LiveLawBiz IBC Weekly Digest: June 22 - June 27, 2026

SUPREME COURT Voizzit Entities Move Supreme Court Against Kerala HC Order Refusing Probe Into BYJU'S Insolvency ProcessCase Title : VOIZZIT TECHNOLOGY PVT LTD vs THE DIRECTOR CENTRAL BUREAU OF INVESTIGATION Case Number : DIARY NO. 37706 OF 2026Two companies linked to the BYJU'S insolvency dispute, Voizzit Technology Pvt Ltd and Voizzit Information Technology LLC, have approached the Supreme Court. They are challenging a Kerala High Court judgment that refused to...

Comparative Reach Of Other Newspapers Irrelevant For CIRP Public Announcement Compliance: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai, dismissed applications filed by four homebuyers and one operational creditor of Calyx Lenora Realty LLP seeking condonation of delay and admission of claims filed more than 500 days after the prescribed deadline.The tribunal held that the public announcement complied with the Corporate Insolvency Resolution Process (CIRP) Regulations despite the applicants' contention that the newspapers chosen did not have sufficiently wide circulation. A bench...

Mere Forensic Audit Report Observations Cannot Extinguish Corporate Debtor's Ownership Rights: NCLT Ahmedabad

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently ruled that a forensic audit report alone cannot deprive a corporate debtor of ownership over money standing in its bank account. It also cannot confer any adjudicated right on a bank to disregard the Insolvency and Bankruptcy Code. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “Mere observations contained in a forensic audit report do not, by themselves, extinguish ownership...

NCLT Chandigarh Allows CIRP Withdrawal After Debtor Settles With Sole Financial Creditor, Operational Creditor

The Chandigarh bench of the National Company Law Tribunal (NCLT) has allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor after its suspended management settled the claims of the sole financial creditor and the operational creditor. Following the settlements, the statutory requirements for withdrawal of the CIRP stood fulfilled. A bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal observed: “The Operational...

Mere OTS Proposals, Settlement Talks Cannot Postpone Valid Insolvency Application: NCLT Ahmedabad

The Ahmedabad bench of the National Company Law Tribunal (NCLT), while dismissing applications filed by a cotton spinning company seeking time to pursue a one-time settlement (OTS), held that OTS proposals, ongoing settlement discussions and identification of prospective purchasers cannot defeat or postpone adjudication of a valid insolvency application. The applications had also sought permission to facilitate inspection of the company's assets by prospective purchasers. The tribunal...

NCLT Bengaluru Approves ₹17.25 Crore Resolution Plan For Dunlop Polymers

The Bengaluru bench of the National Company Law Tribunal (NCLT) has approved a ₹17.25 crore resolution plan for Dunlop Polymers Pvt. Ltd. The order brings an end to a corporate insolvency resolution process in which 1,673 days were excluded from the CIRP period. The tribunal, comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, approved the resolution plan submitted by Saikam Sivachaitanya after finding that it complied with the requirements of the...

No Artificial Sub-Classification Among Secured Creditors Under IBC Waterfall Mechanism: NCLT Allahabad

The Allahabad Bench of the National Company Law Tribunal (NCLT) on 11 June held that the waterfall mechanism under the Insolvency and Bankruptcy Code, 2016 does not permit artificial sub-classification among secured creditors while distributing proceeds after approval of a resolution plan. Judicial Member Praveen Gupta and Technical Member Ashish Verma partly allowed an application filed by IFCI Ltd. in the Corporate Insolvency Resolution Process (CIRP) of Hind Agro Industries Ltd. The Bench...

Going-Concern Liquidation Buyer Not Entitled To Automatic Waivers Under IBC: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 12 June held that a successful auction purchaser acquiring a corporate debtor as a going concern during liquidation is not automatically entitled to waivers, concessions, or reliefs sought through an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Judicial Member Lakshmi Gurung and Technical Member Charanjeet Singh Gulati further observed that liabilities expressly attached to assets in the sale...

NCLT Delhi Admits Allegis Plea Against Olive Telecom, Holds Arbitral Award Crystallises Operational Debt

The New Delhi Bench of the National Company Law Tribunal (NCLT) on 11 June admitted the Section 9 application filed by Allegis Services (India) Pvt. Ltd against Olive Telecommunication Pvt. Ltd, commenced Corporate Insolvency Resolution Process (CIRP), declared moratorium under Section 14, and appointed Harmeet Kaur as Interim Resolution Professional (IRP).Judicial Member Bachu Venkat Balram Das and Technical Member Ravindra Chaturvedi held that an arbitral award arising from an operational...

NCLT Kochi Rejects ADIMS Resolution Plan Over Dependence On Uncertain Lease, Terminates CIRP

On 25 June, the Kochi Bench of the National Company Law Tribunal (NCLT) declined to approve the resolution plan submitted for Attukal Devi Institute of Medical Sciences Limited (ADIMS), holding that plans founded on speculative contingencies and unresolved third-party disputes cannot be sustained solely on the basis of Committee of Creditors' (CoC) approval. Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy dismissed the Resolution Professional's application under Section...

Anil Ambani Appeals NCLT Order Admitting SBI's Personal Guarantor Insolvency Plea

On Wednesday, Industrialist Anil Ambani approached the Delhi bench of the National Company Law Appellate Tribunal (NCLAT) against the personal insolvency proceedings initiated by the the State Bank of India (SBI).The matter was taken up in the bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Barun Mitra. However, the bench adjourned the matter after a request came from his Counsel. “Having regard to the request made by Ld. Counsel for the appellant, list this matter...

Supreme Court Allows Shareholder To Approach NCLAT Chairperson After Split Verdict On Stay Of India Power's CIRP

The Supreme Court on Wednesday allowed India Power Corporation Ltd.'s shareholder Pragya Jhunjhunwala to approach the National Company Law Appellate Tribunal (NCLAT) Chairperson for consideration of a reference arising from a split verdict on applications seeking an interim stay of the company's admission into insolvency proceedings. A vacation bench of Justices B.V. Nagarathna and Joymalya Bagchi disposed of the special leave petition. It reserved liberty to Jhunjhunwala to request the NCLAT...