Default Is A Singular Event, Not Continuing: NCLAT Sets Aside Insolvency Admission Against Deccan Chronicle Guarantor

The National Company Law Appellate Tribunal (NCLAT) at Chennai recently rejected a creditor's attempt to treat a loan default as a “continuing guarantee” to overcome limitation, holding that default under the Insolvency and Bankruptcy Code is a singular event that cannot be stretched to revive time-barred proceedings, especially where the demand notice itself records a specific date of default A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain...

NCLAT Rejects Successful Bidder's Plea For Post-Sale Reliefs In Veda Biofuel Liquidation

The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently upheld the rejection of post-sale reliefs sought by MS Biotech Pvt. Ltd., finding that a bidder who enters an auction on an “as is where is” basis cannot later turn around and ask for concessions beyond what was agreed. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the company's appeal against the NCLT, Amravati Bench order dated July 3, 2025. MS Biotech had...

Judicial Custody Of Appellant No Ground To Extend IBC Limitation: NCLAT In Alps Leisure Liquidation

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently dismissed two applications as time-barred, holding that judicial custody cannot be used to bypass the statutory limitation period under the Insolvency and Bankruptcy Code. The appellate tribunal clarified that Section 61 of the IBC permits condonation only up to 15 days beyond the initial 30-day limitation period and does not allow any extension beyond this outer limit, even if the appellant was in judicial custody. ...

NCLAT Dismisses SGN Appeal On Its Claims Over Tower 5 Of Morpheus Bluebell In CIRP Against Its Developer

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal by SGN Universal Construction Company Pvt. Ltd. challenging observations made by the NCLT on its claimed rights over Tower 5 of the “Morpheus Bluebell” project in Greater Noida (West), developed by M/s Morpheus Prodevelopers Pvt. Ltd. The appellate tribunal said the Adjudicating Authority had not returned any finding on those claims and that such issues fall for consideration within the insolvency process. A...

NCLAT Upholds NCLT Mumbai Order Directing Eviction Of Unauthorised Occupant In Infra Company CIRP

The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld an order directing eviction of an unauthorised occupant from a corporate debtor's property during insolvency proceedings. The court upheld the NCLT Mumbai's view that a Resolution Professional can approach the NCLT to secure possession of assets and that requiring separate civil proceedings would “unduly prolong the insolvency process which is a time bound process.” A bench of Judicial Member Justice Ashok Bhushan and...

NCLAT New Delhi Modifies NCLT Order In Vatika Ltd. Insolvency, Restricts CIRP To 'Aspirations' Project

The New Delhi National Company Law Appellate Tribunal (NCLAT) on 27 March, held that insolvency proceedings in real estate cases must be confined to the specific project for which financing was raised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra heard an appeal by Surender Singh, the suspended director of Vatika Limited in relation to the “Aspirations” project in Sector 88B, Gurgaon. The Tribunal held: “In the facts of the present case, CIRP against...

NCLAT Sets Aside Resolution Plan For Manjeera Constructions Over Three-Day Delay In Crediting Earnest Money

The National Company Law Appellate Tribunal (NCLAT) at Delhi recently set aside the approval of a resolution plan for Manjeera Constructions Limited after finding that the successful resolution applicant's earnest money deposit was credited three days after the stipulated deadline, rendering the bid non-responsive A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain rejected the contention that the requirement stood satisfied since the amount had been...

Non‑Issuance Of NOCs By Financial Creditor Not Fraud In Insolvency Proceedings: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 March, held that the non-issuance of No Objection Certificates (NOCs) by a financial creditor cannot be treated as fraudulent or malicious in the initiation of insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). A Section 7 petition remains valid where a corporate debtor defaults on its debt obligations, irrespective of later contractual disputes with homebuyers. The Bench, comprising Chairperson Justice...

DMRC Cannot Be Forced To Revive Concession Agreement Granted To Prime Infrapark, Terminated Before CIRP: NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Friday held that the Delhi Metro Rail Corporation (DMRC) cannot be directed to revive a concession agreement for the development of a multi-level parking and commercial project at the New Delhi Railway Station under the Airport Express Line. The tribunal noted that the agreement had been terminated in 2017, well before the initiation of the Corporate Insolvency Resolution Process (CIRP) of Prime Infrapark Pvt Ltd, the special purpose...

Insolvency Plea Against Personal Guarantor Filed During Interim Moratorium Is Void Even if Earlier Case Is Withdrawn: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday held that a fresh insolvency application against a personal guarantor filed during the subsistence of an interim moratorium triggered by an earlier application under the Insolvency and Bankruptcy Code is void from the outset and cannot be validated even if the earlier proceedings are later withdrawn. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said, “The interim moratorium in Section 96 has...

CIRP Cannot Be Revived After Resolution Plan Approval And Liquidation: NCLAT Chennai

On 18 March 2026, the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) held that a Corporate Insolvency Resolution Process (CIRP) cannot be revived after approval of the resolution plan and initiation of liquidation. A Bench comprising Judicial Member Sharad Kumar Sharma and Technical Member Indevar Pandey, dismissed the appeal filed by Mr. G. Madhusudhan Rao, Ex-Resolution Professional and Chairman of the Monitoring Committee of Bheema Cements Limited. The Bench observed:...

Acknowledgment Of Debt By Corporate Debtor Is Acknowledgment By Guarantor, Extends Limitation: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has recently held that acknowledgment of debt in a corporate debtor's financial statements extends the limitation period against personal guarantors, setting aside an order of the National Company Law Tribunal (NCLT) which had dismissed insolvency proceedings as time-barred. “We note that an acknowledgement made by a company in its balance sheet has the effect of extending the period of limitation for the purpose of Section 18 of the...