IBC
Going-Concern Liquidation Buyer Not Entitled To Automatic Waivers Under IBC: NCLT Mumbai
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 12 June held that a successful auction purchaser acquiring a corporate debtor as a going concern during liquidation is not automatically entitled to waivers, concessions, or reliefs sought through an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Judicial Member Lakshmi Gurung and Technical Member Charanjeet Singh Gulati further observed that liabilities expressly attached to assets in the sale...
NCLT Delhi Admits Allegis Plea Against Olive Telecom, Holds Arbitral Award Crystallises Operational Debt
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 11 June admitted the Section 9 application filed by Allegis Services (India) Pvt. Ltd against Olive Telecommunication Pvt. Ltd, commenced Corporate Insolvency Resolution Process (CIRP), declared moratorium under Section 14, and appointed Harmeet Kaur as Interim Resolution Professional (IRP).Judicial Member Bachu Venkat Balram Das and Technical Member Ravindra Chaturvedi held that an arbitral award arising from an operational...
NCLT Kochi Rejects ADIMS Resolution Plan Over Dependence On Uncertain Lease, Terminates CIRP
On 25 June, the Kochi Bench of the National Company Law Tribunal (NCLT) declined to approve the resolution plan submitted for Attukal Devi Institute of Medical Sciences Limited (ADIMS), holding that plans founded on speculative contingencies and unresolved third-party disputes cannot be sustained solely on the basis of Committee of Creditors' (CoC) approval. Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy dismissed the Resolution Professional's application under Section...
Anil Ambani Appeals NCLT Order Admitting SBI's Personal Guarantor Insolvency Plea
On Wednesday, Industrialist Anil Ambani approached the Delhi bench of the National Company Law Appellate Tribunal (NCLAT) against the personal insolvency proceedings initiated by the the State Bank of India (SBI).The matter was taken up in the bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Barun Mitra. However, the bench adjourned the matter after a request came from his Counsel. “Having regard to the request made by Ld. Counsel for the appellant, list this matter...
Supreme Court Allows Shareholder To Approach NCLAT Chairperson After Split Verdict On Stay Of India Power's CIRP
The Supreme Court on Wednesday allowed India Power Corporation Ltd.'s shareholder Pragya Jhunjhunwala to approach the National Company Law Appellate Tribunal (NCLAT) Chairperson for consideration of a reference arising from a split verdict on applications seeking an interim stay of the company's admission into insolvency proceedings. A vacation bench of Justices B.V. Nagarathna and Joymalya Bagchi disposed of the special leave petition. It reserved liberty to Jhunjhunwala to request the NCLAT...
NCLT Delhi Admits Prudent ARC CIRP Plea Against Super Property, Says No Bar From Transferred Winding-Up
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 16 June admitted an insolvency petition filed by Prudent ARC Ltd against Super Property Maintenance Pvt Ltd, holding that transferred winding-up proceedings, where no irreversible steps have been taken, do not bar initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Bench of President Justice Anupinder Singh Grewal and Technical Member Ravindra observed: “Further,...
IBC Overriding Effect Not Available For Restructuring Outside Approved Resolution Plan: NCLT Hyderabad
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that post-approval restructuring measures cannot claim the overriding effect of the Insolvency and Bankruptcy Code, 2016 unless they form part of the approved resolution plan. Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri dismissed an application filed by successful resolution applicant Krishna Kumar Haridas seeking directions to permit post-resolution capital restructuring of Fenoplast Ltd,...
NCLT Delhi Initiates CIRP Against Nirvikar Films LLP, Includes Undisputed Interest In Debt Calculation
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 12 June held that interest stipulated in invoices and credit notes forms part of operational debt when the Corporate Debtor does not dispute it, and can be included while computing the statutory threshold under the Insolvency and Bankruptcy Code, 2016. President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi admitted the Section 9 petition filed by Zenith Media Scope Pvt. Ltd. and ordered commencement...
NCLT Ahmedabad Rejects Plea On Preferential, Fraudulent Transactions Due To Failure Of Service
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that applications under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016 cannot be adjudicated in the absence of valid service on respondents, as such adjudication would violate principles of natural justice. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an application filed by Omkarchand R. Maloo, Liquidator of Intelligent Textile Engineers Pvt. Ltd., seeking directions on...
NCLT Mumbai Rejects JM Financial ARC Insolvency Plea, Holds DRT Review Order Does Not Extend Limitation
The National Company Law Tribunal (NCLT), Mumbai on 23 June 2026 dismissed JM Financial Asset Reconstruction Company Ltd's Section 7 insolvency petition against Shubh Hospitality Pvt Ltd, holding that a Debt Recovery Tribunal (DRT) review order correcting errors in an earlier judgment does not extend the limitation period under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Sanjiv Dutt observed: “In other words, the Ld. DRT has...
NCLT Admits Bank of India Insolvency Plea Against Supreme Engineering, Rejects Section 10A Defence
On 23 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Bank of India's Section 7 petition against Supreme Engineering Limited over a default of Rs. 117.50 crore, holding that Section 10A of the Insolvency and Bankruptcy Code, 2016 does not shield post-COVID defaults from insolvency proceedings. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted the petition, imposed a moratorium and appointed S. Gopalakrishnan as the Interim Resolution...
NCLAT Stays Insolvency Proceedings Against Vikram Solar
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the National Company Law Tribunal's (NCLT) order admitting insolvency proceedings against Vikram Solar Ltd. It also directed the company to deposit ₹91.98 lakh pending further hearing. A bench of Judicial Member Mohd Faiz Alam Khan and Technical Member Barun Mitra noted an earlier NCLAT order in Nishant Avinash Fadia v. Raspalfa Services Private Limited, which the Supreme Court did not interfere with. Keeping in view the...