NCLAT Refuses To Condone Delay In Appeal; Limitation Starts From Pronouncement, Not Uploading

The National Company Law Appellate Tribunal (NCLAT) at Delhi has rejected an application seeking condonation of delay in filing an insolvency appeal by the Resolution Professional of Trading Engineers International Ltd., holding that in the facts of the case limitation commenced from the date the order was pronounced in open court and not from the date it was uploaded on the NCLT website. A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra found that the...

Direct Disbursement To Corporate Debtor Not Mandatory To Qualify As Financial Debt Under IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that direct disbursement of funds to a corporate debtor is not mandatory for a debt to qualify as a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha observed, “We carefully observe that the Section does not use the word “to the Corporate Debtor” after word “disbursed”. From the...

NCLAT Directs YG Estates To Hand Over Supertech Ecociti, 34 Pavilion Maintenance To RWAs In 30 Days

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently directed YG Estates Facilities Management Pvt. Ltd. to hand over maintenance of Supertech's Ecociti and 34 Pavilion projects in Noida to their registered apartment owners' associations within 30 days. A bench of Judicial Member Justice Ashok Bhushan and Technical Member Barun Mitra held that since 99 percent of the homebuyers had taken possession and the associations were duly registered under the Uttar Pradesh...

Committee Of Creditors Not Barred From Litigating In Own Name Under IBC: NCLAT In Byju's Parent Insolvency Case

The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that a Committee of Creditors (CoC) can litigate in its own name under the Insolvency and Bankruptcy Code, even though it does not possess juristic personality in the classical sense. The ruling came in proceedings involving Think and Learn Pvt. Ltd., the parent company of edtech firm Byju's. A bench of Judicial Member Justice N Seshasayee and Technical Member Jatindranath Swain observed, “Therefore, since CoC is a...

Rainbow Papers Ruling Not Ground To Reopen Approved Resolution Plan Over Belated Tax Dues: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that the Supreme Court's ruling in Sales Tax Officer v. Rainbow Papers Limited does not permit reopening of an approved resolution plan at the instance of a government department that failed to challenge the rejection of its claim at the appropriate stage. In Rainbow Papers, the Supreme Court had held that statutory government dues could qualify as secured debts and could not be ignored in a resolution plan. Dismissing...

NCLAT Reaffirms CST Dues Not Secured Debt, Sets Aside Order Rejecting Amul Industries Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has recently reiterated that dues under the Central Sales Tax Act are not secured debt in insolvency proceedings. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey set aside the orders passed by the NCLT Ahmedabad on 6 November 2025. The NCLT had rejected the resolution plan of Amul Industries Ltd. on the ground that it did not treat Central Sales Tax dues as secured debt and therefore did not...

Criminal Complaint Filed After Adverse Insolvency Order Cannot Undermine Liquidation: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently observed that criminal complaints filed after adverse insolvency orders cannot be used to undermine liquidation proceedings or defeat creditor protections under the Insolvency and Bankruptcy Code, 2016. A bench comprising Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed an appeal filed by SSMP Agro Export Private Limited and its directors against the National Company Law...

NCLAT Dismisses Mercator Guarantor's Appeal Against Insolvency Order, Calls Natural Justice Plea 'Dilatory Tactic'

The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the admission of a personal insolvency petition filed by State Bank of India (SBI) against former Mercator Limited director Harish Kumar Mittal over dues of Rs. 236.19 crore, holding that his objection that his reply affidavit was not taken on record did not establish a violation of natural justice. A three-member bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey dismissed...

Subsequent Ratification Of Power of Attorney By IMC And Fresh Board Validates SEFL's CIRP Plea Against Roadwings: NCLAT

The National Company Law Appellate Tribunal has recently held that the power of attorney issued to an officer of Srei Equipment Finance Limited to initiate and defend legal proceedings, including proceedings under the Insolvency and Bankruptcy Code, remained valid despite the discharge of its administrator. The tribunal said the authorisation survived the discharge of the administrator because it was ratified by the Implementation and Monitoring Committee and later by the newly...

NCLAT Condones 3-Day Delay In Filing Appeal As NCLT Order Uploaded Eight Months After Pronouncement

The National Company Law Appellate Tribunal (NCLAT) has condoned a delay in filing an appeal against an order passed in an interlocutory application after noting that the National Company Law Tribunal's order was uploaded nearly eight months after it was pronounced, and that the delay attributable to the appellant was only three days. The order in an application filed in the insolvency proceedings of Unibera Developers Private Limited was pronounced by the National Company Law Tribunal, New...

NCLAT Dismisses CIRP Plea Against Strategic Credit Capital, Says Section 7 IBC Barred For Financial Service Provider

The National Company Law Appellate Tribunal (NCLAT) at Delhi recently dismissed an appeal filed by Religare Finvest Limited against the National Company Law Tribunal's order rejecting its Section 7 insolvency plea against Strategic Credit Capital Pvt. Ltd. A bench of Judicial Member Justice N. Seshasayee and Technical Members Arun Baroka and Indevar Pandey held that insolvency proceedings cannot be initiated against a Financial Service Provider. The tribunal observed, “We do not find the...

'Not an Ordinary Business Transaction': NCLAT Upholds Order Treating ₹19.66 Lakh Paid To Director As Preferential

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld an order holding that payments of Rs.19.66 lakh made to a suspended director of a company were preferential transactions under Section 43 of the Insolvency and Bankruptcy Code. Dismissing two appeals filed by Jasvinder Singh Makan, the tribunal said repayment of unsecured loans to a director during financial distress cannot be treated as a routine business transaction. "Repayment of unsecured loans to a director...