Even Without Plea, NCLT Kochi Examines Covid-19 Suspension Bar, Rejects CIRP Pleas

Holding that the statutory Covid-period bar under the Insolvency and Bankruptcy Code must be examined even in the absence of a specific defence, the NCLT Kochi Bench dismissed two insolvency petitions against KKR Products and Marketing Private Limited. The tribunal found that the alleged defaults arose during the pandemic suspension period (Section 10A)A coram of Judicial Member Vinay Goel examined the applicability of the statutory bar under Section 10A of the IBC even though no formal defence...

Defunct Scheme Of Arrangement Under Companies Act Cannot Stall IBC Proceedings: Supreme Court

The Supreme Court on Tuesday held that insolvency proceedings under the IBC cannot be kept in abeyance on the basis of a Scheme of Arrangement that has become redundant and inoperative for non-compliance with statutory requirements.The court reiterated that once the statutory requirements of Section 7 are met, insolvency must proceed notwithstanding any parallel company law proceedings.A bench of Justices Sanjay Kumar and K. Vinod Chandran framed the core issue as whether pendency of proceedings...

NCLT, NCLAT Cannot Nullify Benami Act Confiscation In IBC Proceedings: Supreme Court

The Supreme Court on Tuesday held that insolvency tribunals cannot nullify confiscation of property under the Prohibition of Benami Property Transactions Act, ruling that once property is confiscated under Section 27, it vests absolutely in the Central Government and falls outside the liquidation estate under the Insolvency and Bankruptcy Code. A Bench of Justices Pamidighantam Sri Narasimha and Atul S. Chandurkar dismissed appeals filed by liquidators who had sought to challenge attachment...

Committee Of Creditors Not Barred From Litigating In Own Name Under IBC: NCLAT In Byju's Parent Insolvency Case

The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that a Committee of Creditors (CoC) can litigate in its own name under the Insolvency and Bankruptcy Code, even though it does not possess juristic personality in the classical sense. The ruling came in proceedings involving Think and Learn Pvt. Ltd., the parent company of edtech firm Byju's. A bench of Judicial Member Justice N Seshasayee and Technical Member Jatindranath Swain observed, “Therefore, since CoC is a...

Rainbow Papers Ruling Not Ground To Reopen Approved Resolution Plan Over Belated Tax Dues: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that the Supreme Court's ruling in Sales Tax Officer v. Rainbow Papers Limited does not permit reopening of an approved resolution plan at the instance of a government department that failed to challenge the rejection of its claim at the appropriate stage. In Rainbow Papers, the Supreme Court had held that statutory government dues could qualify as secured debts and could not be ignored in a resolution plan. Dismissing...

Corporate Debtor Cannot Avoid Insolvency By Claiming Loan Documents Were Executed In Old Name: NCLT Mumbai

The National Company Law Tribunal at Mumbai has admitted an insolvency petition against JBS Enterprises Ltd, formerly known as JBS Enterprises Private Limited holding that a corporate debtor cannot escape liability merely because loan documents were executed in its earlier name prior to conversion from a private limited company to a public limited company.A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar said that once the corporate debtor has availed and benefited from...

'Ruse To Exploit Mill Land': Bombay High Court Rejects Plea To Revive Swadeshi Mills

The Bombay High Court on Monday dismissed an application filed by Grand View Estates Pvt Ltd seeking a stay of winding up proceedings and revival of Swadeshi Mills Company Ltd, holding that the proposal was not a genuine attempt to revive the textile company but an effort to exploit its valuable mill land for real estate development. A single-judge bench of Justice Sharmila U. Deshmukh observed that the revival plan was “nothing but a ruse to obtain the valuable land for exploitation in real...

Non-Issuance Of NOC By Financial Creditor After Default Cannot Stall Insolvency: NCLT Chandigarh

The National Company Law Tribunal (NCLT) at Chandigarh has rejected a plea by homebuyers seeking dismissal of insolvency proceedings against Vatika Ltd. The tribunal held that non-issuance of a No Objection Certificate by the debenture trustee, which was required for execution and registration of conveyance deeds in favour of plot buyers, cannot by itself obstruct proceedings under Section 7 of the Insolvency and Bankruptcy Code once a financial default has occurred. The matter was heard by...

Mere Non-Payment Of Ordered Amount Not Civil Contempt, Execution Is Proper Remedy: NCLT Kochi

The National Company Law Tribunal at Kochi has recently observed that mere non-payment of amounts directed under its orders does not automatically amount to civil contempt and that execution proceedings are the appropriate remedy.A coram of Judicial Member Vinay Goel observed that contempt proceedings, being quasi-criminal in nature, cannot be routinely invoked as a substitute for execution of orders.'If contempt were to be invoked for every instance of default in payment, it would effectively...

Supreme Court Dismisses Appeal Against NCLAT Order Rejecting Insolvency Plea Against Voltas

The Supreme Court has recently refused to interfere with the National Company Law Appellate Tribunal's decision dismissing the insolvency plea filed by Air Wave Technocrafts Pvt. Ltd against Voltas Ltd, a Tata Group company engaged in air-conditioning and engineering services. A bench of Justices Sanjay Kumar and K. Vinod Chandran dismissed the civil appeal arising out of the NCLAT judgment of November 27, 2025, which had refused to admit insolvency against Voltas for for an operational...

Mere MOU For Flat Allotment Not Financial Debt Without Disbursal To Corporate Debtor: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai recently held that a payment made under an MOU for allotment of 3,000 sq ft of FSI in a proposed real estate project does not qualify as a “financial debt” under the Insolvency and Bankruptcy Code, 2016 if there is no disbursal to the corporate debtor and no element of time value of money. A Bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt said, “There is nothing to show that money was disbursed by the Applicant against...

NCLT Mumbai Allows Saraswat Bank To Make Clarificatory Amendments To Section 7 Petition

On 5 February 2026, the Mumbai Bench of the National Company Law Tribunal (NCLT) allowed Saraswat Co‑operative Bank Limited to amend its pending Section 7 petition against AAACORP Exim India Private Limited to correct the date of default, NPA classification date, and outstanding dues of Rs. 15.59 crore. The Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Charanjeet Singh Gulati, held that that such amendments are permitted if they are clarificatory,...