NCLT Ahmedabad Directs Morakhia Copper's SRA To File NFRA Complaint Against CA For Falsifying Company Accounts

The National Company Law Tribunal (NCLT), Ahmedabad, has recentlydirected Shreenathji Rasayan Pvt. Ltd., the successful resolution applicant of Morakhia Copper & Alloys Pvt. Ltd., to file a complaint against a Chartered Accountant before the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) for assisting in the falsification of the company's accounts. “The Applicant is directed to file a complaint against Arun Bagaria Chartered...

NCLT Ahmedabad Holds SARFAESI Notice Validly Invokes Guarantee But Dismisses Personal Insolvency Plea As Abuse

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has held that a SARFAESI demand notice can validly invoke a personal guarantee but dismissed a personal insolvency plea filed thereafter, finding it was not intended for insolvency resolution.The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed this while examining a demand notice dated August 18, 2025 issued by Canara Bank under Section 13(2) of the SARFAESI Act. “Invocation of guarantee is a...

NCLT Ahmedabad Bars MIDC From Demolishing Structures on K-Lifestyle's Dombivli Plots During CIRP

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has restrained the Maharashtra Industrial Development Corporation (MIDC) from taking coercive action against K-Lifestyle & Industries Ltd during its Corporate Insolvency Resolution Process (CIRP). It held that demolition and lease termination cannot proceed during the subsistence of the moratorium. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said: “The contention of the Respondent that the...

Pollution Control Authorities Cannot Take Coercive Steps During IBC Moratorium: NCLT Bengaluru

The National Company Law Tribunal (NCLT) in Bengaluru has recently held that pollution control authorities cannot take coercive steps that disrupt the operations of a corporate debtor during the moratorium, even though they can continue regulatory oversight. A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held,“We are of a considered view that a distinction is required to be drawn between: Regulatory actions undertaken in public interest to ensure...

NCLT Delhi Holds Demand Notice Valid Despite Service At Unregistered Email, Cites Use In Prior Dealings

The National Company Law Tribunal (NCLT), New Delhi, has found that a demand notice under the Insolvency and Bankruptcy Code was valid despite being sent to an unregistered email ID, as it had been consistently used in prior dealings between the parties.The order was passed by a bench of Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh.“with regard to the Demand Notice being served by the Operational Creditor on the unregistered email id of the Corporate Debtor, we note...

NCLT Ahmedabad Rejects Gensol RP Plea Against Termination Of ₹48.29 Crore EPC Contract By HMEL

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed a plea challenging the termination of a Rs. 48.29 crore EPC contract awarded to Gensol Engineering Ltd. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed that the termination was based on pre-existing contractual breaches and not solely on the company's insolvency.“...the mere temporal proximity between initiation of CIRP and termination does not establish causation,...

NCLT Mumbai Denies Tata Capital Bid To Enforce Security After Participating In Jans Copper Liquidation

The National Company Law Tribunal, Mumbai Bench, has dismissed a plea by Tata Capital Financial Services Ltd. in the liquidation of Jans Copper Pvt. Ltd. It held that the creditor cannot later seek to enforce its security after participating in the liquidation process and failing to clearly state its position.The bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan held that the creditor failed to comply with the requirement of clearly communicating its decision...

NCLT Mumbai Dismisses RP's Plea Against ₹260 Crore RCIL Receivables Assignment, Finds No Fraud

The National Company Law Tribunal (NCLT) in Mumbai has held that a Rs.260 crore inter-company assignment involving Reliance Communications Infrastructure Ltd (RCIL) was not fraudulent, as it caused no loss to creditors. The tribunal dismissed a plea filed by the company's Resolution Professional A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was dealing with the application, in which the Resolution Professional alleged that the assignment of receivables...

NCLT Mumbai Refers Eros–Aanand L. Rai Dispute Over Colour Yellow Productions To Arbitration

The National Company Law Tribunal (NCLT) at Mumbai on Tuesday recently referred to arbitration a dispute between Eros International Media Ltd and filmmaker Aanand L. Rai arising from their investment and contractual arrangements in Colour Yellow Productions Pvt. Ltd. It held that Eros' company petition was a dressed-up attempt to bypass arbitration.A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was hearing a petition by Eros alleging fund diversion...

Only Contractual Guarantee Debt Relevant For IBC Section 94 Threshold: NCLT Chandigarh

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 17 April held that only debts arising from a valid contract of guarantee can be considered for determining the pecuniary threshold under Section 94 of the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Khetarbasi Biswal and Technical Member Shishir Agarwal clarified that liabilities not arising from such a guarantee or not linked to the petitioner's capacity as a personal guarantor to a corporate...

OTS Proposal Can Constitute Acknowledgment Of Debt For Limitation Under IBC: NCLT Indore

The Indore Bench of the National Company Law Tribunal (NCLT) on 13 April held that a One-Time Settlement (OTS) proposal can amount to an acknowledgment of debt for limitation under Section 95 of the Insolvency and Bankruptcy Code, 2016. Further, objections on limitation, stamping, and pending Debts Recovery Tribunal proceedings do not bar admission of insolvency proceedings against a personal guarantor at the threshold stage. A Bench comprising Judicial Member Brajendra Mani Tripathi and...

NCLT Chennai Holds Contractual Valuation Cannot Be Reopened, Dismisses Kamarajar Port Plea

The Chennai Bench of the National Company Law Tribunal (NCLT) on 2 April 2026, dismissed an application filed by Kamarajar Port Limited seeking a fresh valuation of project assets of Sical Iron Ore Terminals Ltd., which is in liquidation. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that once the contractual mechanism for valuation had been triggered and concluded, it could not be reopened on the ground of subsequent deterioration...