LiveLawBiz IBC Weekly Digest: April 6 - April 11

SUPREME COURT Supreme Court Declines To Interfere With Adani Plan For Jaiprakash, Urges NCLAT To Expedite Vedanta AppealsCase Title : Vedanta Ltd vs Bhuvan Madan & Ors Case Number : C.A. 4098 OF 2026 CITATION : 2026 LLBiz SC 145The Supreme Court on Monday, 6 April, declined to interfere with the implementation of the resolution plan submitted by Adani Enterprises for Jaiprakash Associates Ltd, and directing the National Company Law Appellate Tribunal (NCLAT)...

NCLAT Upholds Rejection of Insolvency Plea Against Essar Power Gujarat Over Pre-Existing Dispute

The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the rejection of an insolvency plea filed by Narayani Resources Pvt. Ltd. against Essar Power Gujarat Ltd., holding that the dispute between the parties were pre-existing. A bench of Justice Ashok Bhushan and Technical Member Barun Mitra said the disagreement over settlement and payment reconciliation was clear from the record. “The dispute between the parties regarding reconciliation and settlement is very much...

NCLAT Confines Insolvency Proceedings Against Raheja Developers To Krishna Housing Scheme Project

The National Company Law Appellate Tribunal (NCLAT) at Delhi has confined the corporate insolvency resolution process (CIRP) against Raheja Developers Ltd. to its Krishna Housing Scheme project in Sohna, Gurugram, holding that proceedings initiated by homebuyers of the project are to be confined to that project.The appellate tribunal noted that the National Company Law Tribunal (NCLT), by its order dated August 21, 2025, had admitted a Section 7 application filed by 130 homebuyers and initiated...

NCLT Kochi Admits CIRP Against Seguro Foundations, Applies ₹1 Lakh Threshold As Claim Pre-Amendment

The National Company Law Tribunal at Kochi has admitted an insolvency plea against Seguro Foundations & Structures Pvt Ltd over unpaid salary dues, making it clear that the earlier Rs 1 lakh threshold will apply as the case was filed before the law was revised. The order was passed by Judicial Member Vinay Goel. The case had been brought by Shaji Mathew, an operational creditor, seeking insolvency proceedings over unpaid salary. Mathew had been appointed as a project manager for a...

Routine Administrative Reasons Cannot Justify Delay: NCLAT Dismisses Kotak Mahindra Bank's Appeal

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has refused to condone a 112-day delay in re-filing an appeal by Kotak Mahindra Bank Ltd. in the insolvency proceedings of DBM Geotechnics & Construction Pvt. Ltd., holding that routine administrative processes cannot justify such a prolonged delay and dismissing the appeal itself. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said the explanation offered by the bank reflected nothing more than...

Non-Disclosure By Bankrupt Prompts NCLT Kochi To Condone 470-Day Delay In Federal Bank Claim

The National Company Law Tribunal (NCLT) at Kochi has condoned a 470-day delay in filing a claim by Federal Bank in bankruptcy proceedings against personal guarantor Reena Paul, holding that the delay stood sufficiently explained due to non-disclosure and suppression of material facts by the bankrupt. A coram of Judicial Member Vinay Goel passed the order, observing: "…this Adjudicating Authority is of the considered view that although the Applicant is bound by the public announcement, the...

NCLT's Inherent Powers Cannot Be Invoked To Override 30-Day Limit For Restoration Of Petitions: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has refused to revive an insolvency plea filed by V-Con Integrated Solutions Pvt. Ltd. against Shreeram Technology Services Pvt. Ltd., holding that statutory timelines under the Insolvency and Bankruptcy Code cannot be bypassed by invoking the tribunal's inherent powers. A bench comprising Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey reiterated that the 30-day limit prescribed under Rule...

Approved Resolution Plan Binding On Revenue, Stamp Authorities; Mutation Cannot Be Denied: MP High Court

The Madhya Pradesh High Court has held that an approved resolution plan under Section 31 of the Insolvency and Bankruptcy Code is binding on all authorities, including revenue and stamp authorities, and that refusal to carry out mutation in land records would be contrary to the statutory mandate.A single-judge Bench of Justice Sandeep N. Bhatt, while allowing an interim application, observed that the inaction of revenue authorities in mutating the petitioner's name despite an approved resolution...

NCLT Mumbai Upholds CoC's Decision To Conduct Second E-Challenge In Future Enterprises' CIRP

The National Company Law Tribunal (NCLT) at Mumbai has recently dismissed Orissa Metaliks Private Limited's challenge to the Committee of Creditors' decision to conduct a second round of the e-challenge mechanism in the CIRP of Future Enterprises Limited. A bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer held that the CoC's decision to undertake a second challenge process is not in violation of Regulation 39(1A) of the CIRP Regulations, while observing...

NCLAT Upholds Voting Window Extended Within Unijules CIRP Timeline, Says No Material Irregularity

The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the extension of the voting window in the insolvency resolution process of Unijules Life Sciences Ltd., holding that continuation of e-voting beyond the initially fixed date did not amount to a material irregularity as it remained within the overall CIRP timeline. Dismissing a batch of appeals filed by unsuccessful resolution applicants and dissenting financial creditor Satsai Finlease Pvt Ltd, the appellate tribunal...

Probate Of Will Of Undischarged Insolvent Not Barred Under Indian Succession Act: Bombay High Court

The Bombay High Court has recently held that probate of the Will of a person who died as an undischarged insolvent is not barred under the law and can be sought, even though the estate vests in the Official Assignee for distribution among creditors. “There is no embargo under the provisions of the Succession Act from seeking probate of the Will of an undischarged insolvent.” A single-judge bench of Justice Sharmila U. Deshmukh was dealing with a testamentary petition seeking probate of the...

NCLAT Refuses CIRP Deferment Despite Favourable Arbitral Award, Cites Higher Total Debt

The National Company Law Appellate Tribunal (NCLAT) on Friday upheld the admission of insolvency proceedings against a road project SPV, rejecting its plea to defer admission under Section 7 of the IBC on the ground that amounts claimed under an arbitral award exceeded the bank's claim. A bench of Justice Ashok Bhushan and Barun Mitra held that this was not a fit case to apply the Supreme Court's ruling in Vidarbha Industries Power Ltd. v. Axis Bank Ltd., which allows the NCLT to delay...