Supreme Court Dismisses BCCI Review Against Order Setting Aside NCLAT Decision Closing Byju's CIRP

The Supreme Court recently dismissed a review petition filed by the Board of Control for Cricket in India (BCCI) against its October 23, 2024 ruling in the Byju's insolvency case.In that ruling, the court had set aside the National Company Law Appellate Tribunal's approval of a post-admission settlement in the corporate insolvency resolution process of Think & Learn Pvt. Ltd., Byju's parent company. It had also held that once insolvency proceedings are admitted, they cannot be withdrawn...

Purchaser Cannot Avoid Liabilities Voluntarily Accepted At Auction: NCLT Hyderabad

The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 11 March, held that a purchaser of assets in a liquidation auction cannot resile from liabilities voluntarily accepted at the time of purchase, including outstanding electricity dues. A Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri dismissed the application filed by Sri Lakshminarasimha Oil Mills Pvt Ltd, and refused to direct the Northern Power Distribution Company of Telangana to grant a...

LiveLawBiz IBC Quarterly Digest: January - March 2026

SUPREME COURTPromise To Arrange Funds In Case of Default Does Not Make Promoter A Guarantor: Supreme CourtCase Title: UV Asset Reconstruction Company Limited v. Electrosteel Castings Limited Citation: 2026 LLBiz SC 3 Case Number: Civil Appeal No. 9701 of 2024The Supreme Court of India has held that a promoter's promise to arrange funds to help a borrower meet financial covenants does not amount to a contract of guarantee under the Indian Contract Act and cannot be used to fasten...

Abstention Not Consent: NCLT Ahmedabad Rejects Archon Engicon Guarantors' Resolution Plan For Failing 75% Vote

The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that abstention by creditors cannot be treated as consent while voting on a repayment plan under the Insolvency and Bankruptcy Code, 2016, and rejected a proposal submitted by personal guarantors for failing to meet the mandatory voting threshold. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma found that the plan received only 21.35% votes in favour, while 20.14% voted against, 42.60% of the...

Going Concern Sale Not Same As Resolution Plan, No Automatic Waiver Of Dues: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has held that a purchaser who takes over a corporate debtor as a going concern during liquidation cannot automatically walk away from past liabilities or statutory dues, making it clear that such a transaction does not stand on the same footing as a resolution plan under the Insolvency and Bankruptcy Code. The finding came on an application by the successful auction purchaser of Camerich Papers Private Limited. The company had been sold as a...

Consortium Member Can Independently File CIRP Plea Without Other Lenders' Consent Under IBC: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata recently held that a financial creditor forming part of a consortium of lenders can independently initiate insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code without requiring consent from other consortium members, admitting a plea by Bank of India against Pallishree Ltd and triggering the corporate insolvency resolution process. A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah rejected...

IBBI Mandates International Valuation Standards for All IBC Valuations

The Insolvency and Bankruptcy Board of India has issued a circular notifying the International Valuation Standards as the applicable standards for valuations conducted under the Insolvency and Bankruptcy Code, 2016, until further orders. The circular states that one of the objectives of the Code is the maximisation of value of assets of the corporate debtor in a time-bound manner, and that valuation serves as a critical input for evaluation of resolution plans and facilitates informed...

SCC's Role In Liquidation Only Consultative, Liquidator Has Final Say: NCLT Bengaluru

The National Company Law Tribunal (NCLT) at Bengaluru has directed the liquidator of an infra company to accept a one-time settlement (OTS) offer of Rs 2 crore to break a prolonged deadlock in the liquidation process, holding that the Stakeholders' Consultation Committee (SCC) is only consultative in nature and the ultimate decision-making authority rests with the liquidator. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order. Bhuvana...

NCLT Guwahati Directs Suspended Directors Of Sree Bajrang Infracon To Cooperate With Liquidator

The Guwahati Bench of the National Company Law Tribunal (NCLT) on 10 March directed the suspended directors of Sree Bajrang Infracon Pvt Ltd (Corporate Debtor) to fully cooperate with the Liquidator, Purshotam Gaggar, and hand over all records and assets, holding that non-cooperation undermines the time-bound insolvency process under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh emphasised that personnel...

NCLT Mumbai Admits Authum Investments' Insolvency Petition Against RPL Sunlight Power

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 26 March, admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Authum Investments & Infrastructure Limited (erstwhile Reliance Commercial Finance Limited) against RPL Sunlight Power Private Limited. A Bench comprising Judicial Member Nilesh Sharma and Technical Member Sameer Kakar initiated the Corporate Insolvency Resolution Process (CIRP) after finding that the Financial Creditor had...

LiveLawBiz IBC Monthly Digest: March 2026

SUPREME COURT Supreme Court Allows Set-Off Defence Against Ujaas Energy Though Counterclaim Extinguished Under IBCCase Title : UJAAS ENERGY LTD vs WEST BENGAL POWER DEVELOPMENT CORPORATION LTD. Case Number : SLP (C) 29651 OF 2024 CITATION : 2026 LLBiz SC 122The Supreme Court on Friday allowed West Bengal Power Development Corporation Ltd. to raise a plea of set-off as a defence in arbitration proceedings against Ujaas Energy Ltd., even though its counterclaim...

Fresh IBC Plea Maintainable Despite No Liberty To File Fresh Petition At Withdrawal Of Earlier Plea: NCLT Chennai

The National Company Law Tribunal (NCLT) Chennai has recently held that withdrawal of an insolvency application at the pre-admission stage, even without liberty to file afresh, does not bar a subsequent petition. It ruled that such proceedings are governed by the Insolvency and Bankruptcy Code as a self-contained framework and not by the Civil Procedure Code. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam admitted a Section 7 application filed by Malco Gems...