Unconditional Consent By Sole Financial Creditor Satisfies Requirements U/S 12A Of IBC: NCLT New Delhi

The National Company Law Tribunal, New Delhi, Court-IV, comprising Justice Jyotsna Sharma (Member-Judicial) and Anu Jagmohan Singh (Member-Technical), has held that if there is a stay on the meetings of CoC, then the unconditional consent of the sole financial creditor is sufficient for the withdrawal of the CIRP. The resolution professional filed an application u/s 12A of the IBC read with regulation 30A of the CIRP Regulation, seeking withdrawal of the CIRP of the corporate debtor....

NCLT Bar Association Writes To Ministry Of Corporate Affairs Over Infrastructure Crisis Causing Standstill At NCLT Delhi

On 04.09.2025, the National Company Law Tribunal Bar association has made an urgent representation to the Secretary, Ministry of Corporate Affairs, expressing concern regarding the persistent infrastructure challenges faced by the National Company Law Tribunal, New Delhi Bench. On 03.09.2025, a public notice was issued by the NCLT informing all stakeholders that the 8th floor of the Block which has the Court Nos. IV, V and VI has become non-operational due to severe roof seepage. The...

NCLT Hyderabad Grants Interim Protection To Petitioner After EGM Allotted 2.49 Crore Shares To Respondent, Making Them Majority Shareholder

The NCLT Hyderabad bench of Mr Rajeev Bhardwaj, Member Judicial, and Mr Sanjay Puri, Member Technical, while hearing a petition filed under Section 241 and 242 of the Companies Act, read with Sections 59 and 213 of the Companies Act, granted interim relief to the Petitioner. The Bench, after perusing the record, observed that a prima facie case exists in favour of the Petitioner. The balance of convenience falls on the Petitioner's side. Furthermore, the Petitioner will suffer an ...

NCLT Declares Former DHFL Chairman Kapil Wadhwa Bankrupt Over ₹4546 Crore Debt

The petition was filed by the Union Bank of India before the NCLT, Mumbai Bench-Court III, seeking initiation of bankruptcy proceedings under section 123 of the IBC, 2016. The respondent, Mr. Kapil Wadhawan, acted as the personal guarantor of the DHFL, a corporate debtor that had undergone the corporate insolvency. The petitioner extended various credit facilities to the corporate debtor. The respondent and the other guarantor executed a Joint Deed of Guarantee in favor of the...

Information Utility Record Is Not Mandatory To Prove Debt And Default Under IBC: NCLT Hyderabad

The National Company Law Tribunal (NCLT), Hyderabad Bench of Justice Shri. Rajeev Bhardwaj (Hon'ble Member) and Shri. Sanjay Puri - Hon'ble Member Technical has held that proving debt and default through records of default with the information utility is not mandatory. If debt and default are established through other evidence, a petition under Section 7 of the IBC can still be admitted. The present application has been filed under section 7 of the Insolvency and Bankruptcy Code, 2016...

[S. 252(3) Of Companies Act] Company Cannot Be Revived In Absence Of Substantial Investment Reflected In Balance Sheet: NCLT Chandigarh

The National Company Law Tribunal (NCLT), Chandigarh Bench of Hon'ble Mr. Harnam Singh Thakur (Judicial Member) and Hon'ble Mr.Shishir Agarwal (Technical Member) has held that in the absence of substantial investment reflected in a company's balance sheet, it cannot be revived under Section 252(3) of the Companies Act. The present petition has been filed under Section 252(3) of the Companies Act, seeking to restore the company's name as if it had not been struck off. The Petitioner ...

NCLT Is Not Competent Forum To Adjudicate Disputes Relating Copyrights Violations Or Contract Termination: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench of Shri Sameer Kakar (Hon'ble Member Technical) and Shri Nilesh Sharma (Hon'ble Member Judicial ) has held that it is not the appropriate forum to adjudicate matters related to copyright violations and contract termination. Such disputes must be pursued before a competent forum having jurisdiction The present application has been filed under section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate...

Mere Denial That Invoices Were Not Received Cannot Override Signed Acknowledgements From Operational Creditor: NCLT Chandigarh

The National Company Tribunal Chandigarh, bench of Justice Harnam Singh Thakur and Shri Kaushalendra Kumar Singh, have held that a mere bald denial that invoices forming the basis of the claim were not received cannot prevail over specific, dated communications and signed acknowledgements originating from within the operational creditors' finance department. The operational creditor Pierian Services Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy...

Conversion Of Corporate Debtor To Private Company Can't Be Denied On Grounds Of Pending SFIO Probe After Approval Of Resolution Plan: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench of Sh. Prabhat Kumar (Technical Member) and Sh. Sushil Mahadeorao Kochey (Judicial Member)has held that an application for conversion of a company from a public limited company to a private limited company under an approved resolution plan cannot be rejected on the ground that prosecutions or SFIO investigations are pending against the corporate debtor, as all such investigations abate once the plan is approved. The present...

Pooling Of Debt By Multiple Operational Creditors Is Prohibited U/S 9 Of IBC: NCLT New Delhi

The National Company Law Tribunal (NCLT), New Delhi Bench of Shri Manni Sankariah Shanmuga Sundaram (Judicial Member) and Shri Atul Chaturvedi (Technical Member) has held that a petition under Section 9 of the IBC cannot be admitted based on the pooling of debt by multiple operational creditors, as such pooling is prohibited under the IBC. While a composite application under Section 7 of the IBC is permitted, no provision concerning the pooling of debt exists under Section 9 of the IBC. ...

Electricity Connection Can't Be Denied To Purchaser Of Corporate Debtor's Properties Due To Past Dues When Claims Are Filed Before Liquidator: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench of Justice Ms. Lakshmi Gurung and Sh. Hariharan Neelakanta Iyer, Technical Member has held that electricity connection cannot be denied to the successful auction purchaser of the corporate debtor's properties on account of past dues, when such claims have already been filed before the Liquidator and will be addressed as per Section 53 of the IBC. The present application has been filed under section 60(5) of the Insolvency and...

Set-Off Of Pre-CIRP Tax Dues Is Not Permitted Against Post-CIRP Tax Refund In Absence Of Pre-Existing Contractual Provision: NCLT Mumbai

The National Company Law Tribunal (NCLT), Mumbai Bench of Sh. Prabhat Kumar (Technical Member) and Sh. Sushil Mahadeorao Kochey (Judicial Member) has held that pre-CIRP tax dues cannot be adjusted against post-CIRP tax refunds determined during the CIRP, in the absence of any pre-existing contractual set-off provision. The present application has been filed by the Resolution Professional under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking declaration that...