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,...

IBBI Suspends Insolvency Professional's AFA For Six Months Over CIRP Without Valid Authorisation

The Insolvency and Bankruptcy Board of India (IBBI) on 19 February suspended the Authorisation for Assignment (AFA) of insolvency professional Bhim Sain Goyal for six months after finding that he undertook a Corporate Insolvency Resolution Process (CIRP) assignment without holding a valid authorisation. The matter arose from the CIRP of Suich Industries Limited, admitted by the NCLT, New Delhi Bench‑V on 19 November 2024. Goyal was appointed as the Interim Resolution Professional (IRP) through...

LiveLawBiz IBC Weekly Digest: February 16 To February 21

SUPREME COURTS. 7 IBC | Corporate Debtor's Inability To Pay Not Relevant For CIRP Plea Admission: Supreme CourtCase Title : Power Trust (Promoter of Hiranmaye Energy Ltd.) v. Bhuvan Madan (Interim Resolution Professional of Hiranmaye Energy Ltd.) & Ors. Case Number : CIVIL APPEAL NO(s).2211/2024 CITATION : 2026 LLBiz SC 73The Supreme Court on Wednesday reaffirmed that the Adjudicating Authority cannot refuse to admit a financial creditor's plea under Section 7 of...

NCLAT Reaffirms CST Dues Not Secured Debt, Sets Aside Order Rejecting Amul Industries Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has recently reiterated that dues under the Central Sales Tax Act are not secured debt in insolvency proceedings. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey set aside the orders passed by the NCLT Ahmedabad on 6 November 2025. The NCLT had rejected the resolution plan of Amul Industries Ltd. on the ground that it did not treat Central Sales Tax dues as secured debt and therefore did not...

Criminal Complaint Filed After Adverse Insolvency Order Cannot Undermine Liquidation: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently observed that criminal complaints filed after adverse insolvency orders cannot be used to undermine liquidation proceedings or defeat creditor protections under the Insolvency and Bankruptcy Code, 2016. A bench comprising Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed an appeal filed by SSMP Agro Export Private Limited and its directors against the National Company Law...

NCLAT Dismisses Mercator Guarantor's Appeal Against Insolvency Order, Calls Natural Justice Plea 'Dilatory Tactic'

The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the admission of a personal insolvency petition filed by State Bank of India (SBI) against former Mercator Limited director Harish Kumar Mittal over dues of Rs. 236.19 crore, holding that his objection that his reply affidavit was not taken on record did not establish a violation of natural justice. A three-member bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed...

NCLT Bengaluru Rejects EPFO Claim For PF Dues In Dunlop Polymers Insolvency

The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an application filed by the Regional Provident Fund Commissioner (Legal) in the insolvency proceedings of Dunlop Polymers Private Limited. The tribunal held that EPFO cannot seek remittance of provident fund dues during the moratorium when its claim has not been admitted in the Corporate Insolvency Resolution Process. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held that the relief...

Subsequent Ratification Of Power of Attorney By IMC And Fresh Board Validates SEFL's CIRP Plea Against Roadwings: NCLAT

The National Company Law Appellate Tribunal has recently held that the power of attorney issued to an officer of Srei Equipment Finance Limited to initiate and defend legal proceedings, including proceedings under the Insolvency and Bankruptcy Code, remained valid despite the discharge of its administrator. The tribunal said the authorisation survived the discharge of the administrator because it was ratified by the Implementation and Monitoring Committee and later by the newly...

NCLAT Condones 3-Day Delay In Filing Appeal As NCLT Order Uploaded Eight Months After Pronouncement

The National Company Law Appellate Tribunal (NCLAT) has condoned a delay in filing an appeal against an order passed in an interlocutory application after noting that the National Company Law Tribunal's order was uploaded nearly eight months after it was pronounced, and that the delay attributable to the appellant was only three days. The order in an application filed in the insolvency proceedings of Unibera Developers Private Limited was pronounced by the National Company Law Tribunal, New...

NCLAT Dismisses CIRP Plea Against Strategic Credit Capital, Says Section 7 IBC Barred For Financial Service Provider

The National Company Law Appellate Tribunal (NCLAT) at Delhi recently dismissed an appeal filed by Religare Finvest Limited against the National Company Law Tribunal's order rejecting its Section 7 insolvency plea against Strategic Credit Capital Pvt. Ltd. A bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey held that insolvency proceedings cannot be initiated against a Financial Service Provider. The tribunal observed, “We do not find the...

NCLT Chennai Dismisses Liquidator's Plea, Says Director's Mortgage Of Personal Property To Bank Not Fraudulent

The National Company Law Tribunal (NCLT) at Chennai has dismissed an application filed by the liquidator of Srivatsa International Private Limited alleging that the company's suspended directors committed fraud by mortgaging a property to Yes Bank. A coram comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that offering property as collateral to secure credit for the corporate debtor's business operations does not by itself amount to fraudulent...

'Not an Ordinary Business Transaction': NCLAT Upholds Order Treating ₹19.66 Lakh Paid To Director As Preferential

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld an order holding that payments of Rs.19.66 lakh made to a suspended director of a company were preferential transactions under Section 43 of the Insolvency and Bankruptcy Code. Dismissing two appeals filed by Jasvinder Singh Makan, the tribunal said repayment of unsecured loans to a director during financial distress cannot be treated as a routine business transaction. "Repayment of unsecured loans to a director...