Homebuyers Cannot Be Forced To Act As Resolution Applicants To Complete Their Own Project: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has stepped in on the insolvency resolution of Riverbank Developers Pvt Ltd. It held that homebuyers cannot be forced to step into the shoes of a resolution applicant just because a housing project remains incomplete. The tribunal made it clear that the objective of insolvency proceedings is timely and fair resolution, not the imposition of additional financial or construction obligations on homebuyers who lack the means or willingness to...

NCLT Mumbai Grants Interim Protection To Provogue Liquidator From Arrest Over IBC Actions

The National Company Law Tribunal (NCLT) at Mumbai recently protected a liquidator from arrest by the Economic Offences Wing in a dispute arising from actions taken under the Insolvency and Bankruptcy Code. The tribunal said that section 236 of the Code bars courts from taking cognisance of IBC offences unless a complaint is filed by the Insolvency and Bankruptcy Board of India or the Central Government. The court, comprising Judicial Member Lakshmi Gurung and Technical Member Hariharan...

Jet Airways Liquidation: NCLT Mumbai Rejects Jalan-Kalrock's Plea To Refund ₹370 Crore As CIRP Costs

The National Company Law Tribunal (NCLT) at Mumbai recently refused to grant any refund to the Jalan-Kalrock consortium in relation to the over Rs 370 crores infused by it during the insolvency proceedings of Jet Airways Ltd. In an order dated December 15, a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed the consortium's plea, holding that the amounts claimed could not be classified as insolvency resolution process costs and were therefore not...

Threat To Cut Electricity To Hotel During Insolvency Violates Moratorium: NCLT Chandigarh

The National Company Law Tribunal (NCLT) at Chandigarh has recently held that electricity is essential to the functioning of a hotel and must continue during insolvency proceedings. The tribunal restrained the Chandigarh Electricity Department from disconnecting power supply to a hotel undergoing the Corporate Insolvency Resolution Process.A bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal said that a hotel cannot operate without uninterrupted electricity and that...

NCLT Kolkata Dismisses UCO Bank's ₹846 Crore Insolvency Plea Against Nicco Uco Alliance

The National Company Law Tribunal (NCLT) at Kolkata has dismissed an insolvency petition filed by UCO Bank against Nicco Uco Alliance Credit Ltd., a listed financial services company over an alleged default of Rs 846 crore. It held that the plea was barred by limitation and could not be entertained. The tribunal found that the bank approached the insolvency forum far too late. It noted a gap of nearly nine years between the original default and the first acknowledgment of debt. This delay, the...

NCLT Bengaluru Slaps ₹5 Lakh Penalty On Lifestyle International For Non-Disclosure In Capital Reduction Plea

The National Company Law Tribunal (NCLT) Bengaluru has approved a Rs. 6.08 crore reduction in the share capital of Lifestyle International Private Limited, a fashion and lifestyle retail company, but imposed a Rs. 5 lakh penalty for what it termed a “casual approach” to the proceedings. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order on December 15, 2025. The tribunal approved the selective capital reduction under Section 66 of the...

NCLT's Power To Order Forensic Audit Is Self-Ordained, No Separate Application Needed: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Chennai on Tuesday held that the National Company Law Tribunal can direct a forensic audit on its own even if no party has filed a separate application seeking such relief. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey dismissed an appeal filed by Able Automobiles Private Limited and its directors, challenging the June 30, 2022 order of the NCLT, Kochi Bench appointing an independent chartered...

NCLT Bengaluru Sanctions Merger of Amazon India's Logistics Arm With Marketplace Unit

The National Company Law Tribunal (NCLT) at Bengaluru has approved the merger of Amazon Transportation Services Private Limited into Amazon Seller Services Private Limited, Amazon's marketplace arm in India consolidating of its logistics and marketplace operations . A Bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the final order on December 15, 2025. The tribunal held that the scheme complied with Sections 230 to 232 of the Companies Act. ...

NCLT Indore Holds CGST Superintendent Guilty of Contempt For Not Refunding Tax Collected During Moratorium

The National Company Law Tribunal (NCLT) at Indore has held a senior GST officer guilty of civil contempt for refusing to return tax due collected from a insolvency bound company during moratorium. The tribunal found that a Superintendent of Central GST and Central Excise, Pithampur willfully disobeyed its order to refund Rs 26.26 lakh that was recovered from Bhagwan Motors Pvt Ltd while the company was under insolvency. Once insolvency proceedings begin, the Insolvency and Bankruptcy Code...

Delayed Litigant Cannot Seek Benefit Of Liberal Approach In Restoration Pleas: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently ruled that a party cannot seek restoration of a dismissed case by invoking a “liberal approach” if it has failed to act within the time prescribed by law. Refusing to revive an application filed by Eastern Power Distribution Company of Andhra Pradesh Ltd, the tribunal observed that while courts generally take a lenient view in restoration matters, that indulgence cannot extend to litigants who have knowingly delayed pursuing their...

Criminal Action For Forged Documents Lies Only If It Occurs In Tribunal Custody: NCLT Chennai Reaffirms

The National Company Law Tribunal (NCLT) at Chennai has recently reiterated that that it cannot invoke its criminal jurisdiction for alleged forgery or fabrication of evidence unless the offence is shown to have been committed while the document was in its custody It observed, “It is not the case that, Respondent No.1 had given a false evidence under oath or fabricated a false evidence. Therefore, the Applicant's reference to the Section 227, 228 and 229 of BNS is misplaced and the relief...

Can Arbitral Award Convert Operational Debt Into Financial Debt? NCLT Delhi Refers Issue To Tribunal President

The National Company Law Tribunal (NCLT) at Delhi, has referred to its President whether an arbitral award based on a supply contract can be treated as financial debt for initiating insolvency under the Insolvency and Bankruptcy Code. It has also sought clarity on whether a single insolvency petition under section 7 is maintainable when a creditor's claim involves both operational dues and alleged financial debt. The reference arose after a split verdict by a bench comprising Judicial Member...