Foreign Citizenship, No Assets In India No Bar To IBC Proceedings Against Personal Guarantor: NCLT Chennai

The National Company Law Tribunal (NCLT) at Chennai recently held that insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, can be initiated against a personal guarantor even if he is a foreign citizen and does not own any assets in India. The tribunal said nationality and absence of property in India do not prevent the Code from applying. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam rejected the objection to the maintainability of...

NCLT Admits Gensol EV's Insolvency Plea Against Mindra EV Over ₹1.61 Crore Default

The National Company Law Tribunal (NCLT) at Ahmedabad has recently admitted an insolvency petition filed by Gensol EV Lease Limited, a debt ridden company that was itself admitted to insolvency in June 2025, against Mindra EV Private Limited. The plea was admitted over a default of Rs 1.61 crore after the corporate debtor failed to appear or contest the case despite being served with notice. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held that a corporate debtor...

Self-Prepared Interest Calculations Cannot Substitute Contractual Proof In CIRP: NCLT Indore

The National Company Law Tribunal (NCLT) at Indore has held that self-prepared interest calculations, such as Excel sheets, cannot be the basis for admitting interest claims in insolvency proceedings without supporting contractual or statutory records. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta said that interest can form part of financial debt only when it is contractually agreed or clearly reflected in the corporate debtor's records. The...

Personal Guarantor's Failure To Submit Repayment Plan Leads To Bankruptcy: NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad has ordered bankruptcy proceedings against P Kameswari, the personal guarantor of Viceroy Hotels Limited. The tribunal said that when a repayment plan is not filed or does not receive creditor approval, the law treats it as a rejection of the repayment plan under the Insolvency and Bankruptcy Code. Viceroy Hotels is a Hyderabad-based company that owns and runs Marriott-branded hotels in the city through licensing arrangements with Marriott...

NCLT Hyderabad Holds Ex-KVK Nilachal Liquidator In Contempt For Not Disclosing Contractor Equipment To Bidders

The National Company Law Tribunal (NCLT) at Hyderabad has recently held Rajendra Prasad Tak, the former liquidator of KVK Nilachal Power, guilty of civil contempt for deliberately ignoring its directions on third party equipment that had been kept outside the liquidation estate. A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, in an order dated December 3, 2025, said the liquidator's failure to facilitate removal of the equipment and his decision to proceed with the...

IBC Cannot Waive Statutory Requirements Under Other Laws: NCLT Mumbai

The National Company Law Tribunal at Mumbai has recently held that the Insolvency and Bankruptcy Code does not wipe out the need for statutory approvals or licenses required under other laws, even after a resolution plan is approved or a company is sold as a going concern during liquidation. The tribunal made it clear that the insolvency framework is meant to streamline timelines, not to bypass regulatory compliance. A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt, in...

NCLT Chandigarh Approves Merger Of HPCL-Mittal Pipelines With HPCL-Mittal Energy

The National Company Law Tribunal (NCLT) at Chandigarh has approved the merger of HPCL-Mittal Pipelines Limited into HPCL-Mittal Energy Limited, a public–private joint venture between state-owned Hindustan Petroleum Corporation Limited and the Mittal Group. The order allows the pipeline company to be dissolved without winding up.The order was passed by a coram of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal. Allowing the second motion petition, the tribunal said,...

NCLT Chandigarh Clears First Motion For NIIT Merger With Wholly Owned Subsidiaries

The National Company Law Tribunal (NCLT) at Chandigarh has cleared the first step in a merger plan involving NIIT Limited, a listed Gurugram-based company best known for skills training and talent development, and its two wholly owned subsidiaries.A coram of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh allowed the first motion and waived meetings of shareholders and creditors. The tribunal said the scheme does not harm stakeholder interests. It noted that...

NCLT Mumbai Approves ₹16.10 Crore Klassic Wheels' Resolution Plan for Indian Refrigerator Company

The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs. 16.10 crore resolution plan submitted by Klassic Wheels Ltd for the revival of debt-laden Indian Refrigerator Company Ltd, bringing the resolution process to an end.A coram of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati, in an order dated December 19, 2025, held that the plan complied with all mandatory requirements under the Insolvency and Bankruptcy Code and therefore deserved approval. ...

NCLT Jaipur Imposes Rs 5 Lakh Cost On Jaipur Company for Malicious Voluntary Insolvency Plea

The National Company Law Tribunal (NCLT) at Jaipur has imposed a cost of Rs. 5 lakh on a Jaipur-based company after holding that it had misused the insolvency process to block recovery action by State Bank of India.The tribunal dismissed the insolvency petition filed by M.D. Suitings Pvt. Ltd. for its own insolvency under Section 10 of the Insolvency and Bankruptcy Code, finding it to be fraudulent and malicious. The order was passed by a bench of Judicial Member Reeta Kohli and Technical...

Oppression Must Be Continuous, Ex Shareholder Cannot File Oppression Plea: NCLT Chennai

The National Company Law Tribunal (NCLT) at Chennai recently reiterated that oppression must be continuous and ongoing and that a person who has ceased to be a shareholder cannot file a plea alleging oppression and mismanagement. A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy said such remedies are available only to existing members whose rights are presently affected. The tribunal said, “Oppression under Section 241 must be continuous, ongoing,...

NCLT Bengaluru Dismisses Insolvency Plea Over Rs 428 Crore Claim Against Atria Group Firm

The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an insolvency plea seeking to recover over Rs. 428 crore from Atria Group's renewable energy arm, Atria Brindavan Power. The plea was filed by Piramal Capital and Housing Finance Limited and Omkara Assets Reconstruction Private Limited. It said the case was about recovering money, not resolving insolvency.A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada found that the insolvency process...