NCLT Delhi Approves Zee Founder Subhash Chandra's ₹6.5 Cr. Repayment Plan Against ₹22,006 Cr. Claims

The National Company Law Tribunal (NCLT), New Delhi, on 25 August approved the repayment plan of Dr. Subhash Chandra, chairman of the Essel Group and founder of Zee TV, under Section 114 of the Insolvency and Bankruptcy Code, 2016 (IBC), subject to the exclusion of two unsupported claims.A Bench comprising Judicial Member Nilesh Sharma, acting as the Third Member after the Judicial and Technical Members delivered conflicting opinions, held that the requisite majority of creditors had approved...

Belated Homebuyer Claims Cannot Reopen Approved Resolution Plan: NCLT Indore

The Indore Bench of the National Company Law Tribunal (NCLT) has held that a homebuyer's claim cannot be recognised after approval and implementation of a Resolution Plan, as entertaining such a belated claim would undermine the finality of the approved plan. Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta dismissed an application filed by Nishkarsh Kumar under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with Rule 11 of the NCLT Rules, 2016,...

NCLT Indore Holds IBC Cannot Be Used To Settle Family Disputes, Rejects ₹4.21 Crore Section 7 Plea

The Indore Bench of National Company Law Tribunal (NCLT) has held that a Section 7 application under the Insolvency and Bankruptcy Code (IBC) cannot be used to recover disputed amounts or settle an ongoing family dispute where the applicant fails to establish the existence of a financial debt and default. Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta dismissed an application filed by Prakash Chuhardas Khatri, Karta of Indore Glass House HUF, seeking initiation of...

Debenture Holders Retain Right To Initiate Insolvency Despite Trustee Appointment: NCLT Bengaluru

The National Company Law Tribunal (NCLT), Bengaluru has held that the appointment of a Debenture Trustee to represent debenture holders does not take away their independent statutory right as Financial Creditors to initiate insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada was considering an insolvency petition filed by India Housing Fund and India Housing...

NCLT Bengaluru Dissolves Infotech HAL After Completion Of Liquidation Process

On 17 August, the National Company Law Tribunal (NCLT) at Bengaluru ordered the dissolution of Infotech HAL Limited after finding that its affairs had been completely wound up and all its realisable assets had been dealt with in accordance with the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held: “….it is evident that the affairs of the Corporate Debtor have been completely wound up and all...

NCLT Chennai Admits Gangotri Textiles' CIRP Plea, Holds Pending DRT Proceedings No Bar

The National Company Law Tribunal (NCLT) at Chennai on 7 August admitted Gangotri Textiles Limited's application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), thereby initiating Corporate Insolvency Resolution Process (CIRP) against it. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy observed: “….this Tribunal is satisfied that the Corporate Debtor has established the existence of financial debt and default and that the...

NCLT Indore Holds Mere Shareholding Overlap Can't Establish Collusion, Admits Plea Against Organic World

The Indore Bench of the National Company Law Tribunal (NCLT) on 3 August admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Organic World Private Limited over a default of approximately Rs. 2.24 crore. A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta admitted the application filed by Tanay Securities & Services Private Limited, holding that mere overlap in shareholding, without anything more, could not...

'Other Creditor' Status Does Not Confer Unrestricted Right To Challenge Resolution Plan: NCLT Chandigarh

The Chandigarh Bench of the National Company Law Tribunal (NCLT) has held that merely being classified as an “Other Creditor” does not confer on such creditor an unrestricted right to challenge a resolution plan, particularly where the challenge does not arise from the creditor's own admitted claim or any legally enforceable right under the Insolvency and Bankruptcy Code (IBC). Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal made the observation while dismissing an...

NCLT Indore Dismisses Union Bank's Plea To Include Four Belated EOIs In JSM Devcons CIRP

The Indore National Company Law Tribunal (NCLT) dismissed Union Bank of India's plea seeking inclusion of four belated EOIs in the Corporate Insolvency Resolution Process (CIRP) of JSM Devcons India Pvt. Ltd. A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held that the Committee of Creditors (CoC), having rejected belated Expressions of Interest (EOIs) by majority vote, acted within its commercial wisdom, which is paramount under the Insolvency...

NCLT Chandigarh Sets Aside Canara Bank's SARFAESI Sale Of Mohan Rail Components' Assets

The Chandigarh Bench of the National Company Law Tribunal (NCLT) has allowed applications filed by Jaspal Singh and Narinder Kaur, suspended directors and personal guarantors of Mohan Rail Components, and set aside the sale certificate issued by Canara Bank in respect of the company's core assets on 1 January 2026. A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh held that recovery proceedings under the Securitisation and Reconstruction of...

NCLT Delhi Permits Withdrawal Of Aviator ML 29641 Insolvency Plea Against SpiceJet, Imposes ₹15 Lakh Costs

The National Company Law Tribunal (NCLT), New Delhi, on 19 August allowed Aviator ML 29641 to withdraw its insolvency petition against SpiceJet Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, but imposed costs of Rs. 15 lakh on both parties for seeking withdrawal after the matter had been reserved for orders. A Bench of Judicial Member Mahendra Khandelwal and Technical Member Anu Jagmohan Singh allowed the withdrawal under Rule 8 of the Insolvency and Bankruptcy...

NCLT Mumbai Admits ₹11.94 Cr Insolvency Plea Against Reliance Entertainment, Says Security Deposit Is Debt

The Mumbai National Company Law Tribunal (NCLT) on 19 August held that an amount advanced under a Security Deposit Agreement can constitute a financial debt under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench comprising Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted Pen India Private Ltd's insolvency plea against Reliance Entertainment Studios Pvt Ltd over a default of Rs. 11.94 crore. It observed: “In view of the foregoing discussion, we are...