NCLAT Dismisses SGN Appeal On Its Claims Over Tower 5 Of Morpheus Bluebell In CIRP Against Its Developer

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal by SGN Universal Construction Company Pvt. Ltd. challenging observations made by the NCLT on its claimed rights over Tower 5 of the “Morpheus Bluebell” project in Greater Noida (West), developed by M/s Morpheus Prodevelopers Pvt. Ltd. The appellate tribunal said the Adjudicating Authority had not returned any finding on those claims and that such issues fall for consideration within the insolvency process. A...

NCLAT Upholds NCLT Mumbai Order Directing Eviction Of Unauthorised Occupant In Infra Company CIRP

The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld an order directing eviction of an unauthorised occupant from a corporate debtor's property during insolvency proceedings. The court upheld the NCLT Mumbai's view that a Resolution Professional can approach the NCLT to secure possession of assets and that requiring separate civil proceedings would “unduly prolong the insolvency process which is a time bound process.” A bench of Judicial Member Justice Ashok Bhushan and...

NCLT Kolkata Refuses To Invalidate Shree Padmawati Metaliks CIRP Bidding Process After Applicant Skips Participation

The National Company Law Tribunal (NCLT) Kolkata, has refused to interfere with the bidding process in the insolvency of Shree Padmawati Metaliks Pvt. Ltd., holding that where an applicant, despite opportunity, chose not to participate in the bidding process, no case was made out to declare the process illegal or to direct a re-run of the CIRP. The bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra was dealing with applications filed by City Alloys Pvt. Ltd. against...

NCLT Ahmedabad Approves Niyogi Enterprise's ₹35.9 Crore Capital Reduction

The National Company Law Tribunal (NCLT), Ahmedabad has approved a Rs 35.9 crore capital reduction by Niyogi Enterprise, holding that the scheme does not prejudice any stakeholder and that objections raised by the Income Tax Department can be examined independently under applicable law. A bench of Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy was dealing with a petition under Section 66 of the Companies Act, 2013, seeking confirmation of the reduction of the...

NCLT Bengaluru Says Suspended Director Cannot Challenge Resolution Plan After Skipping CoC Meetings

The National Company Law Tribunal (NCLT) at Bengaluru has held that a suspended director who had notice of meetings of Committee of Creditors but failed to effectively participate or seek documents cannot later challenge the resolution process on that ground.A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada has dismissed an application filed by a suspended director of an infra company seeking rejection of a resolution plan on the ground of non-supply of...

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...