NCLT Bengaluru Reserves Order On Riju Ravindran's Plea Against Glas Trust's Aakash Right Issue Funding Plan

The National Company Law Tribunal (NCLT), Bengaluru, on Wednesday reserved its order on an interim plea sought by Riju Ravindran, former promoter of Think and Learn Pvt Ltd (Byju's), challenging the Committee of Creditors' (CoC) approval of a Compulsorily Convertible Debenture (CCD) structure proposed by Glas Trust to fund TLPL's participation in Aakash Educational Services Ltd's (AESL) ongoing rights issue.The matter was heard by a coram comprising Judicial Member Sunil Kumar Aggarwal, and...

Mere Obligation To Pay Under Compromise Deed Does Not Amount To Financial Debt: NCLT New Delhi

The National Company Law Tribunal (NCLT) at New Delhi has recently held that a mere breach of an agreement, resulting in an obligation to pay under a compromise deed, does not by itself qualify as a financial debt under the Insolvency and Bankruptcy Code (IBC), 2016. The order was passed by a bench comprising Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi while dismissing the Section 7 application filed by Samridhi Realty Homes Private Ltd., seeking...

Applications Under Section 60(5) IBC Cannot Be Used To Modify Approved Resolution Plans: NCLT Delhi

The National Company Law Tribunal (NCLT) at Delhi has recently clarified that an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), which empowers the NCLT to determine disputes affecting the resolution process, cannot be used to revisit or modify a resolution plan once it has been approved by the tribunal. The ruling came in a petition filed by the Successful Resolution Applicants (SRAs) for the Shubhkamna City project in Greater Noida. The SRAs sought directions to...

NCLAT Fines Prospective Resolution Applicant Rs 15 Lakh For Obstructing Insolvency Process, Turning It Into A “Tom & Jerry Show"

The National Company Law Appellate Tribunal (NCLAT) at New Delhi on Tuesday imposed a cost of Rs. 15 lakh on Astral Agro Ventures, a Prospective Resolution Applicant (PRA), for obstructing the Corporate Insolvency Resolution Process (CIRP) of Megi Agro Chem Ltd. The tribunal observed that the insolvency resolution process “cannot be reduced to a Tom & Jerry show” where a PRA, who doesn't have any right to challenge continuously seeks extensions only to derail the resolution. The tribunal...

NCLT Approves Rs 12.8 Crore Resolution Plan By Knowledge Marine Director For Sterling Healthcare

The National Company Law Tribunal at Mumbai has recently approved a resolution plan worth Rs 12.8 crore by a Mumbai individual for Sterling Healthcare Limited. In an order delivered on November 13, 2025 by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar approved a resolution plan by the whole time director of Knowledge Marine & Engineering Works Limited in Mumbai. The Corporate Insolvency Resolution Process was initiated by L&T Finance in...

NCLT Must Verify ED Attachment Before Refusing Property Release To Successful Resolution Applicant : NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Tuesday held that the National Company Law Tribunal (NCLT), Mumbai, should have verified whether a Bangalore-based flat was provisionally attached by the Enforcement Directorate (ED) before refusing its release to the successful resolution applicant (SRA) of insolvent DSK Southern Projects Pvt. Ltd.A coram comprising of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Indevar Pandey observed,"...the adjudicating authority has...

Date Of default For MSMEs Refers to Original NPA Not Subsequent Defaults After Restructuring: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently clarified that when an MSME corporate debtor's account is restructured and subsequently defaults again, the date of default for an insolvency application must refer back to the original NPA date, in accordance with the RBI circular currently in force and not to the date of default following restructuring. A coram comprising Judicial Member Bidisha Banerjee and Technical Member Cmde Siddharth Mishra relying on an RBI Master...

WinZO Faces Fresh Insolvency Plea From Arve Digital Over ₹1.59 Crore Debt

After Paytm, Arve Digital Media, a digital marketing company, has approached the National Company Law Tribunal (NCLT), New Delhi Bench, seeking insolvency proceedings against online gaming platform WinZO over Rs 1.59 crore in unpaid dues for services related to user acquisition, app installations, and digital growth campaigns. A bench comprising Judicial Member Justice Jyotsna Sharma and Technical Member Ravindra Chaturvedi could not hear the plea on Tuesday as the petitioner sought corrections...

Auction Purchaser Cannot Seek Reclassification of NPA In A Manner That Affects Creditor's Rights: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has recently ruled that a successful auction purchaser cannot demand the reclassification of a corporate debtor's loan from Non-Performing Asset (NPA) to “standard” if it impacts a financial creditor's rights against the debtor's personal guarantors. The bench of Justice N Seshasayee and Technical Member Indevar Pandey observed, “.. the Successful Auction Purchaser of the assets of the CD can only concern itself...

NCLAT Stays Insolvency Proceedings Against Aviation Company After It Offers To Deposit Double The Debt

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently stayed the corporate insolvency proceedings against an aviation services company after it's suspended director offered to deposit Rs 1.09 crore, double the claimed dues of Rs. 54.03 lakh (with 15% interest), which had been pending since 2019, to demonstrate its bona fide intentions.The bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, observed, “The Appellant having offered to deposit...

NCLAT Restores Promoters' Right To Bid In JC World Hospitality Resolution Process

The National Company Law Appellate Tribunal has recently overturned a July 2025 order of the National Company Law Tribunal, New Delhi, that had declared the promoters of JC World Hospitality Pvt Ltd ineligible to submit resolution plan under the Insolvency and Bankruptcy Code. The Bench of Chairperson Justice Ashok Bhushan and Member Barun Mitra restored the promoters' resolution plan for consideration and directed the NCLT to decide the pending plan approval application within three months. ...

NCLAT Upholds Gujarat VAT Dept As Secured Creditor In Sterling Lam Insolvency; Says Statutory Charge Under GVAT Act Creates Security Interest

The National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, has upheld the National Company Law Tribunal (NCLT) Ahmedabad's order directing that the Gujarat State Tax Department (Department) be treated as a secured creditor in the insolvency proceedings of Sterling Lam Limited (Sterling Lam), the corporate debtor. The NCLAT affirmed that the statutory charge created by “operation of law” under Section 48 of the Gujarat Value Added Tax Act, 2023 (GVAT Act),...