CoC's Commercial Wisdom Cannot Override IBC Mandates In Early Dissolution Plea: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 2 April, held that the Committee of Creditors' (CoC) commercial wisdom cannot override mandatory requirements under the Insolvency and Bankruptcy Code, 2016, especially when key steps under the CIRP process remain incomplete. A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Sanjiv Dutt emphasised that early dissolution cannot be ordered merely on the CoC's recommendation or on cost considerations,...

Legal Representatives Can Maintain Oppression Petitions Without Membership Registration: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 7 April 2026 held that legal representatives of a deceased shareholder can pursue proceedings for oppression and mismanagement under Sections 241 and 242 of the Companies Act, 2013, even if they are not registered as members of the company. A Bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati held that legal representatives may step into the shoes of the deceased shareholder for continuing such...

Freezing Bank Accounts Of Corporate Debtor During Insolvency Violates Moratorium: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has held that freezing a company's bank accounts during insolvency violates the moratorium under the Insolvency and Bankruptcy Code, directing IDBI Bank to lift all liens and restore operations in the accounts of Wind World (India) Ltd. Setting out the effect of such action, the Ahmedabad bench of the tribunal, comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, said, “Due to lien and subsequent freezing of the...

NCLT Bengaluru Admits CIRP Against Vivimed Labs Over ₹2.78 Crore Operational Debt

The National Company Law Tribunal, Bengaluru, has admitted CIRP against Vivimed Labs Ltd., a listed pharma company, for default of operational debt of Rs. 2.78 crore (inclusive of interest) in a petition filed by Blue Cube Germany Assets GmbH & Co KG. The bench, comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada, made it clear that a company cannot avoid insolvency proceedings simply because a civil court has already passed a decree or because...

Dissenting Financial Creditor Cannot Interfere Between SRA and RP After Plan Approval: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has held that a dissenting financial creditor cannot interfere in issues between the Successful Resolution Applicant (SRA) and the Resolution Professional after approval of a resolution plan. The tribunal dismissed an impleadment application filed by Kerala Financial Corporation in proceedings relating to implementation of the approved plan for Samson and Sons Builders and Developers Pvt. Ltd. Clarifying the limited rights of dissenting...

NCLT Hyderabad Sets Aside Rejection of BEML's ₹2.57 Crore Claim in BEML Midwest CIRP, Orders Reverification

The National Company Law Tribunal (NCLT), Hyderabad, has recently set aside the rejection of a Rs.2.57 crore claim filed by BEML Limited against BEML Midwest Limited, finding that the liquidator's decision was not based on a complete and proper examination of the material on record and that the claim needed verification. The bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri said that incomplete documentation by itself could not end the matter and that the claim had to be...

NCLT Mumbai Admits APRN Enterprises Insolvency Case, Emphasises Courts Cannot Rewrite Contracts

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 6 April held that courts and tribunals cannot rewrite contracts and must enforce the bargain as agreed between parties, unless the agreement is vitiated by fraud, coercion, or illegality. A Bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted an insolvency application filed by APRN Enterprises Pvt Ltd against Marveledge Realtors Pvt Ltd. It observed: “Courts cannot rewrite contracts for the parties and...

Auction Of Corporate Debtor's Assets Under Depositors Act During IBC Moratorium Void: NCLT Indore

On 8 April, the Indore Bench of the National Company Law Tribunal (NCLT) set aside the auction of Suvidha Farming Ltd.'s assets conducted under the Chhattisgarh Protection of Interest of Depositors Act, 2005, holding that the sale was void as it took place during the moratorium period under the Insolvency and Bankruptcy Code (IBC), 2016. A Bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta directed restoration of possession of the property to the Liquidator....

NCLT Kochi Approves Associated Alcohols' Resolution Plan For SDF Industries Revival

The National Company Law Tribunal at Kochi on Thursday approved a resolution plan submitted by Associated Alcohols & Breweries Limited for the revival of SDF Industries Limited.A coram of Judicial Member Vinay Goel allowed the application filed by the Resolution Professional of SDF Industries, noting that the plan had been approved by the Committee of Creditors with a 100% voting share and complied with all statutory requirements.The Corporate Insolvency Resolution Process against SDF...

NCLT Chennai Says Parties Cannot 'Cherry-Pick' Between Arbitral Award and Settlement In Landmark Housing CIRP

Holding that parties cannot “cherry-pick” between an arbitral award and a subsequent settlement to maximize recovery, the National Company Law Tribunal (NCLT) at Chennai dismissed a plea by landowners who sought Rs. 62.72 crore despite having agreed to settle their dues at Rs. 45 crore.A bench of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy passed the order in the insolvency of Landmark Housing Projects Chennai Private Limited, upholding the liquidator's...

Tribunal's Residuary Powers Cannot Be Invoked After Resolution Plan Approval To Reopen Issues: NCLT Kolkata

The National Company Law Tribunal at Kolkata has held that its jurisdiction cannot be invoked after approval of a resolution plan to seek disclosure of CIRP documents or reopen settled issues. A bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra said that once a plan is approved, “any claims not included in the plan are generally extinguished, preventing further disputes or litigation, ensuring a 'Clean Slate' for the successful resolution applicant.” The tribunal...

NCLT Chandigarh Refuses To Restrain Sale Of White Water's Panchkula Land After CIRP Set Aside

The National Company Law Tribunal (NCLT) at Chandigarh recently held that once a corporate insolvency process is set aside and the payment directed by the Supreme Court is complied with, it cannot restrain a company from dealing with its assets in the absence of a statutory moratorium that arises only upon admission of insolvency proceedings. A Bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal said, “Once the CIRP is set aside and gets terminated, the CoC stands...