NCLT
Insolvency Proceedings Cannot Be Reopened After Settlement Without Proof Of Fresh Default: NCLT Ahmedabad
The National Company Law Tribunal (NCLT) at Ahmedabad has dismissed an insolvency plea against Shukla Dairy Private Limited, holding that once parties settle and the case is closed, an operational creditor cannot reopen insolvency proceedings without clear bank records showing a fresh default. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said bare allegations of non-payment are not enough, especially when the corporate debtor places specific proof of payment on...
Fraud Has No Look-Back Period, Directors Cannot Use Lapse Of Time As Shield : NCLT Kochi
The National Company Law Tribunal (NCLT) at Kochi has held that allegations of fraudulent and wrongful trading are not restricted by any fixed look-back period, and directors cannot avoid personal liability merely by arguing that the conduct took place long ago. It therefore directed the suspended directors of a Kochi-based insolvent company to jointly contribute Rs 11.95 crore to the company's assets.The tribunal said delay by itself cannot be used as a shield where the conduct complained...
NCLT Ahmedabad Orders Recovery of ₹2 Lakh Costs From Personal Guarantor As Arrears of Land Revenue
The National Company Law Tribunal (NCLT) at Ahmedabad has directed that costs of Rs 2 lakh imposed earlier on a personal guarantor be recovered as arrears of land revenue, after finding that he had repeatedly ignored its order and failed to pay the amount. A coram of Judicial Member Justice Shammi Khan and Technical Member Sanjeev Sharma noted that the personal guarantor had shown continued and wilful non-compliance. It observed, “In view of the continued and wilful non-compliance by the...
NCLT Mumbai Approves Merger Of THPL Warehousing Services Into Booker India
The National Company Law Tribunal at Mumbai has approved the merger of THPL Support Services Ltd into Booker India Ltd, allowing the subsidiary company to be dissolved without winding up as part of a group level corporate restructuring exercise. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar in an order dated January 5 observed, “From the material on record, the Scheme appears to be fair and reasonable and is not in violation of any provisions of...
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...