NCLT Approves Rs 12.8 Crore Resolution Plan By Knowledge Marine Director For Sterling Healthcare

The National Company Law Tribunal at Mumbai has recently approved a resolution plan worth Rs 12.8 crore by a Mumbai individual for Sterling Healthcare Limited. In an order delivered on November 13, 2025 by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar approved a resolution plan by the whole time director of Knowledge Marine & Engineering Works Limited in Mumbai. The Corporate Insolvency Resolution Process was initiated by L&T Finance in...

NCLT Must Verify ED Attachment Before Refusing Property Release To Successful Resolution Applicant : NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Tuesday held that the National Company Law Tribunal (NCLT), Mumbai, should have verified whether a Bangalore-based flat was provisionally attached by the Enforcement Directorate (ED) before refusing its release to the successful resolution applicant (SRA) of insolvent DSK Southern Projects Pvt. Ltd.A coram comprising of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Indevar Pandey observed,"...the adjudicating authority has...

Date Of default For MSMEs Refers to Original NPA Not Subsequent Defaults After Restructuring: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently clarified that when an MSME corporate debtor's account is restructured and subsequently defaults again, the date of default for an insolvency application must refer back to the original NPA date, in accordance with the RBI circular currently in force and not to the date of default following restructuring. A coram comprising Judicial Member Bidisha Banerjee and Technical Member Cmde Siddharth Mishra relying on an RBI Master...

WinZO Faces Fresh Insolvency Plea From Arve Digital Over ₹1.59 Crore Debt

After Paytm, Arve Digital Media, a digital marketing company, has approached the National Company Law Tribunal (NCLT), New Delhi Bench, seeking insolvency proceedings against online gaming platform WinZO over Rs 1.59 crore in unpaid dues for services related to user acquisition, app installations, and digital growth campaigns. A bench comprising Judicial Member Justice Jyotsna Sharma and Technical Member Ravindra Chaturvedi could not hear the plea on Tuesday as the petitioner sought corrections...

Auction Purchaser Cannot Seek Reclassification of NPA In A Manner That Affects Creditor's Rights: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has recently ruled that a successful auction purchaser cannot demand the reclassification of a corporate debtor's loan from Non-Performing Asset (NPA) to “standard” if it impacts a financial creditor's rights against the debtor's personal guarantors. The bench of Justice N Seshasayee and Technical Member Indevar Pandey observed, “.. the Successful Auction Purchaser of the assets of the CD can only concern itself...

NCLAT Stays Insolvency Proceedings Against Aviation Company After It Offers To Deposit Double The Debt

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently stayed the corporate insolvency proceedings against an aviation services company after it's suspended director offered to deposit Rs 1.09 crore, double the claimed dues of Rs. 54.03 lakh (with 15% interest), which had been pending since 2019, to demonstrate its bona fide intentions.The bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, observed, “The Appellant having offered to deposit...

NCLAT Restores Promoters' Right To Bid In JC World Hospitality Resolution Process

The National Company Law Appellate Tribunal has recently overturned a July 2025 order of the National Company Law Tribunal, New Delhi, that had declared the promoters of JC World Hospitality Pvt Ltd ineligible to submit resolution plan under the Insolvency and Bankruptcy Code. The Bench of Chairperson Justice Ashok Bhushan and Member Barun Mitra restored the promoters' resolution plan for consideration and directed the NCLT to decide the pending plan approval application within three months. ...

NCLAT Upholds Gujarat VAT Dept As Secured Creditor In Sterling Lam Insolvency; Says Statutory Charge Under GVAT Act Creates Security Interest

The National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, has upheld the National Company Law Tribunal (NCLT) Ahmedabad's order directing that the Gujarat State Tax Department (Department) be treated as a secured creditor in the insolvency proceedings of Sterling Lam Limited (Sterling Lam), the corporate debtor. The NCLAT affirmed that the statutory charge created by “operation of law” under Section 48 of the Gujarat Value Added Tax Act, 2023 (GVAT Act),...

Debt Arising Out of Optionally Fully Convertible Debentures Needs Case-by-Case Evaluation: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Chennai recently (November 10) held that since Optionally Fully Convertible Debentures (OFCDs) are part debt and part equity instruments, the exact liability arising from them should be determined after evaluating each situation separately.The bench, comprising Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain, was hearing an insolvency appeal filed by four personal guarantors of liquidated realty company JBM Homes...

Bankruptcy Proceedings Can Be Initiated Against Foreign Citizen Acting As Personal Guarantor: NCLT Hyderabad

The National Company Law Tribunal, Hyderabad Bench-II, has admitted the bankruptcy proceedings against Shri Yarlagadda Madhu Mohan, a personal guarantor and a US citizen, under Sections 121 and 123 of the IBC after his failure to submit a repayment plan. “……… Section 3(23) merely defines the term “person” to include “a person resident outside India.” It does not create any exception for foreign citizens, as erroneously inferred by the Respondent,” the bench observed. Further, the...

Cab-EEZ Reaches Settlement With Tata Power EV On Rs 1.9 Crore Debt Over Unmanned EV Charging Services, NCLAT Told

The National Company Law Appellate Tribunal (NCLAT) on Friday was informed that Cab-EEZ Infra Tech Ltd. and Tata Power EV Charging Solutions Ltd. have reached a settlement in the insolvency proceedings pending before the National Company Law Tribunal (NCLT) Mumbai against the electric ride hailing company. Recording the development, a bench of Chairperson Ashok Bhushan and Technical Member Barun Mitra disposed of Cab-EEZ's appeal against the insolvency appeal. Counsel for Cab-EEZ submitted...

Can Telecom Spectrum License Be Subjected To Insolvency Proceedings? Supreme Court Reserves Judgment

The Supreme Court on Friday reserved judgment in a batch of appeals challenging the National Company Law Appellate Tribunal's decision in the insolvency proceedings of Aircel and Reliance Communications holding that spectrum can be subjected to insolvency/liquidation proceedings being an intangible asset of the Corporate Debtor.The NCLAT further held that the right to use the spectrum can only be transferred in the CIRP only after clearing the spectrum-related dues to the Government.A...