NCLT Kolkata Refuses To Invalidate Shree Padmawati Metaliks CIRP Bidding Process After Applicant Skips Participation

The National Company Law Tribunal (NCLT) Kolkata, has refused to interfere with the bidding process in the insolvency of Shree Padmawati Metaliks Pvt. Ltd., holding that where an applicant, despite opportunity, chose not to participate in the bidding process, no case was made out to declare the process illegal or to direct a re-run of the CIRP. The bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra was dealing with applications filed by City Alloys Pvt. Ltd. against...

NCLT Ahmedabad Approves Niyogi Enterprise's ₹35.9 Crore Capital Reduction

The National Company Law Tribunal (NCLT), Ahmedabad has approved a Rs 35.9 crore capital reduction by Niyogi Enterprise, holding that the scheme does not prejudice any stakeholder and that objections raised by the Income Tax Department can be examined independently under applicable law. A bench of Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy was dealing with a petition under Section 66 of the Companies Act, 2013, seeking confirmation of the reduction of the...

NCLT Bengaluru Says Suspended Director Cannot Challenge Resolution Plan After Skipping CoC Meetings

The National Company Law Tribunal (NCLT) at Bengaluru has held that a suspended director who had notice of meetings of Committee of Creditors but failed to effectively participate or seek documents cannot later challenge the resolution process on that ground.A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada has dismissed an application filed by a suspended director of an infra company seeking rejection of a resolution plan on the ground of non-supply of...

OTS Proposals By Corporate Debtor Extend Limitation Against Personal Guarantors: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) Ahmedabad recently held that One Time Settlement proposals made by the borrower can amount to acknowledgment of liability and extend limitation in insolvency proceedings against personal guarantors. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “The OTS proposals placed on record demonstrate acknowledgment of liability within the meaning of Section 18 of the Limitation Act, 1963. Even if such proposals were...

IBBI Circular Requiring RPs To Approach PMLA Court For ED-Attached Assets Not Retrospective: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has held that the procedural requirements under the IBBI Circular dated November 4, 2025, which provides for approaching the PMLA Special Court for restitution of attached assets, cannot be applied retrospectively to defeat or delay the relief sought in the present application during an ongoing Corporate Insolvency Resolution Process (CIRP) of Kaizen Power. A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah...

No Asset Or Repayment Assessment Needed At Admission Stage For Personal Guarantor IRP: NCLT Chennai

The Chennai National Company Law Tribunal (NCLT) on 23 March held that at the stage of admission under Section 94 of the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority need not assess the repayment capacity or sufficiency of assets of a personal guarantor. A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramanian admitted the petition filed by Senthil Kumar, a personal guarantor to Biogen Fertilizers India Private Limited, seeking initiation...

NCLT Ahmedabad Relies On DRT Judgment To Prove Execution Of Personal Guarantees Despite No Originals

The National Company Law Tribunal (NCLT) at Ahmedabad recently relied on a Debt Recovery Tribunal (DRT) judgment, along with prior admissions and affidavits, to hold that the execution of personal guarantees stood proved even in the absence of original documents, observing: “It is further observed that even though the original documents are not produced, the existence and execution of the guarantee stand established from (i) the judgment of the Debts Recovery Tribunal, (ii) the admission of the...

Non‑Compliance Of Form FA Cannot Defeat Insolvency Settlement Backed By CoC Approval: NCLT Chennai

On 23 March, the Chennai National Company Law Tribunal (NCLT) held that non-filing of Form FA during insolvency proceedings would not defeat a settlement where all dues were satisfied and Committee of Creditors (CoC) approval was already in place. Form FA is the prescribed application to formally request withdrawal of insolvency proceedings once the parties have reached a settlement. A Bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam closed the...

Penal Provisions Under IBC Require Proof Of Wilful Conduct: NCLT Indore

The Indore Bench of the National Company Law Tribunal (NCLT) on 20 March, held that Sections 70, 72, and 74 of the Insolvency and Bankruptcy Code, 2016, cannot be invoked without clear and cogent evidence of wilful intent or fraudulent conduct. A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta rejected an application seeking penal action against the erstwhile management of K.S. Oils Ltd. The Bench observed: “It is observed that the imposition of...

Parties Cannot Reopen Claims Invoking Tribunal's Review Powers After Plan Is Approved: NCLT Indore

The Indore Bench of the National Company Law Tribunal (NCLT) on 19 March 2026 held that once a resolution plan is approved, parties cannot reopen claim classification by invoking the Tribunal's inherent powers under Rule 11 of the NCLT Rules, 2016. A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta dismissed a review application filed by the Employees' Provident Fund Organisation (EPFO), which sought to modify the order approving the resolution plan...

NCLT Chandigarh Orders Promoters Responsible For Insolvency To Vacate Majestic Hotels' Property

On 17 March, the Chandigarh Bench of the National Company Law Tribunal (NCLT), in the insolvency proceedings of Majestic Hotels Ltd. (corporate debtor), directed the promoters and related parties to vacate portions of the company's flagship property, Hotel Majestic Park Plaza in Ludhiana. A Bench comprising Judicial Member K. Biswal and Technical Member K.K. Singh observed: “The intent as per the provisions of the IBC is that if the Corporate Debtor has failed to meet its obligations in...

IBC Cannot Be Misused To Impede Recovery Process Under SARFAESI: NCLT Delhi

The National Company Law Tribunal, Delhi, has recently dismissed an application filed under Section 94 of the Insolvency and Bankruptcy Code, which allows a personal guarantor to initiate insolvency proceedings against himself, holding that the provision cannot be used to stall recovery proceedings already underway under the SARFAESI Act, 2002, and before the Debt Recovery Tribunal. The Tribunal said the plea was a tactical attempt to take advantage of the interim moratorium under the IBC. The...