AP High Court Dismisses Plea Against NPA Classification; Says It Seeks To “Bypass” SARFAESI, IBC Proceedings

The Andhra Pradesh High Court has dismissed a writ petition filed by businessman Omkaram Venkata Ramana challenging the Bank of India's decision to classify his group companies' loan accounts as Non-Performing Assets (NPA). The court held that the petition sought to bypass proceedings already pending under the SARFAESI Act and Insolvency and Bankruptcy Code (IBC). "In our considered opinion there cannot be any blanket orders passed as is prayed in this writ petition, which itself is not...

Supreme Court Dismisses SEBI Appeal Against NCLAT Order Rejecting Recall Plea In Pancard Clubs Insolvency

The Supreme Court on Monday refused to reopen SEBI's challenge to the Pancard Clubs insolvency proceedings. It upheld an NCLAT order holding that SEBI's fraud allegations fell outside the scope of proceedings on condonation of delay. A Bench of Justice J.B. Pardiwala and Justice Vijay Bishnoi dismissed SEBI's appeal against the National Company Law Appellate Tribunal's November 3, 2025 order rejecting its recall plea. “Having heard Mr. C.U. Singh, the learned Senior counsel appearing for the...

NCLT Bengaluru Admits Millennium Starch Into CIRP Despite Technical Defects In Insolvency Plea

The National Company Law Tribunal (NCLT) at Bengaluru has admitted a ₹39.19 crore insolvency plea filed by Axis Bank against Millennium Starch India Private Limited, holding that procedural defects in the petition did not prejudice the company and could be cured during the proceedings. “Even if the defect remained, no prejudice is shown to have occurred to the respondent who has been afforded sufficient opportunity to file reply/objections to the petition and address arguments post service of...

Adani Ent. Files Caveat In Supreme Court After NCLAT Upholds Approval Of Its Resolution Plan For JAL

Adani Enterprises has filed a caveat before the Supreme Court anticipating an appeal by Vedanta Ltd against the NCLAT judgment upholding the approval of Adani's nearly ₹14,535 crore resolution plan for debt-laden Jaiprakash Associates Ltd (JAL). The caveat ensures that in case Vedanta files an appeal, no interim order is passed without first hearing Adani Enterprises. In its May 5, 2026 judgment, the NCLAT dismissed Vedanta's appeals challenging the approval of Adani Enterprises' resolution...

NCLAT Upholds Insolvency Admission Against JV Partner As Claim Arose From Supply Obligation

The National Company Law Appellate Tribunal at Delhi has upheld the admission of insolvency proceedings against ASB Energy Systems & Construction Pvt. Ltd., holding that unpaid dues for supplies made by its joint venture partner qualify as operational debt. A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the case was about unpaid dues for supplies, not profit sharing between joint venture partners. “All materials brought in Section 9...

Supreme Court Pulls Up GNIDA For 'Persistent Inaction' In Monitoring Projects, Restores Earth Towne Resolution Plans

The Supreme Court of India on Tuesday observed that the Greater Noida Industrial Development Authority (GNIDA) was largely responsible for the situation surrounding stalled projects of Earth Infrastructures Ltd., including the Earth Towne project in Greater Noida, faulting it for failing to monitor development and allowing the situation to worsen.“We are, therefore, of the opinion that GNIDA contributed greatly to the present imbroglio by its persistent inaction and ineptitude all through....

NCLAT Sets Aside Order Admitting Equinox India Developments Ltd. Into Insolvency

The National Company Law Appellate Tribunal (NCLAT) has set aside the admission of Canara Bank's insolvency plea against Equinox India Developments Ltd., a real estate company formerly known as Indiabulls Real Estate Ltd. It held that the corporate guarantee relied on did not constitute a financial debt under the Insolvency and Bankruptcy Code.The order came in an appeal filed by Rajesh Kaimal, suspended director of Equinox India Developments Ltd. (formerly Indiabulls Real Estate Ltd.). The...

Bombay High Court Orders Constitution Of Special Bench Of NCLT To Dispose Of JM Financial's ₹167 Cr Insolvency Plea

On 30 April, the Bombay High Court directed the National Company Law Tribunal (NCLT), Mumbai to constitute a Special Bench and dispose of JM Financial Asset Reconstruction Company Ltd.'s Section 7 petition against Shubh Hospitality Private Ltd. by 30 June 2026, and expressed strong disapproval of how the Tribunal handled the matter. A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat emphasised that delays at the NCLT defeat the time-bound framework of the Insolvency and...

CoC Not Bound To Accept Plan With Highest NPV: NCLAT In Vedanta's Plea Against Adani's JAL Plan

The National Company Law Appellate Tribunal (NCLAT) has held that under the resolution framework adopted in the insolvency process of Jaiprakash Associates Ltd., the Committee of Creditors was not bound to approve a plan merely because it had the highest net present value or the highest score under the evaluation matrix.“However, the CoC is not bound to approve a Resolution Plan, which has the highest score in Evaluation Matrix, which is clearly provided in the RFRP, nor the CoC is bound to...

NCLAT Declines Travel Permission To Bankrupt Individual As Basis For Travel Has Ceased

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has declined to grant relief to a bankrupt individual seeking permission to travel to the UAE, holding that once the work contract cited to justify such travel had expired, “the very basis” for seeking permission no longer survived. The Tribunal was dealing with an appeal filed by Sunil Surendrabhai Kakkad, who was declared bankrupt on September 12, 2025, and was consequently barred from travelling abroad without prior permission...

NCLT Ahmedabad Directs Morakhia Copper's SRA To File NFRA Complaint Against CA For Falsifying Company Accounts

The National Company Law Tribunal (NCLT), Ahmedabad, has recentlydirected Shreenathji Rasayan Pvt. Ltd., the successful resolution applicant of Morakhia Copper & Alloys Pvt. Ltd., to file a complaint against a Chartered Accountant before the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) for assisting in the falsification of the company's accounts. “The Applicant is directed to file a complaint against Arun Bagaria Chartered...

RTO Cannot Demand Pre-Liquidation Motor Vehicle Tax From IBC Auction Purchasers: Bombay High Court

On 22 April, the Bombay High Court, allowing a writ petition filed by My Ideal Transport, held that Regional Transport Offices (RTOs) cannot demand pre-liquidation Motor Vehicle Tax (MVT) dues from auction purchasers of vehicles sold during liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat reiterated that statutory authorities must lodge their claims before the liquidator and have them resolved under the IBC's...