Debenture Trustees Are Financial Service Providers, Insolvency Plea Not Maintainable: NCLT Mumbai

The National Company Law Tribunal at Mumbai has recently reiterated that debenture trustees are Financial Service Providers, and therefore insolvency proceedings under the Insolvency and Bankruptcy Code are not maintainable against them, dismissing a plea filed against Centbank Financial Services Ltd. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar, in an order dated November 21, 2025, ruled that entities registered with the Securities and Exchange Board of India as...

NCLT Rejects Belated Bidder Plea To Call Lenders' Meeting To Reopen EOI In Sebacic Insolvency

The National Company Law Tribunal (NCLT) at Ahmedabad has rejected a plea filed by Dysetuff Industries Ltd seeking directions to convene a special meeting of the Committee of Creditors (CoC) to reopen the Expression of Interest (EOI) process in the insolvency of Sebacic India Ltd, holding that Corporate Insolvency Resolution Process (CIRP) timelines cannot be relaxed once they have expired. Dysetuff Industries, which described itself as a prospective resolution applicant, had approached the...

Adjudicating Authority Cannot Allow Arbitration During IBC Moratorium: NCLT Chandigarh

The National Company Law Tribunal (NCLT) at Chandigarh has recently held that the adjudicating authority (NCLT) cannot direct the continuation of pending arbitration proceedings during the moratorium under Section 14 of the Insolvency and Bankruptcy Code. It ruled that such a direction would be beyond the tribunal's jurisdiction under Section 60(5) and would defeat the purpose of the moratorium. A bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal passed the ruling...

Financial Creditor Cannot Refuse To Share CIRP Cost After Taking Part In Its Approval: NCLT Delhi

The National Company Law Tribunal (NCLT) at New Delhi has ruled that a financial creditor cannot refuse to pay its share of insolvency costs after participating in Committee of Creditors (CoC) meetings where those costs were placed before members and approved. A bench of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi directed CFM Asset Reconstruction Pvt. Ltd. to immediately pay Rs 14.85 lakh towards Corporate Insolvency Resolution Process (CIRP) costs in...

Claim Filed In Borrower Insolvency Not A Demand On Personal Guarantor, Cannot Trigger Insolvency: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently held that merely filing a claim in the borrower's insolvency proceedings cannot be treated as a demand on the personal guarantor, reiterating that a guarantee must be formally invoked in accordance with its terms before insolvency proceedings can be initiated against a guarantor. On this reasoning, the tribunal dismissed UCO Bank's application seeking insolvency proceedings against the personal guarantor of Swarnganga Gold...

NCLT Ahmedabad Clears First Stage Of Adani Harbour–Adani Ports Merger

The National Company Law Tribunal (NCLT) at Ahmedabad on Tuesday cleared the first stage of the proposed merger between Adani Harbour Services Limited and its holding company Adani Ports and Special Economic Zone Limited, allowing the companies to move forward with the amalgamation process while dispensing with meetings of shareholders and creditors. A coram comprising Judicial Member Chitra Hankare and Technical Member Dr Velamur G Venkata Chalapathy observed that the proposed scheme of...

NCLT Mumbai Admits Tata Capital's Insolvency Plea Against Dharan Infra Over ₹28 Crore Default

The National Company Law Tribunal (NCLT) at Mumbai has admitted an insolvency application filed by Tata Capital Housing Finance Ltd against Dharan Infra EPC Ltd, a real estate and infrastructure company, holding that the lender had established debt and default exceeding Rs 28 crore and initiating the corporate insolvency resolution process. The bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed, “We are, therefore, of the considered view that the present...

NCLT Mumbai Dismisses Housekeeping Services Firm's Insolvency Plea Against RCom Arm Reliance Realty

The National Company Law Tribunal (NCLT) at Mumbai has dismissed an insolvency petition filed by A2Z Infraservices Ltd against Reliance Realty Ltd, a subsidiary of debt-ridden Reliance Communications Ltd, holding that the bills relied upon by the operational creditor had not become payable under the contract and therefore could not establish any default. The tribunal found that the work orders between the parties made certification of invoices by a designated officer of Reliance Realty...

Company Must Approach ROC First Before Coming To NCLT For Rectification Of Register of Members: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi, has held that a company cannot bypass the Registrar of Companies (ROC) and directly approach the tribunal to correct its shareholding records under the Companies Act, 2013, ruling that such attempts undermine statutory disclosures and penal provisions. Dismissing an appeal filed by Nuventure Connect Private Limited, the coram of Judicial Member Vinay Goel observed, "The aggrieved person or a shareholder would be able to file an appeal against...

Excluding Liquidation Time After Extension On Same Grounds Amounts To Review: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has rejected a liquidator's request to exclude the first year of liquidation of Nakoda Limited from the statutory timeline, holding that once additional time is granted for delays, the same period cannot later be wiped out altogether. In an order dealing with a plea to modify its earlier decision granting a one-year extension of Nakoda Limited's liquidation period, a division bench of Judicial Member Shammi Khan and Technical Member Sanjeev...

Sales Tax Dues Must Be Treated as Secured Claims Under IBC: NCLT Ahmedabad Reaffirms

The National Company Law Tribunal (NCLT), Ahmedabad Bench, has recently reiterated that tax dues backed by a statutory charge must be treated as secured claims under the Insolvency and Bankruptcy Code. It directed the resolution professional of Amul Industries Pvt. Ltd. to treat the Rs 6.64 crore Central Sales Tax (CST) claim of the Gujarat State Tax Officer as a secured debt. The tribunal held that the resolution professional was wrong in classifying the sales tax dues as unsecured despite the...

NCLT Ahmedabad Dismisses Insolvency Plea Against Polycab India As Claim Fell Below ₹1 Crore After Adjustments

The National Company Law Tribunal (NCLT), Ahmedabad, has dismissed an insolvency petition against Polycab India Limited, one of India's largest manufacturers of electrical wires, cables and fast-moving electrical goods, holding that the alleged default fell below the Rs 1 crore threshold prescribed under the Insolvency and Bankruptcy Code (IBC). A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, in an order dated December 15, 2025, held that pre-existing disputes...