Late CIRP Bid Can't Be Accepted Without Publishing Provisional List Of Resolution Applicants First: NCLAT

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.The ruling came while dismissing appeals filed by the committee of creditors of...

IBC Weekly Digest: 17th January To 25th January

SUPREME COURTSupreme Court Says NCLT Could Not Have Decided Title Of Gloster Trademark In Fort Gloster InsolvencyCase Title : Gloster Limited vs Gloster Cables Limited & Ors. Case Number : CIVIL APPEAL NO. 2996 OF 2024 CITATION : 2026 LLBiz SC 20The 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,...

NCLAT Expunges Adverse Remarks Against IL&FS Companies In Wind World Insolvency

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...

Contempt Needs Breach Of Clear, Unambiguous Directions, Not Vague Ones: NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad has recently held that contempt powers cannot be invoked unless a court's earlier directions are clear, specific, and unambiguous, and unless there is conscious and deliberate disobedience of those directions. A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri said that while exercising contempt jurisdiction, the tribunal must strictly confine itself to the wording of the order alleged to have been violated. It said...

NCLT Delhi Admits Rana Kapoor Family Company Bliss House Into Insolvency Over ₹922-Crore Default

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...

NCLT Upholds ₹1 Notional Admission Of MCD's Rs 6,000-Crore Claim Against MEP Infrastructure

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...

Credits To Bankrupt's Bank Account Don't Automatically Vest In Bankruptcy Estate: NCLAT

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. At the same time, it clarified that amounts credited to the account after the start of bankruptcy cannot automatically be taken over unless the Insolvency and Bankruptcy Code procedure is followed. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun...

Electricity Dues Of Corporate Debtor's Lessor Can't Be Fastened On Successful Resolution Applicant: NCLT Kolkata

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...

NCLT Mumbai Approves Rs 345.6 Crore Hirani Ventures Plan For E-Commerce Magnum

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. “We find that the Plan meets...

NCLAT Declines to Interfere In RCI Industries' Resolution Plan After SRA Disclaims Rights Over Disputed Assets

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...

NCLAT Issues Notice On REC's ₹37.48 Crore Insolvency Appeal Against Poena Power

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...

NCLT Mumbai Approves ₹467 Crore JSW Infrastructure Plan For NCR Rail Revival

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...