Claim Outside Operational Debt, Rejects Section 9 Plea
Case Title : PARSVNATH DEVELOPERS LTD.Versus VINU PROMOTERS PRIVATE LTD
Case Number : Company Petition No. (IB)-233/ND/2025
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 20 May 2026 held that a claim arising from a cancellation agreement executed for relinquishment of rights under an earlier development arrangement does not constitute “operational debt” under Section 5(21) of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Ashok Kumar Bhardwaj and Technical Member Atul Chaturvedi dismissed a Section 9 application filed by Parsvnath Developers Ltd. seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Vinu Promoters Pvt. Ltd.
Case Title : Himalaya Food International Limited Vs A.P.J. Laboratories Limited
Case Number : CP (IB) No.161/Chd/HP/2023
CITATION : 2026 LLBiz NCLT(CHA) 516
The Chandigarh Bench of the National Company Law Tribunal National Company Law Tribunal on 25 May admitted a Section 7 petition filed by Himalaya Food International Limited and initiated Corporate Insolvency Resolution Process (CIRP) against A.P.J. Laboratories Limited for default of Rs 14.41 crore, holding that the debt and default stood admitted and undisputed. Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh admitted the petition, appointed an Interim Resolution Professional, and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016.
Case Title : Anil Arora Vs The Commissioner, Municipal Corporation, Faridabad
Case Number : IA(I.B.C.)/877(CH)2022 IN CP(IB) No.41/Chd/Hry/2019
CITATION : 2026 LLBiz NCLT(CHA) 515
The Chandigarh bench of the National Company Law Tribunal (NCLT) has held that recovery proceedings initiated by the Municipal Corporation of Faridabad could not impede the corporate insolvency resolution process of SRS Entertainment India Ltd. The tribunal directed the civic body to provide the company's resolution professional access to its sealed registered office and records. The bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh allowed an application filed by Resolution Professional Anil Arora seeking access to the premises and records required for conducting the insolvency resolution process.
Case Title : Union Bank of India vs. Shailesh Desai (Liquidator) and Ors.
Case Number : I.A. 43/2022 in C.P. No. (IB) 2660/2018
CITATION : 2026 LLBiz NCLT (MUM) 517
The Mumbai Bench of the National Company Law Tribunal (NCLT) has held that Union Bank of India could not claim exclusive entitlement to Rs 1.83 crore refunded after the wrongful invocation of bank guarantees during the corporate insolvency resolution process of EMI Transmission Ltd, finding that the amount was not covered by the bank's disclosed security and formed part of the liquidation estate.
Case Title : ICP India Private Limited v. Mr. Kanekal Chandrashekhar IN THE MATTER OF M/s Allahabad Bank v. M/s Southern Batteries Private Limited
Case Number : I.A. No. 573 of 2024 in C.P. (IB) No. 357/BB/2019
CITATION : 2026 LLBiz NCLT (BEN) 519
The National Company Law Tribunal (NCLT), Bengaluru Bench, has held that a decree obtained from a Commercial Court does not confer any superior status on a creditor under the Insolvency and Bankruptcy Code, 2016 (IBC). Such a creditor continues to be governed by its classification under the insolvency framework for the purposes of distribution under Section 53 of the Code. The tribunal observed, “A decree obtained during or after the commencement of insolvency proceedings does not confer any superior status upon the decree-holder in the distribution waterfall under Section 53. The Code does not recognize any special category for decree-holders, and such creditors continue to be governed by their respective classification under the insolvency framework.”
Case Title : SREI Equipment Finance Limited v. Kitply Industries Limited
Case Number : CP(IB)/8/GB/2024
CITATION : 2026 LLBiz NCLT(GUA) 527
The National Company Law Tribunal (NCLT) at Guwahati has held that insolvency proceedings cannot be admitted mechanically where serious disputes concerning the genuineness and enforceability of the underlying debt are already pending consideration before another forum. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh observed, “Where the creditor itself alleges in separate proceedings that the transaction is fraudulent and constitutes wrongful trading, this Tribunal cannot mechanically proceed on the assumption that a clear and undisputed 'financial debt' exists. The issue is not merely about computation of dues but concerns the very substratum and legitimacy of the transaction itself.”
NCLT Delhi Rejects Jiostar's Insolvency Plea Against Legends League Cricket Promoter
Case Title : Jiostar India Pvt. Ltd. Vs Absolute Legends Sports Private Limited
Case Number : C.P. IB/667/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 529
The Delhi bench of the National Company Law Tribunal (NCLT) has recently dismissed an insolvency plea filed by Jiostar India Pvt. Ltd. against Absolute Legends Sports Pvt. Ltd., the company behind the Legends League Cricket Masters T20 tournament. The tribunal held that Jiostar failed to establish that its claim for unpaid commentary-production charges and reimbursement of Ministry of Information and Broadcasting (MIB) fees under agreements relating to the broadcast rights of the Legends League Cricket tournament qualified as an operational debt.
Case Title : Ashok Arora Vs Mothers Pride Education Personna Pvt. Ltd & Presidium Educational Institution Pvt. Ltd.
Case Number : I.A. NO. 6318 OF 2025 IN C.P. IB 559 (ND) OF 2021 & I.A. NO. 6314 OF 2025 IN C.P. IB 638 (ND) OF 2021
CITATION : 2026 LLBiz NCLT(DEL) 530
On 1 June, the New Delhi Bench of the National Company Law Tribunal (NCLT) ended the insolvency proceedings against Presidium Educational Institution Pvt. Ltd. and Mothers Pride Education Personna Pvt. Ltd., after finding that the process had gone beyond the 330-day legal limit, suffered from irregularities, and did not result in any resolution plan. Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi disposed of the CIRPs and recalled the admission orders and withdrew the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016
Case Title : UCO Bank v. Mrs. Mallika Barooah
Case Number : CP(IB)/13/GB/2025
CITATION : 2026 LLBiz NCLT(GUA) 531
The National Company Law Tribunal (NCLT) at Guwahati has rejected UCO Bank's insolvency application seeking initiation of proceedings against Mallika Barooah in relation to dues claimed from Berial Engineers Private Limited. The tribunal held that the bank failed to establish invocation of the guarantee and that the application was barred by limitation. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh passed the order while dealing with the bank's application against Barooah. The bank claimed that she was a personal guarantor to credit facilities extended to the company.
Redirecting RP To MCA Website Does Not Constitute Cooperation Under IBC: NCLT Indore
Case Title : Teena Saraswat Pandey Vs Aditya Bhatnagar
Case Number : IA/224(MP)2025 in CP(IB)/17(MP)2024
CITATION : 2026 LLBiz NCLT(IND) 533
Merely directing a Resolution Professional (RP) to obtain information from public portals such as the MCA website and responding with "refer MCA website" or "not applicable" does not amount to cooperation during the insolvency resolution process, the National Company Law Tribunal (NCLT) at Indore has reiterated while directing the suspended management of Xyron Technologies Limited to furnish records sought by the RP.
NCLT Hyderabad Flags Nearly Ten-Fold Increase In Admitted Claim In CIRP, Orders Fresh Verification
Case Title : Frontline Enterprises Limited vs. Global Insolvency Professionals Private Limited and Anr
Case Number : CP (IB) No. IA (IBC) No. 1580 of 2025 In CP (IB) No. 217/7/HDB/ 2024
CITATION : 2026 LLBiz NCLT(HYD) 534
The National Company Law Tribunal (NCLT) at Hyderabad has directed a fresh verification of a financial creditor's claim in the corporate insolvency resolution process of Sri Nagakrishna Chemicals Ltd. after noting a nearly ten-fold increase in the admitted claim amount. The tribunal noted that the amount reflected in the creditor's application was about ₹7.95 crore, while the amount admitted during the CIRP stood at ₹73.98 crore.
Insolvency Plea Must Be Based On Fresh Default After Loan Account Regularisation: NCLT Mumbai
Case Title : IIFL Home Finance Limited vs Bombay ISLE Developers Private Limited
Case Number : CP (IB) No. 352/(MB)/2024
CITATION : 2026 LLBiz NCLT (MUM) 537
The Mumbai bench of the National Company Law Tribunal (NCLT) has held that a financial creditor cannot base an insolvency petition on a historical default that ceased to exist after the loan account was regularised, and must instead rely on a fresh default specifically pleaded in the application. Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar observed: “If the Corporate Debtor commits another default after the account has been regularised, a fresh Default occurs, and an application may lie basis such default, but such date of default has to be expressly pleaded by the applicant in the application. The Financial Creditor must file the Section 7 Petition using this new date of default, not the historical one. A Financial Creditor cannot base its Section 7 Petition on a historical Default date that no longer exists. Doing so makes the Petition technically flawed and subject to dismissal by this Adjudicating Authority.”
Case Title : In the matter of Smt. Madhubala R Jain, Personal Guarantor to M/s. Kankria Agro Limited
Case Number : C.P. (IB) NO. 203/MB/2026
CITATION : 2026 LLBiz NCLT (MUM) 539
The National Company Law Tribunal (NCLT) at Mumbai has admitted an insolvency resolution application filed by a personal guarantor. It held that the pendency of recovery proceedings under the SARFAESI Act, by itself, cannot render such an application non-maintainable. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar observed: “In view of the overriding effect accorded to the Insolvency and Bankruptcy Code, 2016 under Section 238, pendency of recovery proceedings under the SARFAESI Act cannot, by itself, render the present application non-maintainable. In the absence of material demonstrating mala fides or abuse of process, the present proceedings cannot be rejected solely on the ground that recovery proceedings had already been initiated by the Financial Creditor. Though the filing of the present application immediately prior to the scheduled e-auction may raise suspicion, the same, in the absence of any further material, cannot by itself constitute a ground for rejection of the application.”
Case Title : Suman Kumar Verma Resolution Professional vs Countertops and Cabinets (India) Private Limited & Ors
Case Number : IA (I.B.C)/5092/2025 IN CP (IB) 903/2019
CITATION : 2026 LLBiz NCLT (MUM) 541
The National Company Law Tribunal (NCLT) in Mumbai has recently held that a tenant's continued occupation of a corporate debtor's property after expiry of its arrangement cannot defeat the objectives of the corporate insolvency resolution process (CIRP) or obstruct implementation of an approved resolution plan. The tribunal directed Countertops and Cabinets (India) Pvt Ltd to hand over possession of a Jaipur property owned by Krystal Stone Exports Ltd within 15 days.
NCLT Ahmedabad Admits Insolvency Plea Against Osia Hyper Retail's Personal Guarantor
Case Title : Unity Small Finance Bank Limited Vs Kavita Dhirendra Chopra
Case Number : C.P.(IB)/361(AHM)2025 & IA/365(AHM)2026 in C.P.(1B)/361(AHM)2025 CITATION : 2026 LLBiz NCLT (AHM) 543
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted an application filed by Unity Small Finance Bank Limited and initiated insolvency resolution proceedings against Kavita Dhirendra Chopra, the personal guarantor of Osia Hyper Retail Limited. The application was filed in relation to an alleged default of Rs. 10,03,58,635.
NCLT Mumbai Rejects Personal Guarantor's Insolvency Plea, Says It Was Filed To Scuttle Auction Sale
Case Title : In the matter of MRS. VANDANA RAVINDRA CHAUDHARI(Personal Guarantor of Heera Ind Trading Pvt. Ltd.)
Case Number : C.P. (IB) NO. 794/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 544
The National Company Law Tribunal (NCLT) in Mumbai has rejected a personal insolvency plea filed by a personal guarantor to Heera Group companies. It observed that the application was moved after the auction of a mortgaged property and was intended to scuttle the concluded auction process initiated by Union Bank of India. A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed the plea filed by Vandana Ravindra Chaudhari. She had furnished personal guarantees for credit facilities extended by Union Bank of India to Heera Ind Trading Pvt Ltd, Heera Hospitality Pvt Ltd and Pratham Heera Sales Pvt Ltd.
Housing Society Cannot Recover Admitted Insolvency Dues From Auction Buyers: NCLT Mumbai
Case Title : Anil Patel & Ors. Versus Panchratna Co-operative Housing Society and Anr.
Case Number : IA 1195/2026
CITATION : 2026 LLBiz NCLT (MUM) 545
The National Company Law Tribunal (NCLT) at Mumbai has held that a housing society which has lodged and secured admission of its claim in a corporate debtor's insolvency proceedings cannot seek to recover the same dues directly from purchasers of the debtor's property sold during liquidation. A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the ruling while allowing an application filed by auction purchasers Anil Patel, Kiran Patel and Madhav Patel in relation to a flat purchased by them in the liquidation of C. Mahendra Export Ltd.
NCLT Mumbai Rejects Think Hard India Plea Against Guarantor For Non-Invocation Of Guarantee
Case Title : Think Hard India Private Limited VS Mr. Narendra Rajani
Case Number : C.P. (IB)/1265(MB)2022
CITATION : 2026 LLBiz NCLT (MUM) 548
On 5 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) dismissed an insolvency application that Think Hard India Pvt Ltd filed against Narendra Rajani, the personal guarantor of Seya Industries Ltd, holding that no liability had arisen against the guarantor because the creditor had not validly invoked the personal guarantee.
NCLT Kochi Holds Suspended Management Has No Locus After Liquidation, Rejects Auction Challenge
Case Title : M/s Sree Bhadra Parks & Resorts Ltd v. Mr. K Parameswaran Nair
Case Number : IA(IBC)/15/KOB/2026 in IBA/13/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 549
On 1 June, the Kochi Bench of the National Company Law Tribunal (NCLT), held that suspended directors cannot institute or pursue proceedings in the name of a corporate debtor after commencement of liquidation and that authorities cannot reopen a concluded liquidation auction in the absence of fraud, collusion or material irregularity.
Case Title : In the matter of: Mr. Amit Chandrakant Shah (Resolution Professional of Frost International Limited)
Case Number : IA (IBC) (PLAN) No. 135 of 2025 in C.P. (IB) 973(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 550
The National Company Law Tribunal's Mumbai Bench has approved Greensward Enterprise Pvt Ltd's resolution plan for Frost International Ltd, with a total value of Rs 181.20 crore, including interest on deferred payments. The company has been undergoing insolvency proceedings since February 2023. The plan secured 69.26% approval from the Committee of Creditors (CoC). A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar approved the plan while allowing an application filed by Resolution Professional Amit Chandrakant Shah under the Insolvency and Bankruptcy Code.
Flipkart Faces Fresh Insolvency Plea Before NCLT Bengaluru Over ₹1.69 Crore Marketing Services Dues
Case Title : M/s Applabs Media Pvt Ltd Vs M/s Flipkart Internet Pvt Ltd
Case Number : CP(IB) No. 59/BB/2026
The National Company Law Tribunal at Bengaluru has issued notice to Flipkart Internet Private Limited on a plea filed by Applabs Media Private Limited seeking initiation of insolvency proceedings over an alleged operational debt of ₹1.69 crore.
NCLT Chandigarh Issues Notice To Gridlogic Games On PhonePe's ₹3.93 Crore Insolvency Plea
Case Title : Phonepe Limited Vs. Gridlogic Games Private Limited
Case Number : CP (IB) No. 142/Chd/Hry/2026
The Chandigarh Bench of the National Company Law Tribunal (NCLT) has issued notice to Gridlogic Games Private Limited on an insolvency application filed by PhonePe Limited over alleged unpaid dues of ₹3.93 crore for promotional services rendered on its platform.
NCLT Bengaluru Dismisses Netambit's Insolvency Plea Against Flipkart, Finds Pre-Existing Dispute
Case Title : Netambit Value First Services Pvt Ltd v. Flipkart Internet Private Limited
Case Number : CP(IB)-329/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 553
The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an insolvency petition filed by Netambit Value First Services Pvt Ltd against Flipkart Internet Private Limited, holding that the material on record disclosed the existence of a pre-existing dispute between the parties.
NCLT Chandigarh Admits Primezone Developers To CIRP, Treats Plot Allottee Payments As Financial Debt
Case Title : Sandeep Turan Vs Primezone Developers Private Limited
Case Number : CP (IB) 128/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 552
On 5 June, the Chandigarh Bench of the National Company Law Tribunal (NCLT) admitted Primezone Developers Pvt. Ltd. to the Corporate Insolvency Resolution Process (CIRP), holding that payments made by plot allottees constitute financial debt under the Insolvency and Bankruptcy Code. Corporate Legal Insights
Case Title : Vichitra Narayan Pathak
Case Number : IA/220(MP)2026 in C.P.(IB)/35(MP)2021
CITATION : 2026 LLBiz NCLT(IND) 556
The Indore bench of the National Company Law Tribunal (NCLT) has observed that rejection of a repayment plan by the Committee of Creditors (CoC) has the same effect as rejection of the plan by the adjudicating authority, while rejecting a personal guarantor's repayment plan after it was voted down by creditors.
NCLT Ahmedabad Admits CIRP Against Areli Commerce, Rejects Financial Hardship Defence In S.7 Case
Case Title : Standard Capital Markets Limited Vs Areli Commerce Private Limited
Case Number : CP (IB) No. 49/7/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 555
On 10 June, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) initiated the Corporate Insolvency Resolution Process (CIRP) against Areli Commerce Pvt. Ltd., holding that financial hardship, liquidity constraints and market conditions cannot be used to defeat a Section 7 petition once debt and default are established.
Secured Creditor Cannot Be Compelled To Issue NOC For Sale Of Secured Assets: NCLT Bengaluru
Case Title : Gulam Mustafa Enterprises Private Limited v. Piramal Finance Limited
Case Number : IA No. 1088 of 2025 in CP(IB) No. 48/BB/2023
CITATION : 2026 LLBiz NCLT(BEN) 557
The National Company Law Tribunal (NCLT) at Bengaluru has recently held that a secured creditor cannot be compelled to issue a No Objection Certificate (NOC) for the sale of secured assets merely because the corporate debtor proposes an alternative mechanism for repayment of its dues. Corporate Legal Insights
NCLT Mumbai Initiates Personal Guarantor Insolvency Proceedings Against Anil Ambani On SBI Plea
Case Title : STATE BANK OF INDIA vs ANIL DHIRAJLAL AMBANI
Case Number : C.P. (IB)/916(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 558
Industrialist Anil Ambani has been admitted to personal insolvency proceedings by the Mumbai Bench of the National Company Law Tribunal on an application filed by State Bank of India over guarantees furnished for loans extended to Reliance Communications Ltd (RCOM) and Reliance Infratel Ltd (RITL), involving a default of ₹853.25 crore.
NCLT Mumbai Admits Canara Bank's ₹282 Crore Insolvency Plea Against Reliance Infra SPV HK Toll Road
Case Title : The Canara Bank Limited Vs. HK Toll Road Private Limited
Case Number : IA (I.B.C) 5338/MB/2025 in C.P. (IB)/522/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 559
The Mumbai Bench of the National Company Law Tribunal (NCLT) has admitted Canara Bank's insolvency petition against HK Toll Road Private Limited.
The company is a Reliance Infrastructure-promoted special purpose vehicle executing the Hosur-Krishnagiri six-laning highway project in Tamil Nadu. The admission was over a default of Rs. 282.59 crore.
Case Title : CA Prashant Jain, Resolution Professional
Case Number : I.A. (PLAN) NO. 88 OF 2025 IN CP (IB) NO. 299 OF 2023
CITATION : 2026 LLBiz NCLT (MUM) 562
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 8 June approved the resolution plan submitted by Sunsai Media Developers Pvt Ltd for Vin Semiconductors Pvt Ltd, finding that it complied with the Insolvency and Bankruptcy Code and CIRP Regulations.
NCLT Hyderabad Directs Reconsideration Of Sarda Agro Scheme After HC Removes Wilful Defaulter Tag
Case Title : Allahabad Bank v. Sarda Agro Oils Limited
Case Number : IA (IBC) Nos. 542 & 543 of 2025 in CP (IB) No. 102/07/HDB/2019
CITATION : 2026 LLBiz NCLT(HYD) 561
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 22 May allowed an application filed by Ashok Kumar Sarda, promoter and former director of Sarda Agro Oils Limited, and Vijay Sarda, a shareholder, and directed the liquidator to reconsider their compromise scheme.
Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri held that the scheme required reconsideration after the Telangana High Court set aside the wilful defaulter classification that had led to their ineligibility under the Insolvency and Bankruptcy Code (IBC).
NCLT Bengaluru Declares Congress MLC Naseer Ahmed Bankrupt Over ₹1,454 Crore Personal Guarantee Dues
Case Title : Canara Bank and Ors v. Mr. Naseer Ahmed
Case Number : IA No. 342 of 2025 in CP(IB) No. 07/BB/2021
CITATION : 2026 LLBiz NCLT (BEN) 565
The National Company Law Tribunal (NCLT) at Bengaluru recently ordered Congress MLC Naseer Ahmed bankrupt. The Tribunal noted that he failed to submit any repayment plan during his personal insolvency resolution process.
'Other Creditors' Have No Right To Pre‑Approval Disclosure Of Resolution Plan: NCLT Chandigarh
Case Title : Sandeep Kumar& Ors Vs Chandigarh Overseas Pvt. Ltd.
Case Number : I.A. No.1819 of 2024 In CP(IB) No. 248/Chd/Chd/2019
CITATION : 2026 LLBiz NCLT(CHA) 560
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 5 June dismissed an application seeking disclosure of a resolution plan before its approval and held that “Other Creditors” cannot access it at the pre-approval stage.
Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal heard the application filed by Sandeep Kumar and two others and rejected it.
Fresh Relief On New Facts Not Fraudulent Despite Earlier Denial Of Similar Claim: NCLT Mumbai
Case Title : Jyoti Structures Limited Versus DBS Bank Limited
Case Number : IA (I.B.C.) No. 390/2026 In IA (IBC)(LIQ.) No. 93/2025 In C.P (IB) No. 1137/2017
CITATION : 2026 LLBiz NCLT (MUM) 566
On 11 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that a party's failure to obtain a relief in earlier proceedings does not make a subsequent application seeking the same relief fraudulent or malicious when it is based on fresh facts and supervening events under Section 65 of the Insolvency and Bankruptcy Code.
Case Title : Ramareddy Devraj v. IC India Pvt Ltd
Case Number : CP(IB) No. 190/BB/2025
CITATION : 2026 LLBiz NCLT (BEN) 569
The National Company Law Tribunal (NCLT) at Bengaluru has held that part-payments made after issuance of a demand notice do not, by themselves, conclusively establish the absence of a dispute over the entire operational debt claimed in an insolvency petition where the quantum of liability remains disputed.
NCLT Allahabad Rejects Insolvency Plea Against Noida Metro Rail Over Pre-Existing Dispute
Case Title : EMPIRE TRANSPORT SERVICES LIMITED Vs NOIDA METRO RAIL CORPORATION LIMITED
Case Number : CP (IB) NO.45/ALD/2021
CITATION : 2026 LLBiz NCLT (ALL) 570
The Allahabad Bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by Empire Transport Services Limited (ETSL) against Noida Metro Rail Corporation Limited (NMRC).
The plea arose from alleged unpaid dues under a Bus Operators Agreement for operation and maintenance of bus services in Noida, Greater Noida and the Noida-Greater Noida connectivity corridor. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma observed that the material on record demonstrated the existence of disputes between the parties before the issuance of the demand notice.
ARC Must Establish Guarantee Was Assigned Before Proceeding Against Personal Guarantor: NCLT Mumbai
Case Title : OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED Versus MR. AGNELLO LOUIS D'SOUZA
Case Number : C.P. (IB) NO. 837/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 572
An Asset Reconstruction Company cannot proceed against an alleged guarantor merely by establishing the existence of a guarantee and must also show that the guarantee was assigned to it, the National Company Law Tribunal (NCLT), Mumbai, has held.
A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar rendered the ruling while dismissing an insolvency petition filed by Omkara Assets Reconstruction Pvt Ltd against Agnello Louis D'Souza.
Creditors Cannot Bypass COVID-Era Insolvency Bar Through Arbitral Award Or Fresh Demand: NCLT Mumbai
Case Title : NKGSB Co-operative Bank Limited V/s. KSM Multitrade LLP
Case Number : CP (IB)/778(MB)/2024
CITATION : 2026 LLBiz NCLT (MUM) 573
The National Company Law Tribunal (NCLT) at Mumbai has recently held that creditors cannot circumvent the insolvency bar imposed during the COVID-19 period by relying on a subsequent arbitral award or a fresh demand arising from the same default. The tribunal observed that accepting such an interpretation would defeat the purpose of the statutory protection.
NCLT Allahabad Orders Liquidation Of Usha India Ltd, Rejects ₹22.49 Crore Resolution Plan
Case Title : CHIRAG RAJENDRA KUMAR SHAH Vs THE ADMINISTRATOR OF THE SPECIFIED UNDERTAKING OF THE UNIT TRUST OF INDIA & USHA INDIA LIMITED
Case Number : IA (PLAN) No.07/2025 IN CP (IB) NO.25/ALD/2023
CITATION : 2026 LLBiz NCLT (ALL) 573
The Allahabad Bench of the National Company Law Tribunal (NCLT) has rejected the resolution plan submitted by the consortium of Dr Mukesh Kumar Agarwal and Divyansh Agarwal for Usha India Limited. The tribunal also ordered liquidation of the company. The bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma held that it was unable to record satisfaction that the approved resolution plan complied with the mandatory requirements of the Insolvency and Bankruptcy Code.
NCLT Delhi Approves ₹135.39 Crore Resolution Plan For Mastana Foods
Case Title : Amit Agarwal Vs HR Commercials Private Limited in consortium with M/s Crown Steels & Ors
Case Number : IA (IBC) (PLAN) No. - 48/2025 IN Company Petition No. (IB)-630(PB)/2019
CITATION : 2026 LLBiz NCLT(DEL) 574
The Delhi bench of the National Company Law Tribunal (NCLT) has approved a resolution plan worth ₹135.39 crore submitted by a consortium of HR Commercials Pvt. Ltd. and Crown Steels for Mastana Foods Pvt. Ltd. A bench of President Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi observed that the adjudicating authority cannot interfere with the commercial wisdom of the Committee of Creditors (CoC) so long as the resolution plan complies with the Insolvency and Bankruptcy Code.
Case Title : Gayatri Engimech Private Limited Vs Sisa Mosaic Private Limited
Case Number : C.P.(IB)/250(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 575
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has rejected an insolvency application, holding that the petition may be collusive. The tribunal also observed that the Memorandum of Understanding (MOU) relied upon by the applicant appeared to be a fictitious document created for filing the case.
Case Title : Gayatri Engimech Private Limited Vs Sisa Mosaic Private Limited
Case Number : C.P.(IB)/250(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 575
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has rejected an insolvency application, holding that the petition may be collusive. The tribunal also observed that the Memorandum of Understanding (MOU) relied upon by the applicant appeared to be a fictitious document created for filing the case. The application was filed by Gayatri Engimech Pvt. Ltd. against Sisa Mosaic Pvt. Ltd. seeking initiation of the corporate insolvency resolution process over an alleged default of ₹3.58 crore arising from an unsecured loan transaction.
Case Title : Montage Enterprises Pvt Ltd. Versus M/s Neemsar Vyapaar Pvt. Ltd. Limited
Case Number : IA (Dis.)-21(ND)/2024 In IB-716(ND)/2022
CITATION : 2026 LLBiz NCLT(DEL) 578
The National Company Law Tribunal (NCLT) at Delhi has recently ordered the dissolution of Neemsar Vyapaar Private Limited after finding no impediment to doing so, even though a GST demand of ₹100. 20 crore had been raised against the company during the liquidation process. A bench of Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi observed that there was no impediment to dissolution, clarifying that proceedings could continue against persons concerned with the company.
NCLT Delhi Approves ₹1.89 Crore Repayment Plan For Woolways India Personal Guarantor
Case Title : SBI v.. Babita Nayar
Case Number : IA-3478/2024 IN IB-696(ND)/2021
CITATION : 2026 LLBiz NCLT(DEL) 579
The National Company Law Tribunal (NCLT) at Delhi has approved a repayment plan worth ₹1.89 crore proposed by Babita Nayar, personal guarantor to Woolways India Limited. The plan envisages repayment to creditors within five months through the sale of immovable properties and financial assistance from friends and relatives. A bench of Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi also clarified, in a connected matter, that an earlier direction requiring the State Bank of India (SBI) to deposit ₹2 lakh into the account of the Resolution Professional was only an interim measure intended to facilitate the insolvency process. It was not a determination of the final professional fee payable.
Case Title : Pramod Kumar Misra Vs M/S DUKE FASHIONS (INDIA) LTD.
Case Number : I.A. No. 1975 of 2023 & I.A. No. 1991 of 2023 in CP (IB) NO. 66/CHD/PB/2019
CITATION : 2026 LLBiz NCLT(CHA) 580
On 11 June, the Chandigarh Bench of the National Company Law Tribunal (NCLT), held that the Liquidator under the Insolvency and Bankruptcy Code, 2016 (IBC) has overriding authority to recover possession of liquidation estate assets, and that rent control proceedings cannot obstruct such statutory duties. Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal directed Duke Fashions (India) Ltd. and UV & W Products Pvt. Ltd. to vacate and hand over possession of prime properties in Ludhiana forming part of the liquidation estate of Venus Garments (India) Limited.
NCLT Bengaluru Allows Change In Default Date In Insolvency Plea Against Cafe Coffee Day Parent
Case Title : Reschtsanwalt Dr.Christian Bachmann v. Coffee Day Global Limited
Case Number : IA No. 722 of 2025 in CP(IB) No. 232/BB/2024
CITATION : 2026 LLBiz NCLT(BEN) 584
The National Company Law Tribunal (NCLT) at Bengaluru recently allowed an amendment to the date of default in an insolvency petition against Cafe Coffee Day parent Coffee Day Global Ltd, permitting the date to be changed from November 27, 2020, to September 30, 2019. A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held that the proposed amendment merely aligned the date of default with the factual foundation already set out in the pleadings and did not amount to introducing a new cause of action.
NCLT Delhi Rejects Former SpiceJet Pilot's Insolvency Plea Against Airline Over Salary Dues
Case Title : CAPT. DEVESH BBYAN Vs SPICEJET LIMITED
Case Number : C.P. (IB)-148/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 585
The National Company Law Tribunal (NCLT) at Delhi has recently dismissed an insolvency plea filed by a former SpiceJet pilot over alleged unpaid salary dues, holding that the claim fell below the minimum threshold required for initiating insolvency proceedings and was also the subject of a pre-existing dispute
Case Title : Ram Niranjan Kajaria & Ors. v. Anil Plantations Private Limited & Ors.
Case Number : IA (Companies Act)/144/KB/2025; COMP. APPL. 43/KB/2024
CITATION : 2026 LLBiz NCLT (KOL) 586
The National Company Law Tribunal (NCLT) in Kolkata has held that family settlement agreements entered into by only some members of a family cannot be recognised as binding settlements where other legal heirs and coparceners continue to assert rights in the disputed estate and shareholding. The tribunal ruled that two such agreements relied upon in a dispute concerning Anil Plantations Private Limited were void and illegal. It further held that the agreements could not render the company petition non-maintainable.
Case Title : Sanjeev Jhunjhunwala, Liquidator of Dooteriah & Kalej Valley Tea Private Limited v. Goutam Kumar Roy & Anr.
Case Number : I.A. (IB) No. 27/KB/2026 in C.P. (IB) No. 557/KB/2017
CITATION : 2026 LLBiz NCLT (KOL) 587
The National Company Law Tribunal (NCLT), Kolkata Bench, has recently held that after the omission of the provisions permitting going-concern sales under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, it cannot allow the sale of a corporate debtor as a going concern or as a continuing juristic entity during liquidation.
Case Title : Attukal Bhagavathy Temple Trust & Anr. v. Attukal Devi Institute of Medical Sciences Ltd. & Anr.
Case Number : IA(IBC)/217/KOB/2025 in CP(IBC)/22/KOB/2024
CITATION : 2026 LLBiz NCLT (KOB) 591
The National Company Law Tribunal (NCLT) at Kochi has recently refused to direct the Resolution Professional to hand over possession of a hospital property leased by Attukal Bhagavathy Temple Trust to Attukal Devi Institute of Medical Sciences Ltd., observing that such a direction could not be issued during the subsistence of the Corporate Insolvency Resolution Process (CIRP) and moratorium. The tribunal observed that such a direction could not be issued while the Corporate Insolvency Resolution Process (CIRP) and moratorium remained in force.
NCLT Hyderabad Refuses To Direct VNR Infrastructure Liquidator To Process Subcontractor's Bills
Case Title : SS Rail Works Pvt. Ltd. v. VNR Infrastructure Ltd. (Under Liquidation)
Case Number : IA No. 44 of 2022 in CP (IB) No. 12/10/HDB/2017
CITATION : 2026 LLBiz NCLT (HYD) 592
The National Company Law Tribunal (NCLT) at Hyderabad has refused to direct the liquidator of VNR Infrastructure Ltd. to process a subcontractor's bills and secure payment from North East Frontier Railway authorities.
Proceedings Before Calcutta High Court No Bar To Examining Preferential Transactions: NCLT Kolkata
Case Title : McNally Bharat Engineering Company Limited Through its Resolution Professional Mr. Ravi Sethia Versus McNally Trolex JV & Ors
Case Number : I.A. (IB) No. 342/KB/2023 In Company Petition (IB) No. 891/KB/2020
CITATION : 2026 LLBiz NCLT (MUM) 595
The Kolkata Bench of the National Company Law Tribunal (NCLT) on 12 June held that the mere pendency of proceedings before the Calcutta High Court does not prevent it from examining whether a transaction amounts to a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code, 2016.
NCLT Ahmedabad Directs Return Of 5 EVs To Gensol EV Lease, Bars Arbitration During Moratorium
Case Title : Keshav Khaneja RP of Gensol EV Lease Limited Vs EC Wheels India Private Limited
Case Number : IA/1429(AHM)2025 In C.P.(IB)/199(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 596
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 15 June held that leased vehicles forming part of a corporate debtor's assets must be returned to the Resolution Professional during insolvency proceedings. Further, that rival monetary claims cannot be decided in summary jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code (IBC).
Case Title : Frontline Wind Energy Private Limited v. K. Vatsa Kumar, Liquidator of PPS Enviro Power Private Limited & Anr.
Case Number : IA (IBC) No. 239 of 2026 in CP (IB) No. 407/7/HDB/2018
CITATION : 2026 LLBiz NCLT (HYD) 593
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that reliefs and concessions arising from a liquidation auction conducted on a going-concern basis cannot extend directly to third-party investor entities who did not participate in the bidding process or receive auction documents.
Case Title : Phantom Studios India Private Limited vs EROS International Media Limited
Case Number : C.P. No. (IB) 598/MB/C-III/2024
CITATION : 2026 LLBiz NCLT (MUM) 599
The Mumbai Bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by Phantom Studios India Pvt Ltd against Eros International Media Ltd. The Tribunal held that Phantom Studios' claim for ₹1.48 crore arising from the parties' co-production arrangement for the film NH10 did not qualify as an operational debt under the Insolvency and Bankruptcy Code. A bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer rejected Phantom Studios' petition seeking initiation of the corporate insolvency resolution process against Eros over an alleged default of Rs 1.48 crore.
NCLT Ahmedabad Admits Insolvency Plea Against Evoq Remedies Over ₹1.95 Crore Unrefunded Advance
Case Title : Harbhole Agrotech Vs Evoq Remedies Limited
Case Number : CP (IB) No.149/9/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 600
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Harbhole Agrotech's insolvency petition against Evoq Remedies Limited over an alleged default in refunding Rs 1.95 crore paid in advance for the supply of FSG Castor Oil. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma found that the debt and default had been established. It also found that no pre-existing dispute had been shown on record.
Only Security Created Over Corporate Debtor's Assets Confers Secured Creditor Status: NCLT Kochi
Case Title : Dileep K.P v. YES Bank Limited
Case Number : IA(IBC)/138/KOB/2026 in CP(IBC)/33/KOB/2025
CITATION : 2026 LLBiz NCLT(KOC) 602
The National Company Law Tribunal (NCLT) at Kochi has held that a creditor cannot claim the status of a secured financial creditor in a corporate insolvency resolution process merely because its debt is backed by the personal assets of promoters.
Case Title : Radhey Sham Midha & Sandeep Kumar Bhatla Vs Rahul Jindal
Case Number : I.A.(I.B.C)/46(CH)/2025 in CP (IB) No. 98/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 590
The Chandigarh Bench of the National Company Law Tribunal (NCLT) has dismissed a plea by two flat buyers seeking recognition as financial creditors of Samar Estates Pvt. Ltd. and inclusion in the company's Committee of Creditors (CoC).
NCLT Kochi Holds 2026 IBC Amendment Clarifying Liquidation Distribution Applies Retrospectively
Case Title : Meenachil East Urban Co-operative Bank Limited v. CA Mahalingam Suresh Kumar and Anr
Case Number : IA(IBC)/1/KOB/2025 in IBA/240/KOB/2019
CITATION : 2026 LLBiz NCLT(KOC) 603
The National Company Law Tribunal (NCLT) has ruled that a 2026 clarification to the insolvency law governing the entitlement of secured creditors who relinquish their security interests during liquidation applies to pending proceedings.
Income Tax Department Cannot Continue Pre-CIRP Attachment After Resolution Plan Approval: NCLT Kochi
Case Title : Orchid Valley Apartment Buyers Association v. Assistant Commissioner of Income Tax Circle and Anr
Case Number : MA(IBC)/02/KOB/2026 in IA(IBC)/215/KOB/2023 in CP(IB)/05/KOB/2021
CITATION : 2026 LLBiz NCLT(KOC) 605
The National Company Law Tribunal (NCLT) at Kochi recently held that the Income Tax Department cannot continue a pre-CIRP attachment over a corporate debtor's property after approval of a resolution plan. A coram of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy allowed an application filed by Orchid Valley Apartment Buyers Association, the successful resolution applicant for the Orchid Valley project of Samson and Sons Builders and Developers Private Limited.
Tribunal Cannot Expand Asset Base After Approval of Resolution Plan Under Section 31: NCLT Guwahati
Case Title : PRAG India vs Ms. Sudha Sharma
Case Number : IA(IBC)/23/GB/2026 in IA(IBC)(PLAN) 1/GB/2025 in CP(IB)/128/GB/2018
CITATION : 2026 LLBiz NCLT(GUA) 607
The Guwahati Bench of the National Company Law Tribunal (NCLT) on 12 June held that once a resolution plan is approved under Section 31 of the Insolvency and Bankruptcy Code, it cannot be used to rewrite, modify or expand the asset base contemplated under the plan.
NCLT Mumbai Admits Central Bank Of India's ₹44.68 Crore Insolvency Plea Against Deepak Education
Case Title : CENTRAL BANK OF INDIA vs DEEPAK EDUCATION LIMITED
Case Number : CP (IB) No. 374/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 608
On 17 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted a Section 7 petition filed by Central Bank of India against Deepak Education Ltd over a default of Rs. 44.68 crore, thereby initiating the Corporate Insolvency Resolution Process against the company.
Case Title : Surinder Aggarwal & Ors. Vs Raheja Developers Limited
Case Number : CP (IB) – 182(ND)/2024
CITATION : 2026 LLBiz NCLT(DEL) 610
The New Delhi National Company Law Tribunal (NCLT) on 8 June held that homebuyers' payments towards a real estate project constitute financial debt under Section 5(8)(f) of the Insolvency and Bankruptcy Code (IBC). President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi admitted a Section 7 petition filed by 176 allottees of Raheja Developers' Revanta project seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the developer.
Case Title : Rajesh Kumar Loomba, Liquidator of Julka Rice and Oil Mills Limited v. Julka Rice and Oil Mills Limited (Under Liquidation)
Case Number : IA (IBC) 585(CH)/2026 in CP (IB) No. 38/Chd/Pb/2018
CITATION : 2026 LLBiz NCLT (CHA) 604
The National Company Law Tribunal (NCLT) at Chandigarh has allowed the liquidator of a rice mill to initiate execution proceedings for recovery of enhanced compensation awarded for land acquired by the Punjab government.
Collusion Allegations Alone Cannot Establish Fraudulent Insolvency Proceedings: NCLT Chandigarh
Case Title : Dr. Vijay Vohra v. Himalaya Food International Ltd.
Case Number : IA (IBC) No. 900/CH/2025 in CP (IB) No. 161/Chd/HP/2023
CITATION : 2026 LLBiz NCLT(CHA) 612
The National Company Law Tribunal (NCLT) in Chandigarh has held that allegations of collusion, related-party dealings, and disputes among shareholders or directors are not enough to establish that insolvency proceedings were initiated fraudulently. A bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh rejected an application filed by Dr Vijay Vohra, a promoter shareholder and director of A.P.J. Laboratories Ltd.
Case Title : Aditya Birla Finance Limited v. G. Thiyagarajan
Case Number : CP(IB)/43(CHE)/2024 and IA(IBC)/799(CHE)/2024
CITATION : 2026 LLBiz NCLT(CHE) 613
The National Company Law Tribunal (NCLT) at Chennai has reiterated that a settlement reached during the liquidation of a corporate debtor does not absolve a personal guarantor of liability under a separate contract of guarantee.
Case Title : One 97 Communication Limited vs Fabzen Technologies Private Limited
Case Number : C.P. (IB)/884(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 615
The National Company Law Tribunal (NCLT) in Mumbai has admitted an insolvency plea filed by One97 Communications Ltd, which operates Paytm, against gaming company Fabzen Technologies Pvt Ltd over unpaid dues of more than ₹3.41 crore for digital advertising services. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that One97 had established the existence of an operational debt and a payment default, while Fabzen had failed to show any pre-existing dispute.
Bare Production Of Guarantee Deed Without Commercial Nexus Cannot Establish Debt: NCLT Mumbai
Case Title : Naman Syntex Prop Daksha Rajendra Ahuja. Versus Mrs. Mansi Lalit Kumar Manjrekar
Case Number : CP (IB) No.970/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 619
The Mumbai Bench of the National Company Law Tribunal on 16 June held that a Section 95 insolvency petition under the Insolvency and Bankruptcy Code cannot be sustained on the basis of a mere guarantee deed without supporting evidence of commercial context, consideration, financial capacity and nexus establishing a legally enforceable debt.
Case Title : Krishkan Investment Private Limited. Vs Utkal Steels Limited
Case Number : TP(IBC)/2(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 621
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 17 June held that insolvency proceedings against a corporate guarantor cannot be made conditional on the realisation of assets of the principal borrower and reaffirmed that a guarantor's liability remains co-extensive with that of the principal debtor under Section 128 of the Indian Contract Act, 1872.
Case Title : Edelweiss Asset Reconstruction Company Ltd. v/s. Fab Metals Private Limited & Ors
Case Number : I.A. No. 3983 of 2024 IN C.P. (IB) No. 1224/MB/2020
CITATION : 2026 LLBiz NCLT (MUM) 624
The National Company Law tribunal (NCLT) at Mumbai has held that creditors cannot claim the benefit of a subsequent increase in the value of a corporate debtor's assets after approving a resolution plan. The tribunal ruled that the gain cannot be claimed merely because the increase was not contemplated when the plan was approved.
Insolvency Against Personal Guarantor Maintainable Without CIRP Against Borrower: NCLT Kolkata
Case Title : Indian Bank Versus Santosh Jhawar, Personal Guarantor of M/s Burgundy Life Style Pvt. Ltd
Case Number : I.A. (IB) No. 1690/KB/2024 In C.P. (IB) No. 193/KB/2024
CITATION : 2026 LLBiz NCLT (KOL) 627
The National Company Law Tribunal (NCLT) at Kolkata has reiterated that insolvency proceedings against a personal guarantor can be maintained even if no insolvency proceedings have been initiated against the principal borrower.
NCLT Bengaluru Holds Bank Cannot Retain Title Deeds After Full Payment of Resolution Plan Dues
Case Title : Kotak Mahindra Bank v. Arun Shelters
Case Number : IA(IBC) 1002/ 2025 in CP(IB) No. 305/BB/2019
CITATION : 2026 LLBiz NCLT (BEN) 628
The National Company Law Tribunal (NCLT) at Bengaluru has held that a bank that has received the full amount payable under an approved resolution plan cannot continue withholding a corporate debtor's title deeds and security documents. The tribunal held that the pendency of an appeal concerning an interest dispute is not, by itself, a valid reason to retain those documents. A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada directed Kotak Mahindra Bank to hand over the original title deeds, security papers and charge release documents relating to the Arun Aurovilla project within 15 days.
Case Title : Union Bank of India Vs. Rashmi Realty Builders Private Limited
Case Number : C.P. (IB)/1119/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 629
The National Company Law Tribunal (NCLT) in Mumbai has recently held that the substantial completion of a real estate project and the sale of flats and shops in it do not bar insolvency proceedings by a lender. The tribunal observed that such circumstances do not extinguish an unpaid financial debt. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted Union Bank of India's insolvency plea against Rashmi Realty Builders Pvt Ltd over a default of more than ₹60 crore. The tribunal also rejected the developer's allegation that the proceedings had been initiated with malicious intent.
Secured Creditor Cannot Enforce Security After Statutory Timeline Under Regulation 21A: NCLT Mumbai
Case Title : The Vishweshwar Limited, Pune Sahakari Bank Vs Prashant Jain
Case Number : I.A No. 4943/2025 In CP No. 1852 /2019
CITATION : 2026 LLBiz NCLT (MUM) 630
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 10 June held that compliance with the timelines prescribed under Regulation 21A of the IBBI (Liquidation Process) Regulations is mandatory and that a secured creditor cannot be permitted to realise its security interest after failing to exercise its option within the stipulated period.
Resolution Professional Cannot Be Replaced For Disagreement With Recommendation: NCLT Jaipur
Case Title : Mr. Islamuddin Kagzi v. Union Bank of India
Case Number : IA(IBC) No. 567/JPR/2025 in RCP(IB) No. 4/95/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 631
The National Company Law Tribunal at Jaipur on 19 June held that a Resolution Professional appointed in personal guarantor insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 cannot be replaced merely on account of a party's dissatisfaction with the professional's recommendation. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar dismissed an application filed by Islamuddin Kagzi, personal guarantor to Sanga Builders Private Limited, who sought substitution of the Resolution Professional appointed in proceedings initiated by Union Bank of India under Section 95 of the IBC.
NCLT Mumbai Initiates CIRP Against Longrange Commodities, Admits ₹90.54 Crore UCO Bank Petition
Case Title : UCO Bank V/s Longrange Commodities Limited
Case Number : C.P. (IB)/514(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 632
On 12 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Longrange Commodities Pvt Ltd into the Corporate Insolvency Resolution Process on a petition filed by UCO Bank over a default of Rs. 90.54 crore and appointed Kuldeep Tank as the Interim Resolution Professional. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 is maintainable where the financial creditor establishes financial debt, default, and valid acknowledgements extending limitation, and further held that curable procedural defects cannot defeat substantive rights.
IBC Approval Does Not Auto-Delete ROC Charges, Companies Act Procedure Must Be Followed: NCLT Jaipur
Case Title : The Administrator of Specified Undertaking of Unit Trust of India and Anr v. Modern Syntex (India) Ltd
Case Number : IA No. 29/JPR/2026 in CP(IB) No. 39(PB)/2018
CITATION : 2026 LLBiz NCLT(JAI) 634
The Jaipur Bench of the National Company Law Tribunal on 22 June ruled that approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016 does not automatically delete pre-CIRP charge entries from the records maintained by the Registrar of Companies. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar held that parties must still follow the statutory procedure under the Companies Act, 2013 for satisfaction or modification of such charges and partly allowed the application filed by Vaaso Infrastructure Private Limited.
Dues Arising From TReDS Transactions Are Operational Debt, Not Financial Debt: NCLT Jaipur
Case Title : Bank of Maharashtra v. Ashiana Ispat Limited
Case Number : CP No.(IB)-73/07/JPR/2025
CITATION : 2026 LLBiz NCLT(JAI) 635
The National Company Law Tribunal (NCLT) at Jaipur has dismissed Bank of Maharashtra's insolvency plea (section 7) against Ashiana Ispat Limited. The tribunal held that dues arising from invoice discounting transactions undertaken through the Trade Receivables Discounting System (TReDS) were operational debt and not financial debt.
Case Title : Bank of Baroda Vs Sintex Industries Ltd & Ors
Case Number : IA No. 439 of 2021 in CP(IB) No. 321 of 2020
CITATION : 2026 LLBiz NCLT (AHM) 638
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed an application by Bank of Baroda, acting on behalf of the lenders of Sintex Prefab & Infra Ltd (SPIL), seeking reversal of a ₹26.79 crore transfer from the company's account as a preferential transaction.
NCLT Ahmedabad Orders Return Of 150 Leased EVs In Gensol EV Lease's Insolvency
Case Title : Keshav Khaneja RP of Gensol EV Lease Limited Vs Omega Seiki Mobility Pvt. Ltd & Ors
Case Number : IA/1511(AHM)2025 in C.P.(IB)/199(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 637
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has ordered Omega Seiki Mobility Private Limited to return leased electric vehicles belonging to Gensol EV Lease Limited, which is undergoing insolvency proceedings.
NCLT Allahabad Clears GSW Enterprises' ₹95 Crore Resolution Plan For Hind Agro Industries
Case Title : Paramjeet Singh Bhatia Vs GSW ENTERPRISE PRIVATE LIMITED & Ors
Case Number : IA (PLAN) NO.8/2025 IN CP (IB) NO.04/ALD/2019
CITATION : 2026 LLBiz NCLT (ALL) 636
The Allahabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by G.S.W. Enterprises Private Limited for Hind Agro Industries Limited. The plan provides for payment of ₹95 crore towards settlement of stakeholder claims. It also envisages ₹200 crore towards working capital and capital expenditure over a five-year period.
GST Compliance Services During CIRP Qualify As IRP Costs, But Fees Must Be Reasonable: NCLT Kolkata
Case Title : PRATEEK S JAIN & ASSOCIATES vs PRATIM BAYAL AND ANR.
Case Number : I.A. No. 69/KB/2026 IN C.P. (IB) No. 1377/KB/2020
CITATION : 2026 LLBiz NCLT (KOL) 640
The National Company Law Tribunal (NCLT) at Kolkata has held that GST compliance services rendered during a corporate insolvency resolution process may form part of insolvency resolution process costs when they are necessary for running the corporate debtor as a going concern.
NCLT Admits Bank of India Insolvency Plea Against Supreme Engineering, Rejects Section 10A Defence
Case Title : Bank of India Vs Supreme Engineering Limited
Case Number : IA(I.B.C)/ 5513(MB)2025 IN C.P. (IB)/ 660(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 641
On 23 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Bank of India's Section 7 petition against Supreme Engineering Limited over a default of Rs. 117.50 crore, holding that Section 10A of the Insolvency and Bankruptcy Code, 2016 does not shield post-COVID defaults from insolvency proceedings.
Case Title : JM FINANCIAL ASSET RECONSTRUCTION COMPANY LIMITED vs SHUBH HOSPITALITY PRIVATE LIMITED
Case Number : CP (IB) No. 3500/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 642
The National Company Law Tribunal (NCLT), Mumbai on 23 June 2026 dismissed JM Financial Asset Reconstruction Company Ltd's Section 7 insolvency petition against Shubh Hospitality Pvt Ltd, holding that a Debt Recovery Tribunal (DRT) review order correcting errors in an earlier judgment does not extend the limitation period under the Insolvency and Bankruptcy Code, 2016.
NCLT Ahmedabad Rejects Plea On Preferential, Fraudulent Transactions Due To Failure Of Service
Case Title : Omkarchand Maloo Vs Yash Jatinbhai Baxi & Ors
Case Number : IA/644(AHM)2022 in CP(IB) 657 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 643
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that applications under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016 cannot be adjudicated in the absence of valid service on respondents, as such adjudication would violate principles of natural justice. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an application filed by Omkarchand R. Maloo, Liquidator of Intelligent Textile Engineers Pvt. Ltd., seeking directions on alleged preferential and fraudulent transactions, due to failure to effect service on Respondent Nos. 1 to 3.
Case Title : Zenith Media Scope Private Limited Vs Nirvikar Films LLP
Case Number : CP (IB) –190(PB)/2026
CITATION : 2026 LLBiz NCLT(DEL) 644
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 12 June held that interest stipulated in invoices and credit notes forms part of operational debt when the Corporate Debtor does not dispute it, and can be included while computing the statutory threshold under the Insolvency and Bankruptcy Code, 2016.
Case Title : Krishnna Kumar Haridas VS BSE LIMITED & ORS
Case Number : I.A No. 559 of 2026 IN C.P (IB) No.10/7/HDB/2022
CITATION : 2026 LLBiz NCLT (HYD) 645
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that post-approval restructuring measures cannot claim the overriding effect of the Insolvency and Bankruptcy Code, 2016 unless they form part of the approved resolution plan.
Case Title : PRUDENT ARC LTD Vs SUPER PROPERTY MAINTENANCE PVT. LTD
Case Number : C.P. (IB) NO. 218 OF 2026
CITATION : 2026 LLBiz NCLT(DEL) 646
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 16 June admitted an insolvency petition filed by Prudent ARC Ltd against Super Property Maintenance Pvt Ltd, holding that transferred winding-up proceedings, where no irreversible steps have been taken, do not bar initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
NCLT Kochi Rejects ADIMS Resolution Plan Over Dependence On Uncertain Lease, Terminates CIRP
Case Title : CA Rajmohan R, Resolution Professional, M/s Attukal Devi Institute of Medical Sciences Limited
Case Number : IA(IBC)(Plan)/06/KOB/2025 in CP(IB)/22/KOB/2024
CITATION : 2026 LLBiz NCLT(KOC) 648
On 25 June, the Kochi Bench of the National Company Law Tribunal (NCLT) declined to approve the resolution plan submitted for Attukal Devi Institute of Medical Sciences Limited (ADIMS), holding that plans founded on speculative contingencies and unresolved third-party disputes cannot be sustained solely on the basis of Committee of Creditors' (CoC) approval.
Case Title : Allegis Services (India) Pvt. Ltd Vs Olive Telecommunication Pvt. Ltd.
Case Number : TP (Co. Act.) No. 30(PB)/2024
CITATION : 2026 LLBiz NCLT(DEL) 649
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 11 June admitted the Section 9 application filed by Allegis Services (India) Pvt. Ltd against Olive Telecommunication Pvt. Ltd, commenced Corporate Insolvency Resolution Process (CIRP), declared moratorium under Section 14, and appointed Harmeet Kaur as Interim Resolution Professional (IRP).
Going-Concern Liquidation Buyer Not Entitled To Automatic Waivers Under IBC: NCLT Mumbai
Case Title : Consortium of Maheshkumar Tejraj Inani and Space Realtors Pvt. Ltd. v. Ganesh Venkata Siva Rama Krishna Remani, Liquidator of Warden Surgical Company Pvt. Ltd.
Case Number : I.A. 4284/2025 in C.P. (IB) No. 746/MB/C-III/2022
CITATION : 2026 LLBiz NCLT(MUM) 647
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 12 June held that a successful auction purchaser acquiring a corporate debtor as a going concern during liquidation is not automatically entitled to waivers, concessions, or reliefs sought through an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016.
Case Title : IFCI Ltd. Vs PARAMJEET SINGH BHATIA
Case Number : IA No. 588/2025 IN CP(IB) No.04/ALD/2019
CITATION : 2026 LLBiz NCLT (ALL) 650
The Allahabad Bench of the National Company Law Tribunal (NCLT) on 11 June held that the waterfall mechanism under the Insolvency and Bankruptcy Code, 2016 does not permit artificial sub-classification among secured creditors while distributing proceeds after approval of a resolution plan. Judicial Member Praveen Gupta and Technical Member Ashish Verma partly allowed an application filed by IFCI Ltd. in the Corporate Insolvency Resolution Process (CIRP) of Hind Agro Industries Ltd.
NCLT Bengaluru Approves ₹17.25 Crore Resolution Plan For Dunlop Polymers
Case Title : Miller Trader Pvt. Ltd. vs Dunlop Polymers Pvt. Ltd.
Case Number : I.A (IBC) (Plan) 10/2024 in CP (IB) No.123/BB/2019
CITATION : 2026 LLBiz NCLT (MUM) 651
The Bengaluru bench of the National Company Law Tribunal (NCLT) has approved a ₹17.25 crore resolution plan for Dunlop Polymers Pvt. Ltd. The order brings an end to a corporate insolvency resolution process in which 1,673 days were excluded from the CIRP period.
Mere OTS Proposals, Settlement Talks Cannot Postpone Valid Insolvency Application: NCLT Ahmedabad
Case Title : State Bank of India Vs Varidhi Cotspin Pvt Ltd
Case Number : C.P.(1B)/404(AHM)2025 With IA/870(AHM)2026 & IA/871(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 653
The Ahmedabad bench of the National Company Law Tribunal (NCLT), while dismissing applications filed by a cotton spinning company seeking time to pursue a one-time settlement (OTS), held that OTS proposals, ongoing settlement discussions and identification of prospective purchasers cannot defeat or postpone adjudication of a valid insolvency application.
Case Title : Adesh Kumar Singla
Case Number : I.A.(I.B.C)/ 690 (CH) 2026 in C.P.(IB) No. 129/CHD/Hry/2021
CITATION : 2026 LLBiz NCLT(CHA) 655
The Chandigarh bench of the National Company Law Tribunal (NCLT) has allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor after its suspended management settled the claims of the sole financial creditor and the operational creditor. Following the settlements, the statutory requirements for withdrawal of the CIRP stood fulfilled.
Case Title : Bank of Baroda Vs IDBI Bank Ltd
Case Number : IA/580(AHM)2021 in CP(IB) 321 of 2020
CITATION : 2026 LLBiz NCLT (AHM) 654
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently ruled that a forensic audit report alone cannot deprive a corporate debtor of ownership over money standing in its bank account. It also cannot confer any adjudicated right on a bank to disregard the Insolvency and Bankruptcy Code.
Case Title : Madhura Infra Engineering Pvt. Ltd. Vs. Calyx Lenora Realty LLP
Case Number : IA. (IB) No. 2068 of 2025
CITATION : 2026 LLBiz NCLT (MUM) 656
The National Company Law Tribunal (NCLT), Mumbai, dismissed applications filed by four homebuyers and one operational creditor of Calyx Lenora Realty LLP seeking condonation of delay and admission of claims filed more than 500 days after the prescribed deadline.
Case Title : AXIS TRUSTEE SERVICES LIMITED Vs TALENT UNLIMITED ONLINE SERVICES PRIVATE LIMITED
Case Number : C.P.(IB)–169(ND)/2026
CITATION : 2026 LLBiz NCLT(DEL) 657
The National Company Law Tribunal (NCLT) at New Delhi has admitted an insolvency plea over a default of about Rs 5.77 crore against Talent Unlimited Online Services Private Limited, known as the parent company of Bobble AI, on secured non-convertible debentures.
Case Title : St John Lines PTE Limited v. R Venkatakrishnan
Case Number : IA/13/IBC/2025 in CP(IB)/759/CHE/2018
CITATION : 2026 LLBiz NCLT(CHE) 658
A step-down subsidiary cannot use indirect or colourable means to extract assets or establish parallel claims against its holding company undergoing liquidation, the National Company Law Tribunal, Chennai, held. The tribunal made the observation while dismissing an application filed by St. John Lines PTE Limited against the liquidator of its holding company, St. John Freight Systems Limited.
NCLT Allahabad Says It Cannot Determine Unadjudicated MSMED Interest Claims During CIRP
Case Title : MODERN OVERSEAS PRIVATE LIMITED Vs PARAMJEET SINGH BHATIA & Ors
Case Number : IA No.722/2025 IN CP (IB) No.04/ALD/2019
CITATION : 2026 LLBiz NCLT (ALL) 660
The Allahabad Bench of the National Company Law Tribunal (NCLT) has recently held that it cannot determine an unadjudicated claim for interest under the Micro, Small, and Medium Enterprises Development (MSMED) Act during the corporate insolvency resolution process if the interest liability had not been adjudicated by a competent forum before the insolvency proceedings commenced. The tribunal made the observation while dismissing an operational creditor's plea seeking to enhance its admitted claim and challenge an approved resolution plan.
NCLT Chandigarh Holds Marketing MoU Cannot Confer Homebuyer Status, Rejects ₹11 Crore Claim
Case Title : RealPro Assets Ltd Vs Rahul Jindal
Case Number : I.A.(I.B.C) No.891 of 2025 in CP (IB) No. 98/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 659
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 11 June held that a marketing and sales facilitation agreement does not confer the status of a homebuyer or financial creditor in the absence of documents evidencing allotment of flats.
Case Title : Keshab Chand Gupta & Ors Vs Rahul Jindal & Ors
Case Number : I.A.(I.B.C)/585(CH)/2025 in CP (IB) No. 98/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 661
The Chandigarh Bench of the National Company Law Tribunal (NCLT) has dismissed an application filed by three homebuyers seeking recognition as financial creditors of Samar Estates Pvt. Ltd. The tribunal held that the applicants failed to establish that the disputed Rs 60 lakh had been disbursed to the corporate debtor. It noted that the applicants themselves admitted the money had been paid into the personal accounts of the company's directors.
Case Title : Punjab National Bank vs. Goyal Energy and Steel Limited
Case Number : IA (IB) (Plan) No. l/CB/2026 in CP (IB) No. 41/CB/2o23
CITATION : 2026 LLBiz NCLT (CUT) 663
The National Company Law Tribunal (NCLT) at Cuttack has recently approved a resolution plan worth ₹79 crore for Goyal Energy and Steel Limited, submitted by Mumbai-based Nakshatra Asset Ventures Ltd.
Case Title : Green Consultancy Vs Jhaveri Spices Private Limited
Case Number : C.P.(IB)/122(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 664
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 23 June 2026 dismissed an insolvency petition filed by Green Consultancy against Jhaveri Spices Pvt. Ltd., holding that a claim arising from a sales incentive scheme promising transfer of immovable property does not qualify as “operational debt” under the Insolvency and Bankruptcy Code, 2016 (IBC), and therefore cannot sustain proceedings under Section 9.
Mere Allegations Of Fraud Cannot Become A Vehicle To Reopen Every Concluded CIRP: NCLT Bengaluru
Case Title : Smt. Yogitha Vijayakumar v. Mrs Shirley Mathew
Case Number : IA No. 857 of 2025 in CP(IB) No. 02/BB/2020
CITATION : 2026 LLBiz NCLT(BEN) 665
The National Company Law Tribunal at Bengaluru has reiterated that mere allegations of fraud cannot be permitted to become a vehicle for reopening every concluded Corporate Insolvency Resolution Process, especially when such allegations are founded on materials that were already available during the insolvency proceedings
Case Title : M.P Krishnan v. M/s Frontier Shelters Pvt Ltd
Case Number : IA(IBC) 159/2026 in CP(IB) No. 170/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 666
The National Company Law Tribunal (NCLT) at Bengaluru has recently held that allowing a group of homebuyers to intervene in a developer's insolvency petition at the pre-admission stage would "amount to opening the floodgates" for objections on extraneous considerations. Company law resources
IBBI
IBBI Simplifies Liquidation Reporting With Four New Online Forms
Circular No: IBBI/LIQ/91/2026
Date: January 05, 2026
The Insolvency and Bankruptcy Board of India (IBBI) has introduced a simplified framework for reporting liquidation updates to the board. To facilitate the same, the Board has introduced four new online forms that track a company's liquidation from start to finish.
In a circular issued on Monday (Januray 5) , the Board said the revised system applies from January 1, 2026, and replaces the existing liquidation reporting framework.
Directors No Longer Need Annual KYC, MCA Moves Filing To Three-Year Cycle
Notification: Gazette Notification No. G.S.R 943 (E) dated 31st December, 2025
The Ministry of Corporate Affairs has relaxed compliance requirements for company directors by moving Director Know Your Customer filings from an annual exercise to once every three years.
The change was notified on December 31, 2025, through the Companies (Appointment and Qualification of Directors) Amendment Rules, 2025, and will take effect from March 31, 2026.
As per the new rules, individual directors who hold a Director Identification Number as on March 31 of a financial year will no longer have to complete KYC every year. Instead, they will be required to file a KYC intimation once after every three consecutive financial years.
IBBI Appellate Authority Raps Valuer Over 'Nil' Valuation of Assets Worth ₹960 Crore In Uniply CIRP
The Appellate Authority of the Insolvency and Bankruptcy Board of India (IBBI) has set aside a lenient three-month suspension imposed on a registered valuer for assigning nil value to financial assets worth over Rs 960 crore, including cash, during the insolvency process of Uniply Industries Limited.
In an order dated January 7, 2026, IBBI Chairperson Ravi Mital said the penalty was far too mild and sent the matter back to the Disciplinary Committee for fresh consideration. The valuer, R. Vaidyanathan, has also been barred from taking any new assignments until the show cause notice is finally decided.
The Insolvency and Bankruptcy Board of India's (IBBI) Disciplinary Committee has recently suspended the registration of insolvency professional Anil Anchalia for two years for continuing to operate the Corporate Insolvency Resolution Process (CIRP) bank account of Gemus Engineering Limited after the commencement of liquidation. The CIRP of Gemus Engineering Limited commenced on April 30, 2024 pursuant to an order of the National Company Law Tribunal (NCLT), Kolkata Bench, which appointed Arun Kumar Gupta as the Interim Resolution Professional (IRP). Anchalia was subsequently appointed as the Resolution Professional (RP) on July 18, 2024.
IBBI Suspends Byju's Former Resolution Professional Pankaj Srivastava For Three Years
The Disciplinary Committee of the Insolvency and Bankruptcy Board of India has suspended the registration of insolvency professional Pankaj Srivastava for three years, holding that he improperly reconstituted the Committee of Creditors in the insolvency of Think and Learn Private Limited, the parent company of the ed-tech firm Byju's, and misled the Adjudicating Authority.
In its order dated February 24, 2026, the Committee, comprising Whole Time Members Bhushan Kumar Sinha and Jayanti Prasad, held that Srivastava filed two separate applications before the Tribunal, both stating that the Committee of Creditors was constituted on August 21, 2024, but showing entirely different compositions.
IBBI Introduces Electronic Forms To Monitor Insolvency Processes Of Personal Guarantors
The Insolvency and Bankruptcy Board of India (IBBI) on March 6, 2026, introduced a set of electronic forms to monitor insolvency resolution processes involving personal guarantors to corporate debtors under the Insolvency and Bankruptcy Code, 2016. As per the circular, resolution professionals currently submit periodic updates regarding such processes through emails which, the Board noted is “time-consuming and inefficient”.
To address this, the IBBI has developed a set of electronic forms which, according to the Board, will facilitate systematic and transparent record-keeping and seamless reporting.
IBBI Mandates International Valuation Standards for All IBC Valuations
The Insolvency and Bankruptcy Board of India has issued a circular notifying the International Valuation Standards as the applicable standards for valuations conducted under the Insolvency and Bankruptcy Code, 2016, until further orders. The circular states that one of the objectives of the Code is the maximisation of value of assets of the corporate debtor in a time-bound manner, and that valuation serves as a critical input for evaluation of resolution plans and facilitates informed decision-making by stakeholders.
IBBI Imposes ₹5 Lakh Penalty On IRP In Bhasin Infotech CIRP For Not Seeking NCLAT Clarification
The Insolvency and Bankruptcy Board of India's (IBBI) Disciplinary Committee (DC) on 21 April, imposed a penalty of Rs 5 lakh on Insolvency Professional Mukesh Gupta for lapses in diligence during the Corporate Insolvency Resolution Process (CIRP) of Bhasin Infotech and Infrastructure Pvt. Ltd. Whole Time Member Sandip Garg, passing the order, held that Gupta failed to promptly seek clarification from the National Company Law Appellate Tribunal (NCLAT) on the scope of his authority after an interim restraint order created ambiguity.
IBBI Extends Deadline For Public Comments On Proposed IBC Regulation Changes To May 5
The Insolvency and Bankruptcy Board of India (IBBI) has extended the deadline for public comments on nine discussion papers proposing changes across multiple regulations under the Insolvency and Bankruptcy Code, giving stakeholders additional time to weigh in on the proposed framework. In a press release issued on April 28, the regulator said the last date for submitting comments, originally set for April 28, has now been pushed to May 5.
The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to provide for appointment of its nominee director on the governing board of an insolvency professional agency (IPA), with the nominee enjoying the same status, rights, duties, powers and responsibilities as other directors. The change has been introduced through amendments to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.
To Cut Delays In Insolvency Professional Appointments, IBBI Seeks Applications For Empanelment
To cut delays in the appointment of insolvency professionals, the Insolvency and Bankruptcy Board of India (IBBI) has laid down a framework for preparing a panel of insolvency professionals for appointments by the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT), with unjustified refusal by empanelled professionals to take up assignments attracting a six-month exclusion. The IBBI on May 18 issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2026. The guidelines will remain effective from July 1 to December 31, 2026.
The Insolvency and Bankruptcy Board of India (IBBI) has amended its pre-packaged insolvency rules to require resolution professionals to appoint registered valuers within three days of taking charge, while allowing the consultation committee to require two sets of valuers if reasons are recorded in writing. The changes have been introduced through the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026, notified on May 19
IBBI Notifies New Valuation Norms For MSME Liquidation Under IBC, Allows Appointment Of Two Valuers
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2026, amending the valuation framework applicable to the liquidation of MSME corporate debtors. The amendment provides that where a corporate debtor is classified as a micro, small or medium enterprise under Section 7(1) of the Micro, Small and Medium Enterprises Development Act, 2006, the liquidator shall appoint one registered valuer for each asset class of the corporate debtor. It permits the liquidator to appoint two registered valuers if the consultation committee, after consultation, decides so and records reasons in writing. The amendment came into force on 19 May 2026.
IBBI Introduces Framework For Termination Of Voluntary Liquidation Proceedings
The Insolvency and Bankruptcy Board of India (IBBI) has put in place a formal mechanism for ending voluntary liquidation proceedings before a company is dissolved. The latest changes also tighten the claims process by requiring stakeholders to update claims that have been partly or fully satisfied and by obligating liquidators to explain why any claim has been rejected. The changes have been introduced through the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2026, which came into force on June 1.
IBBI Introduces Wider Asset Disclosure Requirements For Personal Guarantors
The Insolvency and Bankruptcy Board of India (IBBI) has amended the insolvency resolution and bankruptcy frameworks governing the personal guarantors to corporate debtors. The changes mandate a comprehensive asset disclosure and lay down a mechanism to facilitate asset transfers in related corporate insolvency proceedings. The changes came into force from June 1, 2026, through the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2026, and the IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026.
IBBI Requires Going Concern Assessment Reports Before CoC Decides On Continuation Of Operations
The Insolvency and Bankruptcy Board of India (IBBI) has amended the corporate insolvency resolution process framework to require resolution professionals to prepare a Going Concern Assessment Report. This will help the Committee of Creditors (CoC) decide whether the corporate debtor should continue operating during the insolvency process. If operations are to continue, the committee will also determine their scope and duration.
OTHER STORIES
Lok Sabha Passes IBC Amendment Bill 2025
The Lok Sabha on Monday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, bringing in a creditor-initiated insolvency resolution process and tightening timelines for admission and disposal of cases under the Code.
According to Finance Minister Niramala Sitharaman, the bill seeks to replace the pre-packaged insolvency regime with a more efficient one. "The earlier framework was not fully utilised. It is now being replaced by a new creditor-initiated insolvency framework featuring out-of-court settlements, debtor-in-possession, and creditor-in-control models,", she said.