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,...

Rights Of Creditor In CIRP Are Determined By The IBC, Not The Quantum Of Claim: NCLT Chandigarh

The Chandigarh National Company Law Tribunal (NCLT) on 10 July held that a creditor cannot seek disclosure of a resolution plan pending approval merely because it has a substantial claim. The Insolvency and Bankruptcy Code, 2016 (IBC) determines a creditor's rights in a Corporate Insolvency Resolution Process (CIRP), and not the quantum of its dues. A Bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal dismissed the application filed by Resolution Professional (RP)...

NCLT Kochi Dismisses Union Bank's Plea To Withdraw CIRP, Says IBC Section 12A Procedure Is Mandatory

On Tuesday, 21 July, the Kochi Bench of the National Company Law Tribunal (NCLT) held that once a corporate insolvency resolution process (CIRP) is admitted, it cannot be withdrawn merely on the basis of a bilateral settlement between the financial creditor and the corporate debtor without following the statutory procedure under the Insolvency and Bankruptcy Code (IBC). A Bench of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy dismissed Union Bank of India's application...

Sale Certificate Issued By Liquidator In IBC Auction Exempt From Registration, Stamp Duty: Bombay High Court

The Bombay High Court has held that a liquidator conducting a public auction under the Insolvency and Bankruptcy Code (IBC) qualifies as an officer under the Registration Act. Therefore, a sale certificate issued during such an auction is exempt from compulsory registration and stamp duty.The exemption continues so long as only a copy of the sale certificate is filed with the registering authority. Stamp duty becomes payable only if the purchaser later seeks to use the sale certificate for any...

NCLT Kolkata Rejects Bengal EMTA Coal Mines Resolution Plan Offering ₹86 Lakh Against ₹299 Crore Claims

The Kolkata Bench of the National Company Law Tribunal (NCLT) has recently refused to approve the resolution plan submitted by successful resolution applicant Sarika Maiwall for Bengal EMTA Coal Mines Limited.It found that the plan proposed a payout of just ₹86 lakh against admitted claims of nearly ₹299 crore and appeared to extinguish substantial statutory liabilities despite pending proceedings before the Supreme Court.A coram of Judicial Member Bidisha Banerjee and Technical Member Siddharth...

Supreme Court Issues Notice On Venugopal Dhoot's Plea To Include Videocon Foreign Oil Assets In VIL Insolvency

The 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 overseas subsidiaries in the corporate insolvency resolution process (CIRP) of Videocon Industries Ltd.A Bench of Justice P.S. Narasimha and Justice Alok Aradhe issued notice while hearing Venugopal...

Withdrawal Of Earlier Insolvency Plea By Personal Guarantor After OTS Not a Bar To Fresh Plea: NCLT Chennai

The National Company Law Tribunal (NCLT) at Chennai has held that a personal guarantor's withdrawal of an earlier insolvency application after securing a One Time Settlement (OTS) for one loan account does not, by itself, bar the filing of a fresh insolvency application in respect of continuing liabilities.A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy was considering a petition filed by D. Manuel Anand, a personal guarantor to Servo Craft HR Solutions...

NCLT Delhi Orders Dissolution of Cross-Border Payments Company Paysend India

The Delhi Bench of the National Company Law Tribunal (NCLT) has ordered the dissolution of cross-border payments company Paysend India Private Limited after finding that its affairs had been completely wound up and its assets fully liquidatedThe order was passed by the bench of Acting President Bachu Venkat Balaram Das and Technical Member Yogendra Kumar Singh.Paysend India Private Limited was incorporated on July 25, 2022 as a private limited company with its registered office at Nehru Place,...

NCLT Ahmedabad Directs Moeving To Return 124 EVs Owned By Gensol EV Lease During Insolvency Process

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 10 July held that vehicles owned by a Corporate Debtor cannot be retained by a third party merely because they were handed over under a contractual arrangement. A Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma partly allowed the application filed by the Resolution Professional (RP) of Gensol EV Lease Limited and directed Moeving Urban Technologies Pvt. Ltd. to return 124 electric vehicles,...

One Partner's Signature Is Sufficient For Firm's Insolvency Plea If Majority Of Partners Approve: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has recently clarified that where a majority of partners has decided to initiate insolvency proceedings, the petition need not be signed by all of them, as one partner may act on behalf of the firm under the Partnership Act. The tribunal, however, dismissed the appeal before it after holding that the insolvency application was barred by limitation.A bench of Judicial Member Justice N. Seshasayee and Technical Member Arun Baroka made the...

LiveLawBiz IBC Weekly Digest: July 13 - July 18, 2026

SUPREME COURT Pre-2016 DRT Recovery Certificate Cannot Trigger Insolvency Under Presidency Towns Insolvency Act: Supreme Court Case Title : H.D.F.C. BANK LIMITED VERSUS KISHORE K. MEHTA (DEAD) THR. LRS. Case Number : CIVIL APPEAL NO. 4211 OF 2010 CITATION : 2026 LLBiz SC 234The Supreme Court on Monday held that a recovery certificate issued by a Debt Recovery Tribunal (DRT) before the 2016 amendment to the Recovery of Debts and Bankruptcy Act cannot be treated as a decree or order for...

Small Operational Creditors Are 'Significantly Disenfranchised': Supreme Court Urges Review Of IBC Framework

The Supreme Court on Friday observed that small operational creditors, including MSMEs and statutory local bodies, remain "significantly disenfranchised" under the Insolvency and Bankruptcy Code (IBC) by being placed at the bottom of the repayment waterfall. Observing that the issue falls within the legislative domain, the court urged the Law Commission of India and the legislature to examine whether a fairer repayment mechanism could be devised without compromising the efficiency and commercial...