NCLT Allahabad Reserves Verdict On Vedanta Plea Against CoC Approval Of Adani's JAL Plan

The National Company Law Tribunal at Allahabad has reserved its orders on Vedanta Limited's challenge to the Committee of Creditors' approval of Adani Enterprises' resolution plan for insolvent Jaiprakash Associates Limited. Vedanta was one of the resolution applicants in the process. The matter was heard by Judicial Member Praveen Gupta and Technical Member Ashish Verma, who reserved orders after hearing Vedanta and the Resolution Professional. Vedanta has sought a direction to send the...

Interest Mentioned In Invoice Cannot Be Counted For IBC Threshold Without Binding Agreement: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has dismissed an insolvency petition after holding that an operational creditor cannot rely solely on an interest clause printed on invoices to inflate the claim amount and cross the statutory Rs. 1 crore threshold under the Insolvency and Bankruptcy Code, in the absence of any binding agreement for payment of interest. Judicial Member Vinay Goel rejected a Section 9 plea filed by Savino Ceramic Private Limited against Fontana Impex Private...

Supreme Court Says IBC Cannot Determine Ownership Of Telecom Spectrum, Calls It Material Resource Of Community

The Supreme Court on Friday held that the ownership and control of telecom spectrum cannot be determined by the Insolvency and Bankruptcy Code since it is a common good.A bench of Justices PS Narasimha and Atul S. Chandurkar held that the spectrum is a material resource of the community in the constitutional sense. It said the spectrum must benefit the common good, so its control has to be secured for the citizens.“IBC cannot be the guiding principle for restructuring the ownership and control...

NCLT Ahmedabad Slaps ₹2 Lakh Cost on Dharmadev Infra Director, Admits ₹20.97 Crore Insolvency Plea

Calling it a “counterblast” and an abuse of process, the National Company Law Tribunal (NCLT) Ahmedabad has imposed ₹2,00,000 in personal costs on a director of Dharmadev Infrastructure Limited while admitting an insolvency petition over dues of ₹20,97,43,678. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an application filed under Sections 60(5) and 65 of the Insolvency and Bankruptcy Code, holding that no ingredient of fraudulent or malicious...

NCLAT Finds IndusInd Bank, RTA Negligent In Issuing Duplicate Share Certificates, Upholds Restoration Of 5,000 Shares

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the restoration of 5,000 equity shares of IndusInd Bank to their original holder, holding that the bank and its Registrar and Transfer Agent acted negligently in issuing duplicate share certificates to a third party. A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra observed, “We note that the Appellant was negligent and had not followed the due procedure in issue of duplicate...

Dissenting Banks Cannot Continue Recovery Against Guarantors Once Resolution Plan Attains Finality: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that once an approved resolution plan expressly extinguished securities and attachments of personal guarantors and attained finality, dissenting financial creditors could not continue recovery proceedings against such assets. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra allowed an appeal filed by Puro Natural Sugars JV and deleted portions of a National Company Law Tribunal (NCLT)...

Recall Of Order Not Permissible For Party's Failure; 'Mistake' Must Be Tribunal's Error: NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad has recently held that a mistake warranting recall of order must be apparent on the face of the record and attributable to an error of the tribunal, and not to the failure of a party to place relevant material before it. A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri on February 11, 2026, dismissed a recall application filed by Colliers International (India) Property Services Pvt. Ltd. Colliers is the...

NCLT Kochi Rejects Plea To Implead CBI In Corporate Petition Alleging Oppression And Mismanagement

The Kochi Bench of the National Company Law Tribunal (NCLT) on 6 February dismissed an application by MRPN Minority Share Holder Customer Welfare Association, seeking to implead the Central Bureau of Investigation (CBI) in a pending company petition against Mary Rani Popular Nidhi Ltd. under Sections 241 and 242 of the Companies Act, 2013. The application alleged key managerial persons of the company of oppression and mismanagement. The Bench comprising Judicial Member Shri Vinay Goel, held...

IBC Cannot Be Used To Legitimize Proceeds of Crime: NCLT Recalls Alchemist Limited CIRP

The National Company Law Tribunal (NCLT) at New Delhi has recalled its own order admitting insolvency proceedings against Alchemist Limited, holding that the Code cannot be used to legitimise proceeds of crime. The tribunal found that the Corporate Insolvency Resolution Process (CIRP) was “vitiated by fraud, collusion and malicious intent.” Invoking its powers under Section 65 of the Insolvency and Bankruptcy Code (IBC) suo motu while allowing an application filed by the Directorate of...

NCLAT Closes Suo Motu Contempt Proceedings Against IRP After Accepting His Unconditional Apology

The National Company Law Appellate Tribunal (NCLAT) at Chennai, has closed contempt proceedings against an Interim Resolution Professional who “sat over” the tribunal's interim stay order and proceeded despite it, after accepting his unconditional apology. The proceedings were initiated against Anil Kumar Khicha, Interim Resolution Professional of ISPT India Pvt. Ltd., after the appellate tribunal found that despite its October 27, 2025 interim order keeping in abeyance the CIRP order dated...

Personal Difficulties Of Counsel Not “Sufficient Cause” To Restore Insolvency Petition: NCLT Chandigarh

The National Company Law Tribunal (NCLT) at Chandigarh recently observed that a counsel's personal difficulties, including childcare responsibilities as well as technical glitches, do not amount to “sufficient cause” for repeated non-appearance in insolvency proceedings under the Insolvency and Bankruptcy Code. Dismissing a third application seeking restoration of an insolvency petition filed by True Steels Private Limited, the Tribunal said the IBC is a time-bound code that requires strict...

Calcutta High Court Sets Aside Order Treating WBIDC As Unsecured Creditor In Eastern Explosives Liquidation

The Calcutta High Court has recently set aside an order of a single judge of the court's original side, which upheld the official liquidator's decision treating the West Bengal Industrial Development Corporation Ltd. (WBIDC) as an unsecured creditor in the liquidation of Eastern Explosives and Chemicals Ltd.The Court held that once charge documents were submitted prior to adjudication of claims, the official liquidator was bound to consider WBIDC as a secured creditor.“A creditor, of a company...