Successive Fraud Plea Not Maintainable Under IBC After Finality Of CIRP Admission: NCLAT Chennai

The National Company Law Appellate Tribunal (NCLAT) at Chennai on Tuesday held that a party cannot file successive applications under Section 65 of the Insolvency and Bankruptcy Code, 2016 to indirectly reopen insolvency proceedings that have already attained finality. A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by N.K. Kurian, the suspended Managing Director of Mango Meadows Agricultural Pleasure Land...

After Submitting EoI Under RFRP, Resolution Applicant Cannot Question Its Clauses: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has recently held that a resolution applicant cannot question clauses of the Request for Resolution Plan after submitting its Expression of Interest under the same RFRP, while challenging rejection of its resolution plan by the Committee of Creditors. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “When the Appellant had submitted their EoI basis the RFRP, they cannot now turn around to question any of...

Limitation Act Cannot Extend Time To Appeal Against Liquidator's Rejection Of Claim Under IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT), Chennai, has recently held that the 14-day limitation period for filing an appeal against a liquidator's decision under Section 42 of the Insolvency and Bankruptcy Code, 2016, is a self-contained time limit and cannot be extended by invoking Section 5 of the Limitation Act through Section 238A of the Code. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey held that Section 238A applies only where the...

After NCLAT Member Recuses Over 'Higher Judiciary' Influence, Tribunal Sets Aside CIRP Order, Imposes ₹10 Lakh Cost

In a case that was transferred to the Principal Bench after a controversy over alleged attempts to influence a judicial member, the National Company Law Appellate Tribunal (NCLAT) has set aside the admission of insolvency proceedings against KLSR Infratech Ltd and dismissed a Rs 3.79-crore claim filed by A.S. Met Corp Pvt Ltd, holding that a genuine dispute existed between the parties and imposing costs of Rs 10 lakh on the operational creditor. The order was passed by the NCLAT Principal Bench...

CIRP Must Remain Confined To Single Project, Cannot Affect Other Projects: NCLAT New Delhi

The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) at New Delhi, on 20 March 2026 held that a Corporate Insolvency Resolution Process (CIRP) initiated by the allottees of a single real estate project must stay confined to that project and cannot extend to other projects of the developer.A Bench comprising Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra disposed of an appeal filed by the suspended director of Raheja Developers Ltd., Navin M. Raheja,...

NCLAT Refuses To Stay Adani's Rs 15,000 Cr Resolution Plan For JAL on Vedanta's Challenge

The National Company Law Appellate Tribunal (NCLAT), Delhi, on Tuesday refused to stay the implementation of Adani's ₹15,000-crore resolution plan for Jaiprakash Associates Limited (JAL) while hearing a plea by the Vedanta Group challenging the approval of the plan by the Allahabad Bench of the National Company Law Tribunal (NCLT). The bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said that “the implementation of the resolution plan shall go on, however, the action...

NCLAT Sets Aside NCLT Order, Holds Insolvency Plea By Sole Proprietorship Maintainable Against Birla Jewels

The National Company Law Appellate Tribunal (NCLAT) Principal Bench at New Delhi has recently allowed an appeal filed by a sole proprietorship against rejection of its insolvency plea, holding that a Section 9 application under the Insolvency and Bankruptcy Code, 2016, is maintainable at the instance of a proprietorship concern. The tribunal relied on earlier precedent to hold that proprietorship firms are competent to initiate corporate insolvency resolution process. Setting aside an order...

NCLAT Upholds Rejection Of Belated Higher Bid In Hema Automotive Liquidation, Says Fairness Not One-Way Street

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently observed that fairness in insolvency asset sales cannot be viewed from the perspective of a single bidder alone, while dismissing Sunrise Industries' appeal seeking consideration of its higher bid submitted after the deadline in the liquidation process of Hema Automotive Pvt. Ltd.The bench of Judicial Member Justice N Seshasayee and Technical Member Indevar Pandey observed that,“Fairness is a constant that works...

SRA Need Not List All Assets In Resolution Plan; Undisclosed FDRs Belong To Corporate Debtor SPS Steels: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi recently held, in the insolvency of SPS Steels Rolling Mills Ltd, that the successful resolution applicant is not required to specify every asset of the corporate debtor in the resolution plan, and assets not mentioned in the information memorandum do not cease to belong to the corporate debtor after approval of the plan. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, after examining...

Breach Of Settlement Gives Fresh Cause Of Action; NCLAT Allows Subham Capital To File Fresh CIRP Plea Against Vedic Realty

The National Company Law Appellate Tribunal (NCLAT) has recently held that Subham Capital Pvt. Ltd. was entitled to file a fresh Section 7 petition against Vedic Realty Pvt. Ltd. after breach of a settlement agreement, ruling that the subsequent default gave rise to a new cause of action and was not barred by res judicata. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed: “The breach of settlement clearly gave rise to a new cause of action in favour of the...

RBI Circular Cannot Override IBC; Written Agreement Not Mandatory To Prove Financial Debt: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that RBI circulars requiring written loan agreements cannot override the Insolvency and Bankruptcy Code. The tribunal observed that it is “a clear derivative” of its earlier judgments that the RBI circular does not prevail over IBC proceedings and that a written agreement is not mandatory to establish financial debt under the Code. The bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, while...

In Appeal Against NCLT Order On Adani Plan For JAL, NCLAT Bars Invocation Of Subcontractor's Bank Guarantee For Six Months

The National Company Law Appellate Tribunal (NCLAT) in Delhi on Friday directed that the bank guarantee furnished by Velocity Enterprises, a subcontractor engaged by Jaiprakash Associates Limited (JAL) for erection and maintenance of substations, shall not be invoked for six months beyond its expiry on March 31, 2026. The order came in the first appeal filed after the National Company Law Tribunal approved Adani Group's Rs 15,000-crore resolution plan for the company. The matter was heard by a...