Winding-Up Petitions Transferred From High Courts Must Meet Prevailing Insolvency Threshold: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that winding-up proceedings transferred from High Courts must satisfy the prevailing insolvency threshold applicable at the time they are considered by the tribunal, dismissing appeals filed by Aidem Ventures Pvt. Ltd. against three media companies. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha held: “The proviso appended with Section 434 of the Companies Act, 2013 is...

Settled Debt Cannot Be Revived As Operational Debt On Breach Of Settlement: NCLT Kochi In Nest Realtors CIRP

The National Company Law Tribunal (NCLT) at Kochi has dismissed an insolvency petition filed by Kunnel Engineers and Contractors Private Limited against Nest Realtors India Private Limited. It held that once construction dues were extinguished under a settlement agreement, a later breach could not revive the original debt for insolvency proceedings. A bench of Judicial Member Vinay Goel observed: “The settlement agreement specifically and unequivocally records that the earlier operational...

NCLAT Sets Aside Order Initiating Insolvency Against Naxnova After NeSL Marks Debt 'Disputed'

The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside the admission of Lintec India's insolvency plea against Naxnova after finding that the corporate debtor had raised a pre-existing dispute and that the alleged default was also marked as “disputed” on the National E-Governance Services Ltd. (NeSL) information utility portal. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra passed the order on Monday (May 25) “Present is a case where notice of...

NCLAT Dismisses 'BABA' Promoter Dharampal Premchand's Plea To Reopen Trimurti Foodtech Insolvency Plan

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed the challenge by Dharampal Premchand Ltd, the company behind the BABA brand, to reopen Trimurti Foodtech Ltd's approved insolvency resolution plan over the treatment of its disputed ₹6.81 crore claim. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey held that Dharampal Premchand's claim was never treated as an admitted, crystallised operational debt but was consistently classified as...

Homebuyers' Statutory Rights Cannot Be Negated By Landowner Or Developer: NCLAT In Developer's CIRP

The National Company Law Appellate Tribunal at Delhi has held that homebuyers' statutory rights in a real estate project cannot be defeated by disputes between the landowner and the developer. It dismissed landowner Ishaan Singh's challenge to the inclusion of the unsold inventory and project land of the Spaze Arrow commercial project in Gurugram in the insolvency valuation of Spaze Towers Pvt. Ltd. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra upheld the...

Centre Notifies Key IBC Amendment Provisions, Operationalises Creditor-Initiated Insolvency Resolution Process

The Centre has operationalised the new creditor-initiated insolvency resolution process (CIIRP), opening the door for specified financial creditors to directly trigger insolvency proceedings against eligible companies, after bringing key provisions of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 into force from May 26. The notified provisions also reshape the liquidation framework, allow stalled insolvency resolution processes to be revived before a liquidation order is passed,...

NCLAT Upholds DGVCL's ₹8.3 Crore Pre-Insolvency Deposit Adjustment Towards Sumeet Industries' Electricity Dues

The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused to reopen a dispute involving more than ₹12 crore in electricity dues and security deposit adjustments concerning Sumeet Industries Ltd.It held that disturbing the issue after approval and implementation of the resolution plan would unsettle settled commercial rights. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey also observed that reopening the dispute after the resolution plan had...

NCLT Hyderabad Approves Beaufond's ₹70.11 Crore Resolution Plan for KOBO Biotech With Restructuring Plan

The Hyderabad bench of the National Company Law Tribunal has approved Beaufond Industries Ltd's ₹70.11 crore resolution plan for KOBO Biotech Ltd. The plan provides for a composite restructuring. Beaufond will merge into KOBO Biotech, the API business will be demerged into a separate entity, and the surviving company will be renamed Beaufond Ltd. The coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri clarified that while approval of the resolution plan would suffice to...

NCLT Kolkata Rejects EPFO's ₹8.23 Crore Additional PF Claim In Corporate Power Liquidation

The National Company Law Tribunal (NCLT) in Kolkata has dismissed the Employees Provident Fund Organisation's plea to admit an additional ₹88.23 crore claim towards provident fund damages and interest in the liquidation of Corporate Power Limited(CPL). A bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra held that the additional EPFO claim, which arose from an assessment completed after the commencement of liquidation, could not be admitted in the process. “Since...

Title Disputes Over Mortgaged Property Do Not Bar Personal Guarantor Insolvency: NCLT Guwahati

The National Company Law Tribunal (NCLT) at Guwahat has recently held that pending title disputes over mortgaged property do not bar insolvency proceedings against a personal guarantor, since such proceedings turn on the existence of debt and default rather than adjudication of property rights.A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh passed the ruling while admitting Canara Bank's insolvency petition against Keishing James Lalrongbawl, personal...

NCLT Delhi Directs Restoration Of Power To Ansal's Sushant Golf City Golf Course, Subject To Dues Payment

The National Company Law Tribunal (NCLT) at New Delhi Bench has directed restoration of electricity supply to the golf course at Ansal Properties and Infrastructure Ltd's Sushant Golf City project in Lucknow. The relief is subject to the operator paying ₹2 lakh within three days and the balance ₹33.75 lakh within two months, while the Tribunal adjudicates a dispute over termination of its operating agreement during the company's insolvency proceedings. A bench of Judicial Member Ashok Kumar...

NCLT Bengaluru Bars Investors From Other Dreamz Projects From Taking Part In Samhita Project CIRP

The National Company Law Tribunal (NCLT) at Bengaluru has refused to allow an investors' association representing depositors in other Dreamz Infra projects to intervene in the project-specific insolvency proceedings for the Dreamz Samhita project, holding that it had failed to establish any project-specific interest. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application filed by Dreamz GK Investors Welfare Association seeking...