Tribunal Not A 'Court' Under BNSS, Cannot Order Prosecution For False Evidence: NCLT Indore

The National Company Law Tribunal at Indore ruled that it does not have jurisdiction to initiate criminal prosecution under Sections 215 and 379 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), holding that such powers are vested only in courts and not in statutory tribunals. Section 215 bars cognisance of certain offences relating to false evidence in judicial proceedings except on a complaint by the concerned court, while Section 379 lays down the procedure for such courts to conduct an...

NCLAT Dismisses Rolta Employees' Appeal Challenging Resolution Plan Payout

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed an appeal filed by former employees of Rolta India Ltd challenging the approval of the company's resolution plan, holding that the payout made to them complied with the terms recorded by the National Company Law Tribunal (NCLT) regarding payment of their dues. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra noted that the NCLT had recorded that the resolution plan would provide...

Remuneration Paid To Directors For Managerial Services Not Fraudulent Without Proof Of Intent To Defraud: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that remuneration paid to directors for their managerial services cannot be treated as fraudulent trading under Section 66 of the Insolvency and Bankruptcy Code (which deals with fraudulent or wrongful trading carried on with intent to defraud creditors) in the absence of proof of such intent. Setting aside an order of the Ahmedabad bench of the National Company Law Tribunal in the CIRP of Doshion Water Umbrella...

IBBI Suspends Insolvency Professional For 2 Years For Operating CIRP Account After Liquidation Commenced

The Insolvency and Bankruptcy Board of India's (IBBI) Disciplinary Committee has recently suspended the registration of insolvency professional Anil Anchalia for two years for continuing to operate the Corporate Insolvency Resolution Process (CIRP) bank account of Gemus Engineering Limited after the commencement of liquidation. The CIRP of Gemus Engineering Limited commenced on April 30, 2024 pursuant to an order of the National Company Law Tribunal (NCLT), Kolkata Bench, which appointed Arun...

NCLT Bengaluru Issues Notice To HAL In ₹8.41 Crore Insolvency Plea By Ujaas Energy Over Arbitral Award

The National Company Law Tribunal at Bengaluru on Wednesday issued notice to Public Sector Undertaking Hindustan Aeronautics Limited in a petition filed by Ujaas Energy Limited, seeking initiation of insolvency proceedings under Section 9 of the Insolvency and Bankruptcy Code over an alleged default of Rs 8.41 crore arising out of an arbitral award.A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order.Ujaas Energy contended that the debt...

Fixed Deposit Of Corporate Debtor Cannot Be Withheld After Resolution Plan Approval If No Claim Filed: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has recently held that a fixed deposit forming part of the corporate debtor's assets in the Information Memorandum cannot be withheld after approval of a resolution plan when no claim asserting lien or security was filed during the corporate insolvency resolution process.A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that claims not asserted during CIRP stand extinguished once the resolution plan is approved...

NCLAT Dismisses Sri Bajrang Wind Park Insolvency Plea Against Inox Wind Over Pre-Existing Dispute

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has dismissed an appeal filed by Sri Bajrang Wind Park Developers challenging the rejection of its Section 9 insolvency petition against Inox Wind Infrastructure Services Limited. The tribunal held that email correspondence and reconciliation discussions between the parties showed the existence of a pre-existing dispute. A coram of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka held, “From the pleadings...

Financial Hardship No Ground To Reject Insolvency Plea Once Default Is Established: NCLT Jaipur

The National Company Law Tribunal (NCLT) at Jaipur has observed that financial hardship and liquidity constraints are not legally recognised grounds to reject an insolvency petition once default is established under Section 9 of the Insolvency and Bankruptcy Code, 2016. A coram of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar admitted an application filed by Epicrop Organics Limited and initiated the Corporate Insolvency Resolution Process (CIRP) against Cropberry Foods...

Balance Sheet Acknowledgment Of Debt Extends Limitation; NCLAT Upholds IDBI's Insolvency Plea Against HIL

Reiterating that acknowledgment of liability in balance sheets extends limitation under Section 18 of the Limitation Act, the National Company Law Appellate Tribunal has upheld the admission of IDBI Bank's Section 7 insolvency application against Hindustan Insecticides Limited. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that the insolvency application was not barred by limitation, as the corporate debtor had acknowledged the subsisting liability in its...

NCLT Ahmedabad Denies Secured Creditor Priority To State Tax Dept. In Diamond Power Liquidation

The National Company Law Tribunal (NCLT) at Ahmedabad, has recently reiterated that priority in liquidation is governed strictly by Section 53 of the Insolvency and Bankruptcy Code (IBC), while dismissing a plea by the State Tax Officer to be treated as a secured creditor in the liquidation of Diamond Power Transformer Ltd. “The priority of claims during liquidation is governed strictly by Section 53 and no deviation is permissible based on general statutory charges created under other...

LiveLawBiz IBC Monthly Digest: February 2026

SUPREME COURTSingle Insolvency Petition Against Intrinsically Linked Real Estate Companies Maintainable: Supreme CourtCase Title : Satinder Singh Bhasin v. Col Gautam Mullick and Ors Case Number : Civil Appeal No.13628 of 2025 CITATION : 2026 LLBiz SC 37The Supreme Court on Monday upheld insolvency proceedings against two closely linked real estate companies, holding that a single insolvency petition can be maintained against multiple corporate entities under the...

Judicial Custody Of MD No Ground To Claim Natural Justice Violation If Counsel Appeared: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently observed that the principle of natural justice is not violated merely because the Managing Director of a corporate debtor was in judicial custody during insolvency proceedings, where the company was duly represented by counsel. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey observed: “The Appellant being in custody from 25.10.2025 till 26.11.2025 cannot be any ground for alleging...