NCLT Admits Byju's K3 Education To Insolvency Over Rs 1.76 Crore Unpaid Debt

The National Company Law Tribunal (NCLT) at Bengaluru recently admitted Byju's K3 Education Pvt Ltd, another Byju's group company, to insolvency over an unpaid operational debt of Rs. 1.76 crore. The order was passed on October 15, 2025, following a petition by an Operational creditor-Kritikal Solutions Pvt Ltd. A coram comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada while admitting the company to insolvency appointed Pankaj Kumar as the Interim...

Execution Of Sale Deed Is Permitted During CIRP If Possession Was Handed Over Before Its Commencement: NCLT Indore

The NCLT, Indore Bench, comprising Mohan P. Tiwari (Member-Judicial) and Sanjeev Sharma (Member-Technical), has held that the moratorium doesn't prohibit the execution of sale deeds during CIRP if the possession was handed over to allottees prior to commencement of CIRP. The JSM Devcons Pvt. Ltd. (Corporate Debtor) is engaged in developing the housing project, Pinnacle D Dreams. In furtherance to a section 7 petition filed by the Motel Rahans Pvt. Ltd., the CIRP of the corporate debtor...

NCLT Kochi Admits Kotak Mahindra Bank's Insolvency Petition Against Inditrade Business Consultants

The NCLT, Kochi Bench, comprising Vinay Goel (Member-Judicial) and Madhu Sinha (Member-Technical), has admitted the Kotak Mahindra Bank's insolvency petition against Inditrade Business Consultants. Kotak Mahindra Bank advanced working capital and overdraft facilities of Rs. 20 Cr. to Inditrade Business Consultants Limited. The amount was later enhanced to Rs. 25 Cr. Subsequently, the corporate debtor defaulted on the repayment, leading to the classification of its account as NPA. ...

Interest Liability Shall Not Cease Merely Because Default Of Principal Amount Fell During S.10A Period: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Unity Small Finance Bank Limited against Bafna Motors Private Limited holding that defaults committed after section 10A period are sufficient to trigger Corporate Insolvency Resolution Process (CIRP). It further held that interest liability shall not come to an end merely on the ground that default of principal amount fell during 10A period. ...

COVID-Induced Financial Distress Or Inability To Pay Is Not Valid Defence U/S 7 IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Prudent ARC Limited (assignee of Central Bank of India) against RBEP Entertainment Pvt. Ltd. (formerly Reliance Big Entertainment Pvt. Ltd.). The Tribunal held that debt and default were duly established in the present case and the plea of the corporate debtor that the COVID induced distress justified non-payment was rejected holding that ...

NCLT New Delhi Dismisses Homebuyer's Petition Against PSA Impex Pvt Ltd On Grounds Of Fraudulent & Malicious Intent

The National Company Law Tribunal (NCLT), New Delhi Bench, comprising Shri Bachu Venkat Balaram Das (Member-Judicial) and Dr. Sanjeev Ranjan (Member-Technical), has dismissed the section 7 petition filed by the homebuyers against PSA Impex Pvt. Ltd. on the ground of fraudulent and malicious intent. PSA Impex Private Limited (Corporate Debtor) launched a housing project named “Sampada Livia” in Greater Noida. The project of ten towers with 726 flats was supposed to be completed within...

NCLT Approves Reliance Retail's Resolution Plan For Kishore Biyani-Led Future Supply Chain

The National Company Law Tribunal (NCLT) at Mumbai Bench, has recently approved the resolution plan submitted by Reliance Retail Ventures Limited (RRVL) for Future Supply Chain Solutions Limited, a Kishore Biyani-led Future Group company, under Section 31(1) of the Insolvency and Bankruptcy Code, 2016.The coram comprised Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer.The tribunal held that the resolution plan complied with Section 30(2) of the Code. It stated that...

NCLT Chandigarh Rejects Insolvency Plea Against ZTE Telecom India, Cites Pre-Existing Dispute

The National Company Law Tribunal (NCLT) at Chandigarh has recently rejected an insolvency application filed by TVS Supply Chain Solutions Limited against ZTE Telecom India Private Limited, the Indian subsidiary of Chinese telecom giant ZTE Corporation.The Tribunal held that a clear dispute existed between the parties before the insolvency proceedings began.The order was passed by a two-member coram comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh. The...

Post-Facto Invocation Of Arbitration Not Valid Defense: NCLT Mumbai Admits Tata Power EV Charging's Insolvency Plea Against Cab-Eez Infra

The National Company Law Tribunal (NCLT), Mumbai Bench, comprising Shri Sameer Kakar (Member-Technical) and Shri Nilesh Sharma (Member-Judicial), has admitted Tata Power EV Charging's insolvency plea against Cab-Eez Infra, observing that the post-facto invocation of the arbitration is not a valid defense. Tata Power EV Charging Solutions Ltd. provided the charging infrastructure and services to Cab-Eez Infra Tech Ltd. The master service agreement was originally executed by the Tata...

NCLT Ahmedabad Admits Gensol-Linked Entity Blu-Smart Mobility Tech Into Insolvency

The National Company Law Tribunal (NCLT), Ahmedabad Bench, has recently admitted Blu-Smart Mobility Tech Pvt Ltd into Corporate Insolvency Resolution Process (CIRP) over an unpaid operational debt of ₹5.84 crore.The order , dated October 14, 2025 marks yet another Gensol-linked entity facing insolvency proceedings, following the admission of Gensol Engineering and Blu-Smart Mobility Ltd. Gensol's co-founder Puneet Singh Jaggi was also admitted into insolvency a day before. The order...

NCLT Mumbai Clears Yatra Online Ltd Subsidiaries' Merger With Parent Company

The National Company Law Tribunal (NCLT) at Mumbai, on Tuesday allowed a Scheme of Amalgamation involving Yatra Online Limited and six of its wholly owned subsidiaries.A coram comprising Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan allowed a plea filed under Sections 230 to 232 of the Companies Act, 2013, by the subsidiaries seeking sanction of the merger scheme. The scheme involves the amalgamation of the following six transferor companies with the transferee company,...

NCLT Ahmedabad Initiates Insolvency Proceedings Against Gensol Co-founder Puneet Singh Jaggi

The National Company Law Tribunal (NCLT), Ahmedabad Bench, on Monday initiated personal guarantor insolvency proceedings against Puneet Singh Jaggi, co-founder and whole-time director of Gensol Engineering Ltd.This follows a petition by Equentia Financial Services Pvt. Ltd. over an alleged default of ₹9.91 croreThe order was passed by a coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma. The tribunal found that there was a debt and a default, which was sufficient...