IBC
NCLT Ahmedabad Dismisses Insolvency Plea Against Polycab India As Claim Fell Below ₹1 Crore After Adjustments
The National Company Law Tribunal (NCLT), Ahmedabad, has dismissed an insolvency petition against Polycab India Limited, one of India's largest manufacturers of electrical wires, cables and fast-moving electrical goods, holding that the alleged default fell below the Rs 1 crore threshold prescribed under the Insolvency and Bankruptcy Code (IBC). A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, in an order dated December 15, 2025, held that pre-existing disputes...
Civil Court Cannot Grant Injunctions In NCLT Matters, High Court Can Set Them Aside: Kerala High Court
The Kerala High Court has recently reiterated that civil courts have no jurisdiction to entertain suits in matters that fall within the exclusive domain of the National Company Law Tribunal (NCLT). The court held that injunctions granted in violation of the Insolvency and Bankruptcy Code are "patently illegal" and liable to be struck down. The ruling was delivered by a single bench of Justice K Natarajan in an order dated December 12, 2025, while dismissing a review petition filed by T Beena,...
Personal Guarantor Who Participated In NCLT Proceedings Can Appeal Insolvency Admission: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has held that a personal guarantor who was permitted to participate in proceedings before the Adjudicating Authority qualifies as an “aggrieved person” entitled to maintain an appeal under the Insolvency and Bankruptcy Code against the admission of insolvency proceedings. The ruling came in an appeal filed by Ashwin Smith, a former director and personal guarantor of CM Smith & Sons Ltd. Smith challenged the admission of a...
NCLT Mumbai Clears Capital Reduction of Company Behind Tax Sutra
The National Company Law Tribunal (NCLT) at Mumbai has approved the reduction of share capital of Realtime Taxsutra Services Pvt Ltd from Rs 1.61 lakh to Rs 1.46 lakh, clearing the proposal of the company that operates an online platform providing real-time updates on tax disputes, judicial rulings and regulatory developments. The approval was granted by a bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar in an order pronounced on December 15, 2025....
NCLT Mumbai Approves Ashdan Properties' Rs 900 Crore Plan To Revive Rolta India
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 900 crore resolution plan submitted by Ashdan Properties Pvt Ltd to revive debt-laden Rolta India Ltd, holding that once a plan complies with insolvency law, the tribunal cannot interfere with the commercial decisions taken by lenders. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar recorded that the plan met all statutory requirements under the Insolvency and Bankruptcy Code (IBC) and...
IBC | All Property, Including Alleged Benami Assets, Shielded From Action Over Pre-Resolution Offences: Madras High Court
The Madras High Court has recently held that once a resolution plan is approved under the Insolvency and Bankruptcy Code, authorities cannot proceed against any property standing in the name of a corporate debtor for offences committed before the insolvency process, even if such property is alleged to be held benami. A single bench of Justice G R Swaminathan ruled that Section 32A(2) of the Insolvency and Bankruptcy Code, 2016, offers wide protection to the property of a corporate debtor after...
Oppression Claims Against Majority Shareholders Not Ground To Wind Up Company: NCLT Mumbai
The National Company Law Tribunal (NCLT) at Mumbai has dismissed a winding up plea against Nissan Motor India's former sales and distribution partner Hover Automotive India Pvt Ltd, holding that allegations of oppression by majority shareholders cannot justify liquidation when alternative remedies exist under the Companies Act. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order on December 11, 2025, while rejecting a petition filed by...
Breach of Settlement Terms No Ground To Recall Order Disposing Of Insolvency Proceedings: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently ruled that non-compliance with compromise terms cannot justify recall of a final order disposing of insolvency proceedings and must be addressed through execution proceedings. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey held that once a case is finally disposed of on the basis of a settlement, the tribunal cannot be asked to recall its order merely because one party has...
LiveLawBiz: Business Law Daily Round-Up: December 15, 2025
TAX Delhi High Court Quashes ₹45.36 Crore GST Demand Against NBCC After Finance Ministry ClarificationGST | CBIC Circulars Cannot Shield Dubious Transactions; Must Operate Within Statutory Framework: Calcutta High CourtCGST Act | Gujarat High Court Upholds Power To Confiscate Goods During Transit For Tax Evasion, Clarifies Scope Of S.129 & 130Bank Not 'Assessee In Default' For Not Deducting TDS On Interest After Accepting Form 15H From Senior Citizens: Kerala High CourtCustoms | Face...
Written-Off Debt Recoverable: NCLT Delhi Admits Bhushan Power Plea Against Former Subsidiary Over Rs 137 Crore
The National Company Law Tribunal (NCLT) at New Delhi has admitted an insolvency application filed by Bhushan Power & Steel Ltd against its former subsidiary Atma Ram House Investment Pvt. Ltd. The tribunal held that the Rs 136.92 crore amount advanced towards a commercial space in Delhi, qualifies as financial debt despite having been written off in the books and described as 'security' under contractual documents. A coram comprising Judicial Member Ashok Kumar Bhardawaj and Technical...
Limitation For Filing Appeal Against NCLT Order Begins From Date Of Its Upload: NCLAT
The National Company Law Appellate Tribunal at Chennai has held that the limitation period for filing an appeal against an order of the National Company Law Tribunal (NCLT) begins from the date the order is uploaded on the tribunal's website. On this ground alone, it dismissed two appeals filed by Cerebra Integrated Technologies Ltd as time-barred. A coram comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain (Technical Member), rejected...