NCLAT
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...
No TDS Refund Set Off In Shri Jalaram Rice Industries Liquidation As No Claim Was Filed: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by the Principal Commissioner of Income Tax-3, Ahmedabad. It held that in the liquidation of Shri Jalaram Rice Industries Pvt Ltd, the department could not adjust a TDS refund against an earlier tax demand because it had not filed any claim in the liquidation proceedings. “Appellant having not filed any claim question of claiming set off does not arise,” the bench of Chairperson Justice Ashok Bhushan and...
Pre-March 2020 Defaults Not Covered By Section 10A Of IBC: NCLAT Delhi
The National Company Law Appellate Tribunal (NCLAT), Delhi, on 24 February, held that Section 10A of the IBC cannot bar Corporate Insolvency Resolution Process (CIRP) initiation where the debt had fallen due prior to 25 March 2020, clarifying that dishonour of cheques during the COVID-19 suspension period does not alter the original default date. The Principal Bench, comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, dismissed an appeal filed by...
Project Segregation In CHD-Vann Real Estate Insolvency Justifies 525-Day CIRP Exclusion: NCLAT
Holding that in a real estate insolvency involving multiple projects, the period till segregation of a project from the CIRP was liable to be excluded, the National Company Law Appellate Tribunal (NCLAT) has allowed exclusion of 525 days in the CHD-Vann matter and set aside the NCLT's rejection of the plea. A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the insolvency pertained to a real estate company with several projects, and different orders had...
120-Day Timeline For Personal Insolvency Resolution Process Is Directory, Not Mandatory: NCLAT Delhi
On 26 February, the National Company Law Appellate Tribunal (NCLAT), New Delhi, held that the 120-day timeline for completing the Personal Insolvency Resolution Process (PIRP) under the Insolvency and Bankruptcy Code (IBC) is directory and not mandatory. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey set aside the order of the National Company Law Tribunal (NCLT) Mumbai, which had refused to extend the process beyond the prescribed period. The Tribunal...
NCLAT Dismisses Insolvency Plea, Says Rs 1 Crore Debt Threshold Applies On Filing Date, Not Demand Notice Date
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the dismissal of a Section 9 insolvency plea against SBEC Sugar Limited, holding that the Rs 1 Crore threshold under Section 4 of the Insolvency and Bankruptcy Code must be satisfied on the date of filing the petition and not on the date of issuing the demand notice. A bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed an appeal filed by Mosco International...
NCLAT Dismisses Dhoot Brothers' Plea, Upholds Insolvency Proceedings As Videocon Guarantors
The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot, brothers of Videocon founder Venugopal Dhoot, clearing the way for insolvency proceedings against them in their capacity as personal guarantors to debt-ridden Videocon Industries Ltd. A bench of Justice Ashok Bhushan and Technical Member Barun Mitra held that the applications moved by the State Bank of India under Section 95 of the Insolvency and Bankruptcy Code...
NCLAT Allows AMNS To Replace ArcelorMittal India In ₹1,300 Crore Essar Steel RTU Appeal
The National Company Law Appellate Tribunal (NCLAT) at Delhi has allowed ArcelorMittal Nippon Steel India Private Limited to be transposed as the appellant in a pending appeal arising from the Rs 1,300 crore Right to Use charges dispute linked to the Essar Steel insolvency resolution process. The company will replace ArcelorMittal India Pvt. Ltd., the original successful resolution applicant, in the proceedings. The tribunal clarified that the transposition will be subject to the applicant...