IBC Does Not Require Same Due Date On All Invoices For Insolvency Plea: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently observed that there is no requirement under the Insolvency and Bankruptcy Code that the due dates of all invoices must be identical to trigger insolvency proceedings. The ruling came in a petition filed in June 2024 by ABV Electronic, an operational creditor, seeking initiation of corporate insolvency resolution process (CIRP) against Anmol Innovative Electrical Private Limited for default in payment of dues arising from supply of...

Personal Guarantor's Non-Compliance With Repayment Plan Allows Bankruptcy Proceedings: NCLT Kochi

The Kochi Bench of the National Company Law Tribunal (NCLT) on 26 February, held that a personal guarantor's failure to submit a repayment plan despite sufficient opportunities has the same effect as rejection of a repayment plan, allowing creditors to initiate bankruptcy proceedings. Judicial Member Vinay Goel allowed the application filed by the Resolution Professional of a personal guarantor to Tata Capital Limited. The Tribunal stated:“Where no Repayment Plan is submitted, the Resolution...

NCLT Indore Admits ₹95.31 Crore Insolvency Plea By Central Bank Of India Against Narmada Extrusions

The Indore Bench of the National Company Law Tribunal on 13 March admitted an insolvency petition filed by Central Bank of India against Narmada Extrusions Limited under Section 7 of the Insolvency and Bankruptcy Code 2016 over default in repayment of financial debt of more than Rs. 95.31 crore. A Bench comprising Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta held that the Financial Creditor had established the existence of financial debt and the occurrence of...

Homebuyers' Advances Used For Project Development Are Financial Debt Under IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently reiterated that amounts paid by homebuyers in a real estate project will qualify as financial debt if the money is used for financing and development of the project. Relying on the Supreme Court's ruling in Pioneer Urban Land and Infrastructure Ltd. v. Union of India, a bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed, “Applying the aforesaid legal position to the facts of the present case, it is...

NCLT Allahabad Approves Adani's ₹15,000 Crore Resolution Plan For Jaiprakash Associates

The Allahabad Bench of the National Company Law Tribunal (NCLT) on Tuesday approved the ₹15,000-crore resolution plan submitted by Adani Enterprises Limited for insolvent Jaiprakash Associates Limited (JAL). The order was pronounced orally on March 17, 2026, by a bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma. A detailed order is yet to be uploaded. The corporate insolvency resolution process (CIRP) against Jaiprakash Associates commenced on a petition filed by ICICI...

Validity Of Telangana VAT Attachment Pending In HC Cannot Be Decided In CIRP: NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad recently held that issues relating to the validity of attachment under the Telangana Value Added Tax (TVAT) Act, particularly where such attachment is already under challenge before the High Court, cannot be adjudicated in insolvency proceedings.The observations were made by a bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri while deciding an application filed by the resolution professional of Kobo Biotech Ltd seeking...

PF Dues Cannot Be Quantified During Moratorium: NCLT Jaipur Rejects EPFO Claim In NDA Metaoxides CIRP

The National Company Law Tribunal at Jaipur has held that Section 36(4) of the Insolvency and Bankruptcy Code, 2016, which excludes provident fund dues from the liquidation estate, does not permit the creation or quantification of liabilities during the moratorium. The tribunal further held that provident fund claims cannot be admitted when they are based on post-moratorium assessment proceedings or are unsupported by proof of employment and identifiable beneficiaries. A bench of Judicial...

Claim At Fag End Of Liquidation Not Allowed: NCLT Kochi Rejects EPFO Plea In Trivandrum International CIRP

The National Company Law Tribunal (NCLT) at Kochi has recently held that a statutory authority cannot raise fresh claims at the fag end of a liquidation process, observing that the insolvency framework does not permit reopening concluded claims after earlier dues have already been admitted and paid. Judicial Member Vinay Goel dismissed an appeal filed by the Regional Provident Fund Commissioner II, EPFO, which sought condonation of delay in filing an additional claim in the liquidation of...

Personal Guarantor Insolvency Pleas Governed By 3-Year Limitation Under Limitation Act: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has reiterated that in the absence of a specific limitation period under the Insolvency and Bankruptcy Code, applications filed under Section 94 by personal guarantors are governed by Article 137 of the Limitation Act, 1963, which prescribes a three-year limitation period, and dismissed a personal insolvency petition as time-barred and procedurally defective. The bench comprising Judicial Member Mohan Prasad Tiwari and Technical Member...

Amaravati NCLT Holds Recovery Certificate Triggers Fresh Cause Of Action

The Amaravati Bench of the National Company Law Tribunal on 4 March admitted a Section 7 application filed by ASREC (India) Ltd. against Visakha Prime Properties Constructions Ltd., holding that a recovery certificate issued by the Debt Recovery Tribunal creates a fresh cause of action for initiating insolvency proceedings. A Bench comprising Judicial Member Kishore Vemulapalli and Technical Member Umesh Kumar Shukla noted that the petition filed in July 2025 was within limitation, being...

Ahmedabad NCLT Admits IDBI Trusteeship's Insolvency Petition Against Guarantor Over ₹100 Crore Debt

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Monday 16 March, admitted a personal insolvency application filed by IDBI Trusteeship Services against Kamlesh Gondalia, personal guarantor of Takshashila Heights India Pvt. Ltd. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy, directed initiation of insolvency proceedings against the guarantor and imposed a moratorium of 180 days, staying legal proceedings and restricting transfer...

NCLT Chandigarh Admits Paytm Insolvency Plea Against Eyemyeye Over ₹3 Crore Ads' Dues

The Chandigarh Bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by One97 Communications Ltd. (Paytm) against Eyemyeye Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, over unpaid dues of more than ₹3 crore arising from digital advertising and related services. The bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal initiated the Corporate Insolvency Resolution Process (CIRP) against Eyemyeye Private...