NCLT Indore Admits ₹95.31 Crore Insolvency Plea By Central Bank Of India Against Narmada Extrusions

The Indore Bench of the National Company Law Tribunal on 13 March admitted an insolvency petition filed by Central Bank of India against Narmada Extrusions Limited under Section 7 of the Insolvency and Bankruptcy Code 2016 over default in repayment of financial debt of more than Rs. 95.31 crore. A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held that the Financial Creditor had established the existence of financial debt and the occurrence of...

Homebuyers' Advances Used For Project Development Are Financial Debt Under IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently reiterated that amounts paid by homebuyers in a real estate project will qualify as financial debt if the money is used for financing and development of the project. Relying on the Supreme Court's ruling in Pioneer Urban Land and Infrastructure Ltd. v. Union of India, a bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed, “Applying the aforesaid legal position to the facts of the present case, it is...

NCLT Allahabad Approves Adani's ₹15,000 Crore Resolution Plan For Jaiprakash Associates

The Allahabad Bench of the National Company Law Tribunal (NCLT) on Tuesday approved the ₹15,000-crore resolution plan submitted by Adani Enterprises Limited for insolvent Jaiprakash Associates Limited (JAL). The order was pronounced orally on March 17, 2026, by a bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma. A detailed order is yet to be uploaded. The corporate insolvency resolution process (CIRP) against Jaiprakash Associates commenced on a petition filed by ICICI...

Validity Of Telangana VAT Attachment Pending In HC Cannot Be Decided In CIRP: NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad recently held that issues relating to the validity of attachment under the Telangana Value Added Tax (TVAT) Act, particularly where such attachment is already under challenge before the High Court, cannot be adjudicated in insolvency proceedings.The observations were made by a bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri while deciding an application filed by the resolution professional of Kobo Biotech Ltd seeking...

PF Dues Cannot Be Quantified During Moratorium: NCLT Jaipur Rejects EPFO Claim In NDA Metaoxides CIRP

The National Company Law Tribunal at Jaipur has held that Section 36(4) of the Insolvency and Bankruptcy Code, 2016, which excludes provident fund dues from the liquidation estate, does not permit the creation or quantification of liabilities during the moratorium. The tribunal further held that provident fund claims cannot be admitted when they are based on post-moratorium assessment proceedings or are unsupported by proof of employment and identifiable beneficiaries. A bench of Judicial...

Claim At Fag End Of Liquidation Not Allowed: NCLT Kochi Rejects EPFO Plea In Trivandrum International CIRP

The National Company Law Tribunal (NCLT) at Kochi has recently held that a statutory authority cannot raise fresh claims at the fag end of a liquidation process, observing that the insolvency framework does not permit reopening concluded claims after earlier dues have already been admitted and paid. Judicial Member Vinay Goel dismissed an appeal filed by the Regional Provident Fund Commissioner II, EPFO, which sought condonation of delay in filing an additional claim in the liquidation of...

Personal Guarantor Insolvency Pleas Governed By 3-Year Limitation Under Limitation Act: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has reiterated that in the absence of a specific limitation period under the Insolvency and Bankruptcy Code, applications filed under Section 94 by personal guarantors are governed by Article 137 of the Limitation Act, 1963, which prescribes a three-year limitation period, and dismissed a personal insolvency petition as time-barred and procedurally defective. The bench comprising Judicial Member Mohan Prasad Tiwari and Technical Member...

Amaravati NCLT Holds Recovery Certificate Triggers Fresh Cause Of Action

The Amaravati Bench of the National Company Law Tribunal on 4 March admitted a Section 7 application filed by ASREC (India) Ltd. against Visakha Prime Properties Constructions Ltd., holding that a recovery certificate issued by the Debt Recovery Tribunal creates a fresh cause of action for initiating insolvency proceedings. A Bench comprising Judicial Member Kishore Vemulapalli and Technical Member Umesh Kumar Shukla noted that the petition filed in July 2025 was within limitation, being...

Ahmedabad NCLT Admits IDBI Trusteeship's Insolvency Petition Against Guarantor Over ₹100 Crore Debt

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Monday 16 March, admitted a personal insolvency application filed by IDBI Trusteeship Services against Kamlesh Gondalia, personal guarantor of Takshashila Heights India Pvt. Ltd. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy, directed initiation of insolvency proceedings against the guarantor and imposed a moratorium of 180 days, staying legal proceedings and restricting transfer...

NCLT Chandigarh Admits Paytm Insolvency Plea Against Eyemyeye Over ₹3 Crore Ads' Dues

The Chandigarh Bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by One97 Communications Ltd. (Paytm) against Eyemyeye Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, over unpaid dues of more than ₹3 crore arising from digital advertising and related services. The bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal initiated the Corporate Insolvency Resolution Process (CIRP) against Eyemyeye Private...

Part Payment By Third Party Does Not Discharge Corporate Debtor's Liability Under IBC: NCLT Cuttack

The National Company Law Tribunal (NCLT) at Cuttack recently observed that the acceptance of a part payment from a third party cannot be treated as a substitution of the corporate debtor for the entire outstanding liability, particularly when the corporate debtor itself continued to make substantial payments toward the same debt.A coram of Acting President Deep Chandra Joshi and Technical Member Banwari Lal Meena made the observation while allowing an insolvency application filed by Patnaik...

Subscriber Deposits, Prepaid Balances Must Be Treated As Operational Debt In Dishnet CIRP: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has held that security deposits of post-paid subscribers and unspent balances of prepaid subscribers in the insolvency proceedings of Dishnet Wireless Ltd must be treated as operational debt under the Insolvency and Bankruptcy Code. "We have no hesitation in holding that the amount of security deposit balances refundable to post paid subscribers and the amount of un-spent balances in prepaid plans are the money collected in excess of the rates...