NCLT
Contempt Needs Breach Of Clear, Unambiguous Directions, Not Vague Ones: NCLT Hyderabad
The National Company Law Tribunal (NCLT) at Hyderabad has recently held that contempt powers cannot be invoked unless a court's earlier directions are clear, specific, and unambiguous, and unless there is conscious and deliberate disobedience of those directions. A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri said that while exercising contempt jurisdiction, the tribunal must strictly confine itself to the wording of the order alleged to have been violated. It said...
NCLT Delhi Admits Rana Kapoor Family Company Bliss House Into Insolvency Over ₹922-Crore Default
The National Company Law Tribunal (NCLT) at Delhi has admitted Bliss House Private Limited, a real estate firm promoted by the family of Yes Bank founder Rana Kapoor, into insolvency over alleged defaults of about Rs 922.46 crore. The tribunal held that an arbitral award can extend the limitation period for initiating insolvency proceedings even if the award is under challenge. A bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri admitted a CIRP plea filed...
NCLT Upholds ₹1 Notional Admission Of MCD's Rs 6,000-Crore Claim Against MEP Infrastructure
The National Company Law Tribunal (NCLT) at Mumbai has upheld the treatment of a Rs. 6,000-plus crore claim filed by the Municipal Corporation of Delhi in the insolvency process of MEP Infrastructure Developers Ltd. The tribunal refused to interfere with the notional admission of the claim and its classification as unsecured. A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan held that the admission of MCD's claim at a notional value of Rs. 1 did not warrant...
Electricity Dues Of Corporate Debtor's Lessor Can't Be Fastened On Successful Resolution Applicant: NCLT Kolkata
The National Company Law Tribunal (NCLT) at Kolkata has held that electricity dues linked to a corporate debtor's lessor cannot be imposed on a successful resolution applicant or used to deny a fresh electricity connection for revival of the corporate debtor. A bench of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah observed that once a resolution plan is approved, the corporate debtor is entitled to a clean slate, with only those pre-CIRP claims extinguished that were duly...
NCLT Mumbai Approves Rs 345.6 Crore Hirani Ventures Plan For E-Commerce Magnum
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs. 345.60 crore resolution plan submitted by Hirani Ventures Pvt Ltd for E-Commerce Magnum Solution Ltd. The tribunal said it cannot interfere with the commercial decisions of lenders once a resolution plan complies with the Insolvency and Bankruptcy Code. A bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt held that the plan met all requirements under Section 30(2) of the Code. “We find that the Plan meets...
NCLT Mumbai Approves ₹467 Crore JSW Infrastructure Plan For NCR Rail Revival
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 467.47 crore resolution plan submitted by JSW Infrastructure Limited for the revival of NCR Rail Infrastructure Limited, which operates a private freight terminal at Khurja in Uttar Pradesh. The plan was approved after receiving 100 percent voting approval from the Committee of Creditors. A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, in an order pronounced on January 22, 2026, held, “In view of the...
NCLT Mumbai Admits Insolvency Petition Against Frost International's Personal Guarantor Over ₹285 Cr. Dues
The National Company Law Tribunal at Mumbai has recently admitted Indian Bank's insolvency petition against Nipun Verma, a personal guarantor for Frost International Limited, after rejecting his objection that the claim was time-barred.A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the petition was filed within limitation. The tribunal said limitation was saved both by the Supreme Court's Covid extension orders and by a subsequent acknowledgement...
Approved Resolution Plan Cannot Be Modified Even If Plan Allows It: NCLT Mumbai
The National Company Law Tribunal at Mumbai has held that a resolution plan approved under the Insolvency and Bankruptcy Code cannot be modified or amended after approval by the adjudicating authority, even if the plan itself contains a clause permitting such modification.The tribunal said that once a plan receives statutory approval under Section 31 of the Code, it attains finality and becomes binding on all stakeholders, including the successful resolution applicant, which cannot be reopened...
OCDs Not Converted Into Equity By Notice Alone: NCLT Admits CIRP Against Arcturus Developers
The National Company Law Tribunal (NCLT) at Delhi has admitted insolvency proceedings against Arcturus Developers Private Limited for a default of Rs 1,258.73 crore, holding that a mere conversion notice does not legally convert debt into equity unless mandatory statutory steps are completed. A bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri held that Optionally Convertible Debentures (OCDs) continue to retain the character of “financial debt” in the...
Labour Court Award Cannot Give Priority To Workmen's Dues Beyond 24 Months Before Liquidation: NCLT Indore
The National Company Law Tribunal, Indore Bench, has held that a labor court award by itself cannot give priority to old workmen's dues in liquidation under the Insolvency and Bankruptcy Code. The tribunal said that priority for workmen's dues is limited to amounts arising in the twenty-four months preceding the liquidation commencement date as per waterfall mechanismA coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta said a prior labour adjudication cannot...
Resolution Professional's Duty Is Limited To Taking Control of Assets, Not Improving Their Value: NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai Bench, has recently clarified that a resolution professional's duties under the Insolvency and Bankruptcy Code are limited to taking custody and control of a corporate debtor's assets and do not extend to improving their value. The tribunal said the duties under Section 18 “only include to take control and possession of the assets of the Corporate Debtor” and do not require any effort “to improve the quality of the assets.” The observation was...