SUPREME COURT
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.”
HIGH COURT
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.
NCLAT
NCLAT Urges IBBI To Ensure Resolution Plans Don't Allow Re-Verification Of Claims By SRA
Case Title : Sanjeev Sangal Versus Apex Heights Pvt. Ltd.
Case Number : Company Appeal (AT) (Insolvency) No. 2370 of 2024
CITATION : 2026 LLBiz NCLAT 161
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that the Insolvency and Bankruptcy Board of India (IBBI) should ensure that resolution plans do not ordinarily contain clauses allowing successful resolution applicants (SRAs) to re-verify claims, cautioning that such provisions create uncertainty in the insolvency process.
The observation came in a case where a homebuyer's claim had been admitted in full during the corporate insolvency resolution process (CIRP), but the SRA later sought to re-scrutinise it on the basis of a verification clause in the resolution plan.
Case Title : Bhushan Power & Steel Limited Versus A.G. Pipes Private Limited
Case Number : Company Appeal (AT) (Insolvency) No. 2057 of 2024
CITATION : 2026 LLBiz NCLAT 162
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday dismissed an appeal filed by Bhushan Power & Steel Limited against A.G. Pipes Pvt. Ltd., holding that the operational debt attributable to the corporate debtor was below the Rs 1 crore threshold under the Insolvency and Bankruptcy Code (IBC) and that debts of separate legal entities cannot be combined to meet this limit. A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka observed that most of the claimed dues related to A.G. Pipes, a proprietorship concern, and not the company.
Case Title : Nimai Gautam Shah, Resolution Professional of M/s. Zep Infratech Limited Vs Raj Radhe Finance Ltd. and Ors.
Case Number : Company Appeal (AT) (Ins) No.1061, 1043 and 946 of 2025
CITATION : 2026 LLBiz NCLAT 163
The National Company Law Appellate Tribunal (NCLAT) on Tuesday has held that an Adjudicating Authority is not bound to approve a resolution plan, even if it is approved by the Committee of Creditors, where the insolvency process itself raises concerns about its integrity. A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka observed, “An Adjudicating Authority is not a mere counter signatory to the CoC to lend its approval to a resolution plan, but a sentinel on the qui vive to uphold the spirit and objectives of the IBC,"
NCLAT Reserves Order On Vedanta's Plea Against Approval Of Adani's JAL Resolution Plan
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
NCLAT Sets Aside NCLT Order Allowing Withdrawal Of CoC-Approved Resolution Plan
Case Title : S.M. Kamal Pasha and Anr Vs S. Rajendran
Case Number : Company Appeal (AT) (Insolvency) 211/2026
CITATION : 2026 LLBiz NCLAT 164
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently set aside an order of the NCLT Mumbai that allowed withdrawal of a resolution plan in the insolvency of TD Toll Road Pvt. Ltd., holding that the Committee of Creditors (CoC) had no authority to undo a plan once it had been approved and placed before the tribunal. Reaffirming the scheme of the Insolvency and Bankruptcy Code, the appellate tribunal said a resolution plan, once cleared by the CoC, binds both the creditors and the successful resolution applicant, even before formal approval by the adjudicating authority.
NCLAT New Delhi Says SEBI Order Cannot Be Tested In IBC, Upholds Ineligibility Under Section 29A(f)
Case Title : Carnet Elias Fernandes Vs Jagdish Kumar Parulkar & Anr
Case Number : Company Appeal (AT) (Insolvency) 487/2026
CITATION : 2026 LLBiz NCLAT 165
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 20 April dismissed an appeal filed by Carnet Elias Fernandes, suspended director of GEI Industrial Systems Ltd., challenging the National Company Law Tribunal (NCLT) Indore Bench order dated 17 February 2026. The NCLT had rejected his application seeking a declaration that he was not ineligible under Section 29A(e) and 29A(f) of the Insolvency and Bankruptcy Code (IBC).
NCLAT Sets Aside NCLT Order Replacing RP, Says It Cannot Act As 'Moral Guardian'
Case Title : SUBRATA ROY & Ors Vs RAJIV MOHAN & Ors
Case Number : Company Appeal (AT) (Insolvency) 541/2026 & 542/2026
CITATION : 2026 LLBiz NCLAT 166
The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside an order of the National Company Law Tribunal (NCLT) which had replaced the Resolution Professional (RP) chosen by the Committee of Creditors (CoC) with its own nominee, observing that the adjudicating authority cannot act as a “moral guardian.” The order came on appeals filed by 17 homebuyer-allottees of Three C Projects Pvt. Ltd., a real estate company undergoing insolvency proceedings.
Late CIRP Claims Under IBC Cannot Be Entertained After CoC Process Resolution Plan: NCLAT Chennai
Case Title : GK Ispat Pvt. Ltd. v. Pankaj Srivastava, Resolution Professional of Katerra India Pvt. Ltd.
Case Number : Company Appeal (AT) (CH) (Ins) No. 86 of 2025 (IA Nos. 246 & 282 of 2025) CITATION : 2026 LLBiz NCLAT 167
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 9 April, held that claims which are not filed and substantiated in accordance with the Insolvency and Bankruptcy Code, 2016 and the Corporate Insolvency Resolution Process (CIRP) Regulations cannot be entertained at an advanced stage of the CIRP, particularly after the resolution plan has been processed by the Committee of Creditors (CoC).
NCLT
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.
IBBI
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.