Non-Issuance Of NOC By Financial Creditor After Default Cannot Stall Insolvency: NCLT Chandigarh

The National Company Law Tribunal (NCLT) at Chandigarh has rejected a plea by homebuyers seeking dismissal of insolvency proceedings against Vatika Ltd. The tribunal held that non-issuance of a No Objection Certificate by the debenture trustee, which was required for execution and registration of conveyance deeds in favour of plot buyers, cannot by itself obstruct proceedings under Section 7 of the Insolvency and Bankruptcy Code once a financial default has occurred. The matter was heard by...

Mere Non-Payment Of Ordered Amount Not Civil Contempt, Execution Is Proper Remedy: NCLT Kochi

The National Company Law Tribunal at Kochi has recently observed that mere non-payment of amounts directed under its orders does not automatically amount to civil contempt and that execution proceedings are the appropriate remedy.A coram of Judicial Member Vinay Goel observed that contempt proceedings, being quasi-criminal in nature, cannot be routinely invoked as a substitute for execution of orders.'If contempt were to be invoked for every instance of default in payment, it would effectively...

Mere MOU For Flat Allotment Not Financial Debt Without Disbursal To Corporate Debtor: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai recently held that a payment made under an MOU for allotment of 3,000 sq ft of FSI in a proposed real estate project does not qualify as a “financial debt” under the Insolvency and Bankruptcy Code, 2016 if there is no disbursal to the corporate debtor and no element of time value of money. A Bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt said, “There is nothing to show that money was disbursed by the Applicant against...

NCLT Mumbai Allows Saraswat Bank To Make Clarificatory Amendments To Section 7 Petition

On 5 February 2026, the Mumbai Bench of the National Company Law Tribunal (NCLT) allowed Saraswat Co‑operative Bank Limited to amend its pending Section 7 petition against AAACORP Exim India Private Limited to correct the date of default, NPA classification date, and outstanding dues of Rs. 15.59 crore. The Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Charanjeet Singh Gulati, held that that such amendments are permitted if they are clarificatory,...

NCLT Bengaluru Rejects EPFO Claim For PF Dues In Dunlop Polymers Insolvency

The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an application filed by the Regional Provident Fund Commissioner (Legal) in the insolvency proceedings of Dunlop Polymers Private Limited. The tribunal held that EPFO cannot seek remittance of provident fund dues during the moratorium when its claim has not been admitted in the Corporate Insolvency Resolution Process. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held that the relief...

NCLT Chennai Dismisses Liquidator's Plea, Says Director's Mortgage Of Personal Property To Bank Not Fraudulent

The National Company Law Tribunal (NCLT) at Chennai has dismissed an application filed by the liquidator of Srivatsa International Private Limited alleging that the company's suspended directors committed fraud by mortgaging a property to Yes Bank. A coram comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that offering property as collateral to secure credit for the corporate debtor's business operations does not by itself amount to fraudulent...

Active DIN Status Not Sufficient To Establish Eligibility To Submit Resolution Plan Under IBC: NCLT Indore

The National Company Law Tribunal (NCLT) at Indore has held that mere reflection of a Director Identification Number (DIN) as “Approved/Active” on the MCA portal is not sufficient to establish eligibility to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). The tribunal dismissed an application filed by Carnet Elias Fernandes, Suspended Management/Promoter of GEI Power Limited, challenging the Resolution Professional's decision declaring him ineligible to...

NCLT Mumbai Admits Insolvency Plea Against Reliance Ornatus Over ₹133.88 Crore Default

The National Company Law Tribunal (NCLT), Mumbai has admitted an insolvency application filed by Creative Ashtech Engineering Projects Private Limited against Reliance Ornatus Enterprises and Ventures Private Limited Ventures Private Limited, holding that a financial debt of Rs. 133.88 crore and default stood established.A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held, “In view of the aforesaid findings, this Application bearing C.P. (IB) No. 176/MB/2025 filed...

Resolution Professional Cannot Seek Removal Of Statutory Lien Created Before CIRP: NCLT Mumbai

The National Company Law Tribunal at Mumbai has held that while the Insolvency and Bankruptcy Code mandates a resolution professional to preserve and take control of the assets of the corporate debtor, it does not confer any specific authority to seek removal of statutory attachments or liens lawfully created prior to commencement of the insolvency.On February 13, a bench comprising Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati held that a statutory lien...

NCLT President Submits Enquiry Report After NCLAT Calls Chennai Bench Order “Rather Dubious”

Outgoing NCLT President Chief Justice (Retd.) Ramalingam Sudhakar has firmly rejected allegations of impropriety against the Chennai Bench, stating that “no material has emerged suggesting any impropriety, bias or departure from judicial discipline.” The report was submitted pursuant to an enquiry ordered by the National Company Law Appellate Tribunal in an appeal filed by Asset Reconstruction Company (India) Limited in the insolvency proceedings of Regen Powertech Private Limited. While...

NCLT Ahmedabad Refuses Travel Relief To Personal Guarantor With ₹2717 Crore Liability

The National Company Law Tribunal at Ahmedabad, on 12 February rejected a travel permission plea filed by Sunil Surendrabhai Kakkad, a personal guarantor facing liabilities of Rs. 2,717.88 crore, holding that his proposal to travel abroad for employment could jeopardise the time-bound bankruptcy process. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy held that the applicant's presence was “absolutely necessary for the further...

NCLT Mumbai Says Mumbai, Delhi Airport Operators Are Unsecured Creditors In Jet Airways Liquidation

The National Company Law Tribunal (NCLT), Mumbai Bench, has recently held that Mumbai International Airport Ltd (MIAL) and Delhi International Airport Ltd (DIAL) are not secured creditors in the liquidation of Jet Airways (India) Ltd, rejecting their contention that airport regulations conferred a lien over aircraft for unpaid dues“Hence, we are of considered view that the applicant is an unsecured creditor and its claims is to be dealt with accordingly,” the tribunal held. Jet Airways was...