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...

NCLAT Upholds Rejection Of Prospective Homebuyer's Plea To Join Koncept Nirman's CIRP

The National Company Law Appellate Tribunal (NCLAT), Chennai, has held that a prospective homebuyer who relied on an unregistered agreement to purchase a flat from Koncept Nirman Private Limited cannot intervene in insolvency proceedings initiated against the company by a financial creditor. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain observed, “In the instant case, the Appellant herein doesn't owe a financial debt, at the behest of the...

NCLAT Upholds Insolvency Against Takshashila Heights Guarantors, Finds No Error In PoA Holder Competence

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld insolvency proceedings against personal guarantors of Takshashila Heights India Private Limited, rejecting their challenge to the debenture trustee's authority to initiate the case. The appeals were filed against orders admitting applications under Section 95 of the Insolvency and Bankruptcy Code by IDBI Trusteeship Services Ltd. The bench of Justice Ashok Bhushan and Technical Member Indevar Pandey heard the matter. ...

EPFO Cannot Rely On Enforcement Report Prepared During Moratorium To Raise Claim: NCLAT New Delhi

The New Delhi National Company Law Appellate Tribunal (NCLAT) on 28 April held that claims based on an Area Enforcement Officer's Report (AEOR) prepared during the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted in insolvency proceedings unless the underlying statutory assessment has been crystallised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed an appeal filed by the Employees' Provident Fund Organisation...

NCLAT Sets Aside NCLT Order Allowing Late Expression Of Interest, Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) in Delhi has set aside an NCLT order that allowed a delayed expression of interest (EOI) and resolution plan, ruling that a resolution applicant cannot be considered after missing the prescribed timelines. “We are of the view that order of the Adjudicating Authority directing acceptance of the late EoI of Respondent No. 5 could not be sustained and the order need to be set aside.”, the tribunal observed. A bench of Chairperson Justice...

NCLAT Upholds Insolvency Initiation Against Supertech Guarantor, Says Invalid Plea Can't Trigger Moratorium Bar

The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld the admission of an insolvency application against Mohit Arora, personal guarantor to loans taken by Supertech Ltd. and two other companies. It held that the process initiated by PNB Housing Finance cannot be blocked by a moratorium arising from another petition, which is non-est in law. “...when the IFCI petition being CP IB No. 428 of 2021 was filed on 02.06.2021 during the interim moratorium commenced by the filing of...

NCLAT Rejects Cosmic Ferro Alloys' Refund Claim On Revised Power Tariffs Post Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by Cosmic Ferro Alloys Ltd., the corporate debtor now under new management pursuant to an approved resolution plan, holding that no refund or adjustment arises from revised electricity tariffs after approval of the plan. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra reiterated that once the resolution plan is approved, it binds all stakeholders and settles pre-insolvency...