NCLAT Upholds Insolvency Against Frost International, Says Bank Can't Be Faulted Over Unfiled Plan

The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 February, dismissed an appeal filed by the ex-director of Frost International Ltd., rejecting the argument that Bank of India acted unfairly by not considering a restructuring under the RBI's Prudential Framework dated 7 June 2019 before initiating insolvency. A Bench comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, upheld the National Company Law Tribunal (NCLT), Mumbai order...

Pre-Existing Dispute In Ledgers: NCLAT Dismisses Drive India's Insolvency Appeal Against Essline

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed Drive India Enterprise Solutions Ltd.'s insolvency appeal against Essline Engineers and Consultants Pvt. Ltd., holding that a pre-existing dispute between the parties was real and documented long before the insolvency notice was issued. A bench of Judicial Member Justices Ashok Bhushan and Technical Member Barun Mitra held: “The present is a case where notice of dispute was issued by the Corporate Debtor immediately...

NCLT Mumbai Admits CIRP Plea Against Baggit India Pvt Ltd Over ₹1.11 Crore Operational Debt

The National Company Law Tribunal (NCLT) at Mumbai had admitted an operational creditor's insolvency petition against Baggit India Private Limited, an Indian handbags and fashion accessories company over a debt of Rs 1,11,84,020.A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the application filed by Sunrise Global Tradelinks was complete in all respects and that default stood established. “In our view the present Application is complete in all respect. The...

NCLAT Replaces NCLT's Two-Week Deadline With 90 Days For Nobal Buildtech To Pay ₹90 Crore Settlement

The National Company Law Appellate Tribunal (NCLAT) at Delhi has given Nobal Buildtech Pvt. Ltd. 90 days to pay Rs 90 crore under a settlement, replacing the two-week window earlier granted by the New Delhi Bench of the National Company Law Tribunal. The New Delhi Bench of the NCLT had revived the company's insolvency process on January 7, 2026 and later extended limited protection only until February 4, 2026. The company had sought more time to complete the settlement. Modifying that order, a...

Unconverted OCDs Remain Financial Debt, NCLAT Upholds Insolvency Proceedings Against Arcturus Developers

The National Company Law Appellate Tribunal (NCLAT) has recently upheld insolvency proceedings against real estate firm Arcturus Developers Pvt. Ltd., holding that its debentures were never converted into shares and continued to remain financial debt. A Bench of Justice Ashok Bhushan and Technical Member Barun Mitra dismissed an appeal filed by the company's suspended director, Arvind Kumar. The case concerned 50,00,000 Optionally Convertible Debentures issued by the company in 2019 to raise...

Insolvency Action Against Guarantor Inequitable When Arbitration Against Borrower Is Unsettled: NCLT Hyderabad

The Hyderabad Bench of the National Company Law Tribunal (NCLT) declined to admit a petition filed by the State Bank of India (SBI) seeking initiation of insolvency proceedings against Mallampati Madhu, the personal guarantor of TN (DK) Expressways Limited, holding that such action would be inequitable while a substantial arbitral award of Rs. 288.96 crores in its favour remains under challenge and unrealised. A Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri...

No TDS Refund Set Off In Shri Jalaram Rice Industries Liquidation As No Claim Was Filed: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by the Principal Commissioner of Income Tax-3, Ahmedabad. It held that in the liquidation of Shri Jalaram Rice Industries Pvt Ltd, the department could not adjust a TDS refund against an earlier tax demand because it had not filed any claim in the liquidation proceedings. “Appellant having not filed any claim question of claiming set off does not arise,” the bench of Chairperson Justice Ashok Bhushan and...

Pre-March 2020 Defaults Not Covered By Section 10A Of IBC: NCLAT Delhi

The National Company Law Appellate Tribunal (NCLAT), Delhi, on 24 February, held that Section 10A of the IBC cannot bar Corporate Insolvency Resolution Process (CIRP) initiation where the debt had fallen due prior to 25 March 2020, clarifying that dishonour of cheques during the COVID-19 suspension period does not alter the original default date. The Principal Bench, comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, dismissed an appeal filed by...

Project Segregation In CHD-Vann Real Estate Insolvency Justifies 525-Day CIRP Exclusion: NCLAT

Holding that in a real estate insolvency involving multiple projects, the period till segregation of a project from the CIRP was liable to be excluded, the National Company Law Appellate Tribunal (NCLAT) has allowed exclusion of 525 days in the CHD-Vann matter and set aside the NCLT's rejection of the plea. A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the insolvency pertained to a real estate company with several projects, and different orders had...

120-Day Timeline For Personal Insolvency Resolution Process Is Directory, Not Mandatory: NCLAT Delhi

On 26 February, the National Company Law Appellate Tribunal (NCLAT), New Delhi, held that the 120-day timeline for completing the Personal Insolvency Resolution Process (PIRP) under the Insolvency and Bankruptcy Code (IBC) is directory and not mandatory. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey set aside the order of the National Company Law Tribunal (NCLT) Mumbai, which had refused to extend the process beyond the prescribed period. The Tribunal...

Supreme Court Refuses To Interfere With NCLAT Order Upholding CIRP Against Kirtiman Cements

The Supreme Court on Friday declined to interfere with a National Company Law Appellate Tribunal (NCLAT) judgment upholding the initiation of Corporate Insolvency Resolution Process (CIRP) against Kirtiman Cements and Packaging Industries Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan dismissed the Civil Appeal filed under Section 62 of the IBC, stating that it was not inclined to interfere with the NCLAT's...

Byju's Insolvency: Supreme Court Continues NCLAT's No Final Order Direction In Plea To Remove GLAS Trust From CoC

The top court was hearing an appeal filed by the Committee of Creditors challenging the NCLAT's decision upholding the rejection of its plea to implead itself in proceedings seeking removal of GLAS Trust from the CoC of Think & Learn Pvt. Ltd.