Auction Purchaser Not Liable For Corporate Debtor's Pre-CIRP Dues: NCLT Allahabad

The Allahabad bench of the National Company Law Tribunal (NCLT) has ruled that pre-CIRP dues of a company cannot be recovered from an auction purchaser merely because the purchaser acquired its leasehold property through liquidation on an “as is where is” basis.The bench comprising Judicial Member Praveen Gupta and Technical Member Ashish Verma observed, “In view of the above, the mere “as is where is” condition or the subsequent transfer of the leasehold interest cannot convert the pre-CIRP...

NCLT Hyderabad Replaces Liquidator For Failing To Take Enforcement Steps Beyond Emails And Notices

The National Company Law Tribunal (NCLT), Hyderabad Bench, has recently refused to grant a fourth extension to a Liquidator after finding that his efforts to enforce orders against the suspended directors had substantially remained confined to emails and notices. The bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri observed, “Issuance of correspondence, by itself, cannot be regarded as execution or enforcement of an order passed by this Adjudicating Authority.” ...

NCLT Hyderabad Says It Cannot Order Release Of ED-Attached Assets, Directs Liquidator To PMLA Tribunal

The National Company Law Tribunal (NCLT), Hyderabad Bench, has held that it is not the appropriate forum to direct the release of assets attached by the Enforcement Directorate (ED) in the liquidation of MBS Impex Private Limited. The tribunal left the Liquidator to pursue the remedy available before the PMLA Appellate Tribunal, where his appeal seeking release of the assets was already pending.“Therefore, we are of the considered opinion that this Tribunal is not the appropriate forum for...

Transaction Audit Report Alone Insufficient To Prove Undervalued Transaction: NCLT Hyderabad

The Hyderabad Bench of the National Company Law Tribunal (NCLT) has found that a Transaction Audit Report, without the underlying records, was insufficient to establish that an Audi vehicle, an asset part of a CIRP, was sold at an undervalue. The tribunal also found that the vehicle's book value could not, by itself, establish its fair market value.A bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri made the observation while dismissing the liquidator's...

NCLT Ahmedabad Bars Income Tax Department From Adjusting Refund Against Pre-CIRP Dues During Moratorium

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has ruled that the Income Tax Department cannot adjust an income-tax refund determined after commencement of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor's pre-CIRP tax dues during the moratorium.The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held that once the refund was determined after CIRP began, it became an asset of the Corporate Debtor and could not be...

LiveLawBiz IBC Weekly Digest: September 7 - September 12, 2026

SUPREME COURTSupreme Court Refuses To Interfere With NCLAT Ruling That IRP Remuneration Is Open To Judicial ScrutinyCase Title : MOHD NAZIM KHAN vs HDFC BANK LIMITED AND ORS. Case Number : C.A. 12083/2026The Supreme Court on Wednesday refused to interfere with a National Company Law Appellate Tribunal (NCLAT) order holding that a Committee of Creditors' decision on an Interim Resolution Professional's remuneration is subject to judicial scrutiny. However, after examining the decision on...

NCLT Ahmedabad Directs Restoration Of Gensol EV Lease's GST Registration During CIRP

The Ahmedabad bench of the National Company Law Tribunal has directed the GST authorities to restore the GST registration of Gensol EV Lease Limited during its Corporate Insolvency Resolution Process (CIRP). The bench held that the cancellation shall not operate against the company during CIRP, observing that the GST registration “has a direct bearing upon the statutory compliances” and may materially affect the Resolution Professional's ability to manage the company's affairs.Judicial Member...

NCLT Indore Rejects Oswal Woollen Mills Insolvency Plea Against EKI Energy

The Indore Bench of the National Company Law Tribunal (NCLT) has dismissed Oswal Woollen Mills Ltd.'s insolvency petition against EKI Energy Services Ltd., a carbon-credit developer and supplier.The petition concerned alleged unpaid dues arising from the supply of Certified Emission Reductions (CERs).The bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta found that a genuine pre-existing dispute existed between the parties before Oswal issued its statutory...

NCLT Mumbai Dismisses Jet Airways Plea Seeking $92M Refund From Boeing Over Undelivered Aircraft

The Mumbai Bench of the National Company Law Tribunal (NCLT) has dismissed the Liquidator of Jet Airways' plea seeking a refund of $92.129 million, or about ₹500 crore, paid to Boeing as advance and pre-delivery payments for aircraft that were never delivered. The tribunal comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the dispute revolved around the parties' aircraft purchase agreements and could not be adjudicated in its limited jurisdiction...

Later Amendment Cannot Retrospectively Alter Liquidation Process Already Commenced: NCLAT

The National Company Law Appellate Tribunal (NCLAT), New Delhi, has ruled that a later regulatory amendment cannot retrospectively alter a liquidation process that had already commenced. It held that the rights and obligations arising from the process must be determined under the regulations in force when the liquidation order was passed.A bench comprising Judicial Member Justice Yogesh Khanna, Technical Member Barun Mitra and Technical Member Ajai Das Mehrotra observed, “Thus, the subsequent...

NCLT Mumbai Approves ₹1,611-Crore Resolution Plan For Gstaad Hotels, Dismisses Objections

The Mumbai bench of the National Company Law Tribunal has approved Shree Naman Developers Private Limited's ₹1,611-crore resolution plan for Gstaad Hotels Private Limited. Gstaad Hotels owns the JW Marriott hotel in BengaluruIt also dismissed objections raised by suspended directors Deepak B. Raheja and Anita D. Raheja.The bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar ruled that the plan complied with the requirements of the Insolvency and...

NCLAT Upholds ₹4.37 Crore Liability On Linkson International Suspended Directors Over Round-Tripping

The National Company Law Appellate Tribunal (NCLAT), New Delhi, has upheld a ₹4.37 crore contribution ordered against suspended directors of Linkson International Ltd., finding that money raised through property loans was routed back to the company and its related entities.“It appears to be a crystal-clear case of round-tripping of money, and the sole purpose of it was to defraud the creditors,” the tribunal observed.Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Arun Baroka...