IBC
Unusable Commercial Premises & Disruption Of Essential Services Constitute Pre-Existing Dispute: NCLAT Delhi
The Principle Bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi on 6 May 2026 held that disputes relating to unusable commercial premises, disruption of essential services, and failure to maintain operational infrastructure constitute a genuine pre-existing dispute sufficient to reject a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Naresh Salecha upheld the order of the...
NCLT Kochi Admits Insolvency Plea Against Inditrade Capital Filed By MediBuddy Parent Company
The Kochi Bench of the National Company Law Tribunal, on 6 May admitted an insolvency petition filed by Phasorz Technologies Private Limited, which operates the healthcare platform MediBuddy, against Inditrade Capital Limited (ITCL) over an alleged default of about Rs. 3.58 crore.Judicial Member Vinay Goel passing the order, observed: “Admittedly, despite demand and invocation of the guarantee, the Respondent has failed to discharge the demand so raised, and as such, there exists a default.” ...
NCLAT Says Om Logistics Cannot Cite Absence Of One Authorised Signatory To Explain 198-Day Refiling Delay
The National Company Law Appellate Tribunal (“NCLAT”) at Delhi has recently dismissed an appeal filed by Om Logistics Limited after refusing to condone a delay of 198 days in refiling. The tribunal rejected the company's explanation that its authorised signatory was unavailable till April 13, 2025 due to personal exigencies. A bench of Judicial Member Justice Ashok Bhushan and Technical Member Indevar Pandey observed that Om Logistics Limited could not justify the prolonged delay merely...
AP High Court Dismisses Plea Against NPA Classification; Says It Seeks To “Bypass” SARFAESI, IBC Proceedings
The Andhra Pradesh High Court has dismissed a writ petition filed by businessman Omkaram Venkata Ramana challenging the Bank of India's decision to classify his group companies' loan accounts as Non-Performing Assets (NPA). The court held that the petition sought to bypass proceedings already pending under the SARFAESI Act and Insolvency and Bankruptcy Code (IBC). "In our considered opinion there cannot be any blanket orders passed as is prayed in this writ petition, which itself is not...
Supreme Court Dismisses SEBI Appeal Against NCLAT Order Rejecting Recall Plea In Pancard Clubs Insolvency
The Supreme Court on Monday refused to reopen SEBI's challenge to the Pancard Clubs insolvency proceedings. It upheld an NCLAT order holding that SEBI's fraud allegations fell outside the scope of proceedings on condonation of delay. A Bench of Justice J.B. Pardiwala and Justice Vijay Bishnoi dismissed SEBI's appeal against the National Company Law Appellate Tribunal's November 3, 2025 order rejecting its recall plea. “Having heard Mr. C.U. Singh, the learned Senior counsel appearing for the...
NCLT Bengaluru Admits Millennium Starch Into CIRP Despite Technical Defects In Insolvency Plea
The National Company Law Tribunal (NCLT) at Bengaluru has admitted a ₹39.19 crore insolvency plea filed by Axis Bank against Millennium Starch India Private Limited, holding that procedural defects in the petition did not prejudice the company and could be cured during the proceedings. “Even if the defect remained, no prejudice is shown to have occurred to the respondent who has been afforded sufficient opportunity to file reply/objections to the petition and address arguments post service of...
Adani Ent. Files Caveat In Supreme Court After NCLAT Upholds Approval Of Its Resolution Plan For JAL
Adani Enterprises has filed a caveat before the Supreme Court anticipating an appeal by Vedanta Ltd against the NCLAT judgment upholding the approval of Adani's nearly ₹14,535 crore resolution plan for debt-laden Jaiprakash Associates Ltd (JAL). The caveat ensures that in case Vedanta files an appeal, no interim order is passed without first hearing Adani Enterprises. In its May 5, 2026 judgment, the NCLAT dismissed Vedanta's appeals challenging the approval of Adani Enterprises' resolution...
NCLAT Upholds Insolvency Admission Against JV Partner As Claim Arose From Supply Obligation
The National Company Law Appellate Tribunal at Delhi has upheld the admission of insolvency proceedings against ASB Energy Systems & Construction Pvt. Ltd., holding that unpaid dues for supplies made by its joint venture partner qualify as operational debt. A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the case was about unpaid dues for supplies, not profit sharing between joint venture partners. “All materials brought in Section 9...
Supreme Court Pulls Up GNIDA For 'Persistent Inaction' In Monitoring Projects, Restores Earth Towne Resolution Plans
The Supreme Court of India on Tuesday observed that the Greater Noida Industrial Development Authority (GNIDA) was largely responsible for the situation surrounding stalled projects of Earth Infrastructures Ltd., including the Earth Towne project in Greater Noida, faulting it for failing to monitor development and allowing the situation to worsen.“We are, therefore, of the opinion that GNIDA contributed greatly to the present imbroglio by its persistent inaction and ineptitude all through....
NCLAT Sets Aside Order Admitting Equinox India Developments Ltd. Into Insolvency
The National Company Law Appellate Tribunal (NCLAT) has set aside the admission of Canara Bank's insolvency plea against Equinox India Developments Ltd., a real estate company formerly known as Indiabulls Real Estate Ltd. It held that the corporate guarantee relied on did not constitute a financial debt under the Insolvency and Bankruptcy Code.The order came in an appeal filed by Rajesh Kaimal, suspended director of Equinox India Developments Ltd. (formerly Indiabulls Real Estate Ltd.). The...
Bombay High Court Orders Constitution Of Special Bench Of NCLT To Dispose Of JM Financial's ₹167 Cr Insolvency Plea
On 30 April, the Bombay High Court directed the National Company Law Tribunal (NCLT), Mumbai to constitute a Special Bench and dispose of JM Financial Asset Reconstruction Company Ltd.'s Section 7 petition against Shubh Hospitality Private Ltd. by 30 June 2026, and expressed strong disapproval of how the Tribunal handled the matter. A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat emphasised that delays at the NCLT defeat the time-bound framework of the Insolvency and...
CoC Not Bound To Accept Plan With Highest NPV: NCLAT In Vedanta's Plea Against Adani's JAL Plan
The National Company Law Appellate Tribunal (NCLAT) has held that under the resolution framework adopted in the insolvency process of Jaiprakash Associates Ltd., the Committee of Creditors was not bound to approve a plan merely because it had the highest net present value or the highest score under the evaluation matrix.“However, the CoC is not bound to approve a Resolution Plan, which has the highest score in Evaluation Matrix, which is clearly provided in the RFRP, nor the CoC is bound to...