IBC
LiveLawBiz IBC Weekly Digest: July 20 - July 25, 2026
SUPREME COURT Supreme Court Issues Notice On Venugopal Dhoot's Plea To Include Videocon Foreign Oil Assets In VIL InsolvencyCase Title: VENUGOPAL DHOOT vs VOVL LIMITED Case Number: C.A. 8718/2026The Supreme Court on Tuesday issued notice in an appeal filed by Videocon Group founder Venugopal Dhoot. The appeal challenges the National Company Law Appellate Tribunal's (NCLAT) May 14, 2026, decision refusing to include the foreign oil and gas assets of Videocon Oil Venture Ltd. (VOVL) and its...
NCLT Delhi Rejects APS Infra Resolution Plan, Says Resolution Applicant Can't Retain PUFE Recoveries
The Delhi bench of the National Company Law Tribunal (NCLT) has held that a resolution plan allowing the Successful Resolution Applicant (SRA) to retain recoveries from avoidance (PUFE) transactions is contrary to the CIRP Regulations. Rejecting the resolution plan submitted by SPG Infra Projects Pvt. Ltd. for APS Infra Engineers Pvt. Ltd., the bench ordered the company's liquidation. "When we talk of distribution, the understanding would be that the same should be distributed amongst the...
IRP, RP Cannot Authorise Recovery Barred By IBC Moratorium: NCLT Indore
Holding so, the court directed Bank of India to refund ₹16.49 crore recovered from Bhatia Global Trading Ltd.'s cash credit account during CIRP
Defects In Board Resolution Authorising CIRP Plea Don't Invalidate Otherwise Valid Proceedings: NCLT Jaipur
The National Company Law Tribunal (NCLT) at Jaipur has held that alleged defects in the certified copy of a Board Resolution, including objections that it did not disclose the date of the Board meeting or carried mechanically reproduced signatures, do not invalidate an insolvency application where the Operational Creditor has, in substance, authorized the initiation of proceedings. A coram of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar was considering an interlocutory...
NCLT Chandigarh Upholds Rejection Of ARCIL's ₹3,482 Crore Claim Against JCT Limited As Time-Barred
The National Company Law Tribunal (NCLT) in Chandigarh has recently refused to admit Asset Reconstruction Company (India) Limited's claim of ₹3,482 crore in the insolvency process of JCT Limited. Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal ruled the debt was time‑barred.“The claim, even if computed from the original invocation in January 2002 or the subsequent default in April 2011, is barred by limitation,” the bench said.ARCIL, acting as trustee of Arcil‑JCT III...
NCLT Mumbai Dispenses With JSW Steel Unsecured Creditors' Meeting In Piombino Steel Merger
The National Company Law Tribunal (NCLT), Mumbai, has recently dispensed with the meeting of unsecured creditors of JSW Steel Limited in its proposed amalgamation with its subsidiary, Piombino Steel Limited. It, however, directed the company to issue notices to unsecured creditors with outstanding balances exceeding ₹50 lakh, informing them that they may file objections before the Tribunal within 30 days.The order was passed by Judicial Member Sushil Mahadeorao Kochey and Technical Member...
NCLT Chandigarh Rejects Department's ₹975.56 Cr Claim Filed 1305 Days Late In Gupta Builders CIRP
The Chandigarh National Company Law Tribunal (NCLT) on 10 July held that the Income Tax Department cannot seek condonation of an extraordinary delay to introduce claims after approval of a Resolution Plan, as such belated claims would disturb the finality of the Corporate Insolvency Resolution Process (CIRP). A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal dismissed the application filed by the Deputy Commissioner of Income Tax seeking condonation of a...
IBC Moratorium Won't Extinguish Directors' Criminal Liability For Cheque Bounce: Punjab & Haryana HC
The Punjab and Haryana High Court on 20 July held that the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot extinguish a director's criminal liability for dishonour of cheques issued before commencement of insolvency proceedings against the company. Justice Manisha Batra dismissed a petition filed by Ajay Gupta seeking quashing of proceedings under Section 138 of the Negotiable Instruments Act, 1881 (NI Act) for cheque dishonour, holding that subsequent insolvency and...
NCLAT Stays IBBI Order Barring Insolvency Professional From Other CIRPs Despite Alleged Misconduct In One Case
The National Company Law Appellate Tribunal (NCLAT) in Delhi has recently stayed the operation of the Insolvency and Bankruptcy Board of India's (IBBI) order suspending an insolvency professional from continuing in his other ongoing assignments, while leaving the suspension undisturbed in the corporate insolvency resolution process (CIRP) from which he had been removed. The interim relief allows him to continue in his other assignments pending adjudication of his appeal. Judicial Member...
Suspended Director Can Flag CIRP Violations But Not Question CoC's Commercial Wisdom: NCLT Chandigarh
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 1 July held that a suspended director has the locus to bring alleged violations of the Insolvency and Bankruptcy Code, 2016 (IBC) and the Corporate Insolvency Resolution Process (CIRP) Regulations before the NCLT, but cannot question the commercial wisdom of the Committee of Creditors (CoC). A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal dismissed an application filed by Robin Dahiya,...
NCLT Kochi Holds Kerala Trade Centre Project; Developmental Rights Form Part Of KCCI's CIRP Assets
The National Company Law Tribunal (NCLT), Kochi, has held that the Kerala Trade Centre project and the development and allied rights vested in Kerala Chamber of Commerce and Industries (KCCI) under a Joint Development Agreement (JDA) form part of the company's asset base during its Corporate Insolvency Resolution Process (CIRP). It also directed the landowner, Cherupushpam Films Private Limited, to cooperate in implementing the resolution plan.A coram of Judicial Member Vinay Goel and Technical...
NCLT Indore Holds Resolution Professional Cannot Revive Lease Terminated By CoC
The Indore Bench of the National Company Law Tribunal (NCLT) on 7 July held that an unregistered lease deed cannot create valid rights over the Corporate Debtor's property and that a Resolution Professional (RP) cannot revive a lease arrangement that the Committee of Creditors (CoC) has already decided to terminate. The Bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta directed Vatsal Acharya to vacate the factory premises of Shree Uttam Food Products,...