IBC Monthly Digest: April 2026

SUPREME COURT Vedanta Moves Supreme Court Against NCLAT Refusal To Stay Implementation Of Adani's JAL Resolution PlanCase Title : Vedanta Limited vs Bhuvan Madan Case Number : Diary No. 18505 of 2026Vedanta 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...

NCLT Delhi Holds Demand Notice Valid Despite Service At Unregistered Email, Cites Use In Prior Dealings

The National Company Law Tribunal (NCLT), New Delhi, has found that a demand notice under the Insolvency and Bankruptcy Code was valid despite being sent to an unregistered email ID, as it had been consistently used in prior dealings between the parties.The order was passed by a bench of Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh.“with regard to the Demand Notice being served by the Operational Creditor on the unregistered email id of the Corporate Debtor, we note...

NCLT Ahmedabad Rejects Gensol RP Plea Against Termination Of ₹48.29 Crore EPC Contract By HMEL

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed a plea challenging the termination of a Rs. 48.29 crore EPC contract awarded to Gensol Engineering Ltd. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed that the termination was based on pre-existing contractual breaches and not solely on the company's insolvency.“...the mere temporal proximity between initiation of CIRP and termination does not establish causation,...

NCLT Mumbai Denies Tata Capital Bid To Enforce Security After Participating In Jans Copper Liquidation

The National Company Law Tribunal, Mumbai Bench, has dismissed a plea by Tata Capital Financial Services Ltd. in the liquidation of Jans Copper Pvt. Ltd. It held that the creditor cannot later seek to enforce its security after participating in the liquidation process and failing to clearly state its position.The bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan held that the creditor failed to comply with the requirement of clearly communicating its decision...

NCLT Mumbai Dismisses RP's Plea Against ₹260 Crore RCIL Receivables Assignment, Finds No Fraud

The National Company Law Tribunal (NCLT) in Mumbai has held that a Rs.260 crore inter-company assignment involving Reliance Communications Infrastructure Ltd (RCIL) was not fraudulent, as it caused no loss to creditors. The tribunal dismissed a plea filed by the company's Resolution Professional A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was dealing with the application, in which the Resolution Professional alleged that the assignment of receivables...

NCLAT Upholds Insolvency Against Takshashila Heights Guarantors, Finds No Error In PoA Holder Competence

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld insolvency proceedings against personal guarantors of Takshashila Heights India Private Limited, rejecting their challenge to the debenture trustee's authority to initiate the case. The appeals were filed against orders admitting applications under Section 95 of the Insolvency and Bankruptcy Code by IDBI Trusteeship Services Ltd. The bench of Justice Ashok Bhushan and Technical Member Indevar Pandey heard the matter. ...

NCLT Mumbai Refers Eros–Aanand L. Rai Dispute Over Colour Yellow Productions To Arbitration

The National Company Law Tribunal (NCLT) at Mumbai on Tuesday recently referred to arbitration a dispute between Eros International Media Ltd and filmmaker Aanand L. Rai arising from their investment and contractual arrangements in Colour Yellow Productions Pvt. Ltd. It held that Eros' company petition was a dressed-up attempt to bypass arbitration.A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was hearing a petition by Eros alleging fund diversion...

EPFO Cannot Rely On Enforcement Report Prepared During Moratorium To Raise Claim: NCLAT New Delhi

The New Delhi National Company Law Appellate Tribunal (NCLAT) on 28 April held that claims based on an Area Enforcement Officer's Report (AEOR) prepared during the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted in insolvency proceedings unless the underlying statutory assessment has been crystallised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed an appeal filed by the Employees' Provident Fund Organisation...

Only Contractual Guarantee Debt Relevant For IBC Section 94 Threshold: NCLT Chandigarh

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 17 April held that only debts arising from a valid contract of guarantee can be considered for determining the pecuniary threshold under Section 94 of the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Khetarbasi Biswal and Technical Member Shishir Agarwal clarified that liabilities not arising from such a guarantee or not linked to the petitioner's capacity as a personal guarantor to a corporate...

OTS Proposal Can Constitute Acknowledgment Of Debt For Limitation Under IBC: NCLT Indore

The Indore Bench of the National Company Law Tribunal (NCLT) on 13 April held that a One-Time Settlement (OTS) proposal can amount to an acknowledgment of debt for limitation under Section 95 of the Insolvency and Bankruptcy Code, 2016. Further, objections on limitation, stamping, and pending Debts Recovery Tribunal proceedings do not bar admission of insolvency proceedings against a personal guarantor at the threshold stage. A Bench comprising Judicial Member Brajendra Mani Tripathi and...

Supreme Court Pulls Up Xalta RP, CoC for Non-Compliance With ₹50.55 Lakh Monthly Rent Order; Orders Handover

The Supreme Court of India on Tuesday warned the Superintendent of Police, Hapur, of personal liability if possession of premises belonging to Prerna Singh is not handed over within a week, directing the Resolution Professional and Committee of Creditors of Xalta Food and Beverages Pvt. Ltd. to ensure compliance. The Court once again rebuked the RP and CoC for failing to comply with its April 16, 2026 order, noting that against the committed monthly rent of Rs 50.55 lakh, only Rs 33.83 lakh was...

NCLAT Sets Aside NCLT Order Allowing Late Expression Of Interest, Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) in Delhi has set aside an NCLT order that allowed a delayed expression of interest (EOI) and resolution plan, ruling that a resolution applicant cannot be considered after missing the prescribed timelines. “We are of the view that order of the Adjudicating Authority directing acceptance of the late EoI of Respondent No. 5 could not be sustained and the order need to be set aside.”, the tribunal observed. A bench of Chairperson Justice...