NCLAT Revives IL&FS Plea To Unwind ₹1,080 Crore SREI Group-Linked Lending Transactions

The National Company Law Appellate Tribunal (NCLAT) at Delhi has revived Infrastructure Leasing & Financial Services Ltd.'s (IL&FS) bid to unwind six lending transactions allegedly structured to bypass the Reserve Bank of India's directions restricting fresh lending to group companies. Setting aside an order of the Mumbai bench of the National Company Law Tribunal (NCLT), the appellate tribunal held that the lower tribunal had wrongly treated Srei Infrastructure Finance Ltd.'s (SIFL)...

NSEL Moves Supreme Court Against HC Order Refusing Joint Trial In CBI Cases Over Alleged Payment Crisis

National Spot Exchange Ltd (NSEL) has moved the Supreme Court challenging the Bombay High Court's March 27, 2026 judgment refusing to direct a joint trial in two CBI cases arising out of the alleged NSEL payment crisis.NSEL argues that the cases stem from the same alleged fraudulent paired contracts. It says they involve the common accused, witnesses, and documents. The special leave petition, filed on June 19, 2026, is yet to be listed. The dispute concerns two CBI Special Cases pending...

LiveLawBiz Company Law Monthly Digest: June 2026

SUPREME COURTValidity Of Vote Cast On Behalf Of Society At Company's AGM Cannot Be Decided By Who Voted First: Supreme CourtThe Supreme Court has recently held that the validity of a vote cast on behalf of a society at a company's annual general meeting cannot be determined merely by who voted first. The Court ruled that voting authority must flow from the society's governing documents and the statutory framework regulating electronic voting.Case Title : HINDUSTAN MEDICAL INSTITUTION vs BIRLA...

Bona Fide Dispute Over Liability Bars Winding Up Proceedings: Madhya Pradesh High Court

The Madhya Pradesh High Court at Gwalior on 22 June held that a bona fide dispute over the rate of goods supplied to a company bars initiation of winding-up proceedings under Sections 433(e), 434(1)(a) and 439(1)(d) of the Companies Act, 1956. Justice Ashish Shroti dismissed a company petition filed by Mahavir Enterprises against Gwalior Sugar Company Ltd., finding that the claim involved disputed questions of fact regarding the applicable rates and outstanding liability. He observed: ...

NCLT Chennai Defreezes Karti Chidambaram's Salary & Family Accounts, Partly Relaxes SFIO Freezing Order

On June 19, the Chennai Bench of the National Company Law Tribunal (NCLT) ordered the defreezing of Congress MP Karti P. Chidambaram's salary account and the bank accounts of his family members. However, it directed that the freeze on his other personal bank accounts, fixed deposits, and movable assets would continue in connection with an ongoing Serious Fraud Investigation Office (SFIO) probe under Section 212(14A) of the Companies Act, 2013.Judicial Member Jyoti Kumar Tripathi and Technical...

NCLT Chennai Clears First Motion For Refex Industries' Green Mobility Business Restructuring

The National Company Law Tribunal (NCLT) at Chennai has allowed the first motion application filed by Refex Industries Limited (RIL) in relation to a composite scheme of amalgamation and arrangement involving Refex Green Mobility Limited (RGML) and Refex Mobility Limited (RML).RGML and RML are the wholly owned subsidiaries of RIL, whose shares are listed on the Bombay Stock Exchange and National Stock Exchange. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman...

NCLT Ahmedabad Orders Secured Creditors' Meeting In Resolute Corp Bharat Demerger Scheme

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently directed a meeting of the secured creditors of Resolute Corp Bharat Pvt Ltd in relation to a proposed demerger of its agro-commodity trading business into Growthspirit Trading Pvt Ltd. The tribunal found that while the secured creditors had submitted consent and no-objection letters, they had not furnished affidavits required for dispensation of their meeting. The order was passed by Judicial Member Shammi Khan and...

NCLT Consent Order Does Not Bar Appeal Against Unconsented Penalty: Kerala High Court

The Kerala High Court on 10 June held that even where an order of the National Company Law Tribunal (NCLT) is recorded as a consent order, a party may still challenge a penal condition before the appellate tribunal if it was not specifically consented to. Justice Harisankar V. Menon disposed of a writ petition filed by Gramox Paper & Boards (P) Ltd and its authorised representative, granting them liberty to challenge an NCLT Kochi Bench order before the National Company Law Appellate...

Company Court Can Transfer Winding-Up Proceedings To NCLT Without Formal Application: Calcutta High Court

The Calcutta High Court on 8 June held that a Company Court may transfer a pending winding-up proceeding to the National Company Law Tribunal (NCLT) even in the absence of a formal application by any party, provided it applies its mind and finds that the liquidation has not reached an irreversible stage. A Division Bench of Justices Debangsu Basak and Md. Shabbar Rashidi dismissed an appeal filed by creditor Anil Kumar Murarka and upheld the Company Court's order transferring the winding-up...

Advance Paid For Kerala Trade Centre Space Not A Deposit With Kerala Chamber Of Commerce: NCLAT

The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 2 June held that an advance of Rs. 30,00,000 paid towards the Kerala Trade Centre project did not constitute a deposit with the Kerala Chamber of Commerce & Industry, but represented only an advance for booking space in a separate entity. Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed an appeal filed by KM Abdullah, affirming the National Company Law Tribunal (NCLT),...

NCLT Mumbai Holds AGM Default Compoundable, Levies ₹40.90 Lakh On Kolhapur Hotels Directors

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 9 June compounded the violation, imposing a total compounding fee of Rs. 40.90 lakh on Kolhapur Hotels Pvt Ltd and its two directors for breach of Section 96 of the Companies Act relating to Annual General Meeting (AGM) requirements. Judicial Member Ashish Kalia and Technical Member Charanjeet Singh Gulati also ruled that the benefit available to small companies under Section 446B of the Companies Act applies only to “penalties”...

NCLT Mumbai Dispenses With Stakeholder Meetings For Merger Of Raymond's Wholly Owned Subsidiary Into It

The National Company Law Tribunal at Mumbai has recently dispensed with meetings of shareholders and creditors in connection with the proposed merger of Everblue Apparel Limited (EBAL), a wholly owned subsidiary of Raymond Limited, with Raymond Limited.A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order on an application filed under Sections 230 to 232 of the Companies Act, 2013 seeking directions in relation to the proposed merger.The scheme...