IBC
LiveLawBiz IBC Weekly Digest: August 24 - August 29, 2026
SUPREME COURTSupreme Court Upholds NCLAT Refusal To Entertain Allottee's Plea Seeking Refund Of Around ₹4 Lakh In Jaiprakash Associates CIRPCase Title : DEVENDRA SINGH YADAV AND ANR. vs BHUVAN MADAN AND ANR. Case Number : C.A. No. 9798/2026The Supreme Court on Tuesday upheld the National Company Law Appellate Tribunal's refusal to grant relief to an allottee of a Jaiprakash Associates Ltd. project, who had sought refund of around ₹4 lakh demanded from him towards common area charges after he...
NCLT New Delhi Orders Liquidation Of Dalmia Life Care After CoC Gets 72.19% Vote
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 19 August ordered the liquidation of Dalmia Life Care Private Limited under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, following a resolution passed by its Committee of Creditors (CoC) with 72.19% voting share. A Bench comprising Judicial Member Justice Jyotsna Singh and Technical Member Anu Jagmohan Singh observed: “In view of the provision of the Section 33(2) of IBC 2016 as stated above and the...
NCLT Ahmedabad Admits Kalahridhaan Trendz Into CIRP Over ₹3.26 Crore Default
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 14 August admitted Kushal Finnovation Capital Pvt. Ltd.'s insolvency petition against Kalahridhaan Trendz Limited over a default of more than Rs. 3.26 crore under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC).Judicial Member Chitra Hankare and Technical Member Dr VG Venakata Chalapathy held that insolvency proceedings can be initiated where a financial debt is due and payable, the default exceeds the threshold...
NCLT Delhi Approves Zee Founder Subhash Chandra's ₹6.5 Cr. Repayment Plan Against ₹22,006 Cr. Claims
The National Company Law Tribunal (NCLT), New Delhi, on 25 August approved the repayment plan of Dr. Subhash Chandra, chairman of the Essel Group and founder of Zee TV, under Section 114 of the Insolvency and Bankruptcy Code, 2016 (IBC), subject to the exclusion of two unsupported claims.A Bench comprising Judicial Member Nilesh Sharma, acting as the Third Member after the Judicial and Technical Members delivered conflicting opinions, held that the requisite majority of creditors had approved...
NCLAT Chennai Restores CIRP Of Jeppiaar Cements, Says Fairness Must Prevail In Insolvency Resolution
The Chennai National Company Law Appellate Tribunal (NCLAT) has set aside the liquidation order dated 26 August 2022 against Jeppiaar Cements Pvt. Ltd., while observing that where multiple options exist to resolve a corporate debtor's insolvency, fairness should prevail, including settlement under Section 12A of the Insolvency and Bankruptcy Code (IBC), which permits the withdrawal of the CIRP upon a successful settlement with creditors.A Bench of Judicial Member Justice N. Seshasayee and...
Belated Homebuyer Claims Cannot Reopen Approved Resolution Plan: NCLT Indore
The Indore Bench of the National Company Law Tribunal (NCLT) has held that a homebuyer's claim cannot be recognised after approval and implementation of a Resolution Plan, as entertaining such a belated claim would undermine the finality of the approved plan. Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta dismissed an application filed by Nishkarsh Kumar under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with Rule 11 of the NCLT Rules, 2016,...
NCLT Indore Holds IBC Cannot Be Used To Settle Family Disputes, Rejects ₹4.21 Crore Section 7 Plea
The Indore Bench of National Company Law Tribunal (NCLT) has held that a Section 7 application under the Insolvency and Bankruptcy Code (IBC) cannot be used to recover disputed amounts or settle an ongoing family dispute where the applicant fails to establish the existence of a financial debt and default. Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta dismissed an application filed by Prakash Chuhardas Khatri, Karta of Indore Glass House HUF, seeking initiation of...
Debenture Holders Retain Right To Initiate Insolvency Despite Trustee Appointment: NCLT Bengaluru
The National Company Law Tribunal (NCLT), Bengaluru has held that the appointment of a Debenture Trustee to represent debenture holders does not take away their independent statutory right as Financial Creditors to initiate insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada was considering an insolvency petition filed by India Housing Fund and India Housing...
Supreme Court Upholds NCLAT Refusal To Entertain Allottee's Plea Seeking Refund Of Around ₹4 Lakh In Jaiprakash Associates CIRP
The Supreme Court on Tuesday upheld the National Company Law Appellate Tribunal's refusal to grant relief to an allottee of a Jaiprakash Associates Ltd. project, who had sought refund of around ₹4 lakh demanded from him towards common area charges after he had taken possession of his unit.A Bench comprising Chief Justice of India Surya Kant and Justices Joymalya Bagchi and V. Mohana after hearing the case, refused to interfere with the NCLAT order dated May 14, 2026.Counsel appearing for...
Personal Guarantor Cannot Extend Limitation Through Own OTS Proposals: NCLAT New Delhi
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 21 August held that a personal guarantor cannot use her own one time settlement (OTS) proposals to extend limitation under Section 18 of the Limitation Act, 1963, while reiterating that limitation for initiating personal insolvency proceedings begins from the date of invocation of the guarantee. A Bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Naresh Salecha dismissed an appeal filed by Kanta Gupta,...
NCLAT New Delhi Clarifies Property Inspection For Liquidation Does Not Affect Possessory Rights
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 21 August held that an order directing inspection and measurement of property claimed to form part of a corporate debtor's liquidation estate does not affect disputed ownership or possessory rights when the inspection is limited to identifying and segregating the corporate debtor's property. A Bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Naresh Salecha held that the National Company Law Tribunal...
NCLT Bengaluru Dissolves Infotech HAL After Completion Of Liquidation Process
On 17 August, the National Company Law Tribunal (NCLT) at Bengaluru ordered the dissolution of Infotech HAL Limited after finding that its affairs had been completely wound up and all its realisable assets had been dealt with in accordance with the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held: “….it is evident that the affairs of the Corporate Debtor have been completely wound up and all...