LiveLawBiz IBC Weekly Digest: October 26 - October 31, 2026
Kirit Singhania
2 Nov 2026 1:39 PM IST
SUPREME COURT
Committee Of Creditors Cannot Withdraw Resolution Plan After It Is Placed Before NCLT: Supreme Court
Case Title : Bank of India and Ors v. S.M Kamal Pasha and Ors
Case Number : Civil Appeal No. 12045 of 2026
CITATION : 2026 LLBiz SC 340
The Supreme Court on Monday held that the Committee of Creditors (CoC) cannot withdraw its approval of a resolution plan once it has been placed before the National Company Law Tribunal (NCLT) for approval under the Insolvency and Bankruptcy Code, 2016. The court examined Section 12A of the IBC, which provides for withdrawal of a corporate insolvency resolution process (CIRP) application with the requisite approval of the CoC, alongside Sections 30 and 31, which govern the approval of resolution plans.
Case Title : ECL Finance Ltd. and Anr. Versus Abhinav Mukherjee and Ors.
Case Number : Civil Appeal No.6268 of 2022
CITATION : 2026 LLBiz SC 342
The Supreme Court has held that a financial creditor need not exercise complete control over a corporate debtor to be treated as a related party under the Insolvency and Bankruptcy Code and excluded from its Committee of Creditors.
Supreme Court Seeks Proposals From NCLT, NCLAT Heads To Address Infrastructure Deficiencies
Case Title : IN RE: APPOINTMENT OF JUDICIAL AND TECHNICAL MEMBERS AND INADEQUATE INFRASTRUCTURE IN NATIONAL COMPANY LAW TRIBUNAL (NCLT) AND ANCILLARY ISSUES
Case Number : DIARY NO. - 28603/2026
The Supreme Court on Thursday directed the President of the National Company Law Tribunal (NCLT) and the Chairperson of the National Company Law Appellate Tribunal (NCLAT) to submit a comprehensive proposal outlining measures to address infrastructure deficiencies and improve the functioning of the tribunals.
NCLT, NCLAT Staff Recruitment System 'Completely Hijacked' By MCA: Supreme Court
Case Title : ZIYAUL HAQ VS. UNION OF INDIA
Case Number : W.P.(C) No. 1385/2026
The Supreme Court on Thursday criticised the Ministry of Corporate Affairs' control over the recruitment system of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). Chief Justice of India Surya Kant observed that the system had been “completely hijacked” by the Ministry.
Case Title : RITESH PRAKASH ADATIYA VS. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
Case Number : DIARY NO. - 62845/2026
The Supreme Court on Thursday refused to interfere with the National Company Law Appellate Tribunal's (NCLAT) order denying interim relief to resolution professional Ritesh Prakash Adatiya
HIGH COURT
Kerala High Court Refuses To Stay Byju's Insolvency, Admits Review Plea Seeking CBI, ED Probe
Case Title : Voizzit Technology Pvt Ltd and Anr v. The Director and Ors
Case Number : RP No. 1228 of 2026
The Kerala High Court on Tuesday refused to stay the corporate insolvency resolution process (CIRP) of Think and Learn Private Limited, the parent company of BYJU'S. The Court admitted a review petition alleging that a document relied on by GLAS Trust Company LLC to establish its authority to represent lenders was forged.
Case Title : M/s. EMC Limited v. The State Tax Officer
Case Number : W.P.(MD)No.25527 of 2026
CITATION : 2026 LLBiz HC (MAD) 331
The Madurai Bench of the Madras High Court has held that a company sold as a going concern during liquidation cannot claim that its liabilities are automatically extinguished under the clean-slate principle of insolvency law.
Insolvency Moratorium Does Not Bar Corporate Debtor From Pursuing Counterclaims: Bombay High Court
Case Title : A A Estates Pvt. Ltd. v. Govind Niwas Co-operative Housing Society Ltd.
Case Number : Commercial Arbitration Petition (L) No. 12886 of 2025
CITATION : 2026 LLBiz HC (BOM) 614
The Bombay High Court has held that an insolvency moratorium does not prevent a corporate debtor from pursuing its own claims in arbitration, including a counterclaim against the party that initiated proceedings against it.
NCLAT
Directors Cannot Use Corporate Structure To Evade Liability For Acquired Business Dues: NCLAT Delhi
Case Title : Subbarao Siddabattula & Ors Vs Radhey Shyam Yadav & Ors
Case Number : Company Appeal (AT) (Insolvency) 1549/2025
CITATION : 2026 LLBiz NCLAT 409
On 27 October, the National Company Law Appellate Tribunal (NCLAT), New Delhi, held that individuals who take control of a corporate debtor and benefit from its business operations cannot use the separate legal personality of the acquiring company to evade corresponding liabilities.
CIRP Withdrawal Must Follow Section 12A Of IBC, Creditor Cannot Be Forced To Settle: NCLAT New Delhi
Case Title : Nandkumar Khattumal Harchandani Vs Incorp Restructuring Services LLP & Ors.
Case Number : I.A. No. 6838 of 2026 in Comp. App. (AT) (Ins) No. 1759 of 2026
CITATION : 2026 LLBiz NCLAT 410
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT), on 27 October held that a financial creditor cannot be compelled to accept a settlement against its wishes and that withdrawal of the Corporate Insolvency Resolution Process (CIRP) must follow the procedure prescribed under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC).
Case Title : VASU BUILDCON Vs KASHI VISWANATHAN SIVARAMAN
Case Number : Company Appeal (AT) (Insolvency) 1212/2025 & 1225/2025
CITATION : 2026 LLBiz NCLAT 411
The National Company Law Appellate Tribunal (NCLAT) has recently held that a resolution applicant cannot insist on approval of its plan merely because the Committee of Creditors (CoC) had approved it earlier. This is particularly so when the plan is sent back for reconsideration and the revised proposal fails to secure the required voting majority.
Case Title : Coffee Day Global Limited Vs Rechtsanwalt Dr Christian Bachmann Insolvency Administrator of Coffee Day Gastronomie Und Kaffeehandels Gmbh
Case Number : Comp App (AT) (CH) (Ins) No. 431/2026
The National Company Law Appellate Tribunal (NCLAT) at Chennai has refused to set aside an order allowing an amendment to the date of default in insolvency proceedings against Cafe Coffee Day parent Coffee Day Global Ltd.
NCLAT Sets Aside Insolvency Proceedings Against Polycab India
Case Title : Bharat Ajay Jaisinghani Vs Asier Metals Pvt. Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1940/ 2026
CITATION : 2026 LLBiz NCLAT 413
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday set aside the insolvency proceedings initiated against Polycab India Limited on a plea filed by operational creditor Asier Metals Pvt. Ltd on finding pre existing disputes between the parties.
NCLT
NCLT Kolkata Admits Samsara Energy Into Insolvency Over Unpaid Interest On ₹39 Crore Loan-
Case Title : SREI Equipment Finance Limited v. Samsara Energy Limited
Case Number : C.P. (IB) No. 10/KB/2025
CITATION : 2026LLBiz NCLT (KOL) 1061
The National Company Law Tribunal (NCLT), Kolkata Bench, has recently admitted Samsara Energy Limited into insolvency after finding that its failure to pay interest constituted a default under the terms of a loan agreement, despite a nine-year moratorium on repayment of the principal.
Promoter Asset Transfers Can Constitute Preferential Transactions Under IBC: NCLT Mumbai
Case Title : Harish Kant Kaushik, Resolution Professional of Nirmangold Alloys Pvt. Ltd. v. Bhushan Pundlikrao Patil & Ors.
Case Number : IA (IBC) No. 2595 of 2022 in CP (IB) No. 4309 (MB) of 2018
CITATION : 2026LLBiz NCLT (MUM) 1063
The National Company Law Tribunal (NCLT), Mumbai, on 16 October held that transferring company assets to a promoter and adjusting their value against the promoter's loan liability can constitute a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code (IBC), 2016, unless the transaction satisfies the statutory exceptions.
NCLT Chennai Rejects Carlsberg's Insolvency Plea Against Accord Over ₹3.06 Crore Bottle Charges
Case Title : Carlsberg India Private Limited v. Accord Distillers and Brewers Private Limited
Case Number : CP(IBC)/170(CHE)/2024
CITATION : 2026 LLBiz NCLT (CHE) 1064
The National Company Law Tribunal (NCLT), Chennai, on 16 October dismissed an insolvency petition filed by Carlsberg India Private Limited against Accord Distillers and Brewers Private Limited over an alleged operational debt of Rs. 11.27 crore.
Bank's Fraud Classification Is Beyond Summary Jurisdiction In Bankruptcy Proceedings: NCLT Chennai
Case Title : Indian Bank v. Mrs. Kamalaben D Patel
Case Number : CP(IB)/5(CHE)/2026
CITATION : 2026 LLBiz NCLT (CHE) 1065
The Chennai Bench of the National Company Law Tribunal (NCLT) on 16 October held that a bank's decision to reject a restructuring proposal or classify a loan account as fraudulent cannot be examined in bankruptcy proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), as these issues fall outside the Tribunal's summary jurisdiction.
Tax Assessment Can Continue During Liquidation, Penalty Proceedings Cannot: NCLT Kolkata
Case Title : Sumit Binani, Liquidator of Gujarat NRE Coke Limited v. Assessment Unit, Income Tax Department, Ministry of Finance, Government of India
Case Number : I.A. (IB) No. 490/KB/2025 in C.P. (IB) No. 182/KB/2017
CITATION : 2026 LLBiz NCLT (KOL) 1066
The National Company Law Tribunal (NCLT), Kolkata, on 16 October held that tax authorities can continue assessment proceedings to determine a company's tax liability during liquidation but cannot initiate penalty proceedings against the corporate debtor through show-cause notices under Section 33(6) of the Insolvency and Bankruptcy Code, 2016 (IBC).
Case Title : Voyager Trading Partners LLC v. Nadella Agrotech Private Limited
Case Number : CP (IB) No. 72/BB/2026
CITATION : 2026 LLBiz NCLT (BEN) 1067
The National Company Law Tribunal (NCLT), Bengaluru, on 26 October admitted Nadella Agrotech Private Limited into the Corporate Insolvency Resolution Process (CIRP) over unpaid dues for palm olein supplied by US-based Voyager Trading Partners LLC.
NCLT Bengaluru Refers Stellence Pharmascience Resolution Plan Back To CoC Over Nil Creditor Payouts
Case Title : Religare Finvest Ltd. v. Stellence Pharmscience Pvt. Ltd.
Case Number : IA (IBC) (Plan) No. 3/2025 in CP (IB) No. 32/BB/2023
CITATION : 2026 LLBiz NCLT (BEN) 1068
The National Company Law Tribunal (NCLT), Bengaluru, on 27 October, referred the resolution plan of Stellence Pharmascience Private Limited back to its Committee of Creditors (CoC) for reconsideration, observing that the plan appeared to assume nil liquidation value for operational creditors, employees and government authorities without adequate deliberation by the CoC.
Liquidator Cannot Forfeit Auction EMD To Recover Unquantified Rent Dues: NCLT Mumbai
Case Title : Mamta Ravi Doshi & Ors. v. Avil Menezes, Liquidator of Auro Gold Private Limited
Case Number : IA (I.B.C)/3582(MB)2026 in CP (IB) No. 1802 of 2019
CITATION : 2026 LLBiz NCLT (MUM) 1069
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 28 October, held that a liquidator cannot forfeit the earnest money deposit (EMD) of unsuccessful auction bidders to recover alleged rent dues that remain unquantified and unestablished.
Case Title : Sukhkarta Medicose Vs Anil Bandi
Case Number : CP(IB)/7(MP)2025
CITATION : 2026 LLBiz NCLT(IND) 1071
The Indore Bench of the National Company Law Tribunal (NCLT) has held that the related-party nature of an underlying transaction does not affect the validity of an independently executed personal guarantee.
Case Title : Rajendra Sanghi Vs Rakshit Dhirajlal Doshi & Ors
Case Number : IA/1068(AHM)2022 in CP(IB) 5 of 2018
CITATION : 2026LLBiz NCLT (AHM) 1072
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has held that an unauthorised change of a corporate debtor's registered office during insolvency proceedings does not, by itself, attract penal action.
Disagreement With Its Assessment Of CIRP Developments Not Ground For Recall: NCLT Mumbai
Case Title : Markolines Infra Private Limited Vs Sion Panvel Tollways Private Limited
Case Number : IA/4528/2026 C.P. (IB)/4776(MB)2018
CITATION : 2026 LLBiz NCLT (MUM) 1075
The National Company Law Tribunal's Mumbai Bench has held that a disagreement with the Tribunal's assessment of developments during the Corporate Insolvency Resolution Process (CIRP) cannot, by itself, constitute a mistake warranting recall of an order
IBBI
IBBI Amends CIRP Regulations To Provide For Project-Wise Resolution Of Real Estate Companies
The Insolvency and Bankruptcy Board of India has amended the Insolvency Resolution Process for Corporate Persons Regulations, 2016, introducing project-specific measures for corporate debtors undergoing insolvency proceedings and having real estate projects.