NCLT Mumbai Sanctions ITM Edutech's Restructuring Plan to Demerge Its Online Education Business

The National Company Law Tribunal (NCLT) at Mumbai has approved the second-motion petition filed by ITM Edutech Training Pvt Ltd and ITM Edutech (India) Ltd, allowing the group to restructure its online education and training courses through a demerger into the resulting company, ITM Edutech (India) Ltd. The tribunal held that the scheme “appears to be fair and reasonable and is not in violation of any provisions of law and is not contrary to public policy.” ITM Edutech is part of the ITM Group...

Uncrystallised Contractual Rights Not Part Of Corporate Debtor's Assets Protected By Moratorium: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently held that uncrystallised contractual rights do not form part of a corporate debtor's “assets” protected during moratorium. The tribunal made the ruling as it dismissed Fabtech Sugar Limited's plea seeking restoration of its cancelled grid connectivity, that that had never been operationalised. The tribunal found that Maharashtra State Electricity Transmission Company Limited's (MSETCL) termination of grid connectivity under the...

NCLT Ahmedabad Permits Guarantor's US Travel Despite Creditor Protests, Notes Minor Children's Immigration Needs

The National Company Law Tribunal (NCLT) at Ahmedabad has allowed a bankruptcy bound personal guarantor to travel to the United States despite acknowledging serious concerns about his conduct, taking what it described as a lenient view only because his two minor children's immigration status depends on his US Green Card. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma permitted Zankarsinh Kishorsinh Solanki, personal guarantor of Torque Automotive Private Limited, to...

LiveLawBiz: Business Law Daily Round-Up: December 04, 2025

TAX Kerala Building Tax Act | Increased Plinth Area Due To Additional Construction Justifies Building Tax Reassessment: High Court Centre Clarifies EV Manufacturing Scheme; Says OEM Non-Participation Linked to India–EU FTA Uncertainty Delhi High Court Cautions GST Dept Against Errors In Mentioning Financial Years, Due Dates In SCNs & Orders GST Exemption For Residential Lease Applies When Lessee Sub-Leases Building For Hostel/PG Use : Supreme Court BombayHigh Court Quashes SVLDRS-3...

NCLT New Delhi Restores Struck-Off Company Only To Recover ₹7.62 Crore In Tax Dues

The National Company Law Tribunal at New Delhi has recently restored the name of SL Contractors Private Limited in the Register of Companies only to allow the Income Tax Department to recover Rs 7.26 crores in outstanding dues, while rejecting the company's claim that it had been operational when it was struck off. A coram of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri said “the Appellant has failed to establish that the Company was carrying on business or was in...

NCLT Kolkata Approves Vedanta's Rs 545 Crore Plan to Revive Incab Industries

The National Company Law Tribunal (NCLT) at Kolkata has recently approved Vedanta Limited's Rs 545 crore resolution plan for the revival of cable manufacturing company Incab Industries Limited. The tribunal held that once a plan complies with the requirements of the Insolvency and Bankruptcy Code, the commercial wisdom of the Committee of Creditors must prevail. “Therefore, subject to the compliance of our observations as above, we hereby approve the Resolution Plan Amount to the tune of Rs...

Only CoC Can Appoint Liquidator, NCLT's Power Limited To Replacing RP: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently ruled that only the Committee of Creditors (CoC) has the authority to select a liquidator when the Resolution Professional (RP) does not consent to continue, holding that the Adjudicating Authority cannot appoint a liquidator of its own choice. The tribunal was deciding appeals filed by Omkara Asset Reconstruction Company, which held nearly the entire voting share in the CoCs of two stressed companies. A coram of...

'High Courts Do Not Substitute Statutory Tribunals', Calcutta High Court Refuses To Halt Guarantors' Insolvency Proceedings

The Calcutta High Court on Wednesday held that it cannot interfere with personal insolvency proceedings initiated under the Insolvency and Bankruptcy Code, holding that such proceedings must take their course before the National Company Law Tribunal. A single bench of Justice Krishna Rao said the High Court could not halt a proceeding that falls within the jurisdiction of the adjudicating authority. The court said, “The National Company Law Tribunal being the statutory forum under the...

Balance Sheet Entry Can't Revive Time-Barred Debt; NCLT Delhi Dismisses Bank's CIRP Plea Against Guarantor

The National Company Law Tribunal(NCLT) at Delhi has recently held that an acknowledgement of debt in a balance sheet executed after the expiry of the original limitation period “cannot revive a time-barred debt,” and that the pendency of proceedings before the Debt Recovery Tribunal does not save limitation under the Insolvency and Bankruptcy Code, 2016. Holding so, the tribunal dismissed Central Bank of India's Section 7 (CIRP) application against PLB Infrastructure Pvt Ltd as “hopelessly...

NCLT Chandigarh Approves Haldiram's Plan to Consolidate Its Manufacturing and Retail Units

The National Company Law Tribunal (NCLT) at Chandigarh has recently approved a second-motion petition filed by seven entities of Haldiram's, the popular snack food and confectionery chain, clearing their scheme of arrangement to consolidate multiple demerged units into Haldiram Marketing Private Limited. A Bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal noted that the group had placed on record its Memorandum and Articles of Association, audited financial...

LiveLawBiz: Business Law Daily Round-Up: December 03, 2025

TAX'GST Is Fiscal Compliance, Not Regulatory Exemption': J&K High Court Says Brick Dealers Still Need Licence Under Brick Kiln ActS. 148 Income Tax Act | Reassessment Based On Mere Change Of Opinion Without Concrete Evidence Not Justified: Gujarat High Court24K Oval Pendants Qualify As Gold Jewellery, Eligible For Duty Exemption: CESTAT HyderabadCentre Says Tax Exemption For Cooperative-Made Goods Lies With GST Council; Lists Wide-Ranging Tax Relief & Financial Support For...

No Proof Of Technical Glitch: NCLT Delhi Declines To Interfere With Concluded E-Auction

The National Company Law Tribunal at New Delhi has recently refused to set aside a recently concluded e-auction in a bankruptcy matter, finding that the bidder challenging the sale failed to prove any technical glitch and that auction records showed continuous participation even after the time it claimed its system froze. The application had been filed by Marinaindia Traexim Private Limited, which sought to annul the auction of assets belonging to bankrupt debtor Waseem Ahmad Khan. A coram of...