No Artificial Sub-Classification Among Secured Creditors Under IBC Waterfall Mechanism: NCLT Allahabad

The Allahabad Bench of the National Company Law Tribunal (NCLT) on 11 June held that the waterfall mechanism under the Insolvency and Bankruptcy Code, 2016 does not permit artificial sub-classification among secured creditors while distributing proceeds after approval of a resolution plan. Judicial Member Praveen Gupta and Technical Member Ashish Verma partly allowed an application filed by IFCI Ltd. in the Corporate Insolvency Resolution Process (CIRP) of Hind Agro Industries Ltd. The Bench...

Going-Concern Liquidation Buyer Not Entitled To Automatic Waivers Under IBC: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 12 June held that a successful auction purchaser acquiring a corporate debtor as a going concern during liquidation is not automatically entitled to waivers, concessions, or reliefs sought through an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Judicial Member Lakshmi Gurung and Technical Member Charanjeet Singh Gulati further observed that liabilities expressly attached to assets in the sale...

NCLT Delhi Admits Allegis Plea Against Olive Telecom, Holds Arbitral Award Crystallises Operational Debt

The New Delhi Bench of the National Company Law Tribunal (NCLT) on 11 June admitted the Section 9 application filed by Allegis Services (India) Pvt. Ltd against Olive Telecommunication Pvt. Ltd, commenced Corporate Insolvency Resolution Process (CIRP), declared moratorium under Section 14, and appointed Harmeet Kaur as Interim Resolution Professional (IRP).Judicial Member Bachu Venkat Balram Das and Technical Member Ravindra Chaturvedi held that an arbitral award arising from an operational...

NCLT Kochi Rejects ADIMS Resolution Plan Over Dependence On Uncertain Lease, Terminates CIRP

On 25 June, the Kochi Bench of the National Company Law Tribunal (NCLT) declined to approve the resolution plan submitted for Attukal Devi Institute of Medical Sciences Limited (ADIMS), holding that plans founded on speculative contingencies and unresolved third-party disputes cannot be sustained solely on the basis of Committee of Creditors' (CoC) approval. Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy dismissed the Resolution Professional's application under Section...

NCLT Delhi Admits Prudent ARC CIRP Plea Against Super Property, Says No Bar From Transferred Winding-Up

The New Delhi Bench of the National Company Law Tribunal (NCLT) on 16 June admitted an insolvency petition filed by Prudent ARC Ltd against Super Property Maintenance Pvt Ltd, holding that transferred winding-up proceedings, where no irreversible steps have been taken, do not bar initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Bench of President Justice Anupinder Singh Grewal and Technical Member Ravindra observed: “Further,...

IBC Overriding Effect Not Available For Restructuring Outside Approved Resolution Plan: NCLT Hyderabad

The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that post-approval restructuring measures cannot claim the overriding effect of the Insolvency and Bankruptcy Code, 2016 unless they form part of the approved resolution plan. Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri dismissed an application filed by successful resolution applicant Krishna Kumar Haridas seeking directions to permit post-resolution capital restructuring of Fenoplast Ltd,...

NCLT Delhi Initiates CIRP Against Nirvikar Films LLP, Includes Undisputed Interest In Debt Calculation

The New Delhi Bench of the National Company Law Tribunal (NCLT) on 12 June held that interest stipulated in invoices and credit notes forms part of operational debt when the Corporate Debtor does not dispute it, and can be included while computing the statutory threshold under the Insolvency and Bankruptcy Code, 2016. President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi admitted the Section 9 petition filed by Zenith Media Scope Pvt. Ltd. and ordered commencement...

NCLT Ahmedabad Rejects Plea On Preferential, Fraudulent Transactions Due To Failure Of Service

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that applications under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016 cannot be adjudicated in the absence of valid service on respondents, as such adjudication would violate principles of natural justice. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an application filed by Omkarchand R. Maloo, Liquidator of Intelligent Textile Engineers Pvt. Ltd., seeking directions on...

NCLT Mumbai Rejects JM Financial ARC Insolvency Plea, Holds DRT Review Order Does Not Extend Limitation

The National Company Law Tribunal (NCLT), Mumbai on 23 June 2026 dismissed JM Financial Asset Reconstruction Company Ltd's Section 7 insolvency petition against Shubh Hospitality Pvt Ltd, holding that a Debt Recovery Tribunal (DRT) review order correcting errors in an earlier judgment does not extend the limitation period under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Sanjiv Dutt observed: “In other words, the Ld. DRT has...

NCLT Admits Bank of India Insolvency Plea Against Supreme Engineering, Rejects Section 10A Defence

On 23 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Bank of India's Section 7 petition against Supreme Engineering Limited over a default of Rs. 117.50 crore, holding that Section 10A of the Insolvency and Bankruptcy Code, 2016 does not shield post-COVID defaults from insolvency proceedings. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted the petition, imposed a moratorium and appointed S. Gopalakrishnan as the Interim Resolution...

GST Compliance Services During CIRP Qualify As IRP Costs, But Fees Must Be Reasonable: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has held that GST compliance services rendered during a corporate insolvency resolution process may form part of insolvency resolution process costs when they are necessary for running the corporate debtor as a going concern. However, the tribunal declined to direct payment of an additional claim of ₹6.48 lakh after finding the fees sought were unreasonable in light of the work performed. A coram of Judicial Member Bidisha Banerjee and...

NCLT Allahabad Clears GSW Enterprises' ₹95 Crore Resolution Plan For Hind Agro Industries

The Allahabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by G.S.W. Enterprises Private Limited for Hind Agro Industries Limited. The plan provides for payment of ₹95 crore towards settlement of stakeholder claims. It also envisages ₹200 crore towards working capital and capital expenditure over a five-year period. The bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order. The tribunal observed that once...