NCLT Delhi Directs Indian Bank Senior Officer To Appear In Nimitiya Hotel CIRP Over RP Replacement Dispute

The National Company Law Tribunal (NCLT) at Delhi has recently directed a senior officer of Indian Bank to appear in person after finding that the bank filed a 60 page affidavit far beyond a limited clarification it had sought in a dispute over replacing the resolution professional of Nimitiya Hotel and Resorts Limited. A bench of Judicial Member Justice Jyotsna Sharma and Technical Member Reena Sinha Puri said, “The affidavit contains many facts which are beyond the scope of the direction...

Homebuyer Who Has Paid Full Consideration And Is In Possession Entitled To Sale Deed: NCLT Kochi

The Kochi Bench of the National Company Law Tribunal (NCLT) on 23 April, held that a homebuyer who has paid the entire consideration and is placed in possession of the property is entitled to execution of the sale deed, and such property cannot form part of the liquidation estate of the corporate debtor under the Insolvency and Bankruptcy Code framework. A Bench comprising Judicial Member Vinay Goel allowed an application filed by Tom Thomas seeking execution and registration of a sale deed in...

NCLT Holds Kanoovi Foods Directors, Third Parties Liable For ₹58.27 Cr Siphoning Under Section 66 IBC

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 20 April, held a forensic audit in Kanoovi Foods Pvt. Ltd. established diversion of funds and fraudulent as well as wrongful trading, attracting liability under Section 66 of the Insolvency and Bankruptcy Code, 2016 (IBC), against promoters, directors, and associated third parties. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma directed the company to restore Rs. 58.27 crore to the assets of...

NCLT Mumbai Orders Liquidation Of Quality Care Dialysis After Multiple Attempts Yield No Resolution Plan

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 21 April 2026 ordered liquidation of Quality Care Dialysis Private Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, after it received no resolution plan despite repeated attempts during the Corporate Insolvency Resolution Process (CIRP). A Bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati allowed the application that the Resolution Professional, Ms. Sapna Pankaj Chourasia,...

NCLT Hyderabad Rejects Insolvency Plea Against Madhucon Over Disputed Debt, Inconsistent Claims

The National Company Law Tribunal (NCLT) at Hyderabad has dismissed a corporate insolvency plea filed by Sri Balaji Associates against Madhucon Projects Ltd. for an alleged operational debt of Rs.83.84 lakh. It held that material inconsistencies in the computation of debt, along with a pre-existing dispute, meant the claim could not be admitted under the Insolvency and Bankruptcy Code, 2016. The bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri found that the...

NCLT Mumbai Orders Income Tax Dept To Lift Lien On Deep Star Alloys Bank Accounts During Moratorium

The Mumbai Bench of the National Company Law Tribunal (NCLT) has directed the Income Tax Department to lift the lien on the bank accounts of Deep Star Alloys and Steels Private Limited, which is currently undergoing insolvency proceedings, making it clear that once a moratorium is in force, no action can be taken against the company's assets under any other law. The bench recorded: “Accordingly, we are of the view that claim of the Income Tax Department having been already admitted by the RP,...

Homebuyers Can't Claim 8% Interest Where Agreement Provides Delay Compensation: NCLT Kolkata

The Kolkata Bench of the National Company Law Tribunal (NCLT) has dismissed a plea by homebuyers seeking addition of 8% interest on the amounts paid by them to a developer, holding that such interest cannot be granted where the agreement already provides compensation for delay.“Thus, it can be said that the RP is right in not including the statutory interest of 8% pa as per Regulation 16A(7) of the CIRP Regulations, when the contractual terms provide for compensation for not giving the...

NCLT Kolkata Rejects Insolvency Plea Against Burnpur Cement, Flags Disputed Debt

The Kolkata Bench of the National Company Law Tribunal (NCLT) has thrown out an insolvency plea against Burnpur Cement Ltd, finding that the claim itself was riddled with gaps and contradictions and could not be pushed through the insolvency route.At the heart of the case was a claim by Mittal Polysacks Pvt. Ltd., which said it had supplied polypropylene cement bags worth about Rs.1.25 crore and had not been paid. But the tribunal found little on record to back that assertion in a manner fit for...

NCLT Allahabad Admits Aarti Industries' ₹8.21 Crore Insolvency Plea Against Magma Industries

The Allahabad Bench of the National Company Law Tribunal (NCLT) has admitted a CIRP plea filed by Aarti Industries Limited against Magma Industries Limited, holding that the company defaulted on operational dues of over Rs 8.21 crore and that no real dispute existed to block the proceedings. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma said, “Therefore, we find that the alleged disputes claimed by the Corporate Debtor are feeble and not supported by credible...

NCLT Hyderabad Dismisses Insolvency Plea Against Steel Exchange India Over Pre-Existing Dispute

The National Company Law Tribunal (NCLT), Hyderabad Bench, has dismissed an insolvency petition filed by Shakti International LLP against Steel Exchange India Limited, holding that the claimed operational debt of Rs. 162.57 crore was not maintainable due to a bona fide pre-existing dispute over delayed/extension charges.The order was passed by a bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri under Section 9 of the Insolvency and Bankruptcy Code. The tribunal...

NCLT Rejects CIRP Plea Against Electrotherm Over Pre-Existing Dispute

The National Company Law Tribunal (NCLT) at Ahmedabad has rejected a CIRP plea against Electrotherm (India) Ltd. over an operational debt of about Rs. 5.70 crore, finding that the claim was tied up in disputes raised well before the insolvency notice.The order was passed by the bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma.A.T. Trade Overseas Pvt. Ltd., which moved the tribunal on July 7, 2025, said the dues arose from supplies of coal, iron ore pellets and billets...

Debt Denominated In Foreign Currency Must Be Converted At Invoice Date Rate For IBC Threshold: NCLT Ahmedabad

The Ahmedabad bench of the National Company Law Tribunal has recently held that where an operational debt is denominated in foreign currency, the exchange rate on the date of the invoice must be used to determine whether the Rs. 1 crore threshold under the Insolvency and Bankruptcy Code is met. On applying this, the Tribunal found that the amount fell below Rs. 1 crore and dismissed the petition as not maintainable. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma...