LiveLawBiz IBC Weekly Digest: October 12 - October 17, 2026
Kirit Singhania
19 Oct 2026 12:35 PM IST
SUPREME COURT
Case Title : THE ASSISTANT COMMISSIONER OF CENTRAL TAX, CGST DIVISION VERSUS SREENIVASA RAO RAVINUTHALA AND ANOTHER
Case Number : CIVIL APPEAL NO. 7882 OF 2023
CITATION : 2026 LLBiz SC 333
The Supreme Court on Wednesday held that the limitation period for filing an appeal against an order of the National Company Law Appellate Tribunal (NCLAT) begins from the date of pronouncement of the order and cannot be postponed until a litigant chooses to apply for and collect a certified copy.
Profitable Companies Can Face Insolvency Proceedings If They Default On Loans: Supreme Court
Case Title : DEEPAK RAHEJA AND ANOTHER VERSUS OMKARA ASSETS RECONSTRUCTION PRIVATE LTD. AND ANOTHER
Case Number : CIVIL APPEAL NO.12195 OF 2025
CITATION : 2026 LLBiz SC 334
The Supreme Court on Thursday held that a company's profitability does not prevent insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). A financial default, rather than commercial or balance-sheet insolvency, triggers the Corporate Insolvency Resolution Process (CIRP).
HIGH COURT
Case Title : MOSER BAER INDIA LIMITED THROUGH ITS LIQUIDATOR MR ANIL KOHLI vs UNION OF INDIA & ORS.
Case Number : W.P.(C) 13751/2026
The Delhi High Court will examine whether companies undergoing liquidation can seek exemption from the mandatory pre-deposit requirement under Section 107(6) of the Central Goods and Services Tax (CGST) Act. The issue is whether the requirement can be relaxed in view of the statutory distribution mechanism under the Insolvency and Bankruptcy Code (IBC).
Case Title : Bhadrashree Steel & Power Ltd. through Its Authorised Representative Versus The State of Maharashtra through The Revenue and Forest Dept. and Ors
Case Number : WRIT PETITION NO. 1094 OF 2022
CITATION : 2026 LLBiz HC (BOM) 575
The Bombay High Court has held that stamp duty on property sold through a liquidation auction conducted by an NCLT-appointed liquidator can be calculated on the auction value rather than the Annual Statement of Rates (ASR) value when the auction process is transparent and there is no basis to suspect deliberate undervaluation.
NCLAT
NCLAT Issues Notice On Appeal Against Stargaze Entertainment's Liquidation Order
Case Title : Committee of Creditors of Stargaze Entertainment Private Limited Vs. Stargaze Entertainment Private Limited (In Liquidation) And Ors.
Case Number : Comp. App. (AT) (Ins) 1957/ 2026
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday issued notice to Stargaze Entertainment Pvt. Ltd. a cinema exhibition company, and its Resolution Professional, Ashok Kumar Gulla on appeal filed by the Committee of Creditors (CoC) against the liquidation order.
CoC Approval Cannot Cure Resolution Plan's Failure To Meet Mandatory IBC Requirements: NCLAT
Case Title : Dickey Special Situation Investment Trust-DSSF Series 2 Vs Manish Agarwal & Ors
Case Number : Company Appeal (AT) (Insolvency) 1725/2026 & 1706/2026
CITATION : 2026 LLBiz NCLAT 396
The National Company Law Appellate Tribunal (NCLAT) has held that the Committee of Creditors' (CoC) approval cannot cure a resolution plan that fails to meet mandatory requirements under the Insolvency and Bankruptcy Code, 2016 (IBC). It ruled that the CoC's commercial wisdom on a plan's feasibility and viability applies only when the plan complies with the law.
NCLAT Stays Insolvency Proceedings Against Polycab India
Case Title : Bharat Ajay Jaisinghani Vs Asier Metals Pvt. Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1940/ 2026
CITATION : 2026 LLBiz NCLAT 397
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently (October 9) stayed the admission of an insolvency petition against Polycab India Limited, filed by Asier Metals Pvt. Ltd, an operational creditor. The order was passed by the bench of officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra.
NCLAT Delhi Upholds CIRP Against Shri Paramsukh Edible Foods Based On GST Credit And TDS Records
Case Title : Girraj Bansal Vs Rakesh Kumar Goyal
Case Number : Company Appeal (AT) (Insolvency) 1571/2025
CITATION : 2026 LLBiz NCLAT 399
On 14 October, the National Company Law Appellate Tribunal (NCLAT) at Delhi upheld the admission of insolvency proceedings against Shri Paramsukh Edible Foods Pvt. Ltd., holding that tax deducted at source (TDS), claims of input tax credit (ITC) on goods and services tax (GST), and ledger entries established the supply of goods and the existence of an outstanding operational debt.
NCLT Must Assess Prospects Of Recovering Arbitral Claim Before Ordering Liquidation: NCLAT
Case Title : Phoenix ARC Limited Vs Rajesh Jhunjhunwala & Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited
Case Number : Company Appeal (AT) (Insolvency) 1745/2026
CITATION : 2026 LLBiz NCLAT 400
The NCLAT has set aside a liquidation order against a road infrastructure company, holding that the NCLT failed to assess the recovery prospects of an arbitral claim before ordering liquidation, relying instead on the fact that the claim could also be pursued during liquidation.
NCLT
Dissenting Secured Creditors Entitled To Minimum Payment Based On Security Value: NCLT Mumbai
Case Title : State Bank of India v. Resolution Professional of RNA Corp. Pvt. Ltd. & Ors
Case Number : A(I.B.C)/480(MB)/2026 in CP (IB) 783 (MB) of 2021
CITATION : 2026 LLBiz NCLT (MUM) 1006
The National Company Law Tribunal (NCLT), Mumbai, on 7 October held that a dissenting financial creditor is entitled to a minimum payment equivalent to the liquidation value of its security interest, and the Committee of Creditors (CoC) cannot cap this entitlement at the total value of the resolution plan.
Case Title : Siemens Financial Services Pvt. Ltd. v. Rasik Khandelwal
Case Number : CP (IB) No. 79/ALD/2024
CITATION : 2026 LLBiz NCLT (ALL) 1007
The Allahabad Bench of the National Company Law Tribunal (NCLT), on 9 October admitted an application filed by Siemens Financial Services Pvt. Ltd. to initiate the personal insolvency resolution process against Rasik Khandelwal, holding that a financial creditor need not exhaust its remedies against the principal borrower before initiating insolvency proceedings against a personal guarantor.
Homebuyer Insolvency Threshold Must Be Based on Actual Bookings, Not Proposed Units: NCLT Kolkata
Case Title : Evanie Eco Nest Home Buyers Association v. Evanie Infrastructure Private Limited
Case Number : C.P. (IB) No. 285/KB/2021
CITATION : 2026 LLBiz NCLT (KOL) 1010
The Kolkata Bench of the National Company Law Tribunal (NCLT) on 9 October held that the threshold for admitting a homebuyer's insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), must be determined on the basis of actual bookings as they stood on the date of filing, and not proposed units. Also, that post-filing changes could not affect the assessment of the statutory threshold.
Disputed Interest Does Not Bar Section 9 IBC Plea If Principal Debt Exceeds ₹1 Crore: NCLT Allahabad
Case Title : Boston Ivy Healthcare Solutions Private Limited v. Zaneka Healthcare Limited
Case Number : CP (IB) No. 4/ALD/2026
CITATION : 2026 LLBiz NCLT (ALD) 1008
The Allahabad Bench of the National Company Law Tribunal (NCLT) on 8 October held that a dispute over interest on delayed payments does not defeat insolvency proceedings when the admitted principal debt exceeds the statutory threshold under the Insolvency and Bankruptcy Code, 2016 (IBC).
Case Title : APL Apollo Tubes Limited v. Tanisha Scaffolding (India) Private Limited
Case Number : C.P. (IB) No. 116/BB/2018
CITATION : 2026 LLBiz NCLT (BEN) 1013
The Bengaluru Bench of the National Company Law Tribunal (NCLT), on 9 October dismissed a Section 9 application filed by APL Apollo Tubes Ltd. seeking initiation of the corporate insolvency resolution process (CIRP) against Tanisha Scaffolding (India) Private Limited, holding that the operational creditor failed to establish the supply of goods underlying its claim.
Case Title : Yes Bank Limited v. Anil Madan
Case Number : CP No. IB 839 (ND)/2024, IA No. 865/2025
CITATION : 2026LLBiz NCLT (DEL) 1014
On 12 October, the Principal Bench of the National Company Law Tribunal (NCLT), New Delhi, admitted an application filed by Yes Bank Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Anil Madan, personal guarantor of Johnson Watch Company Pvt. Ltd.
Case Title : SANDEEP MAHAJAN Vs KANAK BIYANI
Case Number : IA (IBC)No. 244/JPR/2026 In CP No. (IB)- 19/121/JPR/2024
CITATION : 2026 LLBiz NCLT(JAI) 1015
The Jaipur bench of the National Company Law Tribunal (NCLT) has recently held that a bankrupt handing over jewellery to her son within the two-year look-back period does not, by itself, make the transaction preferential under the Insolvency and Bankruptcy Code, 2016 (IBC).
Case Title : Gonugunta Murali, Liquidator of Butta Infrastructure Pvt. Ltd. v. LIC Housing Finance Limited
Case Number : IA (IBC) No. 1493 of 2023 in CP (IB) No. 325/7/HDB/2020
CITATION : 2026 LLBiz NCLT (HYD) 1016
The National Company Law Tribunal (NCLT), Hyderabad, has held that the statutory 180-day deadline for a secured creditor to realise its security interest during liquidation cannot be kept open-ended merely because recovery proceedings have been initiated.
Erstwhile RP Cannot Refuse Handover Of Records To Liquidator Citing 'Functus Officio': NCLT Indore
Case Title : Gagan Jhavar, Liquidator of Arya Filaments Private Limited v. Surendra Kumar Agrawal & Ors.
Case Number : IA/75(MP)/2024 in T.P. 229 of 2019 [CP(IB) No. 29 of 2018]
CITATION : 2026 LLBiz NCLT (IND) 1020
The Indore Bench of the National Company Law Tribunal (NCLT), on 7 October held that an erstwhile Resolution Professional remains obligated to furnish records sought by the Liquidator even after approval of a Resolution Plan, as Regulation 9(1)(b) of the IBBI (Liquidation Process) Regulations, 2016, expressly covers a person who “was” the Resolution Professional.
NCLT Ahmedabad Admits GIMCO Into CIRP Under Section 10 Of IBC, Appoints Interim RP
Case Title : Gujarat Integrated Maritime Complex Private Limited
Case Number : C.P.(IB)/374(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 1019
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 22 September admitted Gujarat Integrated Maritime Complex Pvt. Ltd. (GIMCO) into the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, as part of the composite resolution framework for IL&FS Group subsidiaries.
NCLT Indore Admits Insolvency Plea Against Sagar Autotech's Personal Guarantor Over ₹3.95 Crore Debt
Case Title : ASREC (India) Limited v. Pratik Jain
Case Number : CP(IB)/29(MP)/2022
CITATION : 2026 LLBiz NCLT (IND) 1021
The National Company Law Tribunal (NCLT), Indore, on 5 October initiated insolvency resolution proceedings against Pratik Jain, a personal guarantor of Sagar Autotech (Jabalpur) Private Limited, over a default of Rs. 3.95 crore arising from credit facilities extended to the company by Volkswagen Finance Private Limited.
NCLT Chennai Approves Pothys Retail's ₹43.02 Crore Resolution Plan For Arihant Retail
Case Title : Shruti Lohia, Resolution Professional for Arihant Retail Private Limited
Case Number : IB(IBC)/PLAN/9(CHE)/2026
CITATION : 2026 LLBiz NCLT(CHE) 1024
The National Company Law Tribunal at Chennai has approved a resolution plan submitted by Pothys Retail Private Limited for Arihant Retail Private Limited, holding that the plan complies with the Insolvency and Bankruptcy Code and the applicable CIRP Regulations.
NCLT Bengaluru Says Govt. Companies Subject To IBC, Admits CIRP Against Karnataka Food Corporation
Case Title : Daaksh Jute LLP v. Karnataka Food and Civil Supplies Corporation Limited
Case Number : CP (IB) No. 306/BB/2025.
CITATION : 2026 LLBiz NCLT (BEN) 1025
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 12 October held that a government company incorporated under the Companies Act cannot claim exemption from insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), merely because it performs public welfare functions.
NCLT Kochi Rejects EPFO's ₹59.46 Lakh Claim Against Peejay Agro Foods Over Uncrystallised Dues
Case Title : The Regional Provident Fund Commissioner-II v. Mr. R Raghavendran
Case Number : IA(IBC)(Liq)/1/KOB/2026 in CP(IBC)/08/KOB/2025
CITATION : 2026 LLBiz NCLT(KOC) 1026
The National Company Law Tribunal (NCLT), Kochi, on 15 October dismissed the appeal filed by the Regional Provident Fund Commissioner against the rejection of the Employees' Provident Fund Organisation (EPFO)'s Rs. 59.46 lakh claim in the liquidation of Peejay Agro Foods Private Limited.
Case Title : Balakrishnan Baburajan v. Murali Narayanan and Ors
Case Number : IA(IBC)/117/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 1027
The National Company Law Tribunal (NCLT) at Kochi has recently held that directors cannot avoid their statutory obligations during liquidation merely by claiming that one director alone managed the company's affairs.
Litigant Cannot Seek Restoration Of Dismissed Plea After Repeated Absence: NCLT Mumbai
Case Title : Mr. Anil Tukaram Sawarkar vs Bank of Maharashtra
Case Number : RST. A./ 91 (MB) / 2026 IN I.A. / 5139 (MB) / 2024 IN C.P. / 951 (MB) / 2022
CITATION : 2026 LLBiz NCLT (MUM) 1030
The National Company Law Tribunal (NCLT) at Mumbai has recently ruled that applicants cannot delay proceedings by repeatedly remaining absent, observing that they cannot dictate the pace of a case after being given sufficient opportunities to appear.
NCLT Mumbai Allows Bajaj Healthcare To Acquire GENRX Pharmaceuticals
Case Title : Bajaj Healthcare Limited V/s. Mr. Rajesh Kumar Mittal
Case Number : I.A. No. 2739 of 2025 IN C.P. (IB) No. 4716/MB/2018
CITATION : 2026 LLBiz NCLT (MUM) 1031
The National Company Law Tribunal's Mumbai Bench has allowed Bajaj Healthcare Limited to acquire GENRX Pharmaceuticals Private Limited as a going concern on a 'clean slate' basis, protecting it from past liabilities up to the liquidation commencement date.
Fresh CIRP Cannot Be Allowed As A Matter Of Course: NCLT Mumbai
Case Title : Venkatavarathan Narasimhan Iyengar (Suspended Director of Somerset Constructions Private Limited) V/s. Committee of Creditors of Somerset Constructions Private Limited
Case Number : IVN.P.(IB) No. 172 of 2025
CITATION : 2026 LLBiz NCLT (MUM) 1032
The National Company Law Tribunal's (NCLT) Mumbai Bench has observed that the Committee of Creditors' commercial decisions must remain within the statutory framework, emphasising that the Corporate Insolvency Resolution Process (CIRP) cannot be kept open indefinitely or repeatedly restarted merely in the hope of securing better offers.
NCLT Delhi Admits SVOGL Into CIRP Despite Pending Winding-Up Proceedings
Case Title : PUNJAB NATIONAL BANK Vs SVOGL OIL GAS AND ENERGY LIMITED
Case Number : CP (IB) No.253/(PB)/2025
CITATION : 2026LLBiz NCLT (DEL) 1033
The Delhi bench of the National Company Law Tribunal (NCLT) has admitted SVOGL Oil Gas and Energy Ltd. into the Corporate Insolvency Resolution Process (CIRP), ruling that pending winding-up proceedings do not prevent admission of an insolvency petition if no irreversible steps have been taken
NCLT Delhi Rejects CIRP Plea Against Publisher Despite Holding Royalty Can Be Operational Debt
Case Title : Dr. Ravi Gupta Vs Commercial Law Publishers (India) Pvt. Ltd.
Case Number : CP (IB) NO. 405/(ND)/2026
CITATION : 2026LLBiz NCLT (DEL) 1034
The Delhi bench of the National Company Law Tribunal (NCLT) has rejected an insolvency plea against Commercial Law Publishers (India) Pvt. Ltd. The tribunal held that royalty payable under a publishing agreement can qualify as “operational debt” under the Insolvency and Bankruptcy Code (IBC).