IBC
SRA, RP Can't Be Held Liable For Delay In Implementing Resolution Plan If Appeal Was Pending: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that the Successful Resolution Applicant (SRA) and Resolution Professional (RP) cannot be held liable for delay in implementing a resolution plan when its terms permitted payments to creditors and other stakeholders to be deferred during the pendency of appeals against the plan, even in the absence of a stay order.“Therefore, when mere pendency of an appeal against the plan was sufficient for the SRA not to make any payment to...
NCLAT Says NCLT Must Decide Homebuyers' AR Replacement Plea Immediately, Excludes Waiting Period From CIRP
The National Company Law Appellate Tribunal (NCLAT) has recently ruled that the National Company Law Tribunal (NCLT) must immediately decide an application seeking replacement of the Authorised Representative (AR) of homebuyers once the Committee of Creditors (CoC) has approved the change. It has also excluded the period spent waiting for a decision on the application from the Corporate Insolvency Resolution Process (CIRP) timeline.A Bench of Judicial Member Justice Mohd. Faiz Alam Khan and...
Company's Wilful Defaulter Tag Does Not Automatically Disqualify Director: NCLT Bengaluru
The National Company Law Tribunal (NCLT), Bengaluru, on 28 October held that a person cannot be disqualified under Section 29A(b) of the Insolvency and Bankruptcy Code, 2016 (IBC), merely because companies in which he holds directorships have been classified as wilful defaulters. A Bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada allowed an application filed by V.V.S.R. Anjaneyulu Vattem, challenging his exclusion from the list of Prospective Resolution...
NCLT Allahabad Admits Insolvency Plea Against Sybly Industries Over Default On ₹1.50 Crore Loan
The Allahabad Bench of the National Company Law Tribunal (NCLT) on 27 October admitted a Section 7 petition filed by Sital Leasing and Finance Limited against Sybly Industries Limited, initiating the corporate insolvency resolution process (CIRP). A Bench comprising Judicial Member Praveen Gupta and Technical Member Ashish Verma observed: “The mere assertion that the Corporate Debtor possesses market receivables or is willing to repay the outstanding dues at a later date cannot, in the...
IBC Amendment Excluding Personal Guarantors From Interim Moratorium Applies To Pending Cases: NCLAT
The National Company Law Appellate Tribunal (NCLAT) has held that the amendment to the Insolvency and Bankruptcy Code (IBC), which excludes personal guarantors to corporate debtors from interim moratorium protection, applies even to proceedings that were pending when the amendment came into force.The bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha held that Section 96(4) of the IBC, introduced through the Insolvency and Bankruptcy Code (Amendment)...
Collusive Insolvency Proceedings To Frustrate NHAI's Case Attract IBC Section 65: NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai, on 5 November held that insolvency proceedings initiated through a collusive arrangement to frustrate pending restitution and contempt proceedings against a corporate debtor amount to malicious initiation under Section 65 of the Insolvency and Bankruptcy Code (IBC), 2016.A Bench of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati allowed an application filed by the National Highways Authority of India (NHAI) seeking...
NCLAT Upholds CIRP Against Rana Kapoor-Linked Imagine Group Companies
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld insolvency proceedings against four companies linked to Rana Kapoor. It held that they acted as corporate guarantors for a ₹105 crore loan taken by Bliss House Pvt. Ltd. (BHPL), despite executing deeds of hypothecation rather than documents titled as guarantee deeds. The Bench of Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra dismissed appeals filed by Bindu Kapoor,...
Overlooking Document Already On Record Is Ground For Appeal, Not Recall: NCLAT
The National Company Law Appellate Tribunal (NCLAT) has recently ruled that a party cannot seek recall of an order on grounds of fraud by relying on documents that were already available during the original proceedings. If a tribunal overlooks a document or fails to consider its evidentiary value, the party must challenge the decision in an appeal.A Bench of Judicial Member Mohammad Faiz Alam Khan and Technical Member Naresh Salecha observed:“A document that was already on the record, or that...
Guarantee Obligations Survive Resignation As Director Absent Express Release: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that resignation as a director from the board of a company does not, by itself, discharge obligations undertaken under a continuing guarantee. A guarantor can continue to be held liable under the terms of gurantee unless discharged by the guarantor. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Members Arun Baroka and Indevar Pandey observed,“In view of the aforesaid contractual...
NCLT Mumbai Dismisses Manlift India's Insolvency Plea Against Shapoorji Pallonji
The National Company Law Tribunal (NCLT) at Mumbai has recently dismissed Manlift India Private Limited's insolvency petition against Shapoorji Pallonji and Company Private Limited. It found that the undisputed operational debt fell below the ₹1 crore threshold under the Insolvency and Bankruptcy Code (IBC). The tribunal excluded 41 invoices raised in the name of a joint venture and 17 time-barred invoices. It also excluded nine invoices involving a plausible dispute requiring reconciliation....
Deliberate Concealment Of Creditor's Decree Justifies Recall Of CIRP: NCLAT New Delhi
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 30 October held that deliberate concealment of a decree-holder's claim in an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, constitutes material suppression warranting recall of the Corporate Insolvency Resolution Process (CIRP). A Bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Arun Baroka dismissed appeals filed by Intarvo Technologies Private Limited and successful...
LiveLawBiz IBC Weekly Digest: November 1 - November 7, 2026
HIGH COURTPenal Charges In Debt Claim Do Not Oust NCLT's IBC Jurisdiction: Gujarat High CourtCase Title : TAKSHASHILA RESICOM PRIVATE LIMITED & ORS Vs SHETH FINCAP SERVICES PRIVATE LIMITED & ORS Case Number : SPECIAL CIVIL APPLICATION NO. 13836 of 2026 CITATION : 2026 LLBiz HC (GUJ) 167The Gujarat High Court, on 23 October, held that the inclusion of penal charges and interest in a financial creditor's claim does not, by itself, oust the National Company Law Tribunal's (NCLT)...