IBC
NCLT Chandigarh Approves Haldiram's Plan to Consolidate Its Manufacturing and Retail Units
The National Company Law Tribunal (NCLT) at Chandigarh has recently approved a second-motion petition filed by seven entities of Haldiram's, the popular snack food and confectionery chain, clearing their scheme of arrangement to consolidate multiple demerged units into Haldiram Marketing Private Limited. A Bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal noted that the group had placed on record its Memorandum and Articles of Association, audited financial...
LiveLawBiz: Business Law Daily Round-Up: December 03, 2025
TAX'GST Is Fiscal Compliance, Not Regulatory Exemption': J&K High Court Says Brick Dealers Still Need Licence Under Brick Kiln ActS. 148 Income Tax Act | Reassessment Based On Mere Change Of Opinion Without Concrete Evidence Not Justified: Gujarat High Court24K Oval Pendants Qualify As Gold Jewellery, Eligible For Duty Exemption: CESTAT HyderabadCentre Says Tax Exemption For Cooperative-Made Goods Lies With GST Council; Lists Wide-Ranging Tax Relief & Financial Support For...
No Proof Of Technical Glitch: NCLT Delhi Declines To Interfere With Concluded E-Auction
The National Company Law Tribunal at New Delhi has recently refused to set aside a recently concluded e-auction in a bankruptcy matter, finding that the bidder challenging the sale failed to prove any technical glitch and that auction records showed continuous participation even after the time it claimed its system froze. The application had been filed by Marinaindia Traexim Private Limited, which sought to annul the auction of assets belonging to bankrupt debtor Waseem Ahmad Khan. A coram of...
Settlement Between Debtor and Creditor Doesn't Release Personal Guarantor From Liability: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently held that a personal guarantor remains liable under a continuing guarantee even if the principal debtor enters into a mediated settlement with the financial creditor, unless the creditor expressly releases the guarantor. It also held that part-payments made by the principal debtor extend the limitation period for proceedings against the guarantor. A bench of Judicial Member Justice N Seshasayee and Technical Members...
IBC Not A Tool To Erase Third-Party Liabilities, NCLT Jaipur Rejects Resolution Plan for Goenka Diamonds
The National Company Law Tribunal (NCLT) at Jaipur recently observed that the resolution process cannot be used to extinguish liabilities or securities of third parties who have no connection with the corporate debtor. The tribunal rejected the resolution plan submitted for Goenka Diamond and Jewels Limited and ordered liquidation of the company. A bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar said the plan attempted to discharge independent guarantees and security...
NCLT Mumbai Orders Insolvency Proceedings Against Carnival Films After ₹71-Crore Default
The National Company Law Tribunal (NCLT) at Mumbai has recently admitted an insolvency plea by JC Flowers Asset Reconstruction Pvt Ltd against film production company Carnival Films Entertainment Pvt Ltd, after finding that it had defaulted on dues of Rs. 71 crore. A subsidiary of the company had owned Carnival Cinemas, the popular multiplex chain that shut its operations after the onset of the Covid-19 pandemic. The bench of Judicial Member KR Saji Kumar and Technical Member Anil Raj Chellan...
Supreme Court Restores Property Of Corporate Debtor Attached Under PMLA To Successful Resolution Applicant
The Supreme Court recently reiterated that the objective of Section 8(8) of the Prevention of Money Laundering Act(PMLA) is to ultimately restore any attached properties to the bonafide successful resolution application(SRA) who have a legitimate interest in it.Section 8(8) allows the Special Court to direct the Central Government to restore property that has been confiscated under the Act to a person or claimant who has a legitimate interest in it, upon conclusion of the trial. However, second...
NCLT Chennai Clears Scheme For Merger Of TVS Investments With TVS Electronics
The National Company Law Tribunal at Chennai has recently approved a scheme filed by TVS group companies, sanctioning their amalgamation and permitting the merger of TVS Investments into TVS Electronics. The tribunal noted that the scheme was beneficial to the company and its shareholders and found no ground to withhold approval. A bench of Judicial Member Sanjiv Jain and Technical Member Venkatraman Subramaniam noted that the companies had submitted all mandatory documents and statutory...
NCLT Ahmedabad Orders Liquidation of Eskay K'N'IT After CIRP Yields No Resolution Plan
The National Company Law Tribunal (NCLT) at Ahmedabad has recently ordered the liquidation of Eskay K'N'IT (India) Limited and appointed insolvency professional Sunit Jagdishchandra Shah as liquidator, rejecting the Committee of Creditors' recommendation to retain the existing Resolution Professional, Ajit Kumar, as the liquidator. A bench of Judicial Member Chitra Hankare and Technical Member Dr Velamur G Venkata Chalapathy passed the order on November 28 after reviewing the prolonged...
LiveLawBiz: Business Law Daily Round-Up: December 02, 2025
TAX AssessmentOrder Passed Without Awaiting DVD Report Violates S. 50C(2) IncomeTax Act: ITAT Ahmedabad 'WritNot Maintainable In Face Of Disputed Ownership': Delhi High Court InCustoms Gold Confiscation Case S.153C Income Tax Act | Public Info, Unrelated Data Seized FromSearched Person Not Enough To Issue Show Cause Notice: Gujarat HighCourt IncomeTax Act | S. 153C Proceedings Unsustainable Without IncriminatingMaterial Found In Search: Calcutta High Court AdmissionSolutions By TC Global...
IBC Auctions Not Ordinary Commercial Contracts, Market Volatility No Defence For Evading Bid Obligations: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently held that a successful bidder in a liquidation e-auction who voluntarily accepts statutory terms cannot avoid payment obligations by citing market fluctuations or delays not attributable to the liquidator, and set aside an NCLT Kolkata order directing refund of the Rs 2 crore earnest money deposit. A Bench of Judicial Member Justice Yogesh Khanna and Technical Member Indevar Pandey observed that liquidation...
Correctness Of NPA Classification Irrelevant To Initiating CIRP Once Default Is Proven: NCLT Mumbai
The National Company Law Tribunal (NCLT) at Mumbai has recently held that insolvency proceedings under the Insolvency and Bankruptcy Code depend only on the factual occurrence of default and are not affected by alleged irregularities in declaring an account as a Non Performing Asset or by non compliance with the MSME rehabilitation framework. It ruled that objections to the bank's NPA classification cannot defeat a creditor's right to initiate insolvency once a default is shown. A coram of...