NCLT Bengaluru Approves Promoters' ₹18.34 Crore Resolution Plan For Sanjeevini Medlife Hospitals

The National Company Law Tribunal (NCLT), Bengaluru, on 13 August approved a resolution plan submitted by the erstwhile promoters of Sanjeevini Medlife Hospitals (India) Private Limited, a Micro, Small and Medium Enterprise (MSME), after the Committee of Creditors approved the plan with 100% voting share. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held: “The Resolution Plan marked as Annexure 20, submitted by Dr. G.R. Subhash Kumar Reddy...

Supreme Court Refuses To Interfere With NCLAT Ruling That IRP Remuneration Is Open To Judicial Scrutiny

The 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 merits, the NCLAT upheld the CoC's decision to fix the IRP's total remuneration at ₹3 lakh.A Division Bench of Justices P.S. Narasimha and Alok Aradhe after hearing the parties, refused to interfere with the...

NCLAT Closes Insolvency Process Despite Failure Of Statutory Withdrawal Mechanism

The National Company Law Appellate Tribunal at New Delhi, has closed the insolvency proceedings against Shalfeyo Industries Private Limited. It held that although the statutory mechanism for withdrawing the proceedings under Section 12A could not be completed, keeping the Corporate Insolvency Resolution Process alive would serve no meaningful purpose.A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Members Arun Baroka and Indevar Pandey observed:“We are of the view that,...

NCLT Ahmedabad Directs Gensol RP To Hand Over 10 EVs To Mahindra Finance During CIRP

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 20 August partly allowed an application filed by Mahindra & Mahindra Financial Services Limited (MMFSL) concerning 17 electric vehicles (EVs) allegedly retained by Gensol Engineering Limited during its Corporate Insolvency Resolution Process (CIRP).A Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma directed the Resolution Professional (RP) of Gensol to hand over 10 of the vehicles to MMFSL, holding...

Loan Paid To Director's Account Not Company Debt Without Proof Of Corporate Borrowing: NCLT Chennai

The National Company Law Tribunal (NCLT) at Chennai has held that a loan directly disbursed into the personal bank account of a company's director cannot be treated as a financial debt of the company without supporting evidence. The creditor must establish that the borrowing was undertaken by the company and that the funds were received or utilised by it for its business.A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy observed,“A financial disbursement...

NCLT Ahmedabad Admits Fettech Commercial Enterprises' Insolvency Plea Against Mercury Trade Links

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 1 September admitted the insolvency petition filed by Fettech Commercial Enterprises Pvt. Ltd. against Mercury Trade Links Ltd. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy observed: “...we are satisfied that there exists an operational debt of Rs.2,70,00,000/- and that a default has occurred. The debt is due and payable, the demand notice has been served to the CD and no...

NCLT Indore Rejects Colama Commercial's Intervention Plea In Satiate Agri Insolvency

The Indore Bench of the National Company Law Tribunal (NCLT) on 20 August dismissed an intervention application filed by Colama Commercial Co. Ltd. in the insolvency proceedings initiated by Excellence Finance Pvt. Ltd. against Satiate Agri Ltd. A Bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held that a financial creditor cannot claim priority in the adjudication of its own insolvency petition or intervene in another creditor's insolvency proceedings...

Practising CA Not Ineligible To Submit Resolution Plan Merely By Profession: NCLAT Delhi

The National Company Law Appellate Tribunal (NCLAT), Delhi has dismissed appeals filed by suspended directors of Satellite Cables Pvt. Ltd., holding that a practising Chartered Accountant cannot be treated as ineligible to submit a resolution plan merely by virtue of being a Chartered Accountant.A Bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Arun Baroka also held that procedural irregularities in a Corporate Insolvency Resolution Process (CIRP) must be shown to have...

Expiry Of Lease After Resolution Plan Approval Not Related To Insolvency Process: NCLT Mumbai

The National Company Law Tribunal's (NCLT) Mumbai Bench has held that a dispute over handing over possession after expiry of a lease period does not arise out of or relate to the insolvency resolution of a Corporate Debtor when the lease period expires after approval of its resolution plan."Accordingly, it cannot be said that the issue of handing over on expiry of lease period is arising out of or in relation to the insolvency resolution of the Corporate Debtor. Since, the cause of action has...

Bombay High Court Quashes Insolvency Professional's Suspension Over SCN Based On Extraneous Material

The Bombay High Court has quashed an Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee order suspending insolvency professional Jitender Kumar Jain's authorisation for assignment for three months. The court found that the show-cause notice issued to Jain was based on material outside the investigation conducted against him.A Bench of Justice Manish Pitale and Justice Shreeram V. Shirsat delivered the judgment on August 25, 2026.The case concerned Jain's role as liquidator of...

Pending Interlocutory Applications Do Not Bar Liquidation Of Corporate Debtor: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench, has held that pending interlocutory applications concerning the affairs of a Corporate Debtor do not prevent liquidation proceedings from commencing. Such applications can instead be pursued by the Liquidator in accordance with law.“Though certain interlocutory applications relating to the affairs of the Corporate Debtor are stated to be pending, the same would not preclude the commencement of liquidation proceedings and may be pursued by...

NCLT Chennai Admits Insolvency Plea Filed By Wootu Nutrition Against Itself

The National Company Law Tribunal at Chennai has admitted an insolvency petition filed by Wootu Nutrition Private Limited, a Chennai-based chain of diet and nutrition clinics, initiating the Corporate Insolvency Resolution Process against the company.A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam held:“This Tribunal is satisfied that there is a default in the repayment of debt which is more than the threshold of Rs. 1.0 Crore and the petition filed under...