NCLT Indore Rejects Homebuyer's Claim Filed 1.5 Years After Resolution Plan Approval In JSM Devcons CIRP

The Indore bench of the National Company Law Tribunal (NCLT) has rejected a homebuyer's plea for possession of a flat, holding that a claim filed nearly eighteen months after approval of the resolution plan cannot be entertained. Observing that permitting such belated claims would disrupt the resolution process, the bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held,“The Successful Resolution Applicant takes over the Corporate Debtor on the basis of the...

Right To Shelter Part of Right To Life, Homebuyers Cannot Be Prejudiced by Internal Project Transfer: NCLT Indore

The National Company Law Tribunal (NCLT) at Indore has held that homebuyers cannot be prejudiced by an internal transfer of a real estate project, emphasising that their rights are not merely contractual but tied to the right to life. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta, underlining the constitutional dimension of such claims, observed that such rights cannot be viewed purely as contractual. It said, “The Hon'ble Supreme Court has...

NCLT Kochi Admits CIRP Against Seguro Foundations, Applies ₹1 Lakh Threshold As Claim Pre-Amendment

The National Company Law Tribunal at Kochi has admitted an insolvency plea against Seguro Foundations & Structures Pvt Ltd over unpaid salary dues, making it clear that the earlier Rs 1 lakh threshold will apply as the case was filed before the law was revised. The order was passed by Judicial Member Vinay Goel. The case had been brought by Shaji Mathew, an operational creditor, seeking insolvency proceedings over unpaid salary. Mathew had been appointed as a project manager for a...

Non-Disclosure By Bankrupt Prompts NCLT Kochi To Condone 470-Day Delay In Federal Bank Claim

The National Company Law Tribunal (NCLT) at Kochi has condoned a 470-day delay in filing a claim by Federal Bank in bankruptcy proceedings against personal guarantor Reena Paul, holding that the delay stood sufficiently explained due to non-disclosure and suppression of material facts by the bankrupt. A coram of Judicial Member Vinay Goel passed the order, observing: "…this Adjudicating Authority is of the considered view that although the Applicant is bound by the public announcement, the...

NCLT Mumbai Upholds CoC's Decision To Conduct Second E-Challenge In Future Enterprises' CIRP

The National Company Law Tribunal (NCLT) at Mumbai has recently dismissed Orissa Metaliks Private Limited's challenge to the Committee of Creditors' decision to conduct a second round of the e-challenge mechanism in the CIRP of Future Enterprises Limited. A bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer held that the CoC's decision to undertake a second challenge process is not in violation of Regulation 39(1A) of the CIRP Regulations, while observing...

Loss-Making Companies Can Pay Shareholders During Capital Reduction: NCLT Chennai

The Chennai Bench of the National Company Law Tribunal (NCLT) has reiterated that even loss-making companies are legally permitted to pay shareholders during a capital reduction exercise under Section 66 of the Companies Act, 2013, observing that such decisions fall within the commercial wisdom of shareholders. The coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam said there is no bar in law on a company with accumulated losses returning capital to its...

CoC-Approved Resolution Plan Can Be Rejected If It Violates IBC: NCLT Kochi

The National Company Law Tribunal (NCLT) Kochi Bench has held that even an approved resolution plan cannot be approved if it fails to meet the mandatory requirements under Section 30(2) of the Insolvency and Bankruptcy Code, 2016, sending back plans for two real estate projects of Samson and Sons Builders and Developers Pvt Ltd to the Committee of Creditors for reconsideration. A coram of Judicial Member Vinay Goel said, “Even where a Resolution Plan has been approved by the Committee of...

Part Payment Of Debt After Filing CIRP Plea Won't Affect IBC Threshold: NCLT Mumbai

The Mumbai bench of the National Company Law Tribunal (NCLT) has held that part-payments made by a corporate debtor after the filing of a Section 9 application under the Insolvency and Bankruptcy Code will not defeat the CIRP threshold. A bench of judicial member Nilesh Sharma and technical member Sameer Kakar reiterated, “…we hold that the threshold under Section 4 of Code is required to be made at the time of filing of application under Section 9 and even if some payment is made by...

Dispatch Of Statutory Demand Notice to Last Known Address Constitutes Valid Service: NCLT Hyderabad

The Hyderabad National Company Law Tribunal (NCLT) held that sending a statutory demand notice to the last known address of a personal guarantor constitutes valid service under the Insolvency and Bankruptcy Code, 2016, even if the notice is returned unserved. A Bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri admitted a petition filed by Punjab National Bank under Section 95 of the Code to initiate the Personal Insolvency Resolution Process (PIRP) against Smt....

NCLT Bengaluru Appoints RP From IBBI Panel In FineFacilis Personal Guarantor Insolvency

The National Company Law Tribunal (NCLT), Bengaluru, on 30 March 2026, appointed Kondisetty Kumar Dushyantha as the Resolution Professional (RP) in insolvency proceedings initiated by Asset Reconstruction Company (India) Ltd (ARCIL) against the personal guarantor of FineFacilis Management Pvt Ltd. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada rejected the guarantor, Vasudevan Sathyamoorthy's challenge alleging non-compliance with Section 97...

NCLT Mumbai Dismisses Insolvency Plea Against Eros Over 'English Vinglish,' 'Ki And Ka' Profit-Sharing Dispute

The National Company Law Tribunal (NCLT) at Mumbai on Tuesday dismissed an insolvency application filed by Gutz Feel Film Production LLP against Eros International Media Ltd over an alleged default of Rs. 3.33 crore arising from profit-sharing agreements for the films “English Vinglish” and “Ki and Ka”. Holding that the claim arose from a profit-sharing arrangement, which does not qualify as an operational debt under the Insolvency and Bankruptcy Code, a bench of Judicial Member Ashish Kalia...

NCLT Ahmedabad Rejects Company's Own Insolvency Plea As Tactic To Stall Recovery By Lenders

The National Company Law Tribunal (NCLT) at Ahmedabad has refused to admit a company's own insolvency plea, holding that the move showed a “lack of bona fide intent” and was a “tactical measure to frustrate recovery proceedings” initiated by lenders. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said that even where debt and default are established, admission is “not so mechanical as to permit admission of every application,” and the tribunal must examine whether...