NCLAT Delhi Upholds CIRP Against Shri Paramsukh Edible Foods Based On GST Credit And TDS Records

On 14 October, the National Company Law Appellate Tribunal (NCLAT) at Delhi upheld the admission of insolvency proceedings against Shri Paramsukh Edible Foods Pvt. Ltd., holding that tax deducted at source (TDS), claims of input tax credit (ITC) on goods and services tax (GST), and ledger entries established the supply of goods and the existence of an outstanding operational debt. A Bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey dismissed the appeal...

NCLAT Stays Insolvency Proceedings Against Polycab India

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently (October 9) stayed the admission of an insolvency petition against Polycab India Limited, filed by Asier Metals Pvt. Ltd, an operational creditor. The order was passed by the bench of officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra.The appeal arose from the impugned order dated 7 October 2026 of the National Company Law Tribunal, Ahmedabad, which had admitted...

IBC | Limitation For Appeals Against NCLAT Orders Runs From Pronouncement, Not Certified Copy Receipt: Supreme Court

The Supreme Court on Wednesday held that the limitation period for filing an appeal against an order of the National Company Law Appellate Tribunal (NCLAT) begins from the date of pronouncement of the order and cannot be postponed until a litigant chooses to apply for and collect a certified copy.The Court cautioned that Parliament's provision for excluding the time required to obtain a certified copy would be redundant if limitation did not begin upon pronouncement of the order.“The phrase...

Can Companies In Liquidation Seek Exemption From GST Pre-Deposit To File Appeals? Delhi High Court To Examine

The Delhi High Court will examine whether companies undergoing liquidation can seek exemption from the mandatory pre-deposit requirement under Section 107(6) of the Central Goods and Services Tax (CGST) Act. The issue is whether the requirement can be relaxed in view of the statutory distribution mechanism under the Insolvency and Bankruptcy Code (IBC).A Division Bench of Justices Anil Kshetarpal and Bharat Parashar requested Additional Solicitor General of India Raghavendra Shankar to assist...

NCLT Indore Admits Insolvency Plea Against Sagar Autotech's Personal Guarantor Over ₹3.95 Crore Debt

The National Company Law Tribunal (NCLT), Indore, on 5 October initiated insolvency resolution proceedings against Pratik Jain, a personal guarantor of Sagar Autotech (Jabalpur) Private Limited, over a default of Rs. 3.95 crore arising from credit facilities extended to the company by Volkswagen Finance Private Limited. A Division Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta admitted an application filed by ASREC (India) Limited under Section 95...

NCLT Ahmedabad Admits GIMCO Into CIRP Under Section 10 Of IBC, Appoints Interim RP

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 22 September admitted Gujarat Integrated Maritime Complex Pvt. Ltd. (GIMCO) into the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, as part of the composite resolution framework for IL&FS Group subsidiaries. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy admitted the application, imposed a moratorium and...

Erstwhile RP Cannot Refuse Handover Of Records To Liquidator Citing 'Functus Officio': NCLT Indore

The Indore Bench of the National Company Law Tribunal (NCLT), on 7 October held that an erstwhile Resolution Professional remains obligated to furnish records sought by the Liquidator even after approval of a Resolution Plan, as Regulation 9(1)(b) of the IBBI (Liquidation Process) Regulations, 2016, expressly covers a person who “was” the Resolution Professional. A Division Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta partly allowed an...

Secured Creditors Cannot Keep Asset Realisation Deadline Open-Ended During Liquidation Citing Recovery Proceedings: NCLT Hyderabad

The National Company Law Tribunal (NCLT), Hyderabad, has held that the statutory 180-day deadline for a secured creditor to realise its security interest during liquidation cannot be kept open-ended merely because recovery proceedings have been initiated.“The IBC is a time-bound legislation and the statutory period prescribed under Regulation 21A of the IBBI (Liquidation Process) Regulations, 2016 cannot be kept open-ended merely on the basis of an assertion that recovery proceedings have been...

CoC Approval Cannot Cure Resolution Plan's Failure To Meet Mandatory IBC Requirements: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has held that the Committee of Creditors' (CoC) approval cannot cure a resolution plan that fails to meet mandatory requirements under the Insolvency and Bankruptcy Code, 2016 (IBC). It ruled that the CoC's commercial wisdom on a plan's feasibility and viability applies only when the plan complies with the law.A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Arun Baroka made the observation while dismissing...

Bankrupt's Jewellery Handover To Son Not Preferential Merely Because It Occurred Within Look-Back Period: NCLT Jaipur

The Jaipur bench of the National Company Law Tribunal (NCLT) has recently held that a bankrupt handing over jewellery to her son within the two-year look-back period does not, by itself, make the transaction preferential under the Insolvency and Bankruptcy Code, 2016 (IBC).“The mere fact that the beneficiary is an associate and that the transaction occurred within two years preceding the bankruptcy application cannot cure this fundamental deficiency,” the bench of Judicial Member Reeta Kohli and...

NCLT Delhi Admits Yes Bank Plea Against Johnson Watch Guarantor, Says SARFAESI Notice Invokes Guarantee

On 12 October, the Principal Bench of the National Company Law Tribunal (NCLT), New Delhi, admitted an application filed by Yes Bank Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Anil Madan, personal guarantor of Johnson Watch Company Pvt. Ltd.A Bench comprising President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi held that a notice under Section 13(2) of the SARFAESI Act can validly invoke a personal guarantee if it demands...

NCLT Dismisses APL Apollo Tubes' Insolvency Plea Against Tanisha Scaffolding For Lack Of Delivery Proof

The Bengaluru Bench of the National Company Law Tribunal (NCLT), on 9 October dismissed a Section 9 application filed by APL Apollo Tubes Ltd. seeking initiation of the corporate insolvency resolution process (CIRP) against Tanisha Scaffolding (India) Private Limited, holding that the operational creditor failed to establish the supply of goods underlying its claim. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed the application after...