NCLAT Dismisses Personal Guarantor's Voluntary Insolvency Plea To Halt SARFAESI Recovery, Calls It Abuse

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed appeals by a personal guarantor who sought to halt recovery proceedings after a bank auction had already concluded, holding that his insolvency filing was not bona fide but an attempt to obstruct debt recovery. “...initiation of proceeding under Section 94 by the personal guarantor was not with object of resolution of insolvency of the personal guarantor rather it was only with the intent to somehow create hurdles in the...

NCLAT Dismisses As Premature Kunal Structure Appeal Against Third Member Opinion Favouring Its CIRP Admission

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently declined to examine Kunal Structure India Pvt Ltd's challenge to a third member's opinion favouring its admission into the corporate insolvency resolution process. It held that the Ahmedabad bench of the National Company Law Tribunal must first pass a final order in the matter. “The opinion of third Member impugned in the Appeal is opinion, which is to be placed before the NCLT Ahmedabad Bench to pass appropriate order...

NCLAT Upholds M.D. Devcon CIRP, Says Refund-Seeking Former Homebuyers Need Not Meet 100-Homebuyer Threshold

The National Company Law Appellate Tribunal (NCLAT) has recently dismissed a challenge by a project homebuyer to the insolvency proceedings against M.D. Devcon Pvt Ltd. It held that the two allottees who initiated the case had ceased to be homebuyers after cancelling their allotment and seeking a refund and were therefore not required to meet the threshold applicable to real estate allottees filing insolvency pleas. A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai...

NCLAT Delhi Refuses CIRP Against Indorama Ventures, Holds Pre-Existing Disputes Bar Section 9 Plea

The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 6 May held that a Section 9 application under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be maintained where genuine pre-existing disputes exist between the parties regarding contractual performance, liquidated damages and statutory deductions. Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed the appeal filed by Rattan Singh Builders Pvt. Ltd. (RSB) against Indorama Ventures...

Unusable Commercial Premises & Disruption Of Essential Services Constitute Pre-Existing Dispute: NCLAT Delhi

The Principle Bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi on 6 May 2026 held that disputes relating to unusable commercial premises, disruption of essential services, and failure to maintain operational infrastructure constitute a genuine pre-existing dispute sufficient to reject a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Naresh Salecha upheld the order of the...

NCLAT Says Om Logistics Cannot Cite Absence Of One Authorised Signatory To Explain 198-Day Refiling Delay

The National Company Law Appellate Tribunal (“NCLAT”) at Delhi has recently dismissed an appeal filed by Om Logistics Limited after refusing to condone a delay of 198 days in refiling. The tribunal rejected the company's explanation that its authorised signatory was unavailable till April 13, 2025 due to personal exigencies. A bench of Judicial Member Justice Ashok Bhushan and Technical Member Indevar Pandey observed that Om Logistics Limited could not justify the prolonged delay merely...

NCLAT Upholds Insolvency Admission Against JV Partner As Claim Arose From Supply Obligation

The National Company Law Appellate Tribunal at Delhi has upheld the admission of insolvency proceedings against ASB Energy Systems & Construction Pvt. Ltd., holding that unpaid dues for supplies made by its joint venture partner qualify as operational debt. A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the case was about unpaid dues for supplies, not profit sharing between joint venture partners. “All materials brought in Section 9...

NCLAT Sets Aside Order Admitting Equinox India Developments Ltd. Into Insolvency

The National Company Law Appellate Tribunal (NCLAT) has set aside the admission of Canara Bank's insolvency plea against Equinox India Developments Ltd., a real estate company formerly known as Indiabulls Real Estate Ltd. It held that the corporate guarantee relied on did not constitute a financial debt under the Insolvency and Bankruptcy Code.The order came in an appeal filed by Rajesh Kaimal, suspended director of Equinox India Developments Ltd. (formerly Indiabulls Real Estate Ltd.). The...

CoC Not Bound To Accept Plan With Highest NPV: NCLAT In Vedanta's Plea Against Adani's JAL Plan

The National Company Law Appellate Tribunal (NCLAT) has held that under the resolution framework adopted in the insolvency process of Jaiprakash Associates Ltd., the Committee of Creditors was not bound to approve a plan merely because it had the highest net present value or the highest score under the evaluation matrix.“However, the CoC is not bound to approve a Resolution Plan, which has the highest score in Evaluation Matrix, which is clearly provided in the RFRP, nor the CoC is bound to...

NCLAT Declines Travel Permission To Bankrupt Individual As Basis For Travel Has Ceased

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has declined to grant relief to a bankrupt individual seeking permission to travel to the UAE, holding that once the work contract cited to justify such travel had expired, “the very basis” for seeking permission no longer survived. The Tribunal was dealing with an appeal filed by Sunil Surendrabhai Kakkad, who was declared bankrupt on September 12, 2025, and was consequently barred from travelling abroad without prior permission...

NCLAT Rejects Insolvency Plea Over Disputed, Time-Barred Advance Refund Claim

The National Company Law Appellate Tribunal (NCLAT) at Chennai, has dismissed an appeal filed by Geeta Sugars against The Indian Sugars and Refiners Ltd., upholding the rejection of its insolvency plea over a claim for a refund of advance paid for sugar, where the remaining quantity was not supplied. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the claim was both disputed and time-barred. Dealing first with the issue of limitation,...

NCLAT Dismisses Vedanta's Appeal Against Approval Of Adani Enterprises' Plan For Jaiprakash Associates

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Monday dismissed Vedanta Limited's appeal challenging the approval of Adani Enterprises Limited's resolution plan for Jaiprakash Associates Limited. The tribunal upheld the Committee of Creditors' decision despite Vedanta's higher bid. A bench of Chairperson Ashok Bhushan and Technical Member Braun Mitra affirmed the March 17 order of the Allahabad bench of the National Company Law Tribunal, which had approved Adani Enterprises...