LiveLawBiz IBC Weekly Digest: October 19 - October 24, 2026
Kirit Singhania
26 Oct 2026 7:04 PM IST
NCLAT
NCLAT Delhi Quashes Cancellation Of IP Deepak Goyal's Registration Over Disproportionate Penalty
Case Title : Deepak Kumar Goyal Vs IBBI
Case Number : Company Appeal (AT) (Insolvency) 1736/2026
CITATION : 2026 LLBiz NCLAT 402
The National Company Law Appellate Tribunal (NCLAT), Delhi, on 14 October, set aside the cancellation of insolvency professional Deepak Kumar Goyal's registration and remanded the matter to the Insolvency and Bankruptcy Board of India (IBBI) to reconsider the penalty for two established contraventions.
NCLAT Delhi Refuses Stay On 2-Year Suspension Of Insolvency Professional Over BRG Iron & Steel Sale
Case Title : Kannan Tiruvengadam Insolvency Professional Vs IBBI & Ors
Case Number : Company Appeal (AT) (Insolvency) 1814/2026
CITATION : 2026 LLBiz NCLAT 404
The National Company Law Appellate Tribunal (NCLAT), Delhi, on 14 October refused to stay the two-year suspension of Insolvency Professional Kannan Tiruvengadam for conducting a private sale of BRG Iron & Steel without prior consultation with the Stakeholders' Consultation Committee (SCC).
Bare Claim Of Poverty Not Enough To Defend Contempt For Non-Payment: NCLAT
Case Title : Pradip Kumar Bajaj Vs Vaibhav Khandelwal
Case Number : Company Appeal (AT) (Insolvency) 1600/2026, 1601/2026 & 1609/2026
CITATION : 2026 LLBiz NCLAT 403
The National Company Law Appellate Tribunal (NCLAT) has observed that a bare claim of poverty is not enough to defend contempt proceedings for non-payment of a court-ordered amount. A person claiming inability to pay must fully disclose their assets and income and explain why they cannot comply with the order.
NCLAT Expunges Adverse Remarks Against Advocate Over Email Seeking Upload of NCLT Order
Case Title : Mrinal Harsh Vardhan Vs Hynite Farms Pvt. Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) 1937/2026
CITATION : 2026 LLBiz NCLAT 405
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has expunged adverse remarks made by the National Company Law Tribunal (NCLT) against an advocate.
Accounting Entry Alone Cannot Make Share Purchase Payment A Financial Debt Under IBC: NCLAT
Case Title : Catalyst Refinery Services Private Limited Vs Ganpati Global Private Limited
Case Number : Company Appeal (AT) (Insolvency) 1488/2022
CITATION : 2026 LLBiz NCLAT 406
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently ruled that ₹1.39 crore paid towards a share purchase cannot be treated as a financial debt merely because the company later recorded it as an unsecured loan. It upheld the dismissal of an insolvency plea against the company.
Suspended Director Cannot Cure Incompetent Appeal Through Belated Amendment: NCLAT
Case Title : Anuj Rana Vs Virendra Praksh Gupta & Ashutosh Khemani
Case Number : Company Appeal (AT) (Insolvency) 553/2025
CITATION : 2026 LLBiz NCLAT 407
The National Company Law Appellate Tribunal (NCLAT), Delhi, has held that a suspended director cannot cure an incompetent appeal filed in a company's name after insolvency proceedings begin by subsequently amending it to pursue the appeal in his individual capacity after the limitation period expires.
NCLT
NCLT Chandigarh Defers SEL Textiles Liquidation, Orders Fresh Resolution Process Within 120 Days
Case Title : Rajeev Sharma; Neeraj Saluja Vs Rajeev Sharma
Case Number : IA(IBC)(LIQ.)/3(CH)2026 & IA(IBC)/774(CH)2026 IN CP(IB) No.149/Chd/Pb/2022
CITATION : 2026 LLBiz NCLT (CHA) 1035
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 28 September deferred liquidation of SEL Textiles Ltd., holding that the rejection of earlier resolution plans does not, by itself, establish that the company cannot be revived.
NCLT Chandigarh Directs RP To Reconsider Homebuyers' Claims After Verifying ₹54 Lakh Payments
Case Title : RAJ KUMAR JINDAL & VIVEK AGGARWAL Vs SRS REAL ESTATE LTD
Case Number : IA(I.B.C)/52(CH)2025 IN CP(IB) No.167/Chd/Hry/2020
CITATION : 2026 LLBiz NCLT (CHA) 1036
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 29 September directed the Resolution Professional (RP) of SRS Real Estate Ltd. to verify whether Rs. 54 lakh paid by two homebuyers to group entities was ultimately transferred to or accounted for by the corporate debtor before reconsidering their claims as financial creditors in a class under the Insolvency and Bankruptcy Code, 2016 (IBC).
NCLT Allahabad Admits Redmil Business Mall's Insolvency Plea Over ₹9.41 Crore Default
Case Title : REDMIL BUSINESS MALL PRIVATE LIMITED
Case Number : CP (IB) NO.59/ALD/2026
CITATION : 2026 LLBiz NCLT (ALL) 1039
The National Company Law Tribunal (NCLT), Allahabad Bench, has admitted Redmil Business Mall Pvt Ltd's insolvency application after finding that the company had defaulted on dues of ₹9.41 crore.
NCLT Bengaluru Terminates Alpine Wineries' Liquidation After Settlement Of ₹49 Crore Debt
Case Title : M/s Prithvi Asset Reconstruction & Securitization Company v. M/s Alpine Wineries Pvt Ltd
Case Number : IA No. 553/ 2026 in CP(IB) No. 286/BB/2019
CITATION : 2026 LLBiz NCLT (BEN) 1038
The National Company Law Tribunal (NCLT), Bengaluru, on 12 October permitted termination of the liquidation proceedings against Alpine Wineries Private Limited after its financial creditors' dues were settled under one-time settlement agreements.
NCLT Ahmedabad Orders Dissolution Of Siddhi Vinayak Logistic After Completion Of Liquidation
Case Title : Dushyant C Dave Liquidator of Siddhi Vinayak Logistic Limited
Case Number : IA(Dis.)/29(AHM)2024 in CP(IB) 89 of 2017
CITATION : 2026 LLBiz NCLT (AHM) 1041
The National Company Law Tribunal, Ahmedabad (NCLT) on 7 October, ordered the dissolution of Siddhi Vinayak Logistic Limited after the completion of its liquidation process, holding that pending legal proceedings covered by the amended Insolvency and Bankruptcy Code (IBC) did not bar dissolution.
NCLT Ahmedabad Dissolves Captivate Foods After Finding No Traceable Assets Despite Pending Tax Dues
Case Title : Atul Sheth Liquidator for M/S Captive Foods Private Limited
Case Number : IA(Dis)/8(AHM)2024 in CP(IB) 562 of 2019
CITATION : 2026LLBiz NCLT (AHM) 1042
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 8 October ordered the dissolution of Captivate Foods Private Limited after finding that its assets were untraceable and no assets were available for realization and distribution.
NCLT Ahmedabad Orders Liquidation of Rainbow Papers After Failed Implementation Of Resolution Plan
Case Title : Neeraj Papers Agencies ltd Vs Rainbow Papers Ltd
Case Number : 1A/1472(AHM)2026 in CP(IB) 88 of 2017
CITATION : 2026LLBiz NCLT (AHM) 1043
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 7 October ordered the liquidation of Rainbow Papers Limited after finding that the failure to implement the approved resolution plan had left the company in prolonged uncertainty.
Case Title : Consortium of AKB Ventures LLP & Sustainable Projects Private Limited Vs Narender Kumar Sharma & Ors
Case Number : I.A. 5202 ND 2025 IN C.P. IB 284 (PB) OF 2021
CITATION : 2026LLBiz NCLT (DEL) 1044
The Delhi bench of the National Company Law Tribunal (NCLT) has recently held that an unsuccessful resolution applicant cannot compel the Committee of Creditors (CoC) to reconsider its commercial decision merely because its resolution plan was not approved.
Allegations Of Proxy Claims, Family Ties Not Enough To Exclude Creditors From CoC: NCLT Delhi
Case Title : VIVEK KHANNA & Ors Vs GAURAV KATIYAR
Case Number : I.A. 843 ND 2025 IN C.P. IB 284 (PB) OF 2021
CITATION : 2026LLBiz NCLT (DEL) 1047
The National Company Law Tribunal (NCLT), Delhi, has held that creditors cannot be excluded from the Committee of Creditors (CoC) merely because they are accused of being proxies or benamidars of the suspended management.
Case Title : BEACON TRUSTEESHIP LIMITED Vs VATIKA IT PARKS PRIVATE LIMITED
Case Number : CP IB NO. 203/(ND)/2025
CITATION : 2026LLBiz NCLT (DEL) 1046
The Delhi Bench of the National Company Law Tribunal (NCLT) on 9 October admitted the insolvency petition filed by Beacon Trusteeship Ltd. against Vatika IT Parks Pvt. Ltd., finding that the company had defaulted on debenture redemption obligations of Rs. 233.75 crore.
Highest Bidder Has No Vested Right To Enforce Auction Sale Before Completion: NCLT Kochi
Case Title : Srinivasan PR (Liquidator) in the matter of Asten Realtors Private Limited
Case Number : IA(IBC)/416/KOB/2026 in CP(IBC)/54/KOB/2022
CITATION : 2026 LLBiz NCLT (KOC) 1045
The National Company Law Tribunal (NCLT), Kochi, on 16 October held that a highest bidder does not acquire a vested or enforceable right merely by being declared the highest bidder in an auction.
Homebuyers Can't Demand Other Creditors' Account Statements Over Suspected False Claims: NCLT Delhi
Case Title : VIVEK KHANNA & Ors Vs GAURAV KATIYAR
Case Number : I.A. 844 ND 2025 IN C.P. IB 284 (PB) OF 2021
CITATION : 2026LLBiz NCLT (DEL) 1048
The Delhi bench of the National Company Law Tribunal (NCLT) has recently held that homebuyers, despite being financial creditors, cannot demand individual account statements of other creditors merely on suspicion that their claims may be false or inflated.
Individual Creditor Cannot Reopen CIRP Over Individual Grievances Outside IBC Procedure: NCLT Delhi
Case Title : DR. SUDIP SARAN Vs NARENDRA KUMAR SHARMA & SHAIKH NAFIS ANJUM
Case Number : I.A. 1637 ND 2026 IN C.P. IB 284 (PB) OF 2021
CITATION : 2026LLBiz NCLT (DEL) 1050
The National Company Law Tribunal (NCLT), Delhi, has ruled that an individual homebuyer cannot seek to reopen insolvency proceedings against a company based on personal grievances by bypassing the procedures prescribed under the Insolvency and Bankruptcy Code (IBC).
Homebuyers Cannot Use IBC To Reopen RERA-Adjudicated Disputes: NCLT Delhi
Case Title : VIBHA NARULA GUPTA. & ORS Vs NARENDRA KUMAR SHARMA
Case Number : I.A. 3253 ND 2025 IN C.P. IB 284 (PB) OF 2021
CITATION : 2026LLBiz NCLT (DEL) 1049
The Delhi Bench of the National Company Law Tribunal (NCLT) on 5 October held that homebuyers cannot use insolvency proceedings to reopen contractual disputes already adjudicated by the Haryana Real Estate Regulatory Authority (HRERA). It clarified that Section 60(5) of the Insolvency and Bankruptcy Code (IBC) does not empower the NCLT to re-adjudicate such disputes or sit in appeal over HRERA's findings.
Case Title : MUKESH KAKAR Vs NARENDRA KUMAR SHARMA
Case Number : I.A. 6166 ND 2025 IN C.P. IB 284 (PB) OF 2021
CITATION : 2026LLBiz NCLT (DEL) 1051
The Delhi bench of the National Company Law Tribunal (NCLT) has held that a resolution plan can treat real estate allottees (home buyers) holding Builder-Buyer Agreements (BBAs) differently from those holding Memoranda of Understanding (MoUs), depending on their contractual rights and obligations.