Land Record Mutation During Moratorium Not Permissible: NCLT Mumbai In Kaved Realty Case

The National Company Law Tribunal (NCLT)at Mumbai has held, in a case concerning Kaved Realty Private Limited, that mutation of land records giving effect to a revenue order cannot be carried out after commencement of insolvency proceedings, as such action violates the moratorium under the Insolvency Code. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, while allowing an application filed by the Resolution Professional of Kaved Realty Private Limited,...

Liquidator's Role Limited To Claim Verification, Not Dispute Resolution: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has clarified that a liquidator's role during liquidation is limited to verification and admission of claims, and that the liquidator cannot adjudicate or resolve disputes between a claimant and the corporate debtor, particularly when such disputes are pending before an arbitral tribunal. A coram of Judicial Member Vinay Goel and Technical Member Madhu Sinha, in an order dated November 13, 2025, partly allowed an appeal filed by HLL Infra Tech...

IBC Doesn't Allow Extension of Personal Insolvency Process For Revisions Of Repayment Plan: NCLT Delhi

The National Company Law Tribunal (NCLT) at New Delhi has recently held that a personal guarantor cannot be granted repeated opportunities to revise a repayment plan once the statutory process under the Insolvency and Bankruptcy Code has run its course, and refused to allow any further extension of the personal insolvency resolution process. A coram comprising President Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi approved the rejection of the repayment plan submitted by the...

NCLT Mumbai Approves ₹75 Crore IL&FS Financial Services–Siva Green Settlement

The National Company Law Tribunal (NCLT) at Mumbai recently approved a One Time Settlement of Rs 75 crore between Infrastructure Leasing and Financial Services Limited (IL&FS) and Siva Green Power Projects India Private Limited. It held that the proposal aligns with the IL&FS Group Resolution Framework mandated by the National Company Law Appellate Tribunal. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar recorded that the settlement was...

NCLT Chandigarh Clears Demerger Of Freecharge's Business Correspondent And Technology Services Unit

The National Company Law Tribunal (NCLT) at Chandigarh has approved a scheme under which Freecharge Payment Technologies Private Limited will transfer its business correspondent activities and its technology service provider activities to a new entity, Freecharge Business and Technology Services Limited.The order was passed on December 10, 2025, by Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal. Freecharge Payment Technologies, incorporated in 2015 and headquartered in...

Settlement Fixing Payment Terms Doesn't Novate Or Change Debt's Nature: NCLT Mumbai Reaffirms

The National Company Law Tribunal (NCLT) at Mumbai recently reaffirmed that a settlement agreement that merely prescribes the mode and schedule of payment does not extinguish or alter the nature of an operational debt and does not create any pre-existing dispute. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar, while admitting Sparklet Engineers Pvt Ltd, an oil field equipment manufacturing company into insolvency on December 8, 2025, relied on company's own...

NCLT Bengaluru Admits Cauvery Neeravari Nigam To Insolvency Over ₹9.36 Crore Default

The National Company Law Tribunal (NCLT) at Bengaluru on Wednesday admitted a Karnataka government undertaking Cauvery Neeravari Nigam Limited into the Corporate Insolvency Resolution Process for a default of over Rs 9.36 crores. The bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, while admitting an insolvency plea filed by project contractor and operational creditor SPML Infra, said “It hardly matters that the respondent is a going concern or a Govt...

Unauthorised Residents Association Cannot Trigger CIRP If Individual Homebuyers Miss Debt Threshold: NCLT Delhi

The National Company Law Tribunal (NCLT) at New Delhi has recently held that a Residents Welfare Association that is not authorised by individual homebuyers cannot initiate a corporate insolvency process on their behalf, particularly when those homebuyers do not individually meet the minimum debt threshold under the Insolvency and Bankruptcy Code. A coram of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi said the Code requires strict compliance with...

Objections To Constitution of CoC Cannot Defeat RP's Plea To Reverse Preferential Deals: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has held that objections to the constitution of the Committee of Creditors cannot be used to block a Resolution Professional's application under Section 43 of the Insolvency and Bankruptcy Code seeking to avoid and reverse preferential transactions.The tribunal said that avoidance proceedings are meant to protect the corporate debtor's estate and “cannot be defeated by unsubstantiated conspiracy theories,” especially when the challenge to the...

NCLT Mumbai Rejects RP's Plea To Recover ₹325 Crore Paid To Ericsson During RCom Insolvency

The National Company Law Tribunal (NCLT) at Mumbai has recently refused to order Swedish Equipment Manufacturer Ericsson India Private Limited to return nearly Rs 325 crore that was paid to it during the insolvency proceedings of Reliance Telecom Ltd and Reliance Communications Ltd, two Anil Ambani led companies undergoing corporate insolvency resolution. The payments were made not as part of the insolvency process but to comply with Supreme Court directions issued in contempt proceedings...

NCLT Delhi Admits Canara Bank's Insolvency Plea Against Equinox Over ₹372 Crore Guarantee Default

The National Company Law Tribunal (NCLT) at New Delhi has admitted Canara Bank's insolvency petition against Equinox India Developments Limited, earlier known as Indiabulls Real Estate Limited, for defaulting on Rs 372.35 crore for loans extended to Sinnar Thermal Power Limited for its coal-based thermal power project in Maharashtra. The tribunal rejected the company's claim that the case could not proceed because the alleged default took place during the Covid-19 suspension period under the...

Undertakings To Infuse Equity Or Retain Control Not Guarantees; NCLT Delhi Dismisses CIRP Plea Against RattanIndia

The National Company Law Tribunal at Delhi has dismissed Canara Bank's insolvency petition against RattanIndia Enterprises Limited, holding that promoter undertakings relating to equity infusion and management control do not constitute a corporate guarantee or a financial debt under the Insolvency and Bankruptcy Code. A bench of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi delivered the order on December 9 while considering the bank's attempt to...