NCLT
Mere Filing Of Personal Insolvency After SARFAESI Plea Doesn't Show Intent To Stall Recovery: NCLT Chennai
The National Company Law Tribunal (NCLT) at Chennai has recently observed that merely filing an insolvency petition after the initiation of proceedings under the SARFAESI Act does not, by itself, indicate an attempt to delay or obstruct recovery proceedings.A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramanian was hearing a petition filed by a personal guarantor seeking initiation of personal insolvency resolution proceedings under Section 94 of the Insolvency and...
Participating Interest In Oil Block Qualifies as 'Property' Under IBC: NCLT Mumbai
The National Company Law Tribunal (NCLT) at Mumbai has ruled that rights under Production Sharing Contracts are “property” under the Insolvency and Bankruptcy Code. As a result, a company's participating interest in an onshore oil block must be treated as an asset during insolvency and cannot be excluded from resolution.A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed an application filed by Pan India Consultants Pvt Ltd seeking exclusion of the...
NCLT Admits 'Sip On' Maker Manpasand Beverages To Insolvency Over ₹25 Crore Dues
The National Company Law Tribunal (NCLT) at Ahmedabad has admitted Manpasand Beverages Limited, the maker of the popular mango drink Sip On, into corporate insolvency proceedings on a plea by iits packaging partner Tetra Pak India Private Limited. The plea was admitted over unpaid dues of more than Rs 25 crore for the supply of packaging material, machinery and related services provided by Tetra Pak to Manpasand under multiple agreements. A coram of Judicial Member Chitra Hankare and...
NCLT Mumbai Rejects GNIDA Plea To Recall 2017 Shirdi Industries Resolution Plan
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an application filed by the Greater Noida Industrial Development Authority (GNIDA) seeking recall of a 2017 order approving Rakesh Agarwal's resolution plan for Shirdi Industries Ltd.It held that GNIDA was informed of the insolvency process and failed to file its claim despite specific notice.A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that Noida authority could not allege violation...
NCLT Admits Insolvency Plea Against Aman Hospitality Over ₹119 Crore Default
The National Company Law Tribunal (NCLT) at Delhi has admitted Bank of India's insolvency plea against Delhi- based Aman Hospitality Private Limited over a default of about Rs 119 crore, excluding its equity, following a plea by Bank of India. A coram comprising President Justice Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi passed the order on January 12, 2026. The dispute arises from loans sanctioned for Aman's five-star hotel project in Shahdara, Delhi. Between 2010 and...
Financial Creditor Cannot Avoid Liquidation Costs After Settling Dues Through OTS: NCLT Bengaluru
The National Company Law Tribunal (NCLT) at Bengaluru has held that a financial creditor that participated in the liquidation process and secured its dues through a one-time settlement cannot later avoid paying its share of liquidation costs for the ime it had taken part in it. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada directed Jammu & Kashmir Bank Ltd to bear its proportionate share of liquidation expenses in the liquidation of Alpine...
Interest-Free Loans, Write-Offs Not Fraudulent Per Se Without Intent: NCLT Mumbai
The Mumbai bench of the National Company Law Tribunal (NCLT) has held that accounting irregularities or regulatory violations, including the grant of interest-free advances, do not by themselves amount to fraudulent trading. It clarified that fraudulent trading can be established only when there is clear, cogent evidence showing an intent to defraud creditors, assessed in the context of the company's business model.A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat...
CoC Member Can Vote on Resolution Plan Despite Related Party's Stake In Resolution Applicant Consortium
The National Company Law Tribunal (NCLT) at Mumbai has clarified that a member of the Committee of Creditors (CoC) is not barred from voting on a resolution plan merely because its related persons have an interest in the consortium of a resolution applicant.It said insolvency law does not prescribe any such disqualification on the ground of conflict of interest.A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed an application filed by the suspended...
Requests For Time Or Settlement Does Not Amount To Pre-Existing Dispute Under IBC: NCLT Mumbai
The National Company Law Tribunal at Mumbai has held that requests for time, settlement, or proposals for alternative arrangements does not amount to a dispute under the Insolvency and Bankruptcy Code and therefore do not negate an admitted liability.A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar, in an order dated January 12, said such communications far from raising a genuine dispute, often reinforce acknowledgement of debt.“A request for time, settlement...
NCLT Hyderabad Orders Dissolution of Srianagha Sky Scrapers After Voluntary Liquidation Under IBC
The National Company Law Tribunal (NCLT) has recently ordered the dissolution of Srianagha Sky Scrapers Private Limited, a Hyderabad-based infrastructure company, after recording the successful completion of its voluntary liquidation under the Insolvency and Bankruptcy Code, 2016. The order was passed by the Hyderabad Bench on January 8, 2026.A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, said it was satisfied that the process was carried out strictly as...
NCLT Hyderabad Declares Personal Guarantor of Techtrans Constructions Bankrupt After No Repayment Plan
The National Company Law Tribunal (NCLT) at Hyderabad has recently ordered the bankruptcy of Pasam Laxmi Srinivas Reddy, the personal guarantor of Techtrans Constructions India Private Limited, an infrastructure firm. The tribunal said there was no repayment plan on record and no way forward for resolution. The order was passed by Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri. Setting out the reason in clear terms, the bench said, “Admittedly, the repayment plan has not been...