NCLT New Delhi Terminates CIRP Against Presidium & Mothers Pride Over 330-Day Delay, No Resolution Plan

On 1 June, the New Delhi Bench of the National Company Law Tribunal (NCLT) ended the insolvency proceedings against Presidium Educational Institution Pvt. Ltd. and Mothers Pride Education Personna Pvt. Ltd., after finding that the process had gone beyond the 330-day legal limit, suffered from irregularities, and did not result in any resolution plan. Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi disposed of the CIRPs and recalled the admission orders and...

NCLT Delhi Rejects Jiostar's Insolvency Plea Against Legends League Cricket Promoter

The Delhi bench of the National Company Law Tribunal (NCLT) has recently dismissed an insolvency plea filed by Jiostar India Pvt. Ltd. against Absolute Legends Sports Pvt. Ltd., the company behind the Legends League Cricket Masters T20 tournament. The tribunal held that Jiostar failed to establish that its claim for unpaid commentary-production charges and reimbursement of Ministry of Information and Broadcasting (MIB) fees under agreements relating to the broadcast rights of the Legends League...

Financial Creditor Cannot Allege Fraud In One Forum And Enforce Same Transactions As Debt In Another: NCLT Guwahati

The National Company Law Tribunal (NCLT) at Guwahati has held that insolvency proceedings cannot be admitted mechanically where serious disputes concerning the genuineness and enforceability of the underlying debt are already pending consideration before another forum. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh observed, “Where the creditor itself alleges in separate proceedings that the transaction is fraudulent and constitutes wrongful trading,...

Commercial Court Decree Does Not Give Creditor 'Superior Status' In Liquidation Waterfall: NCLT Bengaluru

The National Company Law Tribunal (NCLT), Bengaluru Bench, has held that a decree obtained from a Commercial Court does not confer any superior status on a creditor under the Insolvency and Bankruptcy Code, 2016 (IBC). Such a creditor continues to be governed by its classification under the insolvency framework for the purposes of distribution under Section 53 of the Code. The tribunal observed,“A decree obtained during or after the commencement of insolvency proceedings does not confer any...

Asset Joins Liquidation Estate If Creditor Fails To Act Within 30 Days Of Liquidation Commencement: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) has held that Union Bank of India could not claim exclusive entitlement to Rs 1.83 crore refunded after the wrongful invocation of bank guarantees during the corporate insolvency resolution process of EMI Transmission Ltd, finding that the amount was not covered by the bank's disclosed security and formed part of the liquidation estate. A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer found that...

NCLT Chandigarh Allows RP Access To Sealed SRS Entertainment Premises Despite Municipal Recovery Proceedings

The Chandigarh bench of the National Company Law Tribunal (NCLT) has held that recovery proceedings initiated by the Municipal Corporation of Faridabad could not impede the corporate insolvency resolution process of SRS Entertainment India Ltd. The tribunal directed the civic body to provide the company's resolution professional access to its sealed registered office and records. The bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh allowed an application...

NCLT Chandigarh Admits Himalaya Food's Insolvency Plea Against A.P.J. Laboratories Over ₹14.41 Cr Default

The Chandigarh Bench of the National Company Law Tribunal National Company Law Tribunal on 25 May admitted a Section 7 petition filed by Himalaya Food International Limited and initiated Corporate Insolvency Resolution Process (CIRP) against A.P.J. Laboratories Limited for default of Rs 14.41 crore, holding that the debt and default stood admitted and undisputed. Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh admitted the petition, appointed an Interim...

NCLT New Delhi Holds Cancellation Agreement Claim Outside Operational Debt, Rejects Section 9 Plea

The New Delhi Bench of the National Company Law Tribunal (NCLT) on 20 May 2026 held that a claim arising from a cancellation agreement executed for relinquishment of rights under an earlier development arrangement does not constitute “operational debt” under Section 5(21) of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Ashok Kumar Bhardwaj and Technical Member Atul Chaturvedi dismissed a Section 9 application filed by Parsvnath Developers Ltd. seeking initiation of the...

NCLT Jaipur Holds Section 95 IBC Maintainable For Pre-2019 Guarantees If Default Occurs Later

The Jaipur National Company Law Tribunal (NCLT) on 26 May held that insolvency proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 can be initiated against a personal guarantor even where the guarantee was executed prior to the coming into force of the personal guarantor framework, so long as the default and invocation of the guarantee occurred thereafter. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar admitted an insolvency application filed by Tata...

Agreement To Sell Does Not Confer Ownership Rights Over Corporate Debtor's Property: NCLT Bengaluru

The Bengaluru National Company Law Tribunal (NCLT) on 26 May held that an agreement to sell, by itself, does not confer ownership rights or create any interest in an immovable property in favour of a purchaser in insolvency proceedings.Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application seeking execution of a sale deed in respect of a commercial property owned by Fortuna Buildcon (India) Private Limited, which is undergoing Corporate...

Complex Disputed Commercial Arrangements Cannot Be Decided In Summary Insolvency Proceedings: NCLT Jaipur

The Jaipur Bench of the National Company Law Tribunal (NCLT) has refused to admit Empire Housing Projects Pvt. Ltd.'s insolvency plea against Ninaniya Estates Ltd. It held that the dispute arose from a complex and seriously contested commercial arrangement linked to a real estate transaction, which could not be resolved in summary insolvency proceedings. The matter was heard by a bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar. “In the considered opinion of this...

Auction Purchaser Of CoC Member Company Cannot Represent It Until Sale Completion: NCLT Kolkata

The National Company Law Tribunal (NCLT), Kolkata Bench, has recently held that a successful auction purchaser of a company that is a committee of creditors (CoC) member in another insolvency process cannot participate in that other company's CoC meetings until the acquisition is legally completed. It held that mere purchase through auction does not by itself confer that right. The bench of Judicial Member Bidisha Banerjee, and Technical Member Siddharth Mishra held that the liquidator would...