Byju's CoC Moves Supreme Court After NCLAT Refuses Impleadment In GLAS Trust Removal Plea

Today, 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 removal of GLAS Trust and accordingly upheld the Bengaluru National Company Law Tribunal's (NCLT) 26...

NCLAT Refuses To Condone Delay In Appeal; Limitation Starts From Pronouncement, Not Uploading

The National Company Law Appellate Tribunal (NCLAT) at Delhi has rejected an application seeking condonation of delay in filing an insolvency appeal by the Resolution Professional of Trading Engineers International Ltd., holding that in the facts of the case limitation commenced from the date the order was pronounced in open court and not from the date it was uploaded on the NCLT website. A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra found that the...

TDS On Interest Alone Not Enough To Cross Insolvency Threshold: NCLT Chandigarh

The National Company Law Tribunal (NCLT) at Chandigarh has dismissed a Section 7 CIRP plea after holding that deduction of TDS on alleged interest cannot be treated as an acknowledgment of liability to cross the statutory threshold under Section 4 of the Insolvency and Bankruptcy Code, 2016. The Bench after relying on the NCLAT's ruling in P.M. Cold Storage Pvt. Ltd. Through Interim Resolution Professional v. Goouksheer Farm Fresh Pvt. Ltd (2022) observed,"Applying the above settled...

Corporate Debtor Liable For Electricity Dues Despite Lessee's Consumption; Privity of Contract Prevails: NCLT Chennai

Admitting a power generator's insolvency plea against its industrial consumer, the National Company Law Tribunal, Chennai, has held that a company cannot escape liability for electricity dues by claiming the power was consumed by its lessee. The tribunal ruled that liability under Section 9 of the Insolvency and Bankruptcy Code flows from privity of contract, not from actual usage of services. Rejecting AKMG Alloys Pvt Ltd's defence, the coram observed: “So long as the Corporate Debtor...

Direct Disbursement To Corporate Debtor Not Mandatory To Qualify As Financial Debt Under IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that direct disbursement of funds to a corporate debtor is not mandatory for a debt to qualify as a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha observed, “We carefully observe that the Section does not use the word “to the Corporate Debtor” after word “disbursed”. From the...

MSME Protections Must Be Invoked By Corporate Debtor, Not Personal Guarantors: NCLT Kochi

The National Company Law Tribunal, Kochi Bench, has held that benefits under the MSMED Act, 2006 and the RBI MSME restructuring framework must be specifically invoked by the corporate debtors. Personal guarantors have no independent right to claim such relief. A Bench comprising Judicial Member Vinay Goel admitted insolvency petitions filed by Tata Capital Limited against personal guarantors Jinu Varghese and Geeba Kolliyelil Jenny and declared a moratorium in their respect. He held: “This...

NCLAT Directs YG Estates To Hand Over Supertech Ecociti, 34 Pavilion Maintenance To RWAs In 30 Days

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently directed YG Estates Facilities Management Pvt. Ltd. to hand over maintenance of Supertech's Ecociti and 34 Pavilion projects in Noida to their registered apartment owners' associations within 30 days. A bench of Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra held that since 99 percent of the homebuyers had taken possession and the associations were duly registered under the Uttar Pradesh...

Even Without Plea, NCLT Kochi Examines Covid-19 Suspension Bar, Rejects CIRP Pleas

Holding that the statutory Covid-period bar under the Insolvency and Bankruptcy Code must be examined even in the absence of a specific defence, the NCLT Kochi Bench dismissed two insolvency petitions against KKR Products and Marketing Private Limited. The tribunal found that the alleged defaults arose during the pandemic suspension period (Section 10A)A coram of Judicial Member Vinay Goel examined the applicability of the statutory bar under Section 10A of the IBC even though no formal defence...

Defunct Scheme Of Arrangement Under Companies Act Cannot Stall IBC Proceedings: Supreme Court

The Supreme Court on Tuesday held that insolvency proceedings under the IBC cannot be kept in abeyance on the basis of a Scheme of Arrangement that has become redundant and inoperative for non-compliance with statutory requirements.The court reiterated that once the statutory requirements of Section 7 are met, insolvency must proceed notwithstanding any parallel company law proceedings.A bench of Justices Sanjay Kumar and K. Vinod Chandran framed the core issue as whether pendency of proceedings...

NCLT, NCLAT Cannot Nullify Benami Act Confiscation In IBC Proceedings: Supreme Court

The Supreme Court on Tuesday held that insolvency tribunals cannot nullify confiscation of property under the Prohibition of Benami Property Transactions Act, ruling that once property is confiscated under Section 27, it vests absolutely in the Central Government and falls outside the liquidation estate under the Insolvency and Bankruptcy Code. A Bench of Justices Pamidighantam Sri Narasimha and Atul S. Chandurkar dismissed appeals filed by liquidators who had sought to challenge attachment...

Committee Of Creditors Not Barred From Litigating In Own Name Under IBC: NCLAT In Byju's Parent Insolvency Case

The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that a Committee of Creditors (CoC) can litigate in its own name under the Insolvency and Bankruptcy Code, even though it does not possess juristic personality in the classical sense. The ruling came in proceedings involving Think and Learn Pvt. Ltd., the parent company of edtech firm Byju's. A bench of Judicial Member Justice N Seshasayee and Technical Member Jatindranath Swain observed, “Therefore, since CoC is a...

Rainbow Papers Ruling Not Ground To Reopen Approved Resolution Plan Over Belated Tax Dues: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that the Supreme Court's ruling in Sales Tax Officer v. Rainbow Papers Limited does not permit reopening of an approved resolution plan at the instance of a government department that failed to challenge the rejection of its claim at the appropriate stage. In Rainbow Papers, the Supreme Court had held that statutory government dues could qualify as secured debts and could not be ignored in a resolution plan. Dismissing...