NCLT Cuttack Orders Initiation Of CIRP Against Bhilai Jaypee Cement Limited

The National Company Law Tribunal (NCLT), Cuttack Bench, Deep Chandra Joshi (Member-Judicial) and Banwari Lal Meena Banwari Lal Meena (Member-Technical) has initiated the CIRP against Bhilai Jaypee Cement Limited, a subsidiary of the debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore. The petition under section 9 of the IBC was filed by the operational creditor, Sidhgiri Holdings Pvt Ltd. Bhilai Jaypee Cement Limited used to purchase coal from the...

NCLT Cannot Recall Order Passed On Merits Under Rule 11 Of NCLT Rules 2016: NCLAT Chennai

The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising Justice Sharad Kumar Sharma (Member-Judicial) and Jatindranath Swain (Member-Technical), has held that an order passed on merits cannot be recalled by the NCLT under rule 11 of the NCLT Rules, 2016. Background The CIRP of the corporate debtor was initiated, and the appellant turned out to be the successful resolution applicant (SRA). Six homebuyers filed applications before the NCLT seeking execution of...

NCLT President Cannot Transfer Cases Beyond Territorial Jurisdiction Of Bench: Gujarat High Court In Essar Steel Insolvency Case

The Gujarat High Court has recently held that the President of the National Company Law Tribunal (NCLT) has no authority to transfer cases from one State to another through administrative orders.The ruling came in proceedings linked to the Essar Steel insolvency process, where the court also found that repeated recusals by NCLT Members in Ahmedabad were neither "legal" nor "justified."A single bench of Justice Niral R Mehta made the finding in a petition filed by Arcelormittal Nippon Steel India...

Corporate Debtor Cannot Escape Liability By Transferring Debt To Holding Company: NCLT New Delhi

The National Company Law Tribunal (NCLT), New Delhi Bench, comprising Shri Manni Sankariah Shanmugha Sundaram (Member-Judicial) and Shri Atul Chaturvedi (Member-Technical), has observed that merely the internal arrangements between the group companies cannot absolve the corporate debtor of its obligation towards third-party creditors. The appellant was engaged in the trade of Kraft paper reels, and it supplied material to the corporate debtor. Out of the total consideration amount of...

Resolution Professional Cannot Suo Moto Reject Claims Once They Have Been Admitted: NCLT Mumbai

The NCLT, Mumbai Bench, comprising Ms. Lakshmi Gurung (Member-Judicial) and Sh. Hariharan Neelakanta Iyer (Member-Technical), has ruled that once the claim of the creditor has been admitted by the resolution professional, it cannot on its own reject it later. The applicant advanced a loan of Rs. 212 Cr. to the corporate debtor, secured by the corporate guarantee and the mortgage deed. The CIRP of the corporate debtor was admitted, and claims were invited. The applicant submitted its...

NCLT Delhi Admits TDT Copper Into Insolvency Over ₹154 Crore Debt

The National Company Law Tribunal (NCLT) at Delhi recently admitted TDT Copper Limited to insolvency proceedings, acting on a plea filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC).The public sector lender had approached the Tribunal seeking recovery of dues amounting to Rs 153.98 crore.A coram comprising Judicial Member Mahendra Khandelwal and Technical Member Anu Jagmohan Singh in an order passed on October 16 appointed Shailesh Chandra Ojha as the Interim...

Non-Redemption Of Redeemable Preference Shares In Absence Of Distributable Profits Doesn't Amount To Financial Debt: NCLT New Delhi

The NCLT, New Delhi Bench, comprising Ashok Kumar Bhardwaj (Member-Judicial) and Reena Sinha Puri (Member-Technical), has held that the non-redemption of the redeemable preference shares in the absence of distributable profit doesn't amount to financial debt under section 7 of the IBC. The applicant is a financial institution and a member of a consortium of lenders. It filed the section 7 petition against the corporate debtor for alleged default in redemption of RPS amounting to Rs....

NCLT Admits Byju's K3 Education To Insolvency Over Rs 1.76 Crore Unpaid Debt

The National Company Law Tribunal (NCLT) at Bengaluru recently admitted Byju's K3 Education Pvt Ltd, another Byju's group company, to insolvency over an unpaid operational debt of Rs. 1.76 crore. The order was passed on October 15, 2025, following a petition by an Operational creditor-Kritikal Solutions Pvt Ltd. A coram comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada while admitting the company to insolvency appointed Pankaj Kumar as the Interim...

Execution Of Sale Deed Is Permitted During CIRP If Possession Was Handed Over Before Its Commencement: NCLT Indore

The NCLT, Indore Bench, comprising Mohan P. Tiwari (Member-Judicial) and Sanjeev Sharma (Member-Technical), has held that the moratorium doesn't prohibit the execution of sale deeds during CIRP if the possession was handed over to allottees prior to commencement of CIRP. The JSM Devcons Pvt. Ltd. (Corporate Debtor) is engaged in developing the housing project, Pinnacle D Dreams. In furtherance to a section 7 petition filed by the Motel Rahans Pvt. Ltd., the CIRP of the corporate debtor...

NCLT Kochi Admits Kotak Mahindra Bank's Insolvency Petition Against Inditrade Business Consultants

The NCLT, Kochi Bench, comprising Vinay Goel (Member-Judicial) and Madhu Sinha (Member-Technical), has admitted the Kotak Mahindra Bank's insolvency petition against Inditrade Business Consultants. Kotak Mahindra Bank advanced working capital and overdraft facilities of Rs. 20 Cr. to Inditrade Business Consultants Limited. The amount was later enhanced to Rs. 25 Cr. Subsequently, the corporate debtor defaulted on the repayment, leading to the classification of its account as NPA. ...

Interest Liability Shall Not Cease Merely Because Default Of Principal Amount Fell During S.10A Period: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Unity Small Finance Bank Limited against Bafna Motors Private Limited holding that defaults committed after section 10A period are sufficient to trigger Corporate Insolvency Resolution Process (CIRP). It further held that interest liability shall not come to an end merely on the ground that default of principal amount fell during 10A period. ...

COVID-Induced Financial Distress Or Inability To Pay Is Not Valid Defence U/S 7 IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Prudent ARC Limited (assignee of Central Bank of India) against RBEP Entertainment Pvt. Ltd. (formerly Reliance Big Entertainment Pvt. Ltd.). The Tribunal held that debt and default were duly established in the present case and the plea of the corporate debtor that the COVID induced distress justified non-payment was rejected holding that ...