NCLT Allahabad Approves First Motion For Demerger Of Umesh Modi Group Firm's Nutraceutical Business

The National Company Law Tribunal (NCLT) at Allahabad has approved the first motion application for a scheme of arrangement involving Umesh Modi Group's G S Pharmbutor Private Limited, for the demerger of its nutraceutical business into its wholly owned subsidiary, Modilac Private Limited. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order on December 12, 2025, allowing the companies to move forward with the proposed restructuring. G S Pharmbutor,...

NPA Classification Applies To Borrower, Not Individual Loan Facilities : NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has, relying on RBI norms, held that NPA classification is borrower-wise and not facility-wise, and that once any credit facility of a borrower is declared NPA, all facilities extended by the bank must be treated as NPA for insolvency proceedings.A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah, in an order dated November 13, 2025, while deciding an insolvency application filed by Central Bank of India against SA...

Approval Of Tribunal Not Required To Appoint Monitoring Committee Chair Under IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently held that neither the Insolvency and Bankruptcy Code nor the CIRP Regulations require tribunal approval for appointing the chairperson of a monitoring committee, and that its role is limited to ensuring that such a committee is constituted for implementation of an approved resolution plan. A monitoring committee is typically formed after approval of a resolution plan to oversee payments, asset handover, and other steps required to...

IRP Not Bound To Rely On Entity-Level Loan Documents In Project-Specific Insolvency: NCLT Bengaluru

The National Company Law Tribunal (NCLT) at Bengaluru has held that an Interim Resolution Professional may partially admit a financial creditor's claim where insolvency is confined to a single real estate project, and is not bound to mechanically accept entity-level loan claims. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, in an order dated November 28, 2025, upheld the partial admission of a claim filed by Asset Care and Reconstruction Enterprise...

Land Record Mutation During Moratorium Not Permissible: NCLT Mumbai In Kaved Realty Case

The National Company Law Tribunal (NCLT)at Mumbai has held, in a case concerning Kaved Realty Private Limited, that mutation of land records giving effect to a revenue order cannot be carried out after commencement of insolvency proceedings, as such action violates the moratorium under the Insolvency Code. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, while allowing an application filed by the Resolution Professional of Kaved Realty Private Limited,...

Liquidator's Role Limited To Claim Verification, Not Dispute Resolution: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has clarified that a liquidator's role during liquidation is limited to verification and admission of claims, and that the liquidator cannot adjudicate or resolve disputes between a claimant and the corporate debtor, particularly when such disputes are pending before an arbitral tribunal. A coram of Judicial Member Vinay Goel and Technical Member Madhu Sinha, in an order dated November 13, 2025, partly allowed an appeal filed by HLL Infra Tech...

IBC Doesn't Allow Extension of Personal Insolvency Process For Revisions Of Repayment Plan: NCLT Delhi

The National Company Law Tribunal (NCLT) at New Delhi has recently held that a personal guarantor cannot be granted repeated opportunities to revise a repayment plan once the statutory process under the Insolvency and Bankruptcy Code has run its course, and refused to allow any further extension of the personal insolvency resolution process. A coram comprising President Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi approved the rejection of the repayment plan submitted by the...

NCLT Mumbai Approves ₹75 Crore IL&FS Financial Services–Siva Green Settlement

The National Company Law Tribunal (NCLT) at Mumbai recently approved a One Time Settlement of Rs 75 crore between Infrastructure Leasing and Financial Services Limited (IL&FS) and Siva Green Power Projects India Private Limited. It held that the proposal aligns with the IL&FS Group Resolution Framework mandated by the National Company Law Appellate Tribunal. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar recorded that the settlement was...

NCLT Chandigarh Clears Demerger Of Freecharge's Business Correspondent And Technology Services Unit

The National Company Law Tribunal (NCLT) at Chandigarh has approved a scheme under which Freecharge Payment Technologies Private Limited will transfer its business correspondent activities and its technology service provider activities to a new entity, Freecharge Business and Technology Services Limited.The order was passed on December 10, 2025, by Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal. Freecharge Payment Technologies, incorporated in 2015 and headquartered in...

Settlement Fixing Payment Terms Doesn't Novate Or Change Debt's Nature: NCLT Mumbai Reaffirms

The National Company Law Tribunal (NCLT) at Mumbai recently reaffirmed that a settlement agreement that merely prescribes the mode and schedule of payment does not extinguish or alter the nature of an operational debt and does not create any pre-existing dispute. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar, while admitting Sparklet Engineers Pvt Ltd, an oil field equipment manufacturing company into insolvency on December 8, 2025, relied on company's own...

NCLT Bengaluru Admits Cauvery Neeravari Nigam To Insolvency Over ₹9.36 Crore Default

The National Company Law Tribunal (NCLT) at Bengaluru on Wednesday admitted a Karnataka government undertaking Cauvery Neeravari Nigam Limited into the Corporate Insolvency Resolution Process for a default of over Rs 9.36 crores. The bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, while admitting an insolvency plea filed by project contractor and operational creditor SPML Infra, said “It hardly matters that the respondent is a going concern or a Govt...

Unauthorised Residents Association Cannot Trigger CIRP If Individual Homebuyers Miss Debt Threshold: NCLT Delhi

The National Company Law Tribunal (NCLT) at New Delhi has recently held that a Residents Welfare Association that is not authorised by individual homebuyers cannot initiate a corporate insolvency process on their behalf, particularly when those homebuyers do not individually meet the minimum debt threshold under the Insolvency and Bankruptcy Code. A coram of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Atul Chaturvedi said the Code requires strict compliance with...