NCLAT Says GNIDA's Challenge To Swati Health Resolution Plan Barred By Res Judicata, Imposes ₹1 Lakh Cost

The National Company Law Appellate Tribunal (NCLAT) at Delhi has imposed costs of ₹1 lakh on the Greater Noida Industrial Development Authority (GNIDA) and dismissed its appeal arising from proceedings concerning implementation of the approved resolution plan of Swati Health and Education Services Pvt. Ltd. The tribunal held that the appeal was barred by res judicata. It observed that the issues raised had already been decided and that the resolution plan had attained finality. A bench of...

No Deed Of Guarantee Or Invocation On Record: NCLAT Sets Aside Insolvency Order Against Alleged Personal Guarantor

The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside an order initiating insolvency proceedings against Pawan Gupta, holding that the National Company Law Tribunal's order was passed on the basis of misrepresentation of jurisdictional facts after a deed of guarantee and invocation of guarantee were stated to be on record even though no such documents had been placed before it A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey held that the...

NCLAT Upholds Insolvency Proceedings Against Rana Kapoor-Linked Bliss Abode and Bliss House

The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld insolvency proceedings against two Rana Kapoor-linked companies. It held that the lender was entitled to treat the former Yes Bank promoter's arrest and the ensuing criminal investigations as a "material adverse effect" under the loan agreements, triggering its right to recall loans worth hundreds of crores. The NCLAT upheld orders of the Delhi Bench of the National Company Law Tribunal (NCLT) admitting insolvency petitions...

NCLT Chandigarh Allows RP Access To Sealed SRS Entertainment Premises Despite Municipal Recovery Proceedings

The Chandigarh bench of the National Company Law Tribunal (NCLT) has held that recovery proceedings initiated by the Municipal Corporation of Faridabad could not impede the corporate insolvency resolution process of SRS Entertainment India Ltd. The tribunal directed the civic body to provide the company's resolution professional access to its sealed registered office and records. The bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh allowed an application...

IBC Not An 'Expropriatory Statute'; NCLAT Directs RP To Verify Allottee's Claim In Raguleela Builders' CIRP

The National Company Law Appellate Tribunal (NCLAT) has observed that the Insolvency and Bankruptcy Code (IBC) is not an "expropriatory statute." It directed the Resolution Professional (RP) of Raguleela Builders Pvt Ltd to verify whether Mysore Petro Chemicals Ltd had paid consideration to the corporate debtor for a commercial unit and, if so, include its claim. A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka held that Mysore Petro Chemicals could not maintain...

NCLT Chandigarh Admits Himalaya Food's Insolvency Plea Against A.P.J. Laboratories Over ₹14.41 Cr Default

The Chandigarh Bench of the National Company Law Tribunal National Company Law Tribunal on 25 May admitted a Section 7 petition filed by Himalaya Food International Limited and initiated Corporate Insolvency Resolution Process (CIRP) against A.P.J. Laboratories Limited for default of Rs 14.41 crore, holding that the debt and default stood admitted and undisputed. Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh admitted the petition, appointed an Interim...

NCLT New Delhi Holds Cancellation Agreement Claim Outside Operational Debt, Rejects Section 9 Plea

The New Delhi Bench of the National Company Law Tribunal (NCLT) on 20 May 2026 held that a claim arising from a cancellation agreement executed for relinquishment of rights under an earlier development arrangement does not constitute “operational debt” under Section 5(21) of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Ashok Kumar Bhardwaj and Technical Member Atul Chaturvedi dismissed a Section 9 application filed by Parsvnath Developers Ltd. seeking initiation of the...

NCLT Jaipur Holds Section 95 IBC Maintainable For Pre-2019 Guarantees If Default Occurs Later

The Jaipur National Company Law Tribunal (NCLT) on 26 May held that insolvency proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 can be initiated against a personal guarantor even where the guarantee was executed prior to the coming into force of the personal guarantor framework, so long as the default and invocation of the guarantee occurred thereafter. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar admitted an insolvency application filed by Tata...

Supreme Court Issues Notice On Plea Alleging Jaypee Used “Facade” Deals To Divert ₹13,833 Crore Homebuyer Funds

The Supreme Court on Tuesday issued notice on a writ petition alleging that Rs. 13,833 crore out of Rs. 14,599 crore collected from homebuyers by the Jaypee Group was diverted through transfers to group entities and undervalued land transactions. The matter came up before a bench comprising the Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi issued notice. “Issue notice, returnable on 15.07.2026,” the court recorded.Filed by a homebuyer in the 'KASABLANCA'...

NCLAT New Delhi Restores Resolution Plan Approval Process For Aldiam Motors, Quashes NCLT Order

The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 May set aside an order of the National Company Law Tribunal (NCLT), Ahmedabad Bench, which had rejected the resolution plan submitted by Meghdoot Leisure LLP for Aldiam Motors Pvt. Ltd. Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that the Corporate Insolvency Resolution Process (CIRP) was conducted in accordance with the directions of the Committee of Creditors (CoC) and found no...

NCLAT Sets Aside CIRP Against Ligare Aviation, Says Religare Transactions Were “Round Tripping Of Money”

The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside the admission of insolvency proceedings against Ligare Aviation Ltd., holding that the transactions relied upon by Religare Enterprises Ltd. were “only round tripping of money” and not “for the purpose of any genuine financial transaction.” A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed,“The present is a case where the amount which was received on 31.03.2009 on the same day was...

Agreement To Sell Does Not Confer Ownership Rights Over Corporate Debtor's Property: NCLT Bengaluru

The Bengaluru National Company Law Tribunal (NCLT) on 26 May held that an agreement to sell, by itself, does not confer ownership rights or create any interest in an immovable property in favour of a purchaser in insolvency proceedings.Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application seeking execution of a sale deed in respect of a commercial property owned by Fortuna Buildcon (India) Private Limited, which is undergoing Corporate...