Use Of Documents Scanned Through Banned 'CamScanner' App Not Grounds To Reject Section 7 IBC Petition: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising K.R. Saji Kumar (Member-Judicial) and Anil Raj Chellan (Member-Technical), has dismissed an application challenging the maintainability of the section 7 IBC petition based on the alleged inadmissibility of the photocopies/documents scanned via the banned “CamScanner” app. The present application was filed by the corporate debtor challenging the maintainability of the Section 7 application on the grounds of the...

Unpaid Salary of Whole-Time Director Constitutes Operational Debt, Can trigger CIRP: NCLT, Chennai

The National Company Law Tribunal (NCLT) at Chennai recently held that the unpaid salary dues of a whole-time director qualify as an operational debt, allowing a plea by a director seeking recovery of his unpaid salary of Rs 10.50 lakh. In an order passed on October 10, 2025, a bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that being a director does not automatically bar him from filing an insolvency application as long as debt and...

NCLT Orders Dissolution of Groww Promoter Company Following Voluntary Liquidation

The National Company Law Tribunal (NCLT) at Bengaluru has ordered the dissolution of Groww AA Private Limited, a company promoted by the founders of the online investment platform Groww. This comes after the company filed a plea for voluntary liquidation, completed all required legal and financial formalities, and distributed its assets to shareholders.The fintech platform Groww (Billionbrains Garage Ventures Ltd), founded in 2016, has opened its Initial Public Offering today.In an order passed...

NCLT Mumbai Initiates Insolvency Proceedings Against Pune-Based EV Startup Tork Motors

The NCLT Mumbai has admitted an insolvency plea against Pune-based EV start-up Tork Motors, once backed by the late industrialist Ratan Tata, Bharat Forge, and Ola's Bhavish Aggarwal over a debt of Rs. 1.29 crore. It appointed Anagha Anasingaraju as the Interim Resolution Professional (IRP) until a Resolution Professional is appointed.The move follows a petition by Unaprime Investment Advisors, which claims that the company owes over Rs 1 crore in fees for professional advisory services The...

NCLT Allows Former Promoters To Pursue Oppression & Mismanagement Case Against Indian Commodity Exchange

The National Company Law Tribunal (NCLT) at Ahmedabad has allowed a plea filed by a former promoters and shareholders of Indian Commodity Exchange Limited (ICEX) to pursue a case alleging oppression and mismanagement against the commodity derivatives exchange.They had sought a waiver of the requirement that shareholders must hold at least 10 percent of a company's issued share capital to file such a petition under the Companies Act, 2013. The plea was moved by Kailash Ramkishan Gupta, a former...

Independent Directors Cannot Automatically Escape Liability For Fraud Under IBC: NCLT Mumbai

Independent directors cannot automatically escape liability for a company's alleged fraudulent transactions under Insolvency and Bankruptcy Code, the National Company Law Tribunal (NCLT), Mumbai has ruled.The tribunal said that simply holding the title of an independent or non-executive director does not protect a person from scrutiny under insolvency law without examining their culpability in the alleged fraudulent affairs of the company. In an order passed on October 31 by a coram of...

NCLT Kochi Approves Capital Reduction Of Cochin Aircraft Maintenance Company Ltd

The National Company Law Tribunal (NCLT) Kochi bench of Smt. Madhu Sinha (Member Technical) and Shri Vinay Goel (Member Judicial) allowed a petition filed by M/s. Cochin Aircraft Maintenance Company Limited under section 66 of the Companies Act seeking reduction of paid up share capital holding that no creditors or employees were affected by such reduction and the proposal was a commercial sound decision. It held that “the proposed reduction of paid-up capital is justified on commercial...

NCLT Rejects Sterling Biotech's Plea To Reclaim Pune Land From Sterling Healthcare

The National Company Law Tribunal (NCLT) at Mumbai on Friday rejected an application filed by Sterling Biotech Ltd (SBL) seeking possession of an industrial plot in Pune leased to Sterling Healthcare Ltd (SHL), which is currently under insolvency proceedings.The dispute related to a 29-year lease executed in 2008 for land located at Village Urse in Pune district. A coram comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that SBL could not recover the...

SEBI Has Cleared Modified Demerger Scheme: Vedanta Informs NCLT

Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power, and steel busineeses into separate listed entities. A bench of Judicial Member Nilesh Sharma and...

NCLT Orders Liquidation Of Garvit Innovative Promoters Ltd Amidst Non-Cooperation & Absence Of Records

The National Company Law Tribunal (NCLT), Allahabad, comprising Mr. Praveen Gupta (Member-Judicial), has ordered the initiation of liquidation proceedings against M/s Garvit Innovative Promoters Ltd., following an application brought by the Resolution Professional. The present application was filed under section 33(2) read with section 60(5) of the IBC, 2016, by the resolution professional of the corporate debtor, seeking directions for the liquidation of the corporate debtor (M/s...

Investors Who Were Promised Assured Returns Qualify As Financial Creditors U/S 5(7) Of IBC: NCLT Indore

The National Company Law Tribunal (NCLT), Indore Bench, comprising Mr. Mohan P. Tiwari (Member-Judicial) and Mr. Sanjeev Sharma (Member-Technical), has held that the deposit schemes with assured returns amount to financial debt and the investors promised assured returns qualify as the financial creditor under section 5(7) of the IBC, 2016. Background of the Case The financial creditors (125 investors) filed a section 7 IBC petition seeking initiation of CIRP against the Garima Real...

NCLT Rejects Byju's' Plea to Halt Aakash's Proposed Rights Issue

The National Company Law Tribunal (NCLT) at Bengaluru, has recently refused to grant interim relief to insolvent ed-tech Byju's (Think and Learn Pvt Ltd) in its bid to stop Aakash Educational Services Ltd. (AESL) from proceeding with a proposed rights issue.The order, allows AESL to hold its Extraordinary General Meeting (EGM) on October 29 as scheduled.The order was passed by a coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada in an oppression and...