NCLAT Dismisses Rolta Employees' Appeal Challenging Resolution Plan Payout

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed an appeal filed by former employees of Rolta India Ltd challenging the approval of the company's resolution plan, holding that the payout made to them complied with the terms recorded by the National Company Law Tribunal (NCLT) regarding payment of their dues. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra noted that the NCLT had recorded that the resolution plan would provide...

Remuneration Paid To Directors For Managerial Services Not Fraudulent Without Proof Of Intent To Defraud: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that remuneration paid to directors for their managerial services cannot be treated as fraudulent trading under Section 66 of the Insolvency and Bankruptcy Code (which deals with fraudulent or wrongful trading carried on with intent to defraud creditors) in the absence of proof of such intent. Setting aside an order of the Ahmedabad bench of the National Company Law Tribunal in the CIRP of Doshion Water Umbrella...

Fixed Deposit Of Corporate Debtor Cannot Be Withheld After Resolution Plan Approval If No Claim Filed: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has recently held that a fixed deposit forming part of the corporate debtor's assets in the Information Memorandum cannot be withheld after approval of a resolution plan when no claim asserting lien or security was filed during the corporate insolvency resolution process.A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that claims not asserted during CIRP stand extinguished once the resolution plan is approved...

NCLAT Dismisses Sri Bajrang Wind Park Insolvency Plea Against Inox Wind Over Pre-Existing Dispute

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has dismissed an appeal filed by Sri Bajrang Wind Park Developers challenging the rejection of its Section 9 insolvency petition against Inox Wind Infrastructure Services Limited. The tribunal held that email correspondence and reconciliation discussions between the parties showed the existence of a pre-existing dispute. A coram of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka held, “From the pleadings...

Balance Sheet Acknowledgment Of Debt Extends Limitation; NCLAT Upholds IDBI's Insolvency Plea Against HIL

Reiterating that acknowledgment of liability in balance sheets extends limitation under Section 18 of the Limitation Act, the National Company Law Appellate Tribunal has upheld the admission of IDBI Bank's Section 7 insolvency application against Hindustan Insecticides Limited. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that the insolvency application was not barred by limitation, as the corporate debtor had acknowledged the subsisting liability in its...

Judicial Custody Of MD No Ground To Claim Natural Justice Violation If Counsel Appeared: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently observed that the principle of natural justice is not violated merely because the Managing Director of a corporate debtor was in judicial custody during insolvency proceedings, where the company was duly represented by counsel. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey observed: “The Appellant being in custody from 25.10.2025 till 26.11.2025 cannot be any ground for alleging...

Winding Up Petitions Transferred From High Court To NCLT Cannot Be Admitted Mechanically: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a winding up petition transferred from a High Court to the National Company Law Tribunal under the Insolvency and Bankruptcy Code cannot be admitted mechanically. Even if the High Court had already admitted the winding up petition, the NCLT must independently examine whether the requirements for admission under Section 9 of the Code are satisfied. A bench of Chairperson Justice Ashok Bhushan and Technical...

NCLAT Holds Section 198 Cannot Be Used To Extend IBC Appeal Deadline, Rejects IBBI's 103-Day Delay

The National Company Law Appellate Tribunal (NCLAT) has held that a provision allowing delay to be excused when the Insolvency and Bankruptcy Board of India fails to perform a statutory duty cannot be used to extend the strict deadline for filing appeals under the Insolvency and Bankruptcy Code. A bench of Justice Ashok Bhushan and Technical Member Indevar Pandey observed, “The said provision of Section 198 can have no relevance with regard to Section 61 of the IBC, which provides for...

NCLAT Upholds Insolvency Against Frost International, Says Bank Can't Be Faulted Over Unfiled Plan

The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 27 February, dismissed an appeal filed by the ex-director of Frost International Ltd., rejecting the argument that Bank of India acted unfairly by not considering a restructuring under the RBI's Prudential Framework dated 7 June 2019 before initiating insolvency. A Bench comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, upheld the National Company Law Tribunal (NCLT), Mumbai order...

Pre-Existing Dispute In Ledgers: NCLAT Dismisses Drive India's Insolvency Appeal Against Essline

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed Drive India Enterprise Solutions Ltd.'s insolvency appeal against Essline Engineers and Consultants Pvt. Ltd., holding that a pre-existing dispute between the parties was real and documented long before the insolvency notice was issued. A bench of Judicial Member Justices Ashok Bhushan and Technical Member Barun Mitra held: “The present is a case where notice of dispute was issued by the Corporate Debtor immediately...

NCLAT Replaces NCLT's Two-Week Deadline With 90 Days For Nobal Buildtech To Pay ₹90 Crore Settlement

The National Company Law Appellate Tribunal (NCLAT) at Delhi has given Nobal Buildtech Pvt. Ltd. 90 days to pay Rs 90 crore under a settlement, replacing the two-week window earlier granted by the New Delhi Bench of the National Company Law Tribunal. The New Delhi Bench of the NCLT had revived the company's insolvency process on January 7, 2026 and later extended limited protection only until February 4, 2026. The company had sought more time to complete the settlement. Modifying that order, a...

Unconverted OCDs Remain Financial Debt, NCLAT Upholds Insolvency Proceedings Against Arcturus Developers

The National Company Law Appellate Tribunal (NCLAT) has recently upheld insolvency proceedings against real estate firm Arcturus Developers Pvt. Ltd., holding that its debentures were never converted into shares and continued to remain financial debt. A Bench of Justice Ashok Bhushan and Technical Member Barun Mitra dismissed an appeal filed by the company's suspended director, Arvind Kumar. The case concerned 50,00,000 Optionally Convertible Debentures issued by the company in 2019 to raise...