Dues Arising From TReDS Transactions Are Operational Debt, Not Financial Debt: NCLT Jaipur

The National Company Law Tribunal (NCLT) at Jaipur has dismissed Bank of Maharashtra's insolvency plea (section 7) against Ashiana Ispat Limited. The tribunal held that dues arising from invoice discounting transactions undertaken through the Trade Receivables Discounting System (TReDS) were operational debt and not financial debt. The order was passed by Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar. The tribunal observed:“The definition of Operational Creditor includes...

IBC Approval Does Not Auto-Delete ROC Charges, Companies Act Procedure Must Be Followed: NCLT Jaipur

The Jaipur Bench of the National Company Law Tribunal on 22 June ruled that approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016 does not automatically delete pre-CIRP charge entries from the records maintained by the Registrar of Companies. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar held that parties must still follow the statutory procedure under the Companies Act, 2013 for satisfaction or modification of such charges and partly allowed the...

Developer's Insolvency Cannot Block Housing Society's Bid For Conveyance Of Land And Building: Bombay High Court

A housing society's application for deemed conveyance of land and building cannot be put on hold merely because insolvency proceedings are pending against a developer, the Bombay High Court has held. The court ruled that a moratorium under the Insolvency and Bankruptcy Code (IBC) does not prevent authorities from deciding such applications under the Maharashtra Ownership Flats Act (MOFA). Justice Sandeep V. Marne set aside an order that had rejected a deemed conveyance application filed by...

Voizzit Entities Move Supreme Court Against Kerala HC Order Refusing Probe Into BYJU'S Insolvency Process

Two 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 direct the CBI, Enforcement Directorate (ED) and National Investigation Agency (NIA) to investigate alleged irregularities in the insolvency resolution process of BYJU'S parent company, Think & Learn Pvt. Ltd. The special leave petition challenges a June 12, 2026...

NCLAT Chennai Sets Aside NCLT Kochi Order Archiving Section 9 Plea, Grants One-Time Rectification Window

On 10 June, the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) allowed an appeal filed by Raychem RPG Pvt Ltd, set aside the order of the National Company Law Tribunal (NCLT), Kochi Bench, and directed grant of a final opportunity to rectify defects, subject to payment of costs of Rs. 50,000. Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain emphasised that procedural defects in filing a Section 9 insolvency petition cannot, by themselves,...

NCLT Mumbai Initiates CIRP Against Longrange Commodities, Admits ₹90.54 Crore UCO Bank Petition

On 12 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Longrange Commodities Pvt Ltd into the Corporate Insolvency Resolution Process on a petition filed by UCO Bank over a default of Rs. 90.54 crore and appointed Kuldeep Tank as the Interim Resolution Professional. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 is maintainable where the financial creditor establishes...

NCLAT Upholds NCLT Order Allowing Liquidator To Challenge JDA, GPA Termination Before Civil Court.

The National Company Law Appellate Tribunal (NCLAT) at Chennai has upheld an order allowing the liquidator of a company under liquidation to approach a civil court to challenge the unilateral termination of a Joint Development Agreement (JDA) and cancellation of a General Power of Attorney (GPA) relating to the Manapakkam project. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain found no error in the National Company Law Tribunal's decision granting...

Non-Production Of Guarantee Deed Not Fatal Where Loan Agreement Establishes Personal Guarantor's Liability: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently held that insolvency proceedings against a personal guarantor cannot be invalidated solely because a separate deed of guarantee has not been placed on record. The tribunal ruled that where the guarantor's status and liability are evident from the loan agreement and other documents, the proceedings can indeed continue. A bench of Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain delivered the ruling...

Resolution Professional Cannot Be Replaced For Disagreement With Recommendation: NCLT Jaipur

The National Company Law Tribunal at Jaipur on 19 June held that a Resolution Professional appointed in personal guarantor insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 cannot be replaced merely on account of a party's dissatisfaction with the professional's recommendation. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar dismissed an application filed by Islamuddin Kagzi, personal guarantor to Sanga Builders Private Limited, who sought substitution of...

Secured Creditor Cannot Enforce Security After Statutory Timeline Under Regulation 21A: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 10 June held that compliance with the timelines prescribed under Regulation 21A of the IBBI (Liquidation Process) Regulations is mandatory and that a secured creditor cannot be permitted to realise its security interest after failing to exercise its option within the stipulated period. Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer dismissed an application filed by Vishweshwar Sahakari Bank Ltd, which...

LiveLawBiz IBC Weekly Digest: June 15 - June 20, 2026

SUPREME COURT Supreme Court Issues Notice On Challenge To Gujarat HC Ruling Against Transfer Of Essar Steel Cases To Mumbai NCLT Case Title : UNION OF INDIA AND ANR. Versus ARCELORMITTAL NIPPON STEEL INDIA LIMITED FORMERLY KNOWN AS ESSAR STEEL INDIA Case Number : Diary No. 24062-2026The Supreme Court on Monday issued notice on the Union government's challenge to a Gujarat High Court judgment concerning the transfer of Essar Steel-related proceedings from the National...

Project Completion, Sale Of Flats Do Not Defeat Insolvency Plea Against Real Estate Developer: NCLT Mumbai

The National Company Law Tribunal (NCLT) in Mumbai has recently held that the substantial completion of a real estate project and the sale of flats and shops in it do not bar insolvency proceedings by a lender. The tribunal observed that such circumstances do not extinguish an unpaid financial debt. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted Union Bank of India's insolvency plea against Rashmi Realty Builders Pvt Ltd over a default of more than ₹60...