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...

NCLAT Declines Travel Permission To Bankrupt Individual As Basis For Travel Has Ceased

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has declined to grant relief to a bankrupt individual seeking permission to travel to the UAE, holding that once the work contract cited to justify such travel had expired, “the very basis” for seeking permission no longer survived. The Tribunal was dealing with an appeal filed by Sunil Surendrabhai Kakkad, who was declared bankrupt on September 12, 2025, and was consequently barred from travelling abroad without prior permission...

NCLT Ahmedabad Directs Morakhia Copper's SRA To File NFRA Complaint Against CA For Falsifying Company Accounts

The National Company Law Tribunal (NCLT), Ahmedabad, has recentlydirected Shreenathji Rasayan Pvt. Ltd., the successful resolution applicant of Morakhia Copper & Alloys Pvt. Ltd., to file a complaint against a Chartered Accountant before the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) for assisting in the falsification of the company's accounts. “The Applicant is directed to file a complaint against Arun Bagaria Chartered...

RTO Cannot Demand Pre-Liquidation Motor Vehicle Tax From IBC Auction Purchasers: Bombay High Court

On 22 April, the Bombay High Court, allowing a writ petition filed by My Ideal Transport, held that Regional Transport Offices (RTOs) cannot demand pre-liquidation Motor Vehicle Tax (MVT) dues from auction purchasers of vehicles sold during liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat reiterated that statutory authorities must lodge their claims before the liquidator and have them resolved under the IBC's...

LiveLawBiz IBC Weekly Digest: April 27 To May 2

SUPREME COURT SBI Back In Reliance Infratel CoC As Supreme Court Sets Aside NCLAT Order Excluding Consortium Lenders Case Title : STATE BANK OF INDIA AND ORS. Versus DOHA BANK Q.P.S.C. AND ANR Case Number : C.A. No. 8527/2022The Supreme Court of India has allowed the appeal filed by the State Bank of India against an October 14, 2022 order of the National Company Law Appellate Tribunal, which had upheld the exclusion of SBI and other lenders from the Committee of...

Telangana High Court Holds IBC Moratorium Cannot Defeat Arbitral Proceedings, Allows Kaizen Power Appeal

The Telangana High Court on 15 April set aside a Commercial Court order that had vacated interim protection granted to Kaizen Power Limited in relation to its lease dispute with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). A Division Bench of Justices Moushumi Bhattacharya and Gadi Praveen Kumar held that the Commercial Court proceeded on an erroneous understanding of the effect of the IBC moratorium and allowed the appeal, directing that arbitration proceedings be resumed...

“This Will Be His Last Assignment”: Supreme Court Raps Xalta Foods RP For Defying Court's Possession Order

The Supreme Court of India on Monday directed the Superintendent of Police, Hapur, to break open locks and hand over complete possession of warehouse premises to landlord Prerna Singh, coming down heavily on Naveen Kumar Jain, the Resolution Professional (RP) of Xalta Food and Beverages Pvt Ltd and holding his conduct "contemptuous." A bench of Justices J.B. Pardiwala and Vijay Bishnoi issued immediate directions after being told that despite earlier orders, only partial possession had been...

NCLAT Rejects Insolvency Plea Over Disputed, Time-Barred Advance Refund Claim

The National Company Law Appellate Tribunal (NCLAT) at Chennai, has dismissed an appeal filed by Geeta Sugars against The Indian Sugars and Refiners Ltd., upholding the rejection of its insolvency plea over a claim for a refund of advance paid for sugar, where the remaining quantity was not supplied. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the claim was both disputed and time-barred. Dealing first with the issue of limitation,...

NCLAT Dismisses Vedanta's Appeal Against Approval Of Adani Enterprises' Plan For Jaiprakash Associates

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Monday dismissed Vedanta Limited's appeal challenging the approval of Adani Enterprises Limited's resolution plan for Jaiprakash Associates Limited. The tribunal upheld the Committee of Creditors' decision despite Vedanta's higher bid. A bench of Chairperson Ashok Bhushan and Technical Member Braun Mitra affirmed the March 17 order of the Allahabad bench of the National Company Law Tribunal, which had approved Adani Enterprises...

Madhya Pradesh HC Stays Arrest In Recovery Case Arising From RERA Order Against Insolvency-Bound Developer

The Madhya Pradesh High Court at Jabalpur has recently stayed the execution of an arrest warrant in recovery proceedings arising from a RERA order against a real estate developer undergoing insolvency, noting that enforcing civil jail despite a subsisting moratorium would cause serious prejudice.A bench of Justice Sanjeev S. Kalgaonkar observed, “The petitioner would be seriously prejudice, if the order regarding civil jail is executed in furtherance of the warrant of arrest despite there...

NCLT Ahmedabad Holds SARFAESI Notice Validly Invokes Guarantee But Dismisses Personal Insolvency Plea As Abuse

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has held that a SARFAESI demand notice can validly invoke a personal guarantee but dismissed a personal insolvency plea filed thereafter, finding it was not intended for insolvency resolution.The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed this while examining a demand notice dated August 18, 2025 issued by Canara Bank under Section 13(2) of the SARFAESI Act. “Invocation of guarantee is a...

NCLT Ahmedabad Bars MIDC From Demolishing Structures on K-Lifestyle's Dombivli Plots During CIRP

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has restrained the Maharashtra Industrial Development Corporation (MIDC) from taking coercive action against K-Lifestyle & Industries Ltd during its Corporate Insolvency Resolution Process (CIRP). It held that demolition and lease termination cannot proceed during the subsistence of the moratorium. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said: “The contention of the Respondent that the...