NCLT Chandigarh Rejects Omkara ARC's Claim In Vikas WSP CIRP, Holds Creditors Cannot Override IBC Timelines

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 10 March dismissed an application filed by Omkara Assets Reconstruction Pvt. Ltd. seeking admission of its claim as a secured financial creditor in the corporate insolvency resolution process (CIRP) of Vikas WSP Ltd. A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh held that the claim, filed 1,267 days after the prescribed deadline and after the Committee of Creditors (CoC)...

NCLAT New Delhi Lays Down Illustrative Factors For Withdrawal Of CIRP Before CoC Formation

The National Company Law Appellate Tribunal (NCLAT) on 6 April laid down illustrative guidelines for adjudicating authorities while considering applications for withdrawal of Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) before the constitution of the Committee of Creditors (CoC). A Bench comprising Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey held that once CIRP is admitted, the...

No Power Under IBC To Order TDS Refund; Issue To Be Decided By Income Tax Dept.: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently observed that tribunals under the Insolvency and Bankruptcy Code (IBC), 2016 cannot order a refund of Tax Deducted at Source (TDS) and that such issues must be decided by the Income Tax Department, even in cases involving companies under liquidation. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain made the observation while dismissing an appeal filed by S. Dhanapal, the...

Delhi High Court Issues Notice On Plea Challenging 'Present and Voting' Framework Under IBC

The Delhi High Court recently issued notice in a writ petition filed by homebuyers of the Supertech Township project challenging the “present and voting” principle used to determine voting outcomes of homebuyers in the committee of creditors under the Insolvency and Bankruptcy Code.A bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tejas Karia directed the respondents, the Union of India through the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India, interim...

IBC Amendment 2026 Gets Presidential Assent, Introduces Creditor-Led Insolvency

The Insolvency and Bankruptcy Code (Amendment) Act, 2026 received Presidential assent on Monday, ushering in a creditor-initiated insolvency resolution process, tighter statutory timelines, and a larger role for the Committee of Creditors (CoC) during liquidation.One of the additions is the insertion of Chapter IV-A, introducing a creditor-initiated insolvency resolution process (CIIRP). Under Sections 58A and 58B, specified financial creditors holding at least 51% in value can initiate...

PMLA Attachment Does Not Suspend Liquidator's Duty To Preserve Corporate Debtor's Assets: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently observed that a liquidator's obligation to preserve and protect assets forming part of the liquidation estate continues despite attachment under the Prevention of Money Laundering Act (PMLA), so long as such assets are not confiscated.A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Sanjiv Dutt was dealing with an application filed by Kohinoor City Office Towers Industrial Estate & Premises Co-operative...

NCLAT Allows NCLT To Decide Deceased Depositor's Claim Without Awaiting Probate

Holding that issues relating to repayment and retention of deposits made by a deceased depositor fall within the jurisdiction of the National Company Law Tribunal, the National Company Law Appellate Tribunal (NCLAT), Chennai, has allowed an appeal by a claimant and remanded the matter for fresh consideration without awaiting the outcome of pending probate proceedings. A bench of Judicial member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain clarified that questions...

Sole Financial Creditor Can't 'Jump In and Out' Of CIRP; No Claim Withdrawal After CoC Entry: NCLT Mumbai

Holding that a sole secured financial creditor cannot ''jump in and jump out" of the corporate insolvency resolution process (CIRP), the National Company Law Tribunal (NCLT) at Mumbai emphasised that such conduct would undermine the scheme and objectives of the Insolvency and Bankruptcy Code (IBC).A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan was hearing an application filed by SREI Equipment Finance Ltd. seeking withdrawal of its claim and exit from the...

Supreme Court Issues Notice In Homebuyers' Writ Against Ansal Properties' ₹257 Crore Default

The Supreme Court on Monday, 6 April, issued notice in a writ petition filed by the Genuine Homebuyers Association for Relief (GHAR), in Uttar Pradesh, challenging the insolvency proceedings against Ansal Properties and Infrastructure Ltd in relation to the Sushant Golf City project in Lucknow. A Bench of Justices J.B. Pardiwala and K.V. Viswanathan, after hearing the homebuyer association, directed that the petition be tagged with the main matter involving Ansal Properties. Advocate Prashant...

NCLT Bengaluru Gives Ola Electric 4 Weeks For Objections In ₹9.84 Crore Insolvency Case With Anevolve

On Monday, 6 April, the Bengaluru Bench of the National Company Law Tribunal (NCLT) heard an insolvency petition filed by Anevolve Mando Emobility Pvt Ltd against Ola Electric Technologies Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, over an alleged operational debt of Rs. 9.84 crore arising from the supply of motors.Before a Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, Anevolve stated that it had issued a demand notice under...

NCLT Allahabad Confirms Flat Possession To Renaissance Realty, Orders ₹1 Crore To JAL Insolvency Estate

The Allahabad Bench of the National Company Law Tribunal (NCLT), while deciding an application filed by Renaissance Realty, acknowledged that the applicant had already received possession of a flat in the Jaypee Greens Kalypso Court project. A Bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma also ordered that Rs. 1 crore recovered under RERA proceedings be returned to the insolvency estate of JAL. It observed: “In the circumstances of the present case, since the...

Supreme Court Declines To Interfere With Adani Plan For Jaiprakash, Urges NCLAT To Expedite Vedanta Appeals

The Supreme Court on Monday, 6 April, declined to interfere with the implementation of the resolution plan submitted by Adani Enterprises for Jaiprakash Associates Ltd, and directing the National Company Law Appellate Tribunal (NCLAT) to expedite hearing of the appeals filed by Vedanta Ltd, scheduled for 10 April. A Bench of Chief Justice Surya Kant and Justice Joymalya Bagchi said: “In view of the fact that Company Appeal AT (Ins) 552, 553 of 2026 are now listed for final hearing before the...