IBC
Self-Prepared Interest Calculations Cannot Substitute Contractual Proof In CIRP: NCLT Indore
The National Company Law Tribunal (NCLT) at Indore has held that self-prepared interest calculations, such as Excel sheets, cannot be the basis for admitting interest claims in insolvency proceedings without supporting contractual or statutory records. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta said that interest can form part of financial debt only when it is contractually agreed or clearly reflected in the corporate debtor's records. The...
Personal Guarantor's Failure To Submit Repayment Plan Leads To Bankruptcy: NCLT Hyderabad
The National Company Law Tribunal (NCLT) at Hyderabad has ordered bankruptcy proceedings against P Kameswari, the personal guarantor of Viceroy Hotels Limited. The tribunal said that when a repayment plan is not filed or does not receive creditor approval, the law treats it as a rejection of the repayment plan under the Insolvency and Bankruptcy Code. Viceroy Hotels is a Hyderabad-based company that owns and runs Marriott-branded hotels in the city through licensing arrangements with Marriott...
NCLT Hyderabad Holds Ex-KVK Nilachal Liquidator In Contempt For Not Disclosing Contractor Equipment To Bidders
The National Company Law Tribunal (NCLT) at Hyderabad has recently held Rajendra Prasad Tak, the former liquidator of KVK Nilachal Power, guilty of civil contempt for deliberately ignoring its directions on third party equipment that had been kept outside the liquidation estate. A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, in an order dated December 3, 2025, said the liquidator's failure to facilitate removal of the equipment and his decision to proceed with the...
Directors No Longer Need Annual KYC, MCA Moves Filing To Three-Year Cycle
The Ministry of Corporate Affairs has relaxed compliance requirements for company directors by moving Director Know Your Customer filings from an annual exercise to once every three years. The change was notified on December 31, 2025, through the Companies (Appointment and Qualification of Directors) Amendment Rules, 2025, and will take effect from March 31, 2026. As per the new rules, individual directors who hold a Director Identification Number as on March 31 of a financial year...
LiveLawBiz: Business Law Daily Round-Up: January 04, 2026
TAXExporters Not Using Letters Of Credit Cannot Be Denied Rice Export Duty Exemption: Chhattisgarh High Court Directs ₹2.1 Crore RefundCBIC Extends Anti-Dumping Duty On Flexible Slabstock Polyol Imports From Saudi Arabia And UAEGST Refund Is Vested Right, Cannot Be Limited By Retrospective Application Of 2019 Amendment: J&K&L High CourtIGST | Marketing & Technical Support Services To Foreign Parent Qualify As Export Of Services, Not Intermediary: Karnataka High...
LiveLawBiz: Business Law Daily Round-Up: January 03, 2026
TAX Flavoured Milk Is Not 'Beverage'; Taxable At 5% GST: Karnataka High Court Provides Relief To Dodla DairyNotification Defining Jurisdiction Does Not Automatically Empower All Officers To Invoke S. 122 CGST Act: AP High CourtUnion Govt Notifies Trade Deals With New Zealand, Switzerland, Norway & Iceland; Eliminates Duty On 100% Of Indian ExportsForeign Trade Policy | Natural Honey Exports Capped At USD 1,400 Per Metric Ton Till March 2026, Notifies DGFTCustoms Act | Wrong Classification...
IBC Cannot Waive Statutory Requirements Under Other Laws: NCLT Mumbai
The National Company Law Tribunal at Mumbai has recently held that the Insolvency and Bankruptcy Code does not wipe out the need for statutory approvals or licenses required under other laws, even after a resolution plan is approved or a company is sold as a going concern during liquidation. The tribunal made it clear that the insolvency framework is meant to streamline timelines, not to bypass regulatory compliance. A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, in...
NCLT Chandigarh Approves Merger Of HPCL-Mittal Pipelines With HPCL-Mittal Energy
The National Company Law Tribunal (NCLT) at Chandigarh has approved the merger of HPCL-Mittal Pipelines Limited into HPCL-Mittal Energy Limited, a public–private joint venture between state-owned Hindustan Petroleum Corporation Limited and the Mittal Group. The order allows the pipeline company to be dissolved without winding up.The order was passed by a coram of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal. Allowing the second motion petition, the tribunal said,...
NCLT Chandigarh Clears First Motion For NIIT Merger With Wholly Owned Subsidiaries
The National Company Law Tribunal (NCLT) at Chandigarh has cleared the first step in a merger plan involving NIIT Limited, a listed Gurugram-based company best known for skills training and talent development, and its two wholly owned subsidiaries.A coram of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh allowed the first motion and waived meetings of shareholders and creditors. The tribunal said the scheme does not harm stakeholder interests. It noted that...
NCLT Mumbai Approves ₹16.10 Crore Klassic Wheels' Resolution Plan for Indian Refrigerator Company
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs. 16.10 crore resolution plan submitted by Klassic Wheels Ltd for the revival of debt-laden Indian Refrigerator Company Ltd, bringing the resolution process to an end.A coram of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati, in an order dated December 19, 2025, held that the plan complied with all mandatory requirements under the Insolvency and Bankruptcy Code and therefore deserved approval. ...
LiveLawBiz: Business Law Daily Round-Up: January 02, 2026
TAX New RSP Based Valuation Mechanism, 40% GST Rate On Pan Masala, Cigarettes, Cigars, Tobacco Products From February 01No GST On Liquidated Damages For Breach Of Contract: Karnataka High Court Quashes SCNER-1 Returns Don't Require Detailed CENVAT Disclosure; Extended Limitation Not Invocable: CESTAT DelhiIPRDelhi High Court Upholds Order Rejecting Ericsson's Data Security Invention PatentDelhi High Court Cancels “ACTIVEPUSHPA” Trademark For Similarity With Ayurvedic Brand “HEMPUSHPA”Bombay High...
NCLT Jaipur Imposes Rs 5 Lakh Cost On Jaipur Company for Malicious Voluntary Insolvency Plea
The National Company Law Tribunal (NCLT) at Jaipur has imposed a cost of Rs. 5 lakh on a Jaipur-based company after holding that it had misused the insolvency process to block recovery action by State Bank of India.The tribunal dismissed the insolvency petition filed by M.D. Suitings Pvt. Ltd. for its own insolvency under Section 10 of the Insolvency and Bankruptcy Code, finding it to be fraudulent and malicious. The order was passed by a bench of Judicial Member Reeta Kohli and Technical...