NCLT Mumbai Approves Times Group's Plan To Demerge Non-Publishing Businesses Into New Company

The National Company Law Tribunal (NCLT) at Mumbai on Wednesday approved Bennett, Coleman & Company Ltd's (BCCL) also knows as Times Group's proposal to demerge its non-publishing businesses into its wholly owned subsidiary, Times Horizon Pvt. Ltd. (THPL).The order was passed by coram comprising of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar which sanctioned the composite scheme of arrangement under Sections 230–232 of the Companies Act. The tribunal noted...

Pendency Of Proceedings Elsewhere No Ground For Delay; NCLT Kochi Rejects Customs' Claim Filed 787 Days Late

The National Company Law Tribunal (NCLT) at Kochi has recently held that the pendency of an appeal or any other proceeding before a different forum cannot be a valid ground for missing the strict deadlines for filing claims under the Insolvency and Bankruptcy Code (IBC), while refusing to condone a delay of 787 days by the Customs Department A coram of Judicial Member Vinay Goel and Technical Member Madhu Sinha observed, "The pendency of an appeal or other proceeding before a different forum...

Breach of Settlement Instalments Cannot Trigger Insolvency Proceedings: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently held that it is not a forum to recover money arising from a default in instalments under a settlement agreement, and that such a breach cannot be treated as an operational debt to trigger CIRP under the Insolvency and Bankruptcy Code. A coram of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra dismissed the petition filed by a contractor who had sought to initiate insolvency proceedings against...

NCLT Bengaluru Reserves Order On Riju Ravindran's Plea Against Glas Trust's Aakash Right Issue Funding Plan

The National Company Law Tribunal (NCLT), Bengaluru, on Wednesday reserved its order on an interim plea sought by Riju Ravindran, former promoter of Think and Learn Pvt Ltd (Byju's), challenging the Committee of Creditors' (CoC) approval of a Compulsorily Convertible Debenture (CCD) structure proposed by Glas Trust to fund TLPL's participation in Aakash Educational Services Ltd's (AESL) ongoing rights issue.The matter was heard by a coram comprising Judicial Member Sunil Kumar Aggarwal, and...

Mere Obligation To Pay Under Compromise Deed Does Not Amount To Financial Debt: NCLT New Delhi

The National Company Law Tribunal (NCLT) at New Delhi has recently held that a mere breach of an agreement, resulting in an obligation to pay under a compromise deed, does not by itself qualify as a financial debt under the Insolvency and Bankruptcy Code (IBC), 2016. The order was passed by a bench comprising Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi while dismissing the Section 7 application filed by Samridhi Realty Homes Private Ltd., seeking...

Applications Under Section 60(5) IBC Cannot Be Used To Modify Approved Resolution Plans: NCLT Delhi

The National Company Law Tribunal (NCLT) at Delhi has recently clarified that an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), which empowers the NCLT to determine disputes affecting the resolution process, cannot be used to revisit or modify a resolution plan once it has been approved by the tribunal. The ruling came in a petition filed by the Successful Resolution Applicants (SRAs) for the Shubhkamna City project in Greater Noida. The SRAs sought directions to...

NCLT Approves Rs 12.8 Crore Resolution Plan By Knowledge Marine Director For Sterling Healthcare

The National Company Law Tribunal at Mumbai has recently approved a resolution plan worth Rs 12.8 crore by a Mumbai individual for Sterling Healthcare Limited. In an order delivered on November 13, 2025 by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar approved a resolution plan by the whole time director of Knowledge Marine & Engineering Works Limited in Mumbai. The Corporate Insolvency Resolution Process was initiated by L&T Finance in...

Date Of default For MSMEs Refers to Original NPA Not Subsequent Defaults After Restructuring: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently clarified that when an MSME corporate debtor's account is restructured and subsequently defaults again, the date of default for an insolvency application must refer back to the original NPA date, in accordance with the RBI circular currently in force and not to the date of default following restructuring. A coram comprising Judicial Member Bidisha Banerjee and Technical Member Cmde Siddharth Mishra relying on an RBI Master...

Bankruptcy Proceedings Can Be Initiated Against Foreign Citizen Acting As Personal Guarantor: NCLT Hyderabad

The National Company Law Tribunal, Hyderabad Bench-II, has admitted the bankruptcy proceedings against Shri Yarlagadda Madhu Mohan, a personal guarantor and a US citizen, under Sections 121 and 123 of the IBC after his failure to submit a repayment plan. “……… Section 3(23) merely defines the term “person” to include “a person resident outside India.” It does not create any exception for foreign citizens, as erroneously inferred by the Respondent,” the bench observed. Further, the...

NCLT Hyderabad Orders Liquidation of Maharashtra-Based Pioneer Gas Power Limited

The National Company Law Tribunal (NCLT) at Hyderabad has recently ordered the liquidation of Maharashtra-based Pioneer Gas Power Limited after all attempts to revive the company through the insolvency process failed. A bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, in an order passed on November 11, allowed the liquidation application filed by Bright Star Resolution Professionals LLP, acting as the Resolution Professional for Pioneer Gas Power Limited.The...

NCLT Mumbai Summons Bank Of India Chairperson Over Delays In BE Billimoria Insolvency Revival

The National Company Law Tribunal at Mumbai recently summoned the Chairperson of Bank of India, MR Kumar to appear in person after expressing serious dissatisfaction over the bank's conduct in handling settlement funds and the delay in reviving insolvency proceedings against BE Billimoria & Company Limited. A coram of the Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, in an order passed on October 15 observed that the explanations given by the Bank were “unsatisfactory and...

Homebuyers With Settled Claims Can't Seek Reconstitution Of Committee Of Creditors: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi on Wednesday said that homebuyers whose claims have been settled through the insolvency resolution process lose their stake in the corporate debtor, Samson and Sons Builders and Developers Pvt. Ltd., and therefore cannot seek the reconstitution of the Committee of Creditors (CoC). The dispute arose from a plea filed by the Nova Castle Apartment Owners' Association and the Sanctuary Apartment Owners' Association- homebuyers of two project...