NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited

The National Company Law Tribunal (NCLT), Mumbai bench comprising Justice V. G. Bisht (Judicial Member) and Shri Prabhat Kumar (Technical Member) has approved the Resolution Plan for Reliance Big Private Limited submitted by ACME Cleantech Solutions Private Limited. Brief Facts: Mr. Rohit Ramesh Mehra (“Applicant”), Resolution Professional of Reliance Big Private Limited (“Corporate debtor”) moved the application under Section 30(6) r/w Section 31 (l) of the Insolvency and...

NCLT Can Punish For 'Civil Contempt' Of Its Orders U/S 425 Of Companies Act Read With S. 12 Of Contempt Of Courts Act: NCLT Ahmedabad

The National Company Law Tribunal (NCLT), Ahmedabad bench comprising Justice Shammi Khan (Judicial Member) and Mr. Sameer Kakar (Technical Member) have held that NCLT has the power to punish for its contempt under section 425 of the Companies Act, 2013 read with section 12 of the Contempt of Courts Act, 1971. Background Facts By the order dated 17.01.2025, the Tribunal held Respondent No. 2/Contemnor guilty of contempt for disobeying the direction of the Tribunal under section 425...

Bankrupt Individual Cannot Seek Discharge U/S 138(1) Of IBC: NCLT New Delhi

The National Company Law Tribunal (NCLT), New Delhi bench comprising Bachu Venkat Balaram Das (Judicial Member) and Atul Chaturvedi (Technical Member) has held that under Section 138(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), only the Bankruptcy Trustee has the authority to apply for the discharge of a bankrupt individual before the Adjudicating Authority. The Tribunal held that the non-filing of such an application by the Bankruptcy Trustee does not grant the Bankrupt the...

Business Arrangement Involving Joint Profit-Sharing, Exclusive Supply Agreement Does Not Establish Creditor-Debtor Relationship Under IBC: NCLT

The National Company Law Tribunal (NCLT), Delhi, has held that a petitioner cannot initiate the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) if the business arrangement between the parties involves joint participation and profit-sharing rather than a straightforward operational debt. The Tribunal ruled that such an arrangement does not establish a debtor-creditor relationship under the IBC.A bench of Mahendra Khandelwal, Member...

NCLT Hyderabad Rejects Application U/S 9 Of IBC Filed By M/s Isthara Parks Private Ltd On Grounds Of Pre-Existing Dispute

The NCLT Hyderabad Bench of Shri Rajeev Bhardwaj (Judicial Member) and Shri Sanjay Puri (Technical Member) has held that once a prima facie case of a genuine pre-existing dispute is made out prior to issuance of demand notice under Section 8(1) of the IBC, the Adjudicating Authority must reject an application filed by Operational Creditor under Section 9 of the Code. Brief Facts M/s Isthara Parks Private Limited (Operational Creditor/Petitioner) undertakes the business of operating...

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal

The National Company Law Tribunal, Bengaluru bench comprising Justice K. Biswal (Judicial Member) and Ravichandran Ramasamy (Technical Member) have held that that as per the Insolvency and Bankruptcy Code, 2016 (“Code/IBC”), there is no provision to 'provisionally' constitute the Committee of Creditors (“CoC”); the CoC once constituted is final and cannot be revised or reconstituted by the Interim Resolution Professional (“IRP”)/Resolution Professional (“RP”) without the interference...

Pre-Existing Dispute Between Financial Creditor And Corporate Debtor Doesn't Bar Petition U/S 7 Of IBC: NCLT

The National Company Law Tribunal, New Delhi bench comprising Chief Justice (Retd.) Ramalingam Sudhakar (President) and Avinash K. Srivatava (Technical Member) has held that a pre-existing dispute between the Financial Creditor and Corporate Debtor does not bar a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to be entertained. The Tribunal also held that a claim of the Financial Creditor which did not form part of the Resolution Plan of the Holding/Parent...

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”

The NCLT, New Delhi, Principal bench comprising Justice (Retd.) Ramalingam Sudhakar (Hon'ble President) and Avinash K. Srivastava (Technical Member) has allowed the claim of Ghaziabad Development Authority (GDA) as a financial creditor in the Red Mall case and directed its inclusion in the Committee of Creditors. The claim was rejected by the Resolution Professional who held GDA as an Operational creditor in view of the judgment of the Supreme Court in G.NOIDA v. Prabhjit Singh Soni &...

NCLT New Delhi Orders Liquidation Of Go Airlines (India) Limited

The National Company Law Tribunal (NCLT), New Delhi bench of Justice Mahendra Khandelwal (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) has ordered the liquidation of Go First Airlines, marking the conclusion of a 20-month-long insolvency process after no viable resolution plan emerged. The tribunal upheld the decision by the Committee of Creditors to liquidate Go Airlines, which approved the liquidation with a 100% vote. The Tribunal stated the CoC in the legislative...

NCLT Dismisses Actor Akshay Kumar's Insolvency Petition U/S 9 Of IBC Against Ed-Tech Company

The National Company Law Tribunal (NCLT), New Delhi bench comprising Justice Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) has dismissed petition filed by Bollywood actor Akshay Kumar, seeking initiation of insolvency proceedings against Cue Learn Private Limited, an ed tech company. The Tribunal noted that the claim in question pertained to a breach of contract and was at best, a claim for liquidated damages. “Such claims require adjudication...

Limitation Period To Reset When Part-Payment Of Debt Is Made By Personal Guarantor U/S 19 Of Limitation Act: NCLT Delhi

The National Company Law Tribunal (NCLT) Delhi comprising of Justice Subrata Kumar Dash (Member Technical) and Justice Ashok Kumar Bhardwaj (Member Judicial) dismissed an appeal filed by the personal guarantors of the principal debtor M/s VCRM Petrochemicals Pvt. Ltd. stating that the appeal falls within the ambit of limitation period as prescribed under Section 19 of Limitation act, 1963 and that the Liquidator can institute a Section 95(4) proceedings against the personal guarantors. ...

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata

The NCLT Kolkata bench of Justice Bidisha Banerjee (Judicial Member) and D. Arvind (Technical Member) has held that Unsuccessful Resolution Applicant has no locus standi to challenge the approval of Resolution Plan by the Committee of Creditors(CoC). Brief Facts This application has been preferred by Ganga Construction (Consortium) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, for brevity “I&B Code” against Anil Kumar Mittal, Resolution Professional (RP) of...