NCLT Mumbai Rejects JM Financial ARC Insolvency Plea, Holds DRT Review Order Does Not Extend Limitation

The National Company Law Tribunal (NCLT), Mumbai on 23 June 2026 dismissed JM Financial Asset Reconstruction Company Ltd's Section 7 insolvency petition against Shubh Hospitality Pvt Ltd, holding that a Debt Recovery Tribunal (DRT) review order correcting errors in an earlier judgment does not extend the limitation period under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Sanjiv Dutt observed: “In other words, the Ld. DRT has...

NCLT Admits Bank of India Insolvency Plea Against Supreme Engineering, Rejects Section 10A Defence

On 23 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Bank of India's Section 7 petition against Supreme Engineering Limited over a default of Rs. 117.50 crore, holding that Section 10A of the Insolvency and Bankruptcy Code, 2016 does not shield post-COVID defaults from insolvency proceedings. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted the petition, imposed a moratorium and appointed S. Gopalakrishnan as the Interim Resolution...

GST Compliance Services During CIRP Qualify As IRP Costs, But Fees Must Be Reasonable: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has held that GST compliance services rendered during a corporate insolvency resolution process may form part of insolvency resolution process costs when they are necessary for running the corporate debtor as a going concern. However, the tribunal declined to direct payment of an additional claim of ₹6.48 lakh after finding the fees sought were unreasonable in light of the work performed. A coram of Judicial Member Bidisha Banerjee and...

NCLT Allahabad Clears GSW Enterprises' ₹95 Crore Resolution Plan For Hind Agro Industries

The Allahabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by G.S.W. Enterprises Private Limited for Hind Agro Industries Limited. The plan provides for payment of ₹95 crore towards settlement of stakeholder claims. It also envisages ₹200 crore towards working capital and capital expenditure over a five-year period. The bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order. The tribunal observed that once...

NCLT Ahmedabad Orders Return Of Leased EVs In Gensol EV Lease's Insolvency

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Omega Seiki Mobility Private Limited to hand over the remaining leased electric vehicles in its possession, custody, or control belonging to Gensol EV Lease Limited, which is undergoing insolvency proceedings.While directing it to return the leased electric vehicles, the tribunal declined to decide Gensol EV Lease Limited's claim for about ₹1.14 crore in dues. It left the rival monetary claims open. The bench of...

NCLT Ahmedabad Refuses To Reverse Debtor's Transfer As Preferential Transaction, Says It Was Bank's Unilateral Act

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed an application by Bank of Baroda, acting on behalf of the lenders of Sintex Prefab & Infra Ltd (SPIL), seeking reversal of a ₹26.79 crore transfer from the company's account as a preferential transaction. The tribunal found that the transfer was not shown to have been initiated, authorised or directed by the corporate debtor and was instead a unilateral act of IDBI Bank. A bench of Judicial Member Shammi Khan...

Dues Arising From TReDS Transactions Are Operational Debt, Not Financial Debt: NCLT Jaipur

The National Company Law Tribunal (NCLT) at Jaipur has dismissed Bank of Maharashtra's insolvency plea (section 7) against Ashiana Ispat Limited. The tribunal held that dues arising from invoice discounting transactions undertaken through the Trade Receivables Discounting System (TReDS) were operational debt and not financial debt. The order was passed by Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar. The tribunal observed:“The definition of Operational Creditor includes...

IBC Approval Does Not Auto-Delete ROC Charges, Companies Act Procedure Must Be Followed: NCLT Jaipur

The Jaipur Bench of the National Company Law Tribunal on 22 June ruled that approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016 does not automatically delete pre-CIRP charge entries from the records maintained by the Registrar of Companies. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar held that parties must still follow the statutory procedure under the Companies Act, 2013 for satisfaction or modification of such charges and partly allowed the...

NCLT Mumbai Initiates CIRP Against Longrange Commodities, Admits ₹90.54 Crore UCO Bank Petition

On 12 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Longrange Commodities Pvt Ltd into the Corporate Insolvency Resolution Process on a petition filed by UCO Bank over a default of Rs. 90.54 crore and appointed Kuldeep Tank as the Interim Resolution Professional. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 is maintainable where the financial creditor establishes...

Resolution Professional Cannot Be Replaced For Disagreement With Recommendation: NCLT Jaipur

The National Company Law Tribunal at Jaipur on 19 June held that a Resolution Professional appointed in personal guarantor insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 cannot be replaced merely on account of a party's dissatisfaction with the professional's recommendation. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar dismissed an application filed by Islamuddin Kagzi, personal guarantor to Sanga Builders Private Limited, who sought substitution of...

Secured Creditor Cannot Enforce Security After Statutory Timeline Under Regulation 21A: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 10 June held that compliance with the timelines prescribed under Regulation 21A of the IBBI (Liquidation Process) Regulations is mandatory and that a secured creditor cannot be permitted to realise its security interest after failing to exercise its option within the stipulated period. Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer dismissed an application filed by Vishweshwar Sahakari Bank Ltd, which...

Project Completion, Sale Of Flats Do Not Defeat Insolvency Plea Against Real Estate Developer: NCLT Mumbai

The National Company Law Tribunal (NCLT) in Mumbai has recently held that the substantial completion of a real estate project and the sale of flats and shops in it do not bar insolvency proceedings by a lender. The tribunal observed that such circumstances do not extinguish an unpaid financial debt. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted Union Bank of India's insolvency plea against Rashmi Realty Builders Pvt Ltd over a default of more than ₹60...