NCLT Mumbai Orders Income Tax Dept To Lift Lien On Deep Star Alloys Bank Accounts During Moratorium

The Mumbai Bench of the National Company Law Tribunal (NCLT) has directed the Income Tax Department to lift the lien on the bank accounts of Deep Star Alloys and Steels Private Limited, which is currently undergoing insolvency proceedings, making it clear that once a moratorium is in force, no action can be taken against the company's assets under any other law. The bench recorded: “Accordingly, we are of the view that claim of the Income Tax Department having been already admitted by the RP,...

Homebuyers Can't Claim 8% Interest Where Agreement Provides Delay Compensation: NCLT Kolkata

The Kolkata Bench of the National Company Law Tribunal (NCLT) has dismissed a plea by homebuyers seeking addition of 8% interest on the amounts paid by them to a developer, holding that such interest cannot be granted where the agreement already provides compensation for delay.“Thus, it can be said that the RP is right in not including the statutory interest of 8% pa as per Regulation 16A(7) of the CIRP Regulations, when the contractual terms provide for compensation for not giving the...

NCLT Kolkata Rejects Insolvency Plea Against Burnpur Cement, Flags Disputed Debt

The Kolkata Bench of the National Company Law Tribunal (NCLT) has thrown out an insolvency plea against Burnpur Cement Ltd, finding that the claim itself was riddled with gaps and contradictions and could not be pushed through the insolvency route.At the heart of the case was a claim by Mittal Polysacks Pvt. Ltd., which said it had supplied polypropylene cement bags worth about Rs.1.25 crore and had not been paid. But the tribunal found little on record to back that assertion in a manner fit for...

NCLT Allahabad Admits Aarti Industries' ₹8.21 Crore Insolvency Plea Against Magma Industries

The Allahabad Bench of the National Company Law Tribunal (NCLT) has admitted a CIRP plea filed by Aarti Industries Limited against Magma Industries Limited, holding that the company defaulted on operational dues of over Rs 8.21 crore and that no real dispute existed to block the proceedings. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma said, “Therefore, we find that the alleged disputes claimed by the Corporate Debtor are feeble and not supported by credible...

NCLT Hyderabad Dismisses Insolvency Plea Against Steel Exchange India Over Pre-Existing Dispute

The National Company Law Tribunal (NCLT), Hyderabad Bench, has dismissed an insolvency petition filed by Shakti International LLP against Steel Exchange India Limited, holding that the claimed operational debt of Rs. 162.57 crore was not maintainable due to a bona fide pre-existing dispute over delayed/extension charges.The order was passed by a bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri under Section 9 of the Insolvency and Bankruptcy Code. The tribunal...

NCLT Rejects CIRP Plea Against Electrotherm Over Pre-Existing Dispute

The National Company Law Tribunal (NCLT) at Ahmedabad has rejected a CIRP plea against Electrotherm (India) Ltd. over an operational debt of about Rs. 5.70 crore, finding that the claim was tied up in disputes raised well before the insolvency notice.The order was passed by the bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma.A.T. Trade Overseas Pvt. Ltd., which moved the tribunal on July 7, 2025, said the dues arose from supplies of coal, iron ore pellets and billets...

Debt Denominated In Foreign Currency Must Be Converted At Invoice Date Rate For IBC Threshold: NCLT Ahmedabad

The Ahmedabad bench of the National Company Law Tribunal has recently held that where an operational debt is denominated in foreign currency, the exchange rate on the date of the invoice must be used to determine whether the Rs. 1 crore threshold under the Insolvency and Bankruptcy Code is met. On applying this, the Tribunal found that the amount fell below Rs. 1 crore and dismissed the petition as not maintainable. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma...

CoC's Commercial Wisdom Cannot Override IBC Mandates In Early Dissolution Plea: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 2 April, held that the Committee of Creditors' (CoC) commercial wisdom cannot override mandatory requirements under the Insolvency and Bankruptcy Code, 2016, especially when key steps under the CIRP process remain incomplete. A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Sanjiv Dutt emphasised that early dissolution cannot be ordered merely on the CoC's recommendation or on cost considerations,...

Legal Representatives Can Maintain Oppression Petitions Without Membership Registration: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 7 April 2026 held that legal representatives of a deceased shareholder can pursue proceedings for oppression and mismanagement under Sections 241 and 242 of the Companies Act, 2013, even if they are not registered as members of the company. A Bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati held that legal representatives may step into the shoes of the deceased shareholder for continuing such...

Freezing Bank Accounts Of Corporate Debtor During Insolvency Violates Moratorium: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has held that freezing a company's bank accounts during insolvency violates the moratorium under the Insolvency and Bankruptcy Code, directing IDBI Bank to lift all liens and restore operations in the accounts of Wind World (India) Ltd. Setting out the effect of such action, the Ahmedabad bench of the tribunal, comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, said, “Due to lien and subsequent freezing of the...

NCLT Bengaluru Admits CIRP Against Vivimed Labs Over ₹2.78 Crore Operational Debt

The National Company Law Tribunal, Bengaluru, has admitted CIRP against Vivimed Labs Ltd., a listed pharma company, for default of operational debt of Rs. 2.78 crore (inclusive of interest) in a petition filed by Blue Cube Germany Assets GmbH & Co KG. The bench, comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, made it clear that a company cannot avoid insolvency proceedings simply because a civil court has already passed a decree or because...

Dissenting Financial Creditor Cannot Interfere Between SRA and RP After Plan Approval: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has held that a dissenting financial creditor cannot interfere in issues between the Successful Resolution Applicant (SRA) and the Resolution Professional after approval of a resolution plan. The tribunal dismissed an impleadment application filed by Kerala Financial Corporation in proceedings relating to implementation of the approved plan for Samson and Sons Builders and Developers Pvt. Ltd. Clarifying the limited rights of dissenting...