IBC
NCLT Mumbai Orders Dissolution Of Dr Lal PathLabs Subsidiary Suburban Diagnostics After Voluntary Liquidation
The National Company Law Tribunal (NCLT) at Mumbai has ordered the dissolution of Suburban Diagnostics (India) Pvt Ltd, a subsidiary of Dr Lal PathLabs, after the successful completion of its voluntary liquidation process under the Insolvency and Bankruptcy Code.A bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order while noting that the process was conducted in “accordance with law”. “This Bench is satisfied that the voluntary liquidation...
NCLT Cuttack Dismisses SREI Trust Plea To Recall OSPIL CIRP Admission, Resolution Plan Orders; Imposes ₹1 Lakh Cost
The National Company Law Tribunal's Cuttack bench on Tuesday dismissed a recall application filed by SREI Multiple Asset Investment Management Trust seeking recall of the orders admitting Odisha Slurry Pipeline Infrastructure Ltd (OSPIL) into insolvency and approving its resolution plan. The tribunal held that the attempt amounted to an abuse of the legal process and reflected a lackadaisical attitude.A bench comprising Acting President Deep Chandra Joshi and Technical Member Banwari Lal Meena...
IBBI Introduces Electronic Forms To Monitor Insolvency Processes Of Personal Guarantors
The Insolvency and Bankruptcy Board of India (IBBI) on March 6, 2026, introduced a set of electronic forms to monitor insolvency resolution processes involving personal guarantors to corporate debtors under the Insolvency and Bankruptcy Code, 2016.As per the circular, resolution professionals currently submit periodic updates regarding such processes through emails which, the Board noted is “time-consuming and inefficient”. To address this, the IBBI has developed a set of electronic forms which,...
IBBI Action Against RP In Other CIRPs Cannot Invalidate Claim Verification In Chandigarh Overseas CIRP: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that disciplinary proceedings initiated by the Insolvency and Bankruptcy Board of India (IBBI) against the Resolution Professional (RP) in other Corporate Insolvency Resolution Processes (CIRPs) cannot be relied upon to invalidate the claim verification exercise undertaken in the CIRP of Chandigarh Overseas Pvt. Ltd. The bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed,...
Income Tax Refunds Determined During CIRP Form Part of Corporate Debtor's Assets: NCLT Ahmedabad
The National Company Law Tribunal (NCLT) at Ahmedabad has recently observed that income tax refunds determined during the Corporate Insolvency Resolution Process (CIRP) form part of the assets of the corporate debtor and must remain available for the insolvency resolution process. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed that, “Once the refund is determined under Section 143(1) of the Income Tax Act, the said amount constitutes a receivable of the...
NCLT Ahmedabad Says It Cannot Grant Blanket Statutory Exemptions Or Override Other Enactments Under IBC
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) recently observed that Section 60(5)(c) of the Insolvency and Bankruptcy Code is a residuary provision that helps the tribunal facilitate insolvency proceedings but cannot be used to grant blanket exemptions from other laws. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “It is clarified that the jurisdiction of this Adjudicating Authority under Section 60(5)(c) of the Code is residual and...
NCLT Mumbai Allows Amendment In Oppression Petition After Expiry Of Limitation Period
The Mumbai Bench of the National Company Law Tribunal on 23 February allowed an amendment to a company petition under Rules 11 and 155 of the NCLT Rules, 2016, holding that a delay in filing amendments does not prevent changes needed to address the real issues, especially when the new facts could not have been discovered earlier.A Bench, comprising Technical Member Anil Raj Chellan and Judicial Member K.R. Saji Kumar, was hearing an interlocutory application filed by Tirupati Sankalp Realtors...
Bankruptcy Trustee Not Automatically Discharged Upon Filing Of Section 138 Application: NCLT Delhi
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 18 February, held that a Bankruptcy Trustee does not automatically stand discharged merely upon filing an application under Section 138 of the Insolvency and Bankruptcy Code (IBC). Discharge occurs only upon the adjudicating authority passing an appropriate order. A Bench comprising Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri clarified that mere filing under Section 138(1) does not effectuate...
NCLAT Upholds Rejection Of Reliance Realty's Insolvency Plea Against Altruist Over Pre-Existing Dispute
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently upheld the dismissal of an insolvency plea filed by Reliance Realty Limited against Altruist Customer Management India Pvt. Ltd., holding that the dispute between the parties over rental liability was genuine and could not be resolved through proceedings under the Insolvency and Bankruptcy Code. A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka observed that the disagreement raised by the...
NCLT Mumbai Allows Withdrawal Of Tata Power EV Charging Solutions' Insolvency Plea Against Cab-Eez Infra Tech
The National Company Law Tribunal (NCLT) at Mumbai has allowed the withdrawal of Rs. 1.9 crore insolvency proceedings initiated by Tata Power EV Charging Solutions Ltd. against Cab-Eez Infra Tech Ltd. after the parties reached a settlement.On February 2, 2026, a bench comprising Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati permitted withdrawal of Tata Power's insolvency plea under Section 12A of the Insolvency and Bankruptcy Code after noting that the companies had...
NCLT Ahmedabad Upholds Liquidator's Rejection of ₹211.87 Crore VAT and CST Claim Against Gujarat Foils
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that the liquidator of Gujarat Foils Ltd. was justified in rejecting a VAT and CST claim of about Rs 211.87 crore filed by the State Tax Department during the company's liquidation, finding that the liabilities were still disputed and pending before appellate authorities. A bench of Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy observed that the claim could not be admitted when the...
NCLT Delhi Holds IBC Not A Recovery Mechanism, Dismisses Aidem Ventures' CIRP Petition Against NEWS24
The Principal Bench of the National Company Law Tribunal (NCLT) at Delhi, on 13 February, dismissed three petitions seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) filed by Aidem Ventures against NEWS24 Broadcast India Limited, holding that the claims involved pre-existing contractual disputes and were primarily aimed at recovery of dues, not resolution of the corporate debtor. A Bench comprising President Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi...