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...

Insolvency Threshold For Transferred Cases Depends On Filing Date, Not Transfer Date: NCLT Bengaluru

The National Company Law Tribunal (NCLT) at Bengaluru has recently held that winding-up and insolvency cases transferred from High Courts continue to be governed by the monetary threshold that applied when they were first filed, and not by the higher limits introduced later. The tribunal made this ruling in a dispute between logistics firm Schenker India Private Limited and Lapp India Private Limited. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada...

Refunds Under Vivad Se Vishwas Scheme Cannot Be Enforced Under Insolvency Jurisdiction: NCLT Chennai

The National Company Law Tribunal (NCLT) at Chennai has held that refunds claimed under the Vivad Se Vishwas–I Scheme, a government COVID-19 relief measure that allows MSMEs to seek return of most performance guarantees forfeited during the pandemic, cannot be enforced through insolvency proceedings under Section 60(5) of the Insolvency and Bankruptcy Code. In a recent order, the tribunal said that such claims must be dealt with by the authorities implementing the scheme and not by an...

Liquidator Cannot Claim Fee On SARFAESI Realisations Outside Liquidation Estate: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad recently held that when a secured creditor enforces its security interest under the SARFAESI Act without involving the liquidator, the amount realised does not form part of the liquidation estate. The liquidator therefore count in that sale to compute the liquidator's fee.A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, while dealing with an application filed by liquidator Ramesh Kumar Totla against State Bank of...

Bidder Who Stayed Outside Restored CIRP Lacks Locus To Challenge Approved Resolution Plan: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata , has recently held that a bidder who joined the first round of the insolvency process but stayed out of the second, restored round cannot later challenge a resolution plan approved by lenders. A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah, in an order dated December 3, observed that participation in the restored CIRP process is essential to challenge the same. The tribunal said, “A bidder or applicant who...

Common Resolution Professional For Group Companies Not Barred Under IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai recently held that the Insolvency and Bankruptcy Code, 2016 does not prohibit the appointment of a single resolution professional for companies belonging to the same corporate group. According to the tribunal, such an appointment does not by itself create a conflict of interest. A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer, while dismissing a plea seeking removal of a common resolution professional,...

Raw Material Advances Made During Insolvency To Keep the Company Running Are CIRP Costs: NCLT Delhi

The National Company Law Tribunal (NCLT) at New Delhi has held that advances paid for the supply of raw material under a job work arrangement can be treated as corporate insolvency resolution process costs if they were necessary to keep the corporate debtor functioning as a going concern during CIRP. A coram of President Justice Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi was dealing with a dispute between Teneron Limited, a supplier of aluminium raw material, and Metenere...

Balance Sheet Debt Entry Without Disclaimer Extends Limitation For IBC Plea: NCLT Kolkata Reaffirms

The National Company Law Tribunal (NCLT) at Kolkata has admitted an insolvency petition filed by ICICI Bank against clothing company Anuj Textiles Private Limited. It reiterated that acknowledgements of debt recorded in the company's balance sheet were sufficient to extend the limitation period. A bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra held that the acknowledgements in the company's records kept the debt alive. The tribunal observed, “Since there has...

Guarantee Need Not Be Invoked For Guarantor To Seek Personal Insolvency: NCLT Indore

The National Company Law Tribunal (NCLT) at Indore has held that a personal guarantor can invoke insolvency proceedings against himself or herself under the Insolvency and Bankruptcy Code once a default occurs, even if the lender has not invoked the personal guarantee. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta said that Section 94 allows an individual debtor, including a personal guarantor, to approach the tribunal upon default. It clarified that...