IBC
NCLT Kochi Admits Kotak Mahindra Bank's Insolvency Petition Against Inditrade Business Consultants
The NCLT, Kochi Bench, comprising Vinay Goel (Member-Judicial) and Madhu Sinha (Member-Technical), has admitted the Kotak Mahindra Bank's insolvency petition against Inditrade Business Consultants. Kotak Mahindra Bank advanced working capital and overdraft facilities of Rs. 20 Cr. to Inditrade Business Consultants Limited. The amount was later enhanced to Rs. 25 Cr. Subsequently, the corporate debtor defaulted on the repayment, leading to the classification of its account as NPA. ...
Interest Liability Shall Not Cease Merely Because Default Of Principal Amount Fell During S.10A Period: NCLT Mumbai
The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Unity Small Finance Bank Limited against Bafna Motors Private Limited holding that defaults committed after section 10A period are sufficient to trigger Corporate Insolvency Resolution Process (CIRP). It further held that interest liability shall not come to an end merely on the ground that default of principal amount fell during 10A period. ...
IBBI Notifies Insolvency Resolution Process For Corporate Persons (Sixth Amendment) Regulations 2025
On October 14th 2025, the Insolvency and Bankruptcy Board of India (IBBI) has issued Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Sixth Amendment) Regulations, 2025. By exercising its power conferred by virtue of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016, the IBBI has released the said amendment. The amendment came into effect with the prospective application and it modifies the Insolvency and...
COVID-Induced Financial Distress Or Inability To Pay Is Not Valid Defence U/S 7 IBC: NCLT Mumbai
The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Prudent ARC Limited (assignee of Central Bank of India) against RBEP Entertainment Pvt. Ltd. (formerly Reliance Big Entertainment Pvt. Ltd.). The Tribunal held that debt and default were duly established in the present case and the plea of the corporate debtor that the COVID induced distress justified non-payment was rejected holding that ...
NCLT Lacks Jurisdiction To Recover Disputed Contractual Dues During Liquidation U/S 60(5) IBC: NCLAT New Delhi
The NCLAT, New Delhi, Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has held that the NCLT doesn't have jurisdiction under section 60(5) of the IBC to recover disputed contractual dues during liquidation. Uttar Pradesh Rajkiya Nirman Nigam Ltd. (URNL) was working under the Uttar Pradesh Power Transport Corporation Ltd. (UPPTCL). URNL subcontracted the construction work of three power substations to Dev Denso Power Ltd. (Corporate...
NCLAT New Delhi Dismisses Korea Trade Insurance Corp's Insolvency Plea Against Amrit Polychmen
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has dismissed the Korea Trade Insurance Corporation (Ksure) plea for insolvency of Amrit Polychmen, saying that the Ksure was well aware of the pre-existing dispute before stepping into the shoes of JTC. Amrit Polychem Pvt. Ltd. (APL) placed three purchase orders with JT Corporation (JTC), Korea, for purchasing some...
NCLT New Delhi Dismisses Homebuyer's Petition Against PSA Impex Pvt Ltd On Grounds Of Fraudulent & Malicious Intent
The National Company Law Tribunal (NCLT), New Delhi Bench, comprising Shri Bachu Venkat Balaram Das (Member-Judicial) and Dr. Sanjeev Ranjan (Member-Technical), has dismissed the section 7 petition filed by the homebuyers against PSA Impex Pvt. Ltd. on the ground of fraudulent and malicious intent. PSA Impex Private Limited (Corporate Debtor) launched a housing project named “Sampada Livia” in Greater Noida. The project of ten towers with 726 flats was supposed to be completed within...
NCLT Approves Reliance Retail's Resolution Plan For Kishore Biyani-Led Future Supply Chain
The National Company Law Tribunal (NCLT) at Mumbai Bench, has recently approved the resolution plan submitted by Reliance Retail Ventures Limited (RRVL) for Future Supply Chain Solutions Limited, a Kishore Biyani-led Future Group company, under Section 31(1) of the Insolvency and Bankruptcy Code, 2016.The coram comprised Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer.The tribunal held that the resolution plan complied with Section 30(2) of the Code. It stated that...
NCLT Chandigarh Rejects Insolvency Plea Against ZTE Telecom India, Cites Pre-Existing Dispute
The National Company Law Tribunal (NCLT) at Chandigarh has recently rejected an insolvency application filed by TVS Supply Chain Solutions Limited against ZTE Telecom India Private Limited, the Indian subsidiary of Chinese telecom giant ZTE Corporation.The Tribunal held that a clear dispute existed between the parties before the insolvency proceedings began.The order was passed by a two-member coram comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh. The...
"Insolvency Professionals Acting Like Scavengers Must Be Dealt With Severely": Delhi High Court Slams Practitioner's Misconduct
The Delhi High Court recently slammed the conduct of a senior insolvency professional, warning that such individuals must not become “predators” of companies already in financial distress. In a scathing judgment, the Court said professionals under the Insolvency and Bankruptcy Code (IBC) must uphold the highest ethical standards and 'even a single act of negligence' is sufficient for a disciplinary actionThe judgment, delivered by Justice Subramonium Prasad on September 9, contained strong...
Civil Courts Cannot Grant Ex-Parte Injunction In Shareholder Disputes Due To Bar U/S 430 Companies Act: Calcutta High Court
The Calcutta High Court bench presided over by Justice Aniruddha Roy, has observed that a civil court cannot grant an ex parte ad interim injunction in a shareholder dispute, in light of the bar under section 430 of the Companies Act, 2013. The plaintiff filed a civil suit before the Civil Judge, Senior Division, Alipore, alleging that his shares in the Power Tools and Appliances Co. Pvt. Ltd. had been illegally reduced, usurping his control over the company. The court passed an...
Post-Facto Invocation Of Arbitration Not Valid Defense: NCLT Mumbai Admits Tata Power EV Charging's Insolvency Plea Against Cab-Eez Infra
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising Shri Sameer Kakar (Member-Technical) and Shri Nilesh Sharma (Member-Judicial), has admitted Tata Power EV Charging's insolvency plea against Cab-Eez Infra, observing that the post-facto invocation of the arbitration is not a valid defense. Tata Power EV Charging Solutions Ltd. provided the charging infrastructure and services to Cab-Eez Infra Tech Ltd. The master service agreement was originally executed by the Tata...