IBC
NCLT Mumbai Approves SAB Events Revival Plan, Grants First-Motion Relief For Merger With Sri Adhikari Brothers
The Mumbai Bench of the National Company Law Tribunal approved the pre-packaged insolvency resolution plan of SAB Events & Governance Now Media Ltd. As part of the resolution plan, it granted first-motion relief for the company's proposed amalgamation with Sri Adhikari Brothers Digital Network Pvt Ltd by dispensing with shareholders' and creditors' meetings, while directing issuance of statutory notices to the concerned authorities.A bench of Judicial Member Sushil Mahadeorao Kochey and...
Liquidator Cannot Take Possession Of Asset Where Ownership Is Seriously Disputed: NCLT Mumbai
The Mumbai Bench of the National Company Law Tribunal (NCLT) has recently held that a liquidator cannot take custody of an asset where a third party raises a serious dispute over ownership and claims an independent title. The tribunal observed that in such cases, the appropriate course is to seek determination of title before the competent civil forum rather than invoke its summary jurisdiction. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar made the...
NCLT Mumbai Rejects 100 Jet Lite Employees' Bid To Claim Dues In Jet Airways Liquidation
The tribunal held that secondment alone did not create an employer-employee relationship or an enforceable claim against Jet Airways
NCLT Kochi Says CoC Cannot Cripple Insolvency Process By Refusing To Fund Essential CIRP Costs
The National Company Law Tribunal (NCLT) at Kochi has ruled that the Committee of Creditors (CoC) cannot cripple the Corporate Insolvency Resolution Process (CIRP) by refusing to meet its essential costs. It observed that the insolvency process cannot function if the Resolution Professional is deprived of the funds required to discharge statutory duties. A bench of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy observed: “The Committee of Creditors, being the supreme...
NCLT Mumbai Dismisses Insolvency Plea Against Shapoorji Pallonji
The tribunal ruled that entitlement to statutory interest under the MSMED Act requires adjudication and cannot be determined in summary insolvency proceedings.
NCLT Bengaluru Issues Notice To Ola Electric Technologies In ₹9.57 Crore Insolvency Plea
Today, the Bengaluru Bench of the National Company Law Tribunal (NCLT) issued notice in an insolvency petition against Ola Electric Technologies Private Limited after an operational creditor alleged that the company defaulted on payment of Rs. 9.57 crore.A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Banwari Lal Meena held: "Subject to producing the originally signed extract of board resolution dated 11.03.2026, appearing on page 28 of the paper book, and...
Appeal Against Deferred Intervention Application In Insolvency Case Not Maintainable: NCLAT Chennai
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 15 June held that an appeal under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 cannot be filed against an order that only defers an intervention application for consideration along with a revised resolution plan after reconsideration by the Committee of Creditors (CoC). Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by AYRA Consortium, a...
NCLAT New Delhi Expunges Remarks Against Mahavir Medicare RP, Clarifies RP's Independent IBC Duty
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 6 July, held that a Resolution Professional (RP) must independently ensure that the Corporate Insolvency Resolution Process (CIRP) complies with the Insolvency and Bankruptcy Code, 2016 (IBC), and cannot merely implement the decisions of the Committee of Creditors (CoC). Judicial Member Justice N. Seshasayee with Technical Members Arun Baroka and Indevar Pandey allowed the application filed by the RP and expunged the...
Suit Filed During IBC Interim Moratorium Attracts Rejection Of Plaint Provision Under CPC: Calcutta High Court
The Calcutta High Court has held that a court cannot entertain a suit instituted during the operation of an interim moratorium under the Insolvency and Bankruptcy Code where the statutory bar applies. It ruled that once the embargo is brought to the court's notice, the court must act in accordance with the law. Where the statutory conditions are met, the plaint must be rejected. A division bench of Justice Debangsu Basak and Justice Md. Shabbar Rashidi set aside a February 5, 2026 judgment of...
NCLT Ahmedabad Admits Insolvency Plea Against Montecarlo, Rejects 'Pre-Existing Dispute' Defence
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 6 July admitted an insolvency petition against Montecarlo Limited, holding that disputes raised only after receipt of a demand notice cannot be treated as “pre-existing disputes” under the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy allowed the application filed by Vanshita Transport, noting: “The CD is consistently saying that...
NCLT Mumbai Rejects Canara Bank's ₹742 Cr. Plea Against Frost International's Guarantor As Time Barred
On 8 July, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that a second demand notice cannot revive a time-barred insolvency claim arising from an on-demand corporate guarantee, where limitation had already commenced upon invocation of the guarantee. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar rejected Canara Bank's Section 7 application seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Globiz Exim Pvt Ltd, the corporate...
'Shocking And Bewildering': NCLT Mumbai Bench Rejects VAS Infrastructure Resolution Plan, Orders IBBI Probe Into RP
Describing the Resolution Professional's explanation for wrongly portraying VAS Infrastructure Ltd.'s development rights as ownership rights as "shocking and bewildering," the National Company Law Tribunal rejected a ₹85.05 crore resolution plan for the company. It also directed the Chairman of the Insolvency and Bankruptcy Board of India (IBBI) to investigate the Resolution Professional's conduct and consider disciplinary action. A bench of Judicial Member Ashish Kalia and Technical Member...