SUPREME COURT
Case Title : REGIONAL PROVIDENT FUND COMMISSIONER-II vs. MS. MAMTA BINANI & ORS.
Case Number : DIARY NO.42931 OF 2026
CITATION : 2026 LLBiz SC 309
The Supreme court has held that a litigant cannot be made to suffer when a court or tribunal's e-filing system prevents papers from being filed despite a bona fide attempt within the prescribed limitation period.
“When the system of the court/tribunal fails to receive the papers, which are sought to be presented bona fide and within the prescribed time, the litigant cannot be rendered remediless on the specious ground that the court/tribunal has no power to condone the delay,” a bench of Justice Dipankar Datta and Justice Sheel Nagu observed.
HIGH COURT
Case Title : PATANJALI FOODS LIMITED vs SHIVSHANKAR SINGH & Ors
Case Number : WRIT PETITION No.6797 OF 2026
CITATION : 2026 LLBiz HC (BOM) 516
On 7 September, the Nagpur Bench of the Bombay High Court rejected Patanjali Foods Ltd.'s challenge to its impleadment in a pending labour dispute concerning an employee of Ruchi Soya Industries Ltd. Justice Nandesh S. Deshpande dismissed Patanjali Foods's writ petition and upheld the orders of the Labour Court and Industrial Court, while leaving it free to raise its defences based on the resolution plan before the Labour Court.
Calcutta High Court Quashes Income-Tax Reassessment Against McNally Bharat After IBC Resolution Plan
Case Title : McNally Bharat Engineering Company Limited v. Union of India and Others
Case Number : WPO 546 of 2024
CITATION : 2026 LLBiz HC (CAL) 224
The Calcutta High Court has quashed income-tax reassessment proceedings against McNally Bharat Engineering Company Limited, holding that the authorities failed to satisfy the statutory conditions for reopening the assessment and acted contrary to the company's NCLT-approved resolution plan. Justice Smita Das De allowed the company's writ petition and set aside the notice and order issued by the tax authorities along with all consequential proceedings. The authorities were also restrained from taking action contrary to the resolution plan.
Delhi High Court Restores Super Bazar Writ Petition Withdrawn On Former Liquidator's Instructions
Case Title : The Cooperative Store Limited v. Super Bazar Karamchari Dalit Sangh
Case Number : WP(C) No. 9114 of 2007
CITATION : 2026 LLBiz HC(DEL) 973
On 15 September, the Delhi High Court recalled the 18 May 2018 order dismissing The Cooperative Store Limited (Super Bazar)'s writ petition as withdrawn, after finding that its former Official Liquidator, Dr. A.K. Mishra, lacked authority to instruct the withdrawal after his tenure ended.
Case Title : Keshav Prasad Jayaswal v. The State of Madhya Pradesh and Ors
Case Number : Writ Petition No. 4668 of 2011
CITATION : 2026 LLBiz HC(MP) 65
he Madhya Pradesh High Court has held that a rehabilitation policy or agreement with a project-affected person cannot preserve a claim merely because it is welfare-oriented, as the Insolvency and Bankruptcy Code overrides inconsistent laws and policies. Justice Sanjeev S. Kalgaonkar observed, “Thus, Rehabilitation policy or any agreement with project affected (displaced) person cannot facilitate claim as an exception for the reason that it is welfare oriented. Section 238 of IBC gives Insolvency and Bankrupcy Code overriding effect over all inconsistent laws and policies.”
Tax Authorities Cannot Recover Pre-CIRP Dues Extinguished Under Resolution Plan: Bombay High Court
Case Title : Aarem Insights Pvt. Ltd. (Formerly known as Shop CJ Network Pvt. Ltd.) v. Joint Commissioner of State Tax (Appeals)-VII & Ors.
Case Number : Writ Petition (L) No. 36803 of 2025
CITATION : 2026 LLBiz HC(BOM)527
The Bombay High Court on 7 September held that tax authorities cannot continue recovery proceedings for pre-CIRP dues extinguished under an NCLT-approved Resolution Plan. A Division Bench of Justices M.S. Karnik and Sandesh D. Patil allowed a writ petition filed by Aarem Insights Pvt. Ltd., formerly known as Shop CJ Network Pvt. Ltd., and directed the State tax authorities to refund the statutory pre-deposit of Rs. 31,99,174 made by the company for pursuing its MVAT appeal, along with applicable interest.
NCLAT
Arbitration Is A Private Remedy, It Cannot Override Statutory Rights Under IBC: NCLAT Chennai
Case Title : M/s Posco International Corporation v. M/s Mohana Cotton Ginning Private Limited
Case Number : TA (AT) No.205/2021
CITATION : 2026 LLBiz NCLAT 353
The National Company Law Appellate Tribunal (NCLAT), Chennai on 27 August observed that an arbitration clause in a contract, being a private remedy agreed between parties, cannot override or take away the statutory remedy available under the Insolvency and Bankruptcy Code, 2016 (IBC).
Mere Pendency Of Criminal Proceedings Does Not Disqualify Resolution Applicant: NCLAT
Case Title : Suraksha Realty Ltd. Vs Amit Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 1041/2024
CITATION : 2026 LLBiz NCLAT 356
The National Company Law Appellate Tribunal (NCLAT) at Delhi has ruled that the mere pendency of criminal proceedings or an investigation does not by itself make a prospective Resolution Applicant ineligible to submit a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC).
Joint And Several Liability In Arbitral Award Does Not Extinguish Personal Guarantee: NCLAT Delhi
Case Title : Ravindra Gopalkrishan Agarwal Vs Jankalyan Sahakari Bank Ltd. & MVK IPE LLP
Case Number : Company Appeal (AT) (Insolvency) 636/2025, 637/2025, 638/2025, 696/2025
CITATION : 2026 LLBiz NCLAT 355
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 17 September held that an arbitral award providing for joint and several liability does not, by itself, alter the legal status of a Personal Guarantor or extinguish the original contract of guarantee.
Removal Of Hypothecated Machinery During Insolvency Can Amount To Fraudulent Trading: NCLAT
Case Title : Dinesh Keshawrao Atkare & Madan Keshawrao Atkare Vs Palak Swapnil Desai
Case Number : Company Appeal (AT) (Insolvency) 325/2025
CITATION : 2026 LLBiz NCLAT 358
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that removing high-value secured (hypothecated) machinery during insolvency proceedings and replacing it with substantially lower-value machinery is not a mere technical irregularity.
Objection To Demand Notice Served Via FedEx Cannot Defeat Insolvency Plea If Notice Received: NCLAT
Case Title : Identity Science Company Ltd Vs Sonal Plasrub Industries Private Limited
Case Number : Company Appeal (AT) (Insolvency) 2063/2024
CITATION : 2026 LLBiz NCLAT 357
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Thursday ruled that an objection to service of a demand notice via FedEx cannot defeat insolvency proceedings when the corporate debtor has received the notice and had knowledge of the claim. The bench comprising Judicial Member Justice Sharad Kumar Sharma, Technical Member Arun Baroka and Technical Member Indevar Pandey observed, “Hyper-technical objections cannot be permitted to defeat a proceeding when from the circumstantial evidence it is inferred that the Corporate Debtor has, in substance, received the Demand Notice and had knowledge of the claim.”
NCLAT Dismisses Challenge To Rungta Mines' Resolution Plan For NSL Nagapatnam Power
Case Title : Mandava Prabhakar Rao Vs Navneet Kumar Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 258/2025
CITATION : 2026 LLBiz NCLAT 359
The National Company Law Appellate Tribunal Member Naresh Salecha has backed dismissal of suspended director Mandava Prabhakar Rao's challenge to Rungta Mines' resolution plan for NSL Nagapatnam Power and Infratech Ltd. He held that Rao's representative was rightly excluded from the 20th Committee of Creditors meeting for lack of written authorisation and a confidentiality undertaking. Salecha's opinion follows a difference of opinion between the Judicial and Technical Members of the original NCLAT Chennai bench.
Case Title : Navneet Gupta Insolvency Professional v. Insolvency and Bankruptcy Board of India & Anr.
Case Number : CA (AT) (Ins) No. 1612 of 2026 with CA (AT) (Ins) No. 1629 of 2026
CITATION : 2026 LLBiz NCLAT 354
The National Company Law Appellate Tribunal (NCLAT), Delhi, has recently held that a complainant whose complaint leads to disciplinary proceedings against an Insolvency Professional (IP) can qualify as a “person aggrieved” under Section 220(7) of the Insolvency and Bankruptcy Code, 2016 (IBC). The tribunal held that such a complainant can appeal against a final punitive order passed by the Insolvency and Bankruptcy Board of India's (IBBI) Disciplinary Committee.
GNIDA, NOIDA Not Secured Creditors In Shubhkamna Buildtech Insolvency: NCLAT
Case Title : Greater Noida Industrial Development Authority Vs Anand Sonbhadra & Ors
Case Number : Company Appeal (AT) (Insolvency) 184/2023 & 1107/2023
CITATION : 2026 LLBiz NCLAT 360
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has dismissed appeals by the Greater Noida Industrial Development Authority (GNIDA) and New Okhla Industrial Development Authority (NOIDA), holding that their lease deeds did not create a security interest that would make them secured creditors in the insolvency proceedings of Shubhkamna Buildtech Pvt. Ltd. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha held that the “first charge” under the lease deeds was limited to the authorities' share of any unearned increase in the value of the land.
NCLT
Case Title : Varun Anil Chopra Vs Income Tax Department
Case Number : IA/952(AHM)2026 In C.P.(IB)/409(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 891
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has ruled that the Income Tax Department cannot adjust an income-tax refund determined after commencement of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor's pre-CIRP tax dues during the moratorium.
Transaction Audit Report Alone Insufficient To Prove Undervalued Transaction: NCLT Hyderabad
Case Title : Venka Reddy Bathina, Liquidator of DQ Entertainment (International) Limited v. Mr. Tapaas Chakravarti & Ors.
Case Number : I.A. (IBC) No. 1272 of 2023 in C.P. (IB) No. 402/07/HDB/2020 and I.A. (IBC) No. 1273 of 2023 in C.P. (IB) No. 402/07/HDB/2020
CITATION : 2026 LLBiz NCLT (HYD) 893
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has found that a Transaction Audit Report, without the underlying records, was insufficient to establish that an Audi vehicle, an asset part of a CIRP, was sold at an undervalue. The tribunal also found that the vehicle's book value could not, by itself, establish its fair market value. A bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri made the observation while dismissing the liquidator's application concerning preferential and undervalued transactions involving DQ Entertainment (International) Limited.
Case Title : Santosh Bhatia, Liquidator of MBS Impex Private Limited v. MBS Impex Private Limited & Ors.
Case Number : IA (IBC) No. 23 of 2026 in CP (IB) No. 407/7/HDB/2019
CITATION : 2026 LLBiz NCLT(HYD) 894
The National Company Law Tribunal (NCLT), Hyderabad Bench, has held that it is not the appropriate forum to direct the release of assets attached by the Enforcement Directorate (ED) in the liquidation of MBS Impex Private Limited. The tribunal left the Liquidator to pursue the remedy available before the PMLA Appellate Tribunal, where his appeal seeking release of the assets was already pending.
NCLT Hyderabad Replaces Liquidator For Failing To Take Enforcement Steps Beyond Emails And Notices
Case Title : GP Petroleums Ltd. v. Tirumala Hills Asphalat Pvt. Ltd.
Case Number : IA (IBC) No. 1184 of 2026 in Company Petition IB/64/9/HDB/2023
CITATION : 2026 LLBiz NCLT(HYD) 897
The National Company Law Tribunal (NCLT), Hyderabad Bench, has recently refused to grant a fourth extension to a Liquidator after finding that his efforts to enforce orders against the suspended directors had substantially remained confined to emails and notices. The bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri observed, “Issuance of correspondence, by itself, cannot be regarded as execution or enforcement of an order passed by this Adjudicating Authority.”
Auction Purchaser Not Liable For Corporate Debtor's Pre-CIRP Dues: NCLT Allahabad
Case Title : POSITRON BIOGENICS PRIVATE LIMITED Vs Uttar Pradesh State Industrial Development Authority
Case Number : IA No. 485 of 2023 IN CP(IB)No. 55/ALD/2017
CITATION : 2026 LLBiz NCLT(ALL) 892
The Allahabad bench of the National Company Law Tribunal (NCLT) has ruled that pre-CIRP dues of a company cannot be recovered from an auction purchaser merely because the purchaser acquired its leasehold property through liquidation on an “as is where is” basis. The bench comprising Judicial Member Praveen Gupta and Technical Member Ashish Verma observed, “In view of the above, the mere “as is where is” condition or the subsequent transfer of the leasehold interest cannot convert the pre-CIRP liability of the Corporate Debtor into an independent personal liability of the Applicant. The pre-CIRP dues of the Corporate Debtor were required to be dealt with through the liquidation process in accordance with Section 53 of the Code."
NCLT Delhi Dismisses CIRP Plea Against WAPCOS Over Pre-existing Disputes
Case Title : GLOBAL SURVEYORS Vs WAPCOS LIMITED
Case Number : COMPANY PETITION (IB) NO. 616/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 895
The Delhi bench of the National Company Law Tribunal has dismissed an insolvency plea against Mini-Ratna Government of India undertaking WAPCOS Limited. The bench found that WAPCOS had raised concerns over the quality and completeness of survey work well before the payment demand was issued.
Professional Entitled To Fees Based On Work, Payment Can't Rely On Court-Fee Refund: NCLT Mumbai
Case Title : Responsibility Fair Agriculture Fund V/s. Abhay Nutrition Pvt Ltd.
Case Number : I.A. 1471/2022 In C.P.(IB)-3799(MB)/2018
CITATION : 2026 LLBiz NCLT (MUM) 898
The National Company Law Tribunal, Mumbai Bench on 11 September held that professionals engaged by a corporate debtor are entitled to fees commensurate with the work performed, and that payment of professional fees cannot be made conditional upon the refund of court fees.
IBC Prevails Over RERA Where Resolution Plan Conflicts With Individual Refund Rights: NCLT Mumbai
Case Title : Vivek Talwar & Ors. vs Rajesh Jhunjhunwala, Resolution Professional
Case Number : I.A. (IB) NO. 3688 OF 2025 IN C.P. (IB) NO. 389/MB/2022
CITATION : 2026 LLBiz NCLT (MUM) 899
The National Company Law Tribunal (NCLT), Mumbai, on 9 September held that a resolution plan cannot be required to incorporate individual homebuyers' refund rights under Section 18 of the Real Estate (Regulation and Development) Act, 2016, where doing so conflicts with the collective insolvency resolution process.
Mere Inclusion Of Company's Name In Loan Documents Not Enough To Trigger Insolvency: NCLT Delhi
Case Title : IIFL Home Finance Limited Vs MMC Realtech Solutions OPC Private Limited
Case Number : COMPANY PETITION (IB) NO. 543/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 901
The Delhi bench of the National Company Law Tribunal (NCLT) has ruled that merely including a company's name in loan and sanction documents is not enough to establish that the company itself is the real obligor for the purpose of initiating insolvency proceedings. “The insolvency jurisdiction under Section 7 cannot be permitted to be invoked merely because the name of a company appears in the sanction letter, absent clear evidence that the company itself is the real obligor in respect of the financial transaction. The provisions of the IBC cannot be employed as a substitute for enforcement of mortgage security or recovery of personal loan liabilities," the bench of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Reena Sinha Puri observed.
Case Title : Benzo Chem Industries Private Limited Vs Aether Industries Limited
Case Number : CP.(IB)/196(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 902
On 8 September, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) dismissed an insolvency petition filed by Benzo Chem Industries Pvt. Ltd. against Aether Industries Ltd. after finding a pre-existing dispute over the quality of chemicals supplied before the demand notice was issued.
IBC Can Apply To Personal Guarantors Residing Abroad, Nationality No Bar: NCLT Chennai
Case Title : M Gagan Bothra v. Senthil Kumar
Case Number : CP(IB)/96(CHE)/2025
CITATION : 2026 lLBiz NCLT(CHE) 903
The National Company Law Tribunal (NCLT), Chennai, on 7 September held that the Insolvency and Bankruptcy Code (IBC) can be invoked against a personal guarantor residing abroad, as the Code does not restrict its applicability based on the guarantor's nationality or citizenship.
NCLT Ahmedabad Admits Immacule Lifesciences' Insolvency Plea Against FTF Pharma Over ₹2.18 Cr. Debt
Case Title : Immacule Lifesciences Pvt Ltd vs FTF Pharma Private Limited
Case Number : C.P.(IB)/346(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 905
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 9 September admitted an insolvency petition filed by Immacule Lifesciences Pvt. Ltd. against FTF Pharma Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016 (IBC).
NCLT Ahmedabad Dismisses Make India Impex's ₹9.10 Crore Insolvency Plea Against Elite Green
Case Title : Rajesh Tuisidas Nakhua Vs Elite Green Private Limited
Case Number : C.P.(IB)/164(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 906
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 9 September dismissed an insolvency petition filed by Make India Impex against Elite Green Pvt. Ltd. over an alleged default of Rs. 9.10 crore.
Case Title : Mexmon Buildwell LLP Vs Uttarakhand Power Corporation Limited & Another
Case Number : IA/1156(AHM)2026 in CP(IB) 669 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 908
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has held that a subsequent purchaser could not invoke its insolvency jurisdiction over an electricity dues dispute that arose after completion of the insolvency process and transfer of the property.
NCLT Ahmedabad Declines Gensol EV Lease RP's Plea To Repossess 70 EVs From Minder
Case Title : Keshav Khaneja RP of Gensol Ev Lease Limited Vs Minder EV Logistics Pvt. Ltd & Ors
Case Number : IA/503(AHM)2026 in C.P.(IB)/199(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 909
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 7 September declined the plea by the Resolution Professional of Gensol EV Lease Ltd. to immediately repossess 70 electric vehicles (EVs) leased to Minder EV Logistics Pvt. Ltd. and recover outstanding dues of Rs. 1.29 crore.
Case Title : PRADEEP KUMAR JAIN Vs ASHISH SINGH
Case Number : I.A. NO. 527/2023 IN CP IB NO. 693/ND/2022
CITATION : 2026 LLBiz NCLT(DEL) 911
The Delhi bench of the National Company Law Tribunal (NCLT) has dismissed a personal insolvency petition filed by a director and guarantor of two companies. It held that the petition was filed to take advantage of the insolvency moratorium and stall recovery proceedings already initiated by Union Bank of India.
Case Title : Sandeep Kumar Chitkara, IRP of Kay Bee Cotgin Pvt. Ltd. v. Punjab & Sind Bank
Case Number : IA (IBC) No. 966 (CH)/2026 in CP (IB) No. 320/CHD/PB/2024
CITATION : 2026 LLBiz NCLT(CHA) 912
The National Company Law Tribunal (NCLT) at Chandigarh, on 20 August held that the restrictions introduced by the substituted Section 12A of the Insolvency and Bankruptcy Code, 2016, apply prospectively to Corporate Insolvency Resolution Processes (CIRPs) initiated on or after 26 May 2026.
Case Title : STATE BANK OF INDIA Vs SHRI. AMIT SETHI
Case Number : I.A. NO.4399/2024 IN Restored CP IB NO. 19/(ND)/2024
CITATION : 2026 LLBiz NCLT(DEL) 910
The New Delhi Bench of the National Company Law Tribunal (NCLT) has held that an individual consortium lender can initiate insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC) against a Personal Guarantor without requiring all consortium lenders to jointly institute the proceedings.
Case Title : SREI Equipment Finance Limited v. Mukul Kumar, Resolution Professional of AMRL Hitech City Limited & Anr.
Case Number : IA (IBC) No. 1848/2023 in CP (IBC) No. 78/CHE/2023 along with IA (IBC) No. 1849/2023 in CP (IBC) No. 78/CHE/2023.
CITATION : 2026 LLBiz NCLT(CHE) 913
The Chennai Bench of the National Company Law Tribunal (NCLT) has held that mere commercial association, historical linkage or institutional connection cannot, by itself, make an entity a “related party” under Section 5(24) of the Insolvency and Bankruptcy Code, 2016 (IBC).
NCLT Indore Admits Marvel Industries Insolvency Plea Against Flexituff Technology
Case Title : Marvel Industries & Services Pvt Ltd Vs Flexituff Technology International Ltd
Case Number : CP(IB)/23(MP)2025
CITATION : 2026 LLBiz NCLT(IND) 914
The Indore bench of the National Company Law Tribunal (NCLT) has initiated insolvency proceedings against FIBC manufacturer Flexituff Technology International Ltd.
NCLT Mumbai Dismisses Perjury Plea Against Omkara Assets Reconstruction Over Account Differences
Case Title : Aditya Raheja V/s Omkara Assets Reconstruction Pvt. Ltd. & Ors
Case Number : IA 2730 OF 2026 IN CP (IB) NO. 290/MB/2023
CITATION : 2026 LLBiz NCLT (MUM) 915
The National Company Law Tribunal (NCLT), Mumbai, on 3 September dismissed perjury proceedings against Omkara Assets Reconstruction Pvt Ltd, holding that alleged discrepancies in statements of account and debt records did not warrant an inquiry by a Magistrate.
Financial Hardship Cannot Excuse Repeated Non-Appearance In Insolvency Proceedings: NCLT Mumbai
Case Title : IN THE MATTER OF: MR. KAIRAV ANIL TRIVEDI - LIQUIDATOR
Case Number : RST.A (IBC)/89(MB)2025 IN C.P. (IB)/17(MB)2022
CITATION : 2026 LLBiz NCLT (MUM) 916
The National Company Law Tribunal, Mumbai on 4 September held that financial hardship or the fact that an applicant is itself under liquidation cannot substitute the requirement of showing sufficient cause for repeated non-appearance in insolvency proceedings.
Case Title : Nazeema Cholayil v. Mr. K.P Dileep and Ors
Case Number : IA(IBC)/189/KOB/2024
CITATION : 2026 LLBiz NCLT(KOC) 917
The National Company Law Tribunal (NCLT) at Kochi has ruled that even if a claimant was not separately informed that their claim had not been finally admitted, that alone does not permit the court to reopen a concluded Corporate Insolvency Resolution Process (CIRP) or modify an approved resolution plan.
NCLT Delhi Directs Bira Beer Maker To Mediate With Creditors Over Insolvency Case Settlement
Case Title : Unity Small Finance Bank Limited Vs B9 Beverages Limited
Case Number : IB-580/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 918
The Delhi bench of the National Company Law Tribunal (NCLT) has directed B9 Beverages Limited, the company behind the Bira 91 beer brand, its promoters, certain financial creditors, and applicants in connected insolvency proceedings to participate in a mediation meeting.
Case Title : M/s. B.Y. Agro And Infra Ltd. Vs. M/s. Wardha Mega Food Park Private Limited
Case Number : C.P. (IB)/9/MB/2026
CITATION : 2026 LLBiz NCLT (MUM) 919
The National Company Law Tribunal (NCLT), Mumbai, has held that an interest-free payment does not automatically become a financial debt merely because it is described as a loan. The tribunal ruled that the nature and commercial purpose of the transaction, along with the surrounding documentary evidence, must be examined.
Bank Cannot Retain Margin Money After Bank Guarantees Expire Without Invocation: NCLT Mumbai
Case Title : In the matter of: Mr. Jayanti Lal Jain vs Mr. Pranaya Prusty
Case Number : IA/5149/2024 IN CP(IB)/644(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 920
The National Company Law Tribunal's Mumbai bench has observed that margin money deposited for Bank Guarantees can be retained by a bank only to the extent necessary for live guarantees and must be released where the guarantees have expired without invocation.
NCLT Mumbai Dismisses ₹2,235 Crore Insolvency Plea Against Sumer Radius Realty Amid CBI, ED Probe
Case Title : Piramal Capital & Housing Finance Limited Vs Sumer Radius Realty Private Limited
Case Number : IA/4175/2023 C.P. (IB)/155(MB)2022
CITATION : 2026 LLBiz NCLT (MUM) 921
The National Company Law Tribunal at Mumbai has dismissed Omkara Assets Reconstruction Private Limited's ₹2,235 crore insolvency petition against Sumer Radius Realty Pvt. Ltd. A coram of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati said that the financial creditor's inconsistent stands regarding the same transaction attracted the principle of approbate and reprobate, while the underlying transaction was also under investigation by the CBI and Enforcement Directorate.
NCLT Kolkata Allows Homebuyer To Seek Alternative Flat Or Full Refund After Invalid Cancellation
Case Title : Sujay Shankar Mukherjee v. Ashish Chawchharia, Resolution Professional of Riverbank Developers Private Limited
Case Number : I.A. (IB) No. 160/KB/2026 in C.P. (IB) No. 345/KB/2022
CITATION : 2026 LLBiz NCLT (KOL) 922
The Kolkata bench of the National Company Law Tribunal (NCLT) has held that a homebuyer's flat allotment could not be treated as cancelled after the developer failed to make the refund linked to the proposed cancellation. Since the flat was subsequently allotted to another person and possession was granted, the tribunal allowed the allottee to either seek an alternative flat with a covered car parking space or opt for a full refund of the amount paid with interest at statutory rates.
Case Title : MR. RAJENDRA M. GANATRA (Resolution Professional of Sunshine Housing and Infrastructure Pvt. Ltd.) V/s MR. ATUL SHAMJI BHARANI & OTHERS
Case Number : IA(I.B.C)/893(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 923
The National Company Law Tribunal (NCLT) at Mumbai has ruled that a Resolution Professional appointed after a failed resolution plan cannot reopen an earlier RP's concluded determination on avoidance or fraudulent transactions. The successor RP can place additional evidence to support the earlier determination, but cannot review or revisit it.