Consortium Member Can Independently File CIRP Plea Without Other Lenders' Consent Under IBC: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata recently held that a financial creditor forming part of a consortium of lenders can independently initiate insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code without requiring consent from other consortium members, admitting a plea by Bank of India against Pallishree Ltd and triggering the corporate insolvency resolution process. A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah rejected...

IBBI Mandates International Valuation Standards for All IBC Valuations

The Insolvency and Bankruptcy Board of India has issued a circular notifying the International Valuation Standards as the applicable standards for valuations conducted under the Insolvency and Bankruptcy Code, 2016, until further orders. The circular states that one of the objectives of the Code is the maximisation of value of assets of the corporate debtor in a time-bound manner, and that valuation serves as a critical input for evaluation of resolution plans and facilitates informed...

SCC's Role In Liquidation Only Consultative, Liquidator Has Final Say: NCLT Bengaluru

The National Company Law Tribunal (NCLT) at Bengaluru has directed the liquidator of an infra company to accept a one-time settlement (OTS) offer of Rs 2 crore to break a prolonged deadlock in the liquidation process, holding that the Stakeholders' Consultation Committee (SCC) is only consultative in nature and the ultimate decision-making authority rests with the liquidator. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order. Bhuvana...

NCLT Guwahati Directs Suspended Directors Of Sree Bajrang Infracon To Cooperate With Liquidator

The Guwahati Bench of the National Company Law Tribunal (NCLT) on 10 March directed the suspended directors of Sree Bajrang Infracon Pvt Ltd (Corporate Debtor) to fully cooperate with the Liquidator, Purshotam Gaggar, and hand over all records and assets, holding that non-cooperation undermines the time-bound insolvency process under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh emphasised that personnel...

NCLT Mumbai Admits Authum Investments' Insolvency Petition Against RPL Sunlight Power

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 26 March, admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Authum Investments & Infrastructure Limited (erstwhile Reliance Commercial Finance Limited) against RPL Sunlight Power Private Limited. A Bench comprising Judicial Member Nilesh Sharma and Technical Member Sameer Kakar initiated the Corporate Insolvency Resolution Process (CIRP) after finding that the Financial Creditor had...

LiveLawBiz IBC Monthly Digest: March 2026

SUPREME COURT Supreme Court Allows Set-Off Defence Against Ujaas Energy Though Counterclaim Extinguished Under IBCCase Title : UJAAS ENERGY LTD vs WEST BENGAL POWER DEVELOPMENT CORPORATION LTD. Case Number : SLP (C) 29651 OF 2024 CITATION : 2026 LLBiz SC 122The Supreme Court on Friday allowed West Bengal Power Development Corporation Ltd. to raise a plea of set-off as a defence in arbitration proceedings against Ujaas Energy Ltd., even though its counterclaim...

Fresh IBC Plea Maintainable Despite No Liberty To File Fresh Petition At Withdrawal Of Earlier Plea: NCLT Chennai

The National Company Law Tribunal (NCLT) Chennai has recently held that withdrawal of an insolvency application at the pre-admission stage, even without liberty to file afresh, does not bar a subsequent petition. It ruled that such proceedings are governed by the Insolvency and Bankruptcy Code as a self-contained framework and not by the Civil Procedure Code. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam admitted a Section 7 application filed by Malco Gems...

NCLAT Dismisses SGN Appeal On Its Claims Over Tower 5 Of Morpheus Bluebell In CIRP Against Its Developer

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal by SGN Universal Construction Company Pvt. Ltd. challenging observations made by the NCLT on its claimed rights over Tower 5 of the “Morpheus Bluebell” project in Greater Noida (West), developed by M/s Morpheus Prodevelopers Pvt. Ltd. The appellate tribunal said the Adjudicating Authority had not returned any finding on those claims and that such issues fall for consideration within the insolvency process. A...

NCLAT Upholds NCLT Mumbai Order Directing Eviction Of Unauthorised Occupant In Infra Company CIRP

The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld an order directing eviction of an unauthorised occupant from a corporate debtor's property during insolvency proceedings. The court upheld the NCLT Mumbai's view that a Resolution Professional can approach the NCLT to secure possession of assets and that requiring separate civil proceedings would “unduly prolong the insolvency process which is a time bound process.” A bench of Judicial Member Justice Ashok Bhushan and...

NCLT Kolkata Refuses To Invalidate Shree Padmawati Metaliks CIRP Bidding Process After Applicant Skips Participation

The National Company Law Tribunal (NCLT) Kolkata, has refused to interfere with the bidding process in the insolvency of Shree Padmawati Metaliks Pvt. Ltd., holding that where an applicant, despite opportunity, chose not to participate in the bidding process, no case was made out to declare the process illegal or to direct a re-run of the CIRP. The bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra was dealing with applications filed by City Alloys Pvt. Ltd. against...

NCLT Ahmedabad Approves Niyogi Enterprise's ₹35.9 Crore Capital Reduction

The National Company Law Tribunal (NCLT), Ahmedabad has approved a Rs 35.9 crore capital reduction by Niyogi Enterprise, holding that the scheme does not prejudice any stakeholder and that objections raised by the Income Tax Department can be examined independently under applicable law. A bench of Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy was dealing with a petition under Section 66 of the Companies Act, 2013, seeking confirmation of the reduction of the...

NCLT Bengaluru Says Suspended Director Cannot Challenge Resolution Plan After Skipping CoC Meetings

The National Company Law Tribunal (NCLT) at Bengaluru has held that a suspended director who had notice of meetings of Committee of Creditors but failed to effectively participate or seek documents cannot later challenge the resolution process on that ground.A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada has dismissed an application filed by a suspended director of an infra company seeking rejection of a resolution plan on the ground of non-supply of...