IBC
NCLT Bengaluru Issues Notice To Ola Electric Technologies In ₹9.57 Crore Insolvency Plea
Today, the Bengaluru Bench of the National Company Law Tribunal (NCLT) issued notice in an insolvency petition against Ola Electric Technologies Private Limited after an operational creditor alleged that the company defaulted on payment of Rs. 9.57 crore.A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Banwari Lal Meena held: "Subject to producing the originally signed extract of board resolution dated 11.03.2026, appearing on page 28 of the paper book, and...
Appeal Against Deferred Intervention Application In Insolvency Case Not Maintainable: NCLAT Chennai
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 15 June held that an appeal under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 cannot be filed against an order that only defers an intervention application for consideration along with a revised resolution plan after reconsideration by the Committee of Creditors (CoC). Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by AYRA Consortium, a...
NCLAT New Delhi Expunges Remarks Against Mahavir Medicare RP, Clarifies RP's Independent IBC Duty
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 6 July, held that a Resolution Professional (RP) must independently ensure that the Corporate Insolvency Resolution Process (CIRP) complies with the Insolvency and Bankruptcy Code, 2016 (IBC), and cannot merely implement the decisions of the Committee of Creditors (CoC). Judicial Member Justice N. Seshasayee with Technical Members Arun Baroka and Indevar Pandey allowed the application filed by the RP and expunged the...
Suit Filed During IBC Interim Moratorium Attracts Rejection Of Plaint Provision Under CPC: Calcutta High Court
The Calcutta High Court has held that a court cannot entertain a suit instituted during the operation of an interim moratorium under the Insolvency and Bankruptcy Code where the statutory bar applies. It ruled that once the embargo is brought to the court's notice, the court must act in accordance with the law. Where the statutory conditions are met, the plaint must be rejected. A division bench of Justice Debangsu Basak and Justice Md. Shabbar Rashidi set aside a February 5, 2026 judgment of...
NCLT Ahmedabad Admits Insolvency Plea Against Montecarlo, Rejects 'Pre-Existing Dispute' Defence
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 6 July admitted an insolvency petition against Montecarlo Limited, holding that disputes raised only after receipt of a demand notice cannot be treated as “pre-existing disputes” under the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy allowed the application filed by Vanshita Transport, noting: “The CD is consistently saying that...
NCLT Mumbai Rejects Canara Bank's ₹742 Cr. Plea Against Frost International's Guarantor As Time Barred
On 8 July, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that a second demand notice cannot revive a time-barred insolvency claim arising from an on-demand corporate guarantee, where limitation had already commenced upon invocation of the guarantee. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar rejected Canara Bank's Section 7 application seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Globiz Exim Pvt Ltd, the corporate...
'Shocking And Bewildering': NCLT Mumbai Bench Rejects VAS Infrastructure Resolution Plan, Orders IBBI Probe Into RP
Describing the Resolution Professional's explanation for wrongly portraying VAS Infrastructure Ltd.'s development rights as ownership rights as "shocking and bewildering," the National Company Law Tribunal rejected a ₹85.05 crore resolution plan for the company. It also directed the Chairman of the Insolvency and Bankruptcy Board of India (IBBI) to investigate the Resolution Professional's conduct and consider disciplinary action. A bench of Judicial Member Ashish Kalia and Technical Member...
NCLT Mumbai Admits Kishore Biyani-Led Future Consumer Into CIRP Over ₹263.77 Crore Default
The Mumbai Bench of the National Company Law Tribunal on Wednesday admitted Kishore Biyani-led Future Consumer Ltd into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by Resurgent India Special Situations Fund. The tribunal found that the company had defaulted on a financial debt, with acknowledged outstanding dues of ₹263.77 crore. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the requirements for initiating CIRP had been...
NCLT Mumbai Rejects ₹4.43 Cr Section 9 Plea, Holds Pre Existing Dispute Over Part Of Debt Sufficient
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 30 June held that a pre existing dispute raised before issuance of a demand notice can defeat a Section 9 application under the Insolvency and Bankruptcy Code (IBC), even if the dispute relates only to a part of the operational debt, unless the disputed amount is wholly insignificant. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar rejected Lumens Technologies Pvt Ltd's Section 9 petition seeking initiation of the...
NCLT Ahmedabad Holds Mere Breach Claims Cannot Defeat CIRP, Admits ₹2.02 Cr. Plea Against Mehsana Dairy
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 26 June held that a corporate debtor cannot defeat an insolvency petition by raising contractual disputes that are unsupported by contemporaneous evidence. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma admitted an insolvency petition filed by Mehsana Food Tradelinkers Pvt. Ltd. against Mehsana Dairy and Food Products Ltd. under the Insolvency and Bankruptcy Code, 2016 (IBC) for an operational debt of Rs. 2.02...