IBC
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...
Winding Up Petitions Transferred From High Court To NCLT Cannot Be Admitted Mechanically: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a winding up petition transferred from a High Court to the National Company Law Tribunal under the Insolvency and Bankruptcy Code cannot be admitted mechanically. Even if the High Court had already admitted the winding up petition, the NCLT must independently examine whether the requirements for admission under Section 9 of the Code are satisfied. A bench of Chairperson Justice Ashok Bhushan and Technical...
NCLAT Holds Section 198 Cannot Be Used To Extend IBC Appeal Deadline, Rejects IBBI's 103-Day Delay
The National Company Law Appellate Tribunal (NCLAT) has held that a provision allowing delay to be excused when the Insolvency and Bankruptcy Board of India fails to perform a statutory duty cannot be used to extend the strict deadline for filing appeals under the Insolvency and Bankruptcy Code. A bench of Justice Ashok Bhushan and Technical Member Indevar Pandey observed, “The said provision of Section 198 can have no relevance with regard to Section 61 of the IBC, which provides for...
IBBI Suspends Byju's Former Resolution Professional Pankaj Srivastava For Three Years
The Disciplinary Committee of the Insolvency and Bankruptcy Board of India has suspended the registration of insolvency professional Pankaj Srivastava for three years, holding that he improperly reconstituted the Committee of Creditors in the insolvency of Think and Learn Private Limited, the parent company of the ed-tech firm Byju's, and misled the Adjudicating Authority. In its order dated February 24, 2026, the Committee, comprising Whole Time Members Bhushan Kumar Sinha and Jayanti...
IBC Proceedings Cannot Become Evidentiary Trial: NCLT Kochi Refuses To Summon Corporate Debtor's Lessor
The National Company Law Tribunal at Kochi has recently observed that insolvency proceedings cannot be converted into a full-fledged evidentiary trial. It ruled that powers under Section 424 of the Companies Act, 2013 cannot be used to reopen the commercial evaluation undertaken by the Committee of Creditors. Dismissing an application filed by an unsuccessful resolution applicant in the insolvency process of Attukal Devi Institute of Medical Sciences Limited, Judicial Member Vinay Goel held...
LiveLawBiz IBC Weekly Digest: February 22 To February 28
SUPREME COURTByju's CoC Moves Supreme Court After NCLAT Refuses Impleadment In GLAS Trust Removal PleaToday, the Committee of Creditors (CoC) of Byju's parent company Think & Learn Pvt Ltd, moved the Supreme Court challenging an order passed by the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 February 2026. On 24 February, the NCLAT had held that although the CoC may litigate in its own name under the IBC, it was not a necessary party to the plea seeking...
NCLAT Upholds Insolvency Against Frost International, Says Bank Can't Be Faulted Over Unfiled Plan
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 February, dismissed an appeal filed by the ex-director of Frost International Ltd., rejecting the argument that Bank of India acted unfairly by not considering a restructuring under the RBI's Prudential Framework dated 7 June 2019 before initiating insolvency. A Bench comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, upheld the National Company Law Tribunal (NCLT), Mumbai order...
Pre-Existing Dispute In Ledgers: NCLAT Dismisses Drive India's Insolvency Appeal Against Essline
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed Drive India Enterprise Solutions Ltd.'s insolvency appeal against Essline Engineers and Consultants Pvt. Ltd., holding that a pre-existing dispute between the parties was real and documented long before the insolvency notice was issued. A bench of Judicial Member Justices Ashok Bhushan and Technical Member Barun Mitra held: “The present is a case where notice of dispute was issued by the Corporate Debtor immediately...
NCLT Mumbai Admits CIRP Plea Against Baggit India Pvt Ltd Over ₹1.11 Crore Operational Debt
The National Company Law Tribunal (NCLT) at Mumbai had admitted an operational creditor's insolvency petition against Baggit India Private Limited, an Indian handbags and fashion accessories company over a debt of Rs 1,11,84,020.A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the application filed by Sunrise Global Tradelinks was complete in all respects and that default stood established. “In our view the present Application is complete in all respect. The...
NCLAT Replaces NCLT's Two-Week Deadline With 90 Days For Nobal Buildtech To Pay ₹90 Crore Settlement
The National Company Law Appellate Tribunal (NCLAT) at Delhi has given Nobal Buildtech Pvt. Ltd. 90 days to pay Rs 90 crore under a settlement, replacing the two-week window earlier granted by the New Delhi Bench of the National Company Law Tribunal. The New Delhi Bench of the NCLT had revived the company's insolvency process on January 7, 2026 and later extended limited protection only until February 4, 2026. The company had sought more time to complete the settlement. Modifying that order, a...
Unconverted OCDs Remain Financial Debt, NCLAT Upholds Insolvency Proceedings Against Arcturus Developers
The National Company Law Appellate Tribunal (NCLAT) has recently upheld insolvency proceedings against real estate firm Arcturus Developers Pvt. Ltd., holding that its debentures were never converted into shares and continued to remain financial debt. A Bench of Justice Ashok Bhushan and Technical Member Barun Mitra dismissed an appeal filed by the company's suspended director, Arvind Kumar. The case concerned 50,00,000 Optionally Convertible Debentures issued by the company in 2019 to raise...