NCLT
NCLT New Delhi Dismisses Homebuyer's Petition Against PSA Impex Pvt Ltd On Grounds Of Fraudulent & Malicious Intent
The National Company Law Tribunal (NCLT), New Delhi Bench, comprising Shri Bachu Venkat Balaram Das (Member-Judicial) and Dr. Sanjeev Ranjan (Member-Technical), has dismissed the section 7 petition filed by the homebuyers against PSA Impex Pvt. Ltd. on the ground of fraudulent and malicious intent. PSA Impex Private Limited (Corporate Debtor) launched a housing project named “Sampada Livia” in Greater Noida. The project of ten towers with 726 flats was supposed to be completed within...
NCLT Approves Reliance Retail's Resolution Plan For Kishore Biyani-Led Future Supply Chain
The National Company Law Tribunal (NCLT) at Mumbai Bench, has recently approved the resolution plan submitted by Reliance Retail Ventures Limited (RRVL) for Future Supply Chain Solutions Limited, a Kishore Biyani-led Future Group company, under Section 31(1) of the Insolvency and Bankruptcy Code, 2016.The coram comprised Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer.The tribunal held that the resolution plan complied with Section 30(2) of the Code. It stated that...
NCLT Chandigarh Rejects Insolvency Plea Against ZTE Telecom India, Cites Pre-Existing Dispute
The National Company Law Tribunal (NCLT) at Chandigarh has recently rejected an insolvency application filed by TVS Supply Chain Solutions Limited against ZTE Telecom India Private Limited, the Indian subsidiary of Chinese telecom giant ZTE Corporation.The Tribunal held that a clear dispute existed between the parties before the insolvency proceedings began.The order was passed by a two-member coram comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh. The...
Post-Facto Invocation Of Arbitration Not Valid Defense: NCLT Mumbai Admits Tata Power EV Charging's Insolvency Plea Against Cab-Eez Infra
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising Shri Sameer Kakar (Member-Technical) and Shri Nilesh Sharma (Member-Judicial), has admitted Tata Power EV Charging's insolvency plea against Cab-Eez Infra, observing that the post-facto invocation of the arbitration is not a valid defense. Tata Power EV Charging Solutions Ltd. provided the charging infrastructure and services to Cab-Eez Infra Tech Ltd. The master service agreement was originally executed by the Tata...
NCLT Ahmedabad Admits Gensol-Linked Entity Blu-Smart Mobility Tech Into Insolvency
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has recently admitted Blu-Smart Mobility Tech Pvt Ltd into Corporate Insolvency Resolution Process (CIRP) over an unpaid operational debt of ₹5.84 crore.The order , dated October 14, 2025 marks yet another Gensol-linked entity facing insolvency proceedings, following the admission of Gensol Engineering and Blu-Smart Mobility Ltd. Gensol's co-founder Puneet Singh Jaggi was also admitted into insolvency a day before. The order...
NCLT Mumbai Clears Yatra Online Ltd Subsidiaries' Merger With Parent Company
The National Company Law Tribunal (NCLT) at Mumbai, on Tuesday allowed a Scheme of Amalgamation involving Yatra Online Limited and six of its wholly owned subsidiaries.A coram comprising Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan allowed a plea filed under Sections 230 to 232 of the Companies Act, 2013, by the subsidiaries seeking sanction of the merger scheme. The scheme involves the amalgamation of the following six transferor companies with the transferee company,...
NCLT Ahmedabad Initiates Insolvency Proceedings Against Gensol Co-founder Puneet Singh Jaggi
The National Company Law Tribunal (NCLT), Ahmedabad Bench, on Monday initiated personal guarantor insolvency proceedings against Puneet Singh Jaggi, co-founder and whole-time director of Gensol Engineering Ltd.This follows a petition by Equentia Financial Services Pvt. Ltd. over an alleged default of ₹9.91 croreThe order was passed by a coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma. The tribunal found that there was a debt and a default, which was sufficient...
Unremitted TDS Deducted Before Liquidation Does Not Form Part Of Liquidation Estate: NCLT Bengaluru
The National Company Law Tribunal (NCLT) Bengaluru bench of Shri Sunil Kumar Aggarwal, Member (Judicial) and Shri Radhakrishna Sreepada, Member (Technical) held that an unremitted Tax Deducted at Source (TDS) amounts deducted by the corporate debtor before the liquidation are assets held in trust for the government and therefore stand excluded from the liquidation estate under section 36 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Tribunal allowed the delayed claim filed by the...
No Provision Under Liquidation Process Regulations Permitting Acceptance Of Belated Claims: NCLT Allahabad
The NCLT, Allahabad Bench, comprising Praveen Gupta (Member-Judicial) and Ashish Verma (Member-Technical), has observed that unlike CIRP proceedings, there is no enabling provision under the liquidation process regulations permitting acceptance of belated claims. The liquidator rejected the claim filed by the applicant. Therefore, the appellant filed the present appeal challenging the rejection, under section 5 of the Limitation Act, 1963, read with Rule 11 of the NCLT Rules, 2016,...
Resolution Professional Not Entitled To Fees Or Expenses During Stay Of CIRP Proceedings: NCLT Bengaluru
The National Company Law Tribunal (NCLT), Bengaluru Bench, comprising Sunil Kumar Aggarwal (Member-Judicial) and Radhakrishna Sreepada (Member-Technical), has held that an IRP/RP is not entitled to fees or expenses incurred during the stay of CIRP proceedings granted by NCLAT or Judicial Forum. The CIRP of the corporate debtor was initiated in furtherance of a section 7 petition, and the applicant was appointed as the interim resolution professional. However, later on the CIRP was...
Moratorium Under IBC Does Not Prevent Reversal Of Funds Mistakenly Transferred To Corporate Debtor: NCLT New Delhi
The National Company Law Tribunal, New Delhi Bench, comprising Jyotsna Sharma (Member-Judicial) and Anu Jagmohan Singh (Member-Technical), has held that the moratorium under section 14 of the IBC doesn't prevent reversal of funds mistakenly transferred to the corporate debtor's account. The applicant claims that it mistakenly transferred the 'relevant funds' through RTGS. It also sent an email to the bank officials seeking reversal of the funds transferred. The Assistant General...
Invocation Of Guarantee Does Not Preclude Financial Creditor From Initiating CIRP: NCLT Kolkata
The National Company Law Tribunal (NCLT) Kolkata bench of Smt. Bidisha Banerjee (Judicial Member) and Cmde Siddharth Mishra (Technical Member) admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Vasupujya Enterprises Pvt. Ltd., a corporate guarantor of Ankit Metal & Power Ltd., holding that there is no bar under the IBC from simultaneously filing two applications under section 7 of the IBC against Borrower as well as the guarantor. The...