NCLT Hyderabad Finds GPT Pharmaceuticals–Punarnava Rasayan CIRP Collusive, Finds No Financial Trail

The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that parties cannot invoke the insolvency framework under the Insolvency and Bankruptcy Code, 2016 (IBC) in a collusive or malicious manner and that such misuse attracts proceedings and penalty under Section 65 of the Code. Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri initiated proceedings under Section 65 of the IBC and imposed a penalty of Rs. 25 lakh each on GPT Pharmaceuticals Private Limited and...

Loan Or Promoter Funding? NCLAT Remands Insolvency Plea Against Jaikrishan Estates

The National Company Law Appellate Tribunal (NCLAT) at Delhi has remanded an insolvency plea filed by a former director of Jaikrishan Estates for fresh consideration, holding that the true nature of the alleged debt required fuller examination rather than summary rejection.“...we find the real nature of the debt to be questionable due to the existence of share purchase agreement, which is not on record and also the so called assignment by unrecoverable and unconditional gift deed dated...

SARFAESI Notice Not Invocation Of Personal Guarantee For Insolvency: NCLT Jaipur

The National Company Law Tribunal (NCLT) at Jaipur has held that a SARFAESI notice cannot, by itself, amount to invocation of a personal guarantee for initiating insolvency proceedings against a personal guarantor. A bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar observed that enforcement of security interest under the SARFAESI Act and invocation of a personal guarantee are “conceptually and legally distinct.” The tribunal observed, “Merely because a SARFAESI notice...

Suspended Directors Can Move Tribunal Over Asset Preservation Failures During CIRP: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently reiterated that members of a suspended board of directors are not completely remediless during the corporate insolvency resolution process. It held that they may approach the adjudicating authority in appropriate cases concerning conduct of the process, preservation of assets, or alleged violation of statutory duties by the resolution professional or committee of creditors. A bench of Judicial Member Bidisha Banerjee and...

NCLAT New Delhi Rejects PPL's Entry Tax Exemption Claim, Finds No "Deemed Consent" Under SICA

On 18 May, the New Delhi National Company Law Appellate Tribunal (NCLAT) held that the State of Orissa was not bound to grant Entry Tax exemptions to Paradeep Phosphates Ltd. (PPL) under a BIFR-sanctioned rehabilitation scheme, since the State had expressly refused consent during the proceedings. Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra dismissed PPL's appeal against the National Company Law Tribunal (NCLT), Cuttack Bench, noting that its express refusal excluded the...

Supreme Court Says Alleged 'Hallucinated' Citations By NCLT-NCLAT In Essel Infraprojects Case Under Examination

The Supreme Court on Tuesday said allegations that the NCLT and NCLAT relied on allegedly fake citations in insolvency proceedings against Essel Infraprojects Ltd were already under administrative examination and had been referred to a committee. The court also reserved judgment in the appeal filed by the company's suspended director. A Bench of Justices P.S. Narasimha and Alok Aradhe made the observation while hearing the appeal filed by suspended director Pooja Ramesh Singh against orders...

NCLT Ahmedabad Remits Button Industries Resolution Plan To CoC Over Demerger Uncertainty, Cost Ambiguity

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 22 April remitted the resolution plan of Button Industries Private Limited to the Committee of Creditors (CoC) for reconsideration, citing concerns over the conditional demerger structure, uncertainty on CIRP costs, and inadequate disclosure regarding the Successful Resolution Applicant's (SRA) financial capacity. Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy heard an application under...

NCLT Ahmedabad Admits Section 95 Petition Against Sonali Exim Guarantor Over Siemens ₹5 Cr Default

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 8 May admitted an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 filed by Siemens Financial Services Pvt. Ltd. against Deepak Agarwal, personal guarantor to Sonali Exim Pvt. Ltd. Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy initiated the personal insolvency resolution process. Siemens Financial Services sanctioned a term loan facility to Sonali Exim Pvt. Ltd. on 31...

NCLT Delhi Admits Cedar Hospitality Into CIRP, Holds Borrower's OTS Extends Limitation

On 11 May, the Delhi Bench of the National Company Law Tribunal (NCLT) admitted a Section 7 petition filed by Bank of India against Cedar Hospitality Pvt. Ltd. and initiated the Corporate Insolvency Resolution Process (CIRP) over a default of Rs. 140.49 crore. Judicial Member Jyotsna Sharma and Technical Member Anu Jag Mohan Singh appointed Shailesh Chandra Ojha as the Interim Resolution Professional (IRP). The Bench observed: “It is settled law that the acknowledgement of debt made by the...

LiveLawBiz IBC Weekly Digest: May 11 - May 16, 2026

SUPREME COURT Supreme Court Says Appeal Without Certified Copy Was "Wholly Incompetent," Sets Aside NCLAT Order Condoning Delay Case Title : Angelwoods Apartment Allottees Association versus M Lalitha and another Case Number : Civil Appeal Nos. 14439-14440 of 2025 CITATION : 2026 LLBiz SC 185The Supreme Court on Tuesday set aside an NCLAT order condoning delays in filing and refiling an insolvency appeal against the approval of a resolution plan for Samson and...

IBC Court Can't Assume Criminal Court Role For Offences Arising Out Of Insolvency: NCLT Guwahati

The National Company Law Tribunal (NCLT) at Guwahati has recently reiterated that insolvency proceedings are not the proper forum to determine criminal liability for alleged fraudulent removal of a corporate debtor's assets, ruling that such allegations must be pursued before the designated special court.A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh was dealing with an application originally filed by the Resolution Professional of Shree Sai Rolling Mills...

NCLT Ahmedabad Admits Astron Paper To Insolvency Over Rs 1.77 Crore Dues

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Astron Paper & Board Mill Limited to insolvency proceedings over a Rs 1.77 crore payment default claimed by an Australian supplier of corrugated waste paper. Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy passed the order on May 11. Empire Sony PTY Limited, the operational creditor, said the default arose from supply of corrugated waste paper consignments under sales orders dated...