NCLAT Says Timing Of Stamp Paper Purchase And Loan Agreement Execution Not Ground To Reject Insolvency Plea

Holding that the purchase of stamp paper and subsequent execution of a loan agreement cannot be any relevant consideration for rejecting a CIRP plea, the National Company Law Appellate Tribunal at Delhi has set aside the dismissal of an insolvency plea. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “The observation of the Adjudicating Authority that the stamp paper was purchased on 12.02.2025 and agreement was executed on 01.03.2025 can not be any...

NCLAT Holds Debt Not Time Barred In Rajeshwari Cotspin CIRP, Says Threshold Cannot Be Confined to Last Invoice

Holding that the claim was not time barred and that all the invoices had to be considered for determining the statutory threshold, the National Company Law Appellate Tribunal dismissed an appeal against the admission of insolvency proceedings against Rajeshwari Cotspin Ltd. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “Thus, threshold has to be determined on basis of the invoices taking all the invoices and cannot confine to only last invoice of Rs. 19...

Bank's Classification Of Debt As NPA For Balance Sheet Purposes Not Decisive For Limitation Under IBC: Supreme Court

The Supreme Court on Thursday observed that the manner in which a bank classifies a loan as a non-performing asset for accounting or provisioning purposes does not determine the starting point of limitation under the Insolvency and Bankruptcy Code, particularly where the debt has been restructured and acknowledged in fresh agreements. “In our view, how a bank classifies its debt for managing its balance sheet is not a factor determining the starting point of limitation more so, when the debt...

No Overlapping Secured Interest Between Homebuyers And Financier Where Builder Is Liable: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai, recently held that in a real estate insolvency, homebuyers' and a housing finance company's secured interests cannot overlap. Where the builder has undertaken repayment obligations, the financier's interest must be protected. A Bench comprising Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, on 29 January allowed an application filed by GIC Housing Finance Ltd. in the corporate insolvency resolution process (CIRP) of Karrm...

NCLT Allahabad Reserves Verdict On Vedanta Plea Against CoC Approval Of Adani's JAL Plan

The National Company Law Tribunal at Allahabad has reserved its orders on Vedanta Limited's challenge to the Committee of Creditors' approval of Adani Enterprises' resolution plan for insolvent Jaiprakash Associates Limited. Vedanta was one of the resolution applicants in the process. The matter was heard by Judicial Member Praveen Gupta and Technical Member Ashish Verma, who reserved orders after hearing Vedanta and the Resolution Professional. Vedanta has sought a direction to send the...

Interest Mentioned In Invoice Cannot Be Counted For IBC Threshold Without Binding Agreement: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has dismissed an insolvency petition after holding that an operational creditor cannot rely solely on an interest clause printed on invoices to inflate the claim amount and cross the statutory Rs. 1 crore threshold under the Insolvency and Bankruptcy Code, in the absence of any binding agreement for payment of interest. Judicial Member Vinay Goel rejected a Section 9 plea filed by Savino Ceramic Private Limited against Fontana Impex Private...

Supreme Court Says IBC Cannot Determine Ownership Of Telecom Spectrum, Calls It Material Resource Of Community

The Supreme Court on Friday held that the ownership and control of telecom spectrum cannot be determined by the Insolvency and Bankruptcy Code since it is a common good.A bench of Justices PS Narasimha and Atul S. Chandurkar held that the spectrum is a material resource of the community in the constitutional sense. It said the spectrum must benefit the common good, so its control has to be secured for the citizens.“IBC cannot be the guiding principle for restructuring the ownership and control...

NCLT Ahmedabad Slaps ₹2 Lakh Cost on Dharmadev Infra Director, Admits ₹20.97 Crore Insolvency Plea

Calling it a “counterblast” and an abuse of process, the National Company Law Tribunal (NCLT) Ahmedabad has imposed ₹2,00,000 in personal costs on a director of Dharmadev Infrastructure Limited while admitting an insolvency petition over dues of ₹20,97,43,678. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an application filed under Sections 60(5) and 65 of the Insolvency and Bankruptcy Code, holding that no ingredient of fraudulent or malicious...

NCLAT Finds IndusInd Bank, RTA Negligent In Issuing Duplicate Share Certificates, Upholds Restoration Of 5,000 Shares

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the restoration of 5,000 equity shares of IndusInd Bank to their original holder, holding that the bank and its Registrar and Transfer Agent acted negligently in issuing duplicate share certificates to a third party. A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra observed, “We note that the Appellant was negligent and had not followed the due procedure in issue of duplicate...

Dissenting Banks Cannot Continue Recovery Against Guarantors Once Resolution Plan Attains Finality: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that once an approved resolution plan expressly extinguished securities and attachments of personal guarantors and attained finality, dissenting financial creditors could not continue recovery proceedings against such assets. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra allowed an appeal filed by Puro Natural Sugars JV and deleted portions of a National Company Law Tribunal (NCLT)...

Recall Of Order Not Permissible For Party's Failure; 'Mistake' Must Be Tribunal's Error: NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad has recently held that a mistake warranting recall of order must be apparent on the face of the record and attributable to an error of the tribunal, and not to the failure of a party to place relevant material before it. A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri on February 11, 2026, dismissed a recall application filed by Colliers International (India) Property Services Pvt. Ltd. Colliers is the...

NCLT Kochi Rejects Plea To Implead CBI In Corporate Petition Alleging Oppression And Mismanagement

The Kochi Bench of the National Company Law Tribunal (NCLT) on 6 February dismissed an application by MRPN Minority Share Holder Customer Welfare Association, seeking to implead the Central Bureau of Investigation (CBI) in a pending company petition against Mary Rani Popular Nidhi Ltd. under Sections 241 and 242 of the Companies Act, 2013. The application alleged key managerial persons of the company of oppression and mismanagement. The Bench comprising Judicial Member Shri Vinay Goel, held...