IBC
Supreme Court Denies Housing Societies Locus To Intervene In Insolvency Admission; Issues Directions For CoC
The Supreme Court has held that housing societies lack the locus standi to intervene in the admission stage of insolvency proceedings, ruling that “right to initiate or participate in CIRP flows from the debt transaction and the statute, not from associative or representational interest.” While limiting third-party intervention, the court simultaneously directed that the Committee of Creditors (CoC) “shall mandatorily record cogent and specific reasons in writing” whenever it...
Mere Pendency Of Appeal Does Not Stall Bankruptcy Proceedings: NCLT Kochi
The National Company Law Tribunal (NCLT), Kochi Bench, on 14 January held that the mere pendency of an appeal does not operate as a stay on proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), in the absence of a specific interim order from the appellate forum. A Bench presided over by Judicial Member Vinay Goel was dealing with a batch of applications filed by Tata Capital Limited seeking initiation of bankruptcy proceedings against five personal guarantors of Simtel Trading...
NCLT Mumbai Urges IBBI Advisory To Cut Insolvency Professionals' Dependency On Suspended Management Records
The National Company Law Tribunal (NCLT) at Mumbai has suggested that the Insolvency and Bankruptcy Board of India issue an advisory to insolvency professionals and financial creditors on reducing their dependence on information supplied by suspended management and on actively using third-party sources to reconstruct company records. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar made the suggestion while dealing with an application filed by the...
Full Payment Of Admitted Claim In Guarantor's CIRP Bars Creditor's Recovery From Principal Borrower
The NCLT Guwahati has recently held that full settlement of an admitted claim under a resolution plan in the corporate guarantor's CIRP discharges the debt, extinguishing the creditor's rights against both the borrower and the guarantor.A coram of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh was dealing with applications arising out of the Corporate Insolvency Resolution Process of National Plywood Industries Limited.“Upon implementation of the Resolution Plan and...
Mere Filing Of Personal Insolvency After SARFAESI Plea Doesn't Show Intent To Stall Recovery: NCLT Chennai
The National Company Law Tribunal (NCLT) at Chennai has recently observed that merely filing an insolvency petition after the initiation of proceedings under the SARFAESI Act does not, by itself, indicate an attempt to delay or obstruct recovery proceedings.A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramanian was hearing a petition filed by a personal guarantor seeking initiation of personal insolvency resolution proceedings under Section 94 of the Insolvency and...
Participating Interest In Oil Block Qualifies as 'Property' Under IBC: NCLT Mumbai
The National Company Law Tribunal (NCLT) at Mumbai has ruled that rights under Production Sharing Contracts are “property” under the Insolvency and Bankruptcy Code. As a result, a company's participating interest in an onshore oil block must be treated as an asset during insolvency and cannot be excluded from resolution.A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed an application filed by Pan India Consultants Pvt Ltd seeking exclusion of the...
NCLT Admits 'Sip On' Maker Manpasand Beverages To Insolvency Over ₹25 Crore Dues
The National Company Law Tribunal (NCLT) at Ahmedabad has admitted Manpasand Beverages Limited, the maker of the popular mango drink Sip On, into corporate insolvency proceedings on a plea by iits packaging partner Tetra Pak India Private Limited. The plea was admitted over unpaid dues of more than Rs 25 crore for the supply of packaging material, machinery and related services provided by Tetra Pak to Manpasand under multiple agreements. A coram of Judicial Member Chitra Hankare and...
NCLT Mumbai Rejects GNIDA Plea To Recall 2017 Shirdi Industries Resolution Plan
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an application filed by the Greater Noida Industrial Development Authority (GNIDA) seeking recall of a 2017 order approving Rakesh Agarwal's resolution plan for Shirdi Industries Ltd.It held that GNIDA was informed of the insolvency process and failed to file its claim despite specific notice.A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that Noida authority could not allege violation...
NCLT Admits Insolvency Plea Against Aman Hospitality Over ₹119 Crore Default
The National Company Law Tribunal (NCLT) at Delhi has admitted Bank of India's insolvency plea against Delhi- based Aman Hospitality Private Limited over a default of about Rs 119 crore, excluding its equity, following a plea by Bank of India. A coram comprising President Justice Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi passed the order on January 12, 2026. The dispute arises from loans sanctioned for Aman's five-star hotel project in Shahdara, Delhi. Between 2010 and...
Financial Creditor Cannot Avoid Liquidation Costs After Settling Dues Through OTS: NCLT Bengaluru
The National Company Law Tribunal (NCLT) at Bengaluru has held that a financial creditor that participated in the liquidation process and secured its dues through a one-time settlement cannot later avoid paying its share of liquidation costs for the ime it had taken part in it. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada directed Jammu & Kashmir Bank Ltd to bear its proportionate share of liquidation expenses in the liquidation of Alpine...