IBC
NCLT Delhi Clears Merger Of Fortis Subsidiaries Into Fortis Hospitals Despite SFIO Probe Concerns
The National Company Law Tribunal (NCLT) at New Delhi has approved the merger of four Fortis group subsidiaries into Fortis Hospitals Limited, overruling objections linked to an ongoing investigation into the group's former promoters. The approval was granted on January 5, 2026, nearly two years after the tribunal passed its first order in the matter. The merger will take effect from April 1, 2022. A coram of Judicial Member Ashok Kumar Bhardwaj and Technical Member Ravindra...
Settlement Between Operational Creditor and Suspended Director Can't Override Lenders' Claims: NCLT Ahmedabad
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that a settlement between an operational creditor and a suspended director cannot be used to withdraw a company from insolvency once the Committee of Creditors is in place.Dismissing a withdrawal plea in the insolvency of Vimla Fuels & Metals Limited, the tribunal said such a private arrangement cannot override the claims of financial creditors exceeding Rs 61 crore. A bench of Judicial Member Shammi Khan and Technical...
LiveLawBiz: Business Law Daily Round-Up: January 06, 2026
TAX HSNS Cess Rules Notified: Pan Masala Makers to Pay Levy Based on Installed Machines From Feb 1ITAT Mumbai Sets Aside ₹2.28-Crore Capital Gains Tax on Housing Society For Developer Payments To MembersAmendments To Income Tax Appellate Tribunal Rules Mandate Digital Signatures For Filing AppealsBihar Excise Act | Patna High Court Reduces Penalty From 50% To 30% For Release Of Rental Car Seized With LiquorReassessment Notice To Non-Existent Firm Invalid: Bombay High Court ReiteratesIncome...
Insolvency Proceedings Cannot Be Reopened After Settlement Without Proof Of Fresh Default: NCLT Ahmedabad
The National Company Law Tribunal (NCLT) at Ahmedabad has dismissed an insolvency plea against Shukla Dairy Private Limited, holding that once parties settle and the case is closed, an operational creditor cannot reopen insolvency proceedings without clear bank records showing a fresh default. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said bare allegations of non-payment are not enough, especially when the corporate debtor places specific proof of payment on...
Fraud Has No Look-Back Period, Directors Cannot Use Lapse Of Time As Shield : NCLT Kochi
The National Company Law Tribunal (NCLT) at Kochi has held that allegations of fraudulent and wrongful trading are not restricted by any fixed look-back period, and directors cannot avoid personal liability merely by arguing that the conduct took place long ago. It therefore directed the suspended directors of a Kochi-based insolvent company to jointly contribute Rs 11.95 crore to the company's assets.The tribunal said delay by itself cannot be used as a shield where the conduct complained...
NCLT Ahmedabad Orders Recovery of ₹2 Lakh Costs From Personal Guarantor As Arrears of Land Revenue
The National Company Law Tribunal (NCLT) at Ahmedabad has directed that costs of Rs 2 lakh imposed earlier on a personal guarantor be recovered as arrears of land revenue, after finding that he had repeatedly ignored its order and failed to pay the amount. A coram of Judicial Member Justice Shammi Khan and Technical Member Sanjeev Sharma noted that the personal guarantor had shown continued and wilful non-compliance. It observed, “In view of the continued and wilful non-compliance by the...
LiveLawBiz: Business Law Daily Round-Up: January 05, 2026
TAX Mandatory Pre-Deposit For Customs Appeal Cannot Be Waived For Financially Sound Appellant: Karnataka High CourtMere Apprehension of Business Loss In State Does Not Confer Writ Court Territorial Jurisdiction: Calcutta High CourtCustoms Cannot Withhold Part Of Consignment After Accepting Full Bond, Guarantee : CESTAT KolkataHotels Can Now File Specified Premises Opt-In Online On GST Portal: GSTNMadras High Court Sets Aside GST Demand For Not Considering CBIC Circulars Cited By TaxpayerIBCNCLT...
IBBI Simplifies Liquidation Reporting With Four New Online Forms
The Insolvency and Bankruptcy Board of India (IBBI) has introduced a simplified framework for reporting liquidation updates to the board. To facilitate the same, the Board has introduced four new online forms that track a company's liquidation from start to finish. In a circular issued on Monday (Januray 5) , the Board said the revised system applies from January 1, 2026, and replaces the existing liquidation reporting framework. All liquidation-related filings must now be made only on the...
NCLT Mumbai Approves Merger Of THPL Warehousing Services Into Booker India
The National Company Law Tribunal at Mumbai has approved the merger of THPL Support Services Ltd into Booker India Ltd, allowing the subsidiary company to be dissolved without winding up as part of a group level corporate restructuring exercise. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar in an order dated January 5 observed, “From the material on record, the Scheme appears to be fair and reasonable and is not in violation of any provisions of...
NCLAT Sets Aside NCLT Modification Reserving 5% Equity For Public Shareholders In MSME Resolution Plan
The National Company Law Appellate Tribunal (NCLAT) at Delhi has reiterated an insolvency court cannot add new conditions to a resolution plan approved by lenders, and set aside a direction that required 5 percent equity of the corporate debtor to be reserved for public shareholders. A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka said the clause had found its way into the order without any basis in the approved resolution plan. The tribunal held that such an...
Foreign Citizenship, No Assets In India No Bar To IBC Proceedings Against Personal Guarantor: NCLT Chennai
The National Company Law Tribunal (NCLT) at Chennai recently held that insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, can be initiated against a personal guarantor even if he is a foreign citizen and does not own any assets in India. The tribunal said nationality and absence of property in India do not prevent the Code from applying. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam rejected the objection to the maintainability of...
NCLT Admits Gensol EV's Insolvency Plea Against Mindra EV Over ₹1.61 Crore Default
The National Company Law Tribunal (NCLT) at Ahmedabad has recently admitted an insolvency petition filed by Gensol EV Lease Limited, a debt ridden company that was itself admitted to insolvency in June 2025, against Mindra EV Private Limited. The plea was admitted over a default of Rs 1.61 crore after the corporate debtor failed to appear or contest the case despite being served with notice. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held that a corporate debtor...