IBC
NCLAT New Delhi Modifies NCLT Order In Vatika Ltd. Insolvency, Restricts CIRP To 'Aspirations' Project
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 27 March, held that insolvency proceedings in real estate cases must be confined to the specific project for which financing was raised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra heard an appeal by Surender Singh, the suspended director of Vatika Limited in relation to the “Aspirations” project in Sector 88B, Gurgaon. The Tribunal held: “In the facts of the present case, CIRP against...
NCLAT Sets Aside Resolution Plan For Manjeera Constructions Over Three-Day Delay In Crediting Earnest Money
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently set aside the approval of a resolution plan for Manjeera Constructions Limited after finding that the successful resolution applicant's earnest money deposit was credited three days after the stipulated deadline, rendering the bid non-responsive A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain rejected the contention that the requirement stood satisfied since the amount had been...
Lok Sabha Passes IBC Amendment Bill 2025
The Lok Sabha on Monday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, bringing in a creditor-initiated insolvency resolution process and tightening timelines for admission and disposal of cases under the Code.According to Finance Minister Niramala Sitharaman, the bill seeks to replace the pre-packaged insolvency regime with a more efficient one. "The earlier framework was not fully utilised. It is now being replaced by a new creditor-initiated insolvency framework...
Non‑Issuance Of NOCs By Financial Creditor Not Fraud In Insolvency Proceedings: NCLAT New Delhi
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 March, held that the non-issuance of No Objection Certificates (NOCs) by a financial creditor cannot be treated as fraudulent or malicious in the initiation of insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). A Section 7 petition remains valid where a corporate debtor defaults on its debt obligations, irrespective of later contractual disputes with homebuyers. The Bench, comprising Chairperson Justice...
Vedanta Moves Supreme Court Against NCLAT Refusal To Stay Implementation Of Adani's JAL Resolution Plan
Vedanta Ltd has moved the Supreme Court assailing the National Company Law Appellate Tribunal's order declining interim relief against implementation of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd.The plan, approved by the NCLT on March 17, 2026, with a 93.81% CoC vote, is under challenge over the alleged non-consideration of Vedanta's higher bid in breach of the value maximisation objective under the Insolvency and Bankruptcy Code.Jaiprakash Associates Limited, which...
LiveLawBiz IBC Weekly Digest: March 23 - March 28
SUPREME COURT Supreme Court Rejects Recall Plea In Disposed SLP, Says Court Cannot Compare Rival Offers Before CoC Under IBCCase Title : LAMBA EXPORTS PVT. LTD. VERSUS DHIR GLOBAL INDUSTRIES PVT. LTD. AND ORS. Case Number : MISC.APPLICATION NO.1256 OF 2025 CITATION : 2026 LLBiz SC 126The Supreme Court on Monday dismissed a miscellaneous application seeking recall of its February 25, 2025 order dismissing an SLP in a dispute over an agreement to sell a property of...
DMRC Cannot Be Forced To Revive Concession Agreement Granted To Prime Infrapark, Terminated Before CIRP: NCLAT
The National Company Law Appellate Tribunal (NCLAT) on Friday held that the Delhi Metro Rail Corporation (DMRC) cannot be directed to revive a concession agreement for the development of a multi-level parking and commercial project at the New Delhi Railway Station under the Airport Express Line. The tribunal noted that the agreement had been terminated in 2017, well before the initiation of the Corporate Insolvency Resolution Process (CIRP) of Prime Infrapark Pvt Ltd, the special purpose...
OTS Proposals By Corporate Debtor Extend Limitation Against Personal Guarantors: NCLT Ahmedabad
The National Company Law Tribunal (NCLT) Ahmedabad recently held that One Time Settlement proposals made by the borrower can amount to acknowledgment of liability and extend limitation in insolvency proceedings against personal guarantors. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “The OTS proposals placed on record demonstrate acknowledgment of liability within the meaning of Section 18 of the Limitation Act, 1963. Even if such proposals were...
IBBI Circular Requiring RPs To Approach PMLA Court For ED-Attached Assets Not Retrospective: NCLT Kolkata
The National Company Law Tribunal (NCLT) at Kolkata has held that the procedural requirements under the IBBI Circular dated November 4, 2025, which provides for approaching the PMLA Special Court for restitution of attached assets, cannot be applied retrospectively to defeat or delay the relief sought in the present application during an ongoing Corporate Insolvency Resolution Process (CIRP) of Kaizen Power. A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah...
Insolvency Plea Against Personal Guarantor Filed During Interim Moratorium Is Void Even if Earlier Case Is Withdrawn: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday held that a fresh insolvency application against a personal guarantor filed during the subsistence of an interim moratorium triggered by an earlier application under the Insolvency and Bankruptcy Code is void from the outset and cannot be validated even if the earlier proceedings are later withdrawn. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said, “The interim moratorium in Section 96 has...
No Asset Or Repayment Assessment Needed At Admission Stage For Personal Guarantor IRP: NCLT Chennai
The Chennai National Company Law Tribunal (NCLT) on 23 March held that at the stage of admission under Section 94 of the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority need not assess the repayment capacity or sufficiency of assets of a personal guarantor. A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramanian admitted the petition filed by Senthil Kumar, a personal guarantor to Biogen Fertilizers India Private Limited, seeking initiation...
NCLT Ahmedabad Relies On DRT Judgment To Prove Execution Of Personal Guarantees Despite No Originals
The National Company Law Tribunal (NCLT) at Ahmedabad recently relied on a Debt Recovery Tribunal (DRT) judgment, along with prior admissions and affidavits, to hold that the execution of personal guarantees stood proved even in the absence of original documents, observing: “It is further observed that even though the original documents are not produced, the existence and execution of the guarantee stand established from (i) the judgment of the Debts Recovery Tribunal, (ii) the admission of the...