Company Cannot Seek Rectification Of Fraudulent Share Transfers Without Ownership Proof: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has held that a company cannot seek rectification of its register to undo fraudulent share transfers when it cannot produce the original shareholders' titles or any evidence of ownership. A coram of Judicial Member Chitra Hankare and Technical Member V G Venkata Chalapathy in an order dated December 3, 2025 said Symphony Limited had not proved its claim over 50,500 shares belonging to 14 shareholders that were allegedly transferred...

Family Ties Between Debtor Promoters And SRA Shareholders No Disqualification Under IBC: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has ruled that family or marital ties with a corporate debtor's promoters cannot, by themselves, render a resolution applicant ineligible under Section 29A of the Insolvency and Bankruptcy Code. The tribunal held that the disqualification arises only when the relative in question is independently barred under the Code, emphasising that Section 29A is not triggered solely on account of "blood relationship" or "marital alliance." A coram of...

NCLT Delhi Clears DCM Shriram's Scheme to Reorganise Its Businesses

The National Company Law Tribunal (NCLT) at New Delhi has approved a composite amalgamation and demerger scheme for DCM Shriram Industries and three group entities The bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member Ravindra Chaturvedi cleared the plan on November 21, 2025 while making it clear that the tax department's recovery rights remain untouched and that any default in paying outstanding dues would render its sanction non-existent. The scheme provides for the merger...

NCLT Mumbai Approves Ashdan Properties' ₹145.26 Crore Plan To Revive Indo Global Soft Solutions

The National Company Law Tribunal (NCLT) at Mumbai has approved the Rs 145.26 crore resolution plan submitted by Ashdan Properties Private Limited for the revival of Indo Global Soft Solutions and Technologies Pvt Ltd, a company engaged in IT services and software development.The tribunal said that once a resolution plan satisfies the requirements of the Insolvency and Bankruptcy Code, the commercial wisdom of the Committee of Creditors cannot be examined by it. “In view of the discussions...

Counterclaims, Set-Off Claims No Bar to Insolvency Admission Without Proof of Full Discharge: NCLT Allahabad

The National Company Law Tribunal (NCLT) at Allahabad has held that set-off claims, counterclaims or assertions of business losses cannot defeat the admission of an insolvency application unless they are supported by undisputed material showing that the debtor has completely discharged its liability.The tribunal delivered this finding while admitting Punjab National Bank's (PNB) insolvency plea against Bhagwati Rice Mills Pvt Ltd. A coram of Judicial Member Praveen Gupta and Technical Member...

Bank Cannot Hold OTS Earnest Money Once It Accepts Resolution Plan: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has held that once a bank accepts full consideration under an approved resolution plan and issues a No-Dues Certificate, it cannot later claim any right over additional funds or assets belonging to the Corporate Debtor. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, in an order dated 5 December 2025, held that Bank of India's claim of having a right to appropriate the Rs 1.51 crore deposited as earnest...

NCLT Ahmedabad Admits Another Blu-Smart Subsidiary Into Insolvency Over ₹16.25 Crore Default

The National Company Law Tribunal (NCLT) at Ahmedabad has admitted another subsidiary of the Blu-Smart electric mobility group into insolvency, holding that Blu-Smart Fleet Pvt Ltd had defaulted on an operational debt of Rs 16.25 crore owed to Reliance BP Mobility Limited. Blu-Smart Fleet provides fleet-management services exclusively to its parent company, Blu-Smart Mobility Ltd, a company that was providing all-electric ride-hailing services which is already undergoing insolvency...

Damages Arising Out of Contractual Disputes Cannot Trigger Insolvency Proceedings: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has held that claims arising from liquidated or unliquidated damages, which it said are contractual in nature, cannot be used to trigger insolvency proceedings as it dismissed Goodrich Logistics Private Limited's CIRP plea against Transrail Lighting Limited.A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt said the tribunal is not empowered to adjudicate such contractual disputes. “Claim for liquidated damages for breach...

NCLT Mumbai Sanctions ITM Edutech's Restructuring Plan to Demerge Its Online Education Business

The National Company Law Tribunal (NCLT) at Mumbai has approved the second-motion petition filed by ITM Edutech Training Pvt Ltd and ITM Edutech (India) Ltd, allowing the group to restructure its online education and training courses through a demerger into the resulting company, ITM Edutech (India) Ltd. The tribunal held that the scheme “appears to be fair and reasonable and is not in violation of any provisions of law and is not contrary to public policy.” ITM Edutech is part of the ITM Group...

Uncrystallised Contractual Rights Not Part Of Corporate Debtor's Assets Protected By Moratorium: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently held that uncrystallised contractual rights do not form part of a corporate debtor's “assets” protected during moratorium. The tribunal made the ruling as it dismissed Fabtech Sugar Limited's plea seeking restoration of its cancelled grid connectivity, that that had never been operationalised. The tribunal found that Maharashtra State Electricity Transmission Company Limited's (MSETCL) termination of grid connectivity under the...

NCLT Ahmedabad Permits Guarantor's US Travel Despite Creditor Protests, Notes Minor Children's Immigration Needs

The National Company Law Tribunal (NCLT) at Ahmedabad has allowed a bankruptcy bound personal guarantor to travel to the United States despite acknowledging serious concerns about his conduct, taking what it described as a lenient view only because his two minor children's immigration status depends on his US Green Card. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma permitted Zankarsinh Kishorsinh Solanki, personal guarantor of Torque Automotive Private Limited, to...

NCLT New Delhi Restores Struck-Off Company Only To Recover ₹7.62 Crore In Tax Dues

The National Company Law Tribunal at New Delhi has recently restored the name of SL Contractors Private Limited in the Register of Companies only to allow the Income Tax Department to recover Rs 7.26 crores in outstanding dues, while rejecting the company's claim that it had been operational when it was struck off. A coram of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri said “the Appellant has failed to establish that the Company was carrying on business or was in...