IBC
LiveLawBiz: Business Law Daily Round-Up: December 15, 2025
TAX Delhi High Court Quashes ₹45.36 Crore GST Demand Against NBCC After Finance Ministry ClarificationGST | CBIC Circulars Cannot Shield Dubious Transactions; Must Operate Within Statutory Framework: Calcutta High CourtCGST Act | Gujarat High Court Upholds Power To Confiscate Goods During Transit For Tax Evasion, Clarifies Scope Of S.129 & 130Bank Not 'Assessee In Default' For Not Deducting TDS On Interest After Accepting Form 15H From Senior Citizens: Kerala High CourtCustoms | Face...
Written-Off Debt Recoverable: NCLT Delhi Admits Bhushan Power Plea Against Former Subsidiary Over Rs 137 Crore
The National Company Law Tribunal (NCLT) at New Delhi has admitted an insolvency application filed by Bhushan Power & Steel Ltd against its former subsidiary Atma Ram House Investment Pvt. Ltd. The tribunal held that the Rs 136.92 crore amount advanced towards a commercial space in Delhi, qualifies as financial debt despite having been written off in the books and described as 'security' under contractual documents. A coram comprising Judicial Member Ashok Kumar Bhardawaj and Technical...
Limitation For Filing Appeal Against NCLT Order Begins From Date Of Its Upload: NCLAT
The National Company Law Appellate Tribunal at Chennai has held that the limitation period for filing an appeal against an order of the National Company Law Tribunal (NCLT) begins from the date the order is uploaded on the tribunal's website. On this ground alone, it dismissed two appeals filed by Cerebra Integrated Technologies Ltd as time-barred. A coram comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain (Technical Member), rejected...
Delhi High Court Quashes Pre- Insolvency Resolution GST Demands Against Patanjali Foods
The Delhi High Court has set aside GST demands raised against Patanjali Foods Limited (Ruchi Soya) for periods preceding the final approval of its insolvency resolution plan on September 4, 2019. The court held that all statutory dues not included in the approved plan stood extinguished. A division bench of Justice Prathiba M Singh and Justice Shail Jain, in a judgment delivered on December 11, 2025, allowed Patanjali Foods' writ petition challenging an order dated January 21, 2025, along...
NCLT Delhi Approves Flipkart's Plan To Merge Singapore Holding Entities Into Indian Arm
The National Company Law Tribunal (NCLT) at Delhi has approved a major restructuring of Walmart owned e-commerce platform Flipkart, clearing the way for the group to merge its Singapore holding entities into its Indian company and effectively consolidate its corporate domicile in India. A coram comprising Justice Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi, on December 12, 2025, sanctioned a composite scheme of amalgamation under the Companies Act, allowing Flipkart Internet...
NCLAT Rejects Ex-Director's Plea for Resolution Plans in Aviom Housing Finance Insolvency
The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused a suspended director of Aviom India Housing Finance Pvt. Ltd. access to resolution plans submitted during the company's insolvency process. The tribunal reiterated that once the board of a financial service provider is superseded by the Reserve Bank of India, former directors have no right to participate in the CIRP or seek copies of resolution plans. The order was passed by a coram comprising Chairperson Justice...
NCLT Mumbai Admits Canara Bank's Plea Against SAB TV Group Company Krishna Showbiz Over ₹261 Crore Dues
The National Company Law Tribunal (NCLT) at Mumbai has admitted Canara Bank's plea against SAB TV promoter group company Krishna Showbiz Services Pvt Ltd, after finding that the firm had defaulted on dues of over Rs 261 crore. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that Canara Bank had placed sufficient material on record to establish the existence of debt and default. Admitting the case under the Insolvency and Bankruptcy Code (IBC), the tribunal...
NCLT Delhi Recalls Insolvency Admission Of V4 Infra After Finding Engineered Default
The National Company Law Tribunal (NCLT) at New Delhi has recalled its earlier order that had pushed V4 Infrastructure Pvt Ltd into insolvency, after finding that the process was misused to avoid paying an arbitral award that had already been upheld by the Delhi High Court. The tribunal also imposed a cost of Rs 5 lakh on the lender involved for abusing the insolvency law.A Bench of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi said the company and the...
Auction Purchaser Not Liable For Corporate Debtor's Electricity Dues: NCLT Chandigarh Reiterates
The National Company Law Tribunal (NCLT) at Chandigarh has recently directed the Himachal Pradesh State Electricity Board to restore electricity to a property purchased in liquidation, holding in the case that the successful auction purchaser cannot be made liable for electricity dues owed by the corporate debtor prior to the auction sale. A coram of Judicial Member K Biswal and Technical Member K K Singh, while dealing with a dispute arising from the electricity board's refusal to grant a...
NCLT Allahabad Approves First Motion For Demerger Of Umesh Modi Group Firm's Nutraceutical Business
The National Company Law Tribunal (NCLT) at Allahabad has approved the first motion application for a scheme of arrangement involving Umesh Modi Group's G S Pharmbutor Private Limited, for the demerger of its nutraceutical business into its wholly owned subsidiary, Modilac Private Limited. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order on December 12, 2025, allowing the companies to move forward with the proposed restructuring. G S Pharmbutor,...
NPA Classification Applies To Borrower, Not Individual Loan Facilities : NCLT Kolkata
The National Company Law Tribunal (NCLT) at Kolkata has, relying on RBI norms, held that NPA classification is borrower-wise and not facility-wise, and that once any credit facility of a borrower is declared NPA, all facilities extended by the bank must be treated as NPA for insolvency proceedings.A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah, in an order dated November 13, 2025, while deciding an insolvency application filed by Central Bank of India against SA...
Approval Of Tribunal Not Required To Appoint Monitoring Committee Chair Under IBC: NCLT Mumbai
The National Company Law Tribunal (NCLT) at Mumbai has recently held that neither the Insolvency and Bankruptcy Code nor the CIRP Regulations require tribunal approval for appointing the chairperson of a monitoring committee, and that its role is limited to ensuring that such a committee is constituted for implementation of an approved resolution plan. A monitoring committee is typically formed after approval of a resolution plan to oversee payments, asset handover, and other steps required to...