NCLT Mumbai Dismisses Insolvency Plea Against Ganesh Benzoplast Over Disputed Corporate Guarantee

The National Company Law Tribunal (NCLT) in Mumbai has dismissed an insolvency plea filed by UC Inclusive Credit Pvt. Ltd. against Ganesh Benzoplast Ltd. It held that the application could not be admitted because the corporate guarantee relied upon by the lender is under challenge in multiple civil and criminal proceedings involving allegations of fraud and forgery. A coram comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Sameer Kakar dismissed the plea seeking...

NCLT Mumbai Dissolves BSE Institute of Research Development & Innovation After Voluntary Liquidation

The National Company Law Tribunal (NCLT) in Mumbai on Thursday ordered the dissolution of BSE Institute of Research Development & Innovation Private Limited after finding that its voluntary liquidation had been completed in accordance with law and that the company's affairs had been completely wound up. A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan observed that the liquidator had completed the required formalities and that the company's assets had been...

NCLT Delhi Admits CIRP Against Prodot Media, Holds Guarantee Liability Survives Borrower's Resolution Plan

The New Delhi Bench of the National Company Law Tribunal (NCLT) on 1 July held that a corporate guarantor's co-extensive liability is not extinguished merely because a Financial Creditor's claim has been partially admitted under the resolution plan of the principal borrower. Judicial Member Mahendra Khandelwal and Technical Member Atul Chaturvedi admitted an insolvency petition filed by Pashupati Facility and Management Service Pvt. Ltd. against Prodot Media Pvt. Ltd., in its capacity as a...

NCLT Delhi Admits CIRP Against Regal Enterprises, Rejects Solvency Claim Without Evidence

The New Delhi National Company Law Tribunal (NCLT) on 9 July admitted a Corporate Insolvency Resolution Process (CIRP) petition against Regal Enterprises Limited, holding that a financial creditor only needs to establish the existence of debt and default under Section 7 of the Insolvency and Bankruptcy Code (IBC). President Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi admitted the petition filed by Akkme Food Craft Limited and ordered commencement of CIRP against Regal...

NCLT Delhi Questions Indian Bank's Belated RP Removal Bid, Cites Lack Of Basis For 'Loss Of Trust'

The New Delhi National Company Law Tribunal (NCLT) on 7 July questioned Indian Bank's attempt to replace the Resolution Professional (RP) of Nimitiya Hotel and Resorts Limited more than two and a half years after approving the resolution plan, observing that the bank failed to provide any factual basis beyond citing “loss of trust”. Judicial Member Jyotsna Sharma and Technical Member Reena Sinha Puri directed that copies of its orders dated 20 March 2026, 15 April 2026, and 20 May 2026 be...

NCLT Mumbai Upholds ₹30 Lakh Deposit Forfeiture Over Suppressed Ties With Ex-Management Of Corporate Debtor

The Mumbai bench of the National Company Law Tribunal has dismissed an application filed by Hinganghat Infrastructure Pvt Ltd seeking a direction to the Resolution Professional and the Committee of Creditors (CoC) of Deegee Orchards Pvt Ltd to refund its ₹5 lakh Participation Money Deposit (PMD) and ₹25 lakh Earnest Money Deposit (EMD). The tribunal held that the company's failure to disclose its relationship and arrangement with the former management of the corporate debtor amounted to a...

NCLT Mumbai Rejects Resolution Professional's Two Fraudulent Transaction Pleas In RCIL Insolvency

The Mumbai bench of the National Company Law Tribunal has dismissed two applications filed by the Resolution Professional of Reliance Communications Infrastructure Ltd (RCIL), which alleged fraudulent transactions involving Netizen Engineering Pvt Ltd (NEPL) and RCIL's wholly owned subsidiary, Worldtel Tamil Nadu Pvt Ltd (WTPL). The tribunal found that the transactions did not increase the corporate debtor's liabilities. It also found that the assignment of receivables to WTPL did not reduce...

NCLT Records Highest-Ever First-Quarter Performance Under IBC, Approves 78 Resolution Plans

The National Company Law Tribunals (NCLT) across the country have recorded their highest-ever first-quarter performance under the Insolvency and Bankruptcy Code (IBC), approving 78 resolution plans between April and June 2026, according to a performance report issued by its Registrar on July 13, 2026. The 78 resolution plans, involving an aggregate approved value of ₹5,517.66 crore, surpassed the previous first-quarter high of 73 approvals recorded during April-June 2024. During the...

CIRP Not Maintainable Against Company Struck Off From Register: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) has reiterated that a Corporate Insolvency Resolution Process (CIRP) cannot be initiated against a company whose name has already been struck off from the register of companies. It observed that once the company's certificate of incorporation is cancelled, it no longer remains a "corporate person" under the Insolvency and Bankruptcy Code. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar dismissed Adamji...

NCLT Delhi Says Transfer Plea Cannot Be Allowed 'At Mere Asking,' Dismisses Ex-Promoter's Application

The Principal Bench of the National Company Law Tribunal (NCLT), New Delhi, has dismissed a transfer application filed by the ex-promoter of Nimitaya Hotel Resorts Ltd. seeking to move the company's insolvency proceedings from the Special Bench to another bench. The tribunal imposed costs of ₹50,000 after finding that the applicant had concealed material facts. The order was passed by NCLT President Justice Anupinder Singh Grewal who observed, “A transfer application cannot be allowed at...

NCLT Delhi Admits Indian Overseas Bank's CIRP Plea Against Mhow Ghatabill Toll Roads Over ₹117.74 Crore Default

The Principal Bench of the National Company Law Tribunal (NCLT), New Delhi, has admitted an insolvency petition filed by Indian Overseas Bank against infra company Mhow Ghatabill Toll Roads Pvt. Ltd. over an alleged default of ₹117.74 crore.The tribunal found that the bank had established the existence of a financial debt and default in repayment and that the application was filed within the prescribed limitation period. A bench of President Justice Anupinder Singh Grewal and Technical Member...

NCLT Admits Insolvency Plea Against The Moms Co. Parent Over ₹1.32 Crore Dues

The Delhi Bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Bjain Pharmaceuticals Pvt. Ltd. against Amishi Consumer Technologies Pvt. Ltd., the company behind the personal care brand The Moms Co., which manufactures personal care products over an operational debt of ₹1.32 crore. The bench of Judicial Member Justice Jyotsna Sharma and Technical Member Anu Jagmohan Singh while admitting the plea, observed that there was no pre-existing dispute as...