NCLT Ahmedabad Holds Sales Incentive Property Promise Not Operational Debt Under IBC, Dismisses S.9 Plea

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 23 June 2026 dismissed an insolvency petition filed by Green Consultancy against Jhaveri Spices Pvt. Ltd., holding that a claim arising from a sales incentive scheme promising transfer of immovable property does not qualify as “operational debt” under the Insolvency and Bankruptcy Code, 2016 (IBC), and therefore cannot sustain proceedings under Section 9. Judicial Member Chitra Hankare and Technical Member Dr Velamur G Venkata...

NCLT Cuttack Calls RPs Alteration Of Creditors Claim 'Gross Dereliction' Approves Goyal Energy Resolution Plan

The National Company Law Tribunal (NCLT) at Cuttack has recently approved a resolution plan worth ₹79 crore for Goyal Energy and Steel Limited, submitted by Mumbai-based Nakshatra Asset Ventures Ltd. While approving the plan, the tribunal observed that a resolution professional cannot alter the amount claimed by a creditor in Form H (the statutory compliance certificate) without a revised claim from that creditor. The bench of Judicial Member Cheekati Radha Krishna and Technical Member...

NCLT Chandigarh Rejects Samar Estates Homebuyers' Claim After They Admit Payment To Directors' Accounts

The Chandigarh Bench of the National Company Law Tribunal (NCLT) has dismissed an application filed by three homebuyers seeking recognition as financial creditors of Samar Estates Pvt. Ltd. The tribunal held that the applicants failed to establish that the disputed Rs 60 lakh had been disbursed to the corporate debtor. It noted that the applicants themselves admitted the money had been paid into the personal accounts of the company's directors. The bench of Judicial Member Khetrabasi Biswal...

NCLT Chandigarh Holds Marketing MoU Cannot Confer Homebuyer Status, Rejects ₹11 Crore Claim

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 11 June held that a marketing and sales facilitation agreement does not confer the status of a homebuyer or financial creditor in the absence of documents evidencing allotment of flats. Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal dismissed RealPro Assets Ltd.'s Rs. 11.09 crore claim against Samar Estates Pvt. Ltd., holding that it had failed to establish the existence of a financial debt. The Bench...

NCLT Allahabad Says It Cannot Determine Unadjudicated MSMED Interest Claims During CIRP

The Allahabad Bench of the National Company Law Tribunal (NCLT) has recently held that it cannot determine an unadjudicated claim for interest under the Micro, Small, and Medium Enterprises Development (MSMED) Act during the corporate insolvency resolution process if the interest liability had not been adjudicated by a competent forum before the insolvency proceedings commenced. The tribunal made the observation while dismissing an operational creditor's plea seeking to enhance its admitted...

Step-Down Subsidiary Cannot Use 'Colourable Means' To Extract Holding Company Assets In Liquidation: NCLT Chennai

A step-down subsidiary cannot use indirect or colourable means to extract assets or establish parallel claims against its holding company undergoing liquidation, the National Company Law Tribunal, Chennai, held. The tribunal made the observation while dismissing an application filed by St. John Lines PTE Limited against the liquidator of its holding company, St. John Freight Systems Limited. A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy...

NCLT Delhi Admits Insolvency Plea Against Talent Unlimited Online Services Over Rs 5.77 Crore Default

The National Company Law Tribunal (NCLT) at New Delhi has admitted an insolvency plea over a default of about Rs 5.77 crore against Talent Unlimited Online Services Private Limited, known as the parent company of Bobble AI, on secured non-convertible debentures.The tribunal held that the company's emails acknowledging its liability and inability to repay, along with the Record of Default, established the existence of a financial debt and default.The bench of Judicial Member Bachu Venkat Balaram...

Comparative Reach Of Other Newspapers Irrelevant For CIRP Public Announcement Compliance: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai, dismissed applications filed by four homebuyers and one operational creditor of Calyx Lenora Realty LLP seeking condonation of delay and admission of claims filed more than 500 days after the prescribed deadline.The tribunal held that the public announcement complied with the Corporate Insolvency Resolution Process (CIRP) Regulations despite the applicants' contention that the newspapers chosen did not have sufficiently wide circulation. A bench...

Mere Forensic Audit Report Observations Cannot Extinguish Corporate Debtor's Ownership Rights: NCLT Ahmedabad

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently ruled that a forensic audit report alone cannot deprive a corporate debtor of ownership over money standing in its bank account. It also cannot confer any adjudicated right on a bank to disregard the Insolvency and Bankruptcy Code. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “Mere observations contained in a forensic audit report do not, by themselves, extinguish ownership...

NCLT Chandigarh Allows CIRP Withdrawal After Debtor Settles With Sole Financial Creditor, Operational Creditor

The Chandigarh bench of the National Company Law Tribunal (NCLT) has allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor after its suspended management settled the claims of the sole financial creditor and the operational creditor. Following the settlements, the statutory requirements for withdrawal of the CIRP stood fulfilled. A bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal observed: “The Operational...

Mere OTS Proposals, Settlement Talks Cannot Postpone Valid Insolvency Application: NCLT Ahmedabad

The Ahmedabad bench of the National Company Law Tribunal (NCLT), while dismissing applications filed by a cotton spinning company seeking time to pursue a one-time settlement (OTS), held that OTS proposals, ongoing settlement discussions and identification of prospective purchasers cannot defeat or postpone adjudication of a valid insolvency application. The applications had also sought permission to facilitate inspection of the company's assets by prospective purchasers. The tribunal...

NCLT Bengaluru Approves ₹17.25 Crore Resolution Plan For Dunlop Polymers

The Bengaluru bench of the National Company Law Tribunal (NCLT) has approved a ₹17.25 crore resolution plan for Dunlop Polymers Pvt. Ltd. The order brings an end to a corporate insolvency resolution process in which 1,673 days were excluded from the CIRP period. The tribunal, comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, approved the resolution plan submitted by Saikam Sivachaitanya after finding that it complied with the requirements of the...