LiveLawBiz IBC Weekly Digest: June 29 - July 5, 2026
Kirit Singhania
6 July 2026 3:45 PM IST
SUPREME COURT
Case Title : POOJA RAMESH SINGH Versus JAMMU AND KASHMIR BANK LTD AND ANR.
Case Number : C.A. No. 11950/2025
Comparing fake AI-generated legal material to the release of methyl isocyanate (the gas behind the Bhopal gas tragedy), the Supreme Court on Thursday warned that artificial intelligence could become "invisible, insidious, catastrophic" if used without safeguards.
The court set aside insolvency orders against Essel Infraprojects Ltd after finding that the National Company Law Tribunal and the National Company Law Appellate Tribunal had relied on non-existent, hallucinated case law.
HIGH COURT
Case Title : Uttamchand Devichand Shah AND The official assignee, High Court, Bombay.
Case Number : OFFICIAL ASSIGNEE REPORT NO. 46 OF 2025 IN INSOLVENCY PETITION NO. 28 OF 2001
CITATION : 2026 LLBiz HC (BOM) 369
The Bombay High Court on Thursday held that a creditor does not need to obtain a decree before lodging a claim with the Official Assignee after a debtor is declared insolvent under the Presidency Towns Insolvency Act, 1909.
Case Title : Sri Vineet Mohan Gupta & Anr. Vs. Canara Bank & Ors.
Case Number : AD-COM 2 OF 2026 With IA No.: CAN 1 of 2026
CITATION : 2026 LLBiz HC (CAL) 166
The Calcutta High Court has recently held that a civil suit filed before insolvency proceedings are initiated cannot be dismissed merely because proceedings under the Insolvency and Bankruptcy Code (IBC) begin later.
NCLAT
Jet Airways Workmen's PF, Gratuity Dues Must Be Paid, Fall Outside Liquidation Estate: NCLAT
Case Title : State Bank of India and Ors Vs Manoj Kumar Das & Ors
Case Number : Company Appeal (AT) (Insolvency) 419/2026 & 420/2026, 551/2026, 440/2026
CITATION : 2026 LLBiz NCLAT 260
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that provident fund, gratuity and pension dues owed to Jet Airways workmen must be paid as they fall outside the liquidation estate, even if no segregated funds existed on the liquidation commencement date.
IBC Not 'Holy Ganges' To Wash Corporate Debtor's Criminality Under PMLA: NCLAT
Case Title : Value Wise Consultancy Private Limited Vs The Deputy Director ED & Ors
Case Number : Company Appeal (AT) (Insolvency) 1226/2022 & 1227/2022
CITATION : 2026 LLBiz NCLAT 261
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday held that the moratorium under the Insolvency and Bankruptcy Code (IBC) does not prevent the Enforcement Directorate (ED) from attaching assets alleged to be proceeds of crime under the Prevention of Money Laundering Act (PMLA).
Case Title : Assets Care & Reconstruction Enterprise Limited Vs Viswanadha Sarma & Ors
Case Number : Company Appeal (AT) (Insolvency) 949/2023, 1117/2023 & 1231/2023
CITATION : 2026 LLBiz NCLAT 262
Case Title : VINOD ANAND Vs GOLDEN ROLLS PRIVATE LIMITED
Case Number : Company Appeal (AT) (Insolvency) 1048/2026
CITATION : 2026 LLBiz NCLAT 264
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a party cannot be prevented from filing an additional affidavit in proceedings that are yet to be decided on merits. It observed that such a restriction would create an "artificial procedural obstacle" and handicap a litigant in presenting its case.
NCLAT Upholds Insolvency Against Butter, Ghee Maker Jhandewalas Foods
Case Title : MR. RAAKESH B KULWAL, Vs PARAM DAIRY LIMITED
Case Number : Company Appeal (AT) (Insolvency) 1013/2025
CITATION : 2026 LLBiz NCLAT 265
The National Company Law Appellate Tribunal (NCLAT) has recently upheld the initiation of corporate insolvency proceedings against butter and ghee manufacturer and trader Jhandewalas Foods Limited. It held that the company's defence of a pre-existing dispute over unpaid dues was not supported by credible evidence and could not prevent the insolvency process. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “In our considered view, we have no good grounds to disagree with the Adjudicating Authority that the alleged disputes claimed by the Corporate Debtor are feeble disputes not supported by credible evidence. In sum, no real pre-existing dispute is discernible.”
NCLAT Quashes Insolvency Admission Against Vikram Solar As Debt Falls Below ₹1 Crore
Case Title : Sameer Nagpal Suspended Director of Vikram Solar Ltd. Vs ISITVA Steel Pvt. Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1087/2026
CITATION : 2026 LLBiz NCLAT 266
On Monday, the National Company Law Appellate Tribunal (NCLAT) set aside the admission of a Section 9 insolvency petition against Vikram Solar after both sides admitted that the debt was below the ₹1 crore threshold prescribed under the Insolvency and Bankruptcy Code (IBC).
Foreign Companies Need RBI Approval To Acquire Security Interest In Indian Immovable Property: NCLAT
Case Title : Tropical Ventures Company Ltd. Vs INCAB Industries Ltd
Case Number : Company Appeal (AT) (Insolvency) 662/2025, 16/2026 & 192/2026
CITATION : 2026 LLBiz NCLAT 268
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a foreign company cannot acquire or be assigned a security interest over immovable property in India without the Reserve Bank of India's permission.
NCLT Cannot Sit In Appeal Over Civil Court Consent Decree In Insolvency Proceedings: NCLAT
Case Title : AKJ METALS PRIVATE LIMITED Vs BRIJESH SINGH BHADAURIYA & Ors
Case Number : Company Appeal (AT) (Insolvency) 1606/2025 & 1607/2025
CITATION : 2026 LLBiz NCLAT 269
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that the National Company Law Tribunal (NCLT) cannot disregard or invalidate a consent decree passed by a competent civil court during insolvency proceedings.
Resolution Professional's Report Is Recommendatory In Personal Guarantor Insolvency Cases: NCLAT
Case Title : DR. BADRI PRASAD Vs TATA CAPITAL FINANCIAL SERVICES LIMITED & RAJESH RAMANI "
Case Number : Company Appeal (AT) (Insolvency) 401/2024
CITATION : 2026 LLBiz NCLAT 270
The National Company Law Appellate Tribunal (NCLAT) in Chennai has held that a Resolution Professional's report in personal insolvency cases is only recommendatory and does not bind the adjudicating authority. It ruled that where debt, default, and the status of the personal guarantor are already established, the absence of such a report does not invalidate the proceedings.
Case Title : PROGFIN PRIVATE LIMITED Vs GANESH BENZOPLAST LIMITED
Case Number : Company Appeal (AT) (Insolvency) 1565/2025
CITATION : 2026 LLBiz NCLAT 271
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 30 June held that the mere disbursal of loan funds into a fraudulent bank account does not, by itself, create a binding financial debt under the Insolvency and Bankruptcy Code, 2016.
Interim Stay Of CIRP Admission Does Not Extinguish Moratorium Unless Specifically Vacated: NCLAT
Case Title : ABHISHEK SINGH Vs RAJARAM FOODS PRODUCTS INDIA LTD & MANPASAND BEVERAGES LTD
Case Number : Company Appeal (AT) (Insolvency) 1883/2025 & 105/2026
CITATION : 2026 LLBiz NCLAT 273
The National Company Law Appellate Tribunal (NCLAT) in Delhi has recently held that an interim stay of an order admitting a company into the Corporate Insolvency Resolution Process (CIRP) does not extinguish the accompanying moratorium.
Property Over Which Corporate Debtor Has No Subsisting Right Cannot Form Part Of Its CIRP: NCLAT
Case Title : Calcutta Pinjrapole Society Vs Pratap Mukherjee & Ors
Case Number : Company Appeal (AT) (Insolvency) 474/2026
CITATION : 2026 LLBiz NCLAT 272
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a corporate debtor cannot include in its Corporate Insolvency Resolution Process (CIRP) an immovable property over which it has no subsisting legal right
Case Title : GAURAV BHALLA Vs BEACON TRUSTEESHIP LIMITED
Case Number : Company Appeal (AT) (Insolvency) 694/2026
CITATION : 2026 LLBiz NCLAT 274
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 30 June held that a debenture trustee, acting under a debenture trust deed and personal guarantee, can initiate insolvency proceedings against a personal guarantor under Section 95 of the Insolvency and Bankruptcy Code, 2016, and that clerical defects in guarantee documents do not defeat such proceedings where liability is otherwise established.
NCLT
Case Title : AXIS TRUSTEE SERVICES LIMITED Vs TALENT UNLIMITED ONLINE SERVICES PRIVATE LIMITED
Case Number : C.P.(IB)–169(ND)/2026
CITATION : 2026 LLBiz NCLT(DEL) 657
The National Company Law Tribunal (NCLT) at New Delhi has admitted an insolvency plea over a default of about Rs 5.77 crore against Talent Unlimited Online Services Private Limited, known as the parent company of Bobble AI, on secured non-convertible debentures.Business & Corporate Law
Case Title : St John Lines PTE Limited v. R Venkatakrishnan
Case Number : IA/13/IBC/2025 in CP(IB)/759/CHE/2018
CITATION : 2026 LLBiz NCLT(CHE) 658
A step-down subsidiary cannot use indirect or colourable means to extract assets or establish parallel claims against its holding company undergoing liquidation, the National Company Law Tribunal, Chennai, held.
NCLT Allahabad Says It Cannot Determine Unadjudicated MSMED Interest Claims During CIRP
Case Title : MODERN OVERSEAS PRIVATE LIMITED Vs PARAMJEET SINGH BHATIA & Ors
Case Number : IA No.722/2025 IN CP (IB) No.04/ALD/2019
CITATION : 2026 LLBiz NCLT (ALL) 660
The Allahabad Bench of the National Company Law Tribunal (NCLT) has recently held that it cannot determine an unadjudicated claim for interest under the Micro, Small, and Medium Enterprises Development (MSMED) Act during the corporate insolvency resolution process if the interest liability had not been adjudicated by a competent forum before the insolvency proceedings commenced.
NCLT Chandigarh Holds Marketing MoU Cannot Confer Homebuyer Status, Rejects ₹11 Crore Claim
Case Title : RealPro Assets Ltd Vs Rahul Jindal
Case Number : I.A.(I.B.C) No.891 of 2025 in CP (IB) No. 98/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 659
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 11 June held that a marketing and sales facilitation agreement does not confer the status of a homebuyer or financial creditor in the absence of documents evidencing allotment of flats.
Case Title : Keshab Chand Gupta & Ors Vs Rahul Jindal & Ors
Case Number : I.A.(I.B.C)/585(CH)/2025 in CP (IB) No. 98/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 661
The Chandigarh Bench of the National Company Law Tribunal (NCLT) has dismissed an application filed by three homebuyers seeking recognition as financial creditors of Samar Estates Pvt. Ltd. The tribunal held that the applicants failed to establish that the disputed Rs 60 lakh had been disbursed to the corporate debtor. It noted that the applicants themselves admitted the money had been paid into the personal accounts of the company's directors.
Case Title : Punjab National Bank vs. Goyal Energy and Steel Limited
Case Number : IA (IB) (Plan) No. l/CB/2026 in CP (IB) No. 41/CB/2o23
CITATION : 2026 LLBiz NCLT (CUT) 663
The National Company Law Tribunal (NCLT) at Cuttack has recently approved a resolution plan worth ₹79 crore for Goyal Energy and Steel Limited, submitted by Mumbai-based Nakshatra Asset Ventures Ltd.
Case Title : Green Consultancy Vs Jhaveri Spices Private Limited
Case Number : C.P.(IB)/122(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 664
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 23 June 2026 dismissed an insolvency petition filed by Green Consultancy against Jhaveri Spices Pvt. Ltd., holding that a claim arising from a sales incentive scheme promising transfer of immovable property does not qualify as “operational debt” under the Insolvency and Bankruptcy Code, 2016 (IBC), and therefore cannot sustain proceedings under Section 9.
Mere Allegations Of Fraud Cannot Become A Vehicle To Reopen Every Concluded CIRP: NCLT Bengaluru
Case Title : Smt. Yogitha Vijayakumar v. Mrs Shirley Mathew
Case Number : IA No. 857 of 2025 in CP(IB) No. 02/BB/2020
CITATION : 2026 LLBiz NCLT(BEN) 665
The National Company Law Tribunal at Bengaluru has reiterated that mere allegations of fraud cannot be permitted to become a vehicle for reopening every concluded Corporate Insolvency Resolution Process, especially when such allegations are founded on materials that were already available during the insolvency proceedings.
Case Title : M.P Krishnan v. M/s Frontier Shelters Pvt Ltd
Case Number : IA(IBC) 159/2026 in CP(IB) No. 170/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 666
The National Company Law Tribunal (NCLT) at Bengaluru has recently held that allowing a group of homebuyers to intervene in a developer's insolvency petition at the pre-admission stage would "amount to opening the floodgates" for objections on extraneous considerations
NCLT Chandigarh Rejects Recasting Of Claims Based On Pre-CIRP Refunds, Upholds RP Methodology
Case Title : Ashok Gupta & Ors. v. Rahul Jindal, Resolution Professional, Samar Estate Pvt. Ltd.
Case Number : I.A. (I.B.C.) No. 2596 of 2024 in CP (IB) No. 98/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 668
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 5 June 2026 held that homebuyers cannot reappropriate amounts refunded before commencement of the Corporate Insolvency Resolution Process (CIRP) towards interest to enhance their admitted claims.
Case Title : Tollman International Private Limited v. Capstech Network Private Limited
Case Number : I.A. No. 206/ND/2025 in C.P. (IB) No. 2/ND/2024
CITATION : 2026 LLBiz NCLT(DEL) 667
The National Company Law Tribunal (NCLT) in New Delhi has held that perjury jurisdiction cannot be invoked to penalise every pleading defect or omission.
Settlement Restructuring Payment Timelines Does Not Change Nature Of Operational Debt: NCLT Chennai
Case Title : Om Tranns Infra Corporation Private Limited v. Everrenew Energy Private Limited
Case Number : CP(IB)/140(CHE)/2025
CITATION : 2026 LLBiz NCLT(CHE) 673
The National Company Law Tribunal (NCLT) at Chennai has held that a settlement agreement that merely restructures repayment or acknowledges an existing liability does not extinguish or alter the original character of the debt.
Monitoring Committee Cannot Override Fee Caps In Approved Resolution Plan: NCLT Bengaluru
Case Title : Mr. Padmanabhan Nair v. Mr. Pulkit Agarwal
Case Number : IA No. 304 of 2026 in CP(IB) No. 87/BB/2023
CITATION : 2026 LLBiz NCLT(BEN) 674
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 22 June held that a Monitoring Committee cannot override or modify fee caps prescribed under an approved resolution plan through internal arrangements or mutual consent.
Patient Privacy Can't Bar RP's Access To Hospital Management System: NCLT Indore
Case Title : Chaya Gupta, Resolution Professional of Greater Kailash Hospitals Private Limited v. Anil Bandi & Anr.
Case Number : I.A. (I.B.C.) No. 347(MP)2025 in C.P. (IB) No. 3(MP)2024
CITATION : 2026 LLBiz NCLT(IND) 672
The National Company Law Tribunal (NCLT) in Indore has ruled that suspended directors of a hospital undergoing insolvency proceedings cannot deny a resolution professional access to its Hospital Management System by citing patient-data privacy.
Case Title : M/s. Silver Collections Private Limited v. M/s. Paragon Knits Limited
Case Number : CP (IB) No. 763/(ND)/2024
CITATION : 2026 LLBiz NCLT(DEL) 675
The New Delhi National Company Law Tribunal (NCLT) has held that once parties enter into a settlement agreement before admission of a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, any subsequent default arising from such settlement does not give rise to an “operational debt” and cannot sustain insolvency proceedings