NCLAT Sets Aside NCLT Order Replacing RP, Says It Cannot Act As 'Moral Guardian'

The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside an order of the National Company Law Tribunal (NCLT) which had replaced the Resolution Professional (RP) chosen by the Committee of Creditors (CoC) with its own nominee, observing that the adjudicating authority cannot act as a “moral guardian.”The order came on appeals filed by 17 homebuyer-allottees of Three C Projects Pvt. Ltd., a real estate company undergoing insolvency proceedings. A bench of Chairperson Justice...

Homebuyers Can't Claim 8% Interest Where Agreement Provides Delay Compensation: NCLT Kolkata

The Kolkata Bench of the National Company Law Tribunal (NCLT) has dismissed a plea by homebuyers seeking addition of 8% interest on the amounts paid by them to a developer, holding that such interest cannot be granted where the agreement already provides compensation for delay.“Thus, it can be said that the RP is right in not including the statutory interest of 8% pa as per Regulation 16A(7) of the CIRP Regulations, when the contractual terms provide for compensation for not giving the...

NCLT Kolkata Rejects Insolvency Plea Against Burnpur Cement, Flags Disputed Debt

The Kolkata Bench of the National Company Law Tribunal (NCLT) has thrown out an insolvency plea against Burnpur Cement Ltd, finding that the claim itself was riddled with gaps and contradictions and could not be pushed through the insolvency route.At the heart of the case was a claim by Mittal Polysacks Pvt. Ltd., which said it had supplied polypropylene cement bags worth about Rs.1.25 crore and had not been paid. But the tribunal found little on record to back that assertion in a manner fit for...

NCLAT New Delhi Says SEBI Order Cannot Be Tested In IBC, Upholds Ineligibility Under Section 29A(f)

The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 20 April dismissed an appeal filed by Carnet Elias Fernandes, suspended director of GEI Industrial Systems Ltd., challenging the National Company Law Tribunal (NCLT) Indore Bench order dated 17 February 2026. The NCLT had rejected his application seeking a declaration that he was not ineligible under Section 29A(e) and 29A(f) of the Insolvency and Bankruptcy Code (IBC). A Bench comprising Chairperson Justice Ashok...

NCLT Allahabad Admits Aarti Industries' ₹8.21 Crore Insolvency Plea Against Magma Industries

The Allahabad Bench of the National Company Law Tribunal (NCLT) has admitted a CIRP plea filed by Aarti Industries Limited against Magma Industries Limited, holding that the company defaulted on operational dues of over Rs 8.21 crore and that no real dispute existed to block the proceedings. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma said, “Therefore, we find that the alleged disputes claimed by the Corporate Debtor are feeble and not supported by credible...

NCLAT Sets Aside NCLT Order Allowing Withdrawal Of CoC-Approved Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently set aside an order of the NCLT Mumbai that allowed withdrawal of a resolution plan in the insolvency of TD Toll Road Pvt. Ltd., holding that the Committee of Creditors (CoC) had no authority to undo a plan once it had been approved and placed before the tribunal. Reaffirming the scheme of the Insolvency and Bankruptcy Code, the appellate tribunal said a resolution plan, once cleared by the CoC, binds both the creditors...

NCLAT Reserves Order On Vedanta's Plea Against Approval Of Adani's JAL Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved orders on Vedanta Limited's appeal challenging the approval of Adani Enterprises Limited's resolution plan for Jaiprakash Associates Limited, with Vedanta arguing that its higher bid was ignored despite offering the maximum value. Vedanta has challenged the March 17 order of the Allahabad bench of the National Company Law Tribunal, which approved Adani Enterprises' plan while rejecting Vedanta's proposal. Vedanta had...

NCLT Not Mere Counter Signatory, Can Reject CoC-Approved Resolution Plan Where CIRP Found 'Suspect': NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Tuesday has held that an Adjudicating Authority is not bound to approve a resolution plan, even if it is approved by the Committee of Creditors, where the insolvency process itself raises concerns about its integrity. A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka observed, “An Adjudicating Authority is not a mere counter signatory to the CoC to lend its approval to a resolution plan, but a sentinel on the...

NCLAT Dismisses CIRP Plea Against A.G. Pipes, Says Debt Cannot Be Aggregated Across Distinct Legal Entities

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday dismissed an appeal filed by Bhushan Power & Steel Limited against A.G. Pipes Pvt. Ltd., holding that the operational debt attributable to the corporate debtor was below the Rs 1 crore threshold under the Insolvency and Bankruptcy Code (IBC) and that debts of separate legal entities cannot be combined to meet this limit. A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka observed that most...

NCLT Hyderabad Dismisses Insolvency Plea Against Steel Exchange India Over Pre-Existing Dispute

The National Company Law Tribunal (NCLT), Hyderabad Bench, has dismissed an insolvency petition filed by Shakti International LLP against Steel Exchange India Limited, holding that the claimed operational debt of Rs. 162.57 crore was not maintainable due to a bona fide pre-existing dispute over delayed/extension charges.The order was passed by a bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri under Section 9 of the Insolvency and Bankruptcy Code. The tribunal...

NCLAT Urges IBBI To Ensure Resolution Plans Don't Allow Re-Verification Of Claims By SRA

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that the Insolvency and Bankruptcy Board of India (IBBI) should ensure that resolution plans do not ordinarily contain clauses allowing successful resolution applicants (SRAs) to re-verify claims, cautioning that such provisions create uncertainty in the insolvency process. The observation came in a case where a homebuyer's claim had been admitted in full during the corporate insolvency resolution process (CIRP),...

Bombay HC Pulls Up NCLT Mumbai Registry Over Scrutiny Lapse In Personal Guarantor Insolvency Plea

The Bombay High Court on Tuesday pulled up the Mumbai Registry of the National Company Law Tribunal (NCLT) for failing to follow mandatory procedures while scrutinising a personal guarantor insolvency petition under the Insolvency and Bankruptcy Code. A division bench of Justices Manish Pitale and Shreeram V. Shirsat held that the Registry did not comply with Rule 28 of the NCLT Rules and prior directions issued by the High Court in Bank of Baroda vs. Union of India. “It is obvious that the...