Income Tax Department Cannot Continue Pre-CIRP Attachment After Resolution Plan Approval: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi recently held that the Income Tax Department cannot continue a pre-CIRP attachment over a corporate debtor's property after approval of a resolution plan.A coram of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy allowed an application filed by Orchid Valley Apartment Buyers Association, the successful resolution applicant for the Orchid Valley project of Samson and Sons Builders and Developers Private Limited.The bench...

NCLT Kochi Holds 2026 IBC Amendment Clarifying Liquidation Distribution Applies Retrospectively

The National Company Law Tribunal (NCLT) has ruled that a 2026 clarification to the insolvency law governing the entitlement of secured creditors who relinquish their security interests during liquidation applies to pending proceedings. The Tribunal held that liquidation proceeds must be distributed with reference to the value of the security interest relinquished by a creditor and not merely the amount of debt admitted in its favour. “The statutory scheme, as clarified by the amendment,...

NCLT Chandigarh Denies Financial Creditor Status To Samar Estates Flat Buyers After Allotment Cancellation

The Chandigarh Bench of the National Company Law Tribunal (NCLT) has dismissed a plea by two flat buyers seeking recognition as financial creditors of Samar Estates Pvt. Ltd. and inclusion in the company's Committee of Creditors (CoC). The Tribunal held that their allotment had stood cancelled more than a decade before the insolvency process began. A bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal passed the order. The Tribunal observed, “Therefore, once the...

Only Security Created Over Corporate Debtor's Assets Confers Secured Creditor Status: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has held that a creditor cannot claim the status of a secured financial creditor in a corporate insolvency resolution process merely because its debt is backed by the personal assets of promoters. Such status can be claimed only where a security interest has been created over the assets of the corporate debtor. “Under the insolvency process, only a security interest created over the assets of the Corporate Debtor can confer the status of a...

NCLT Ahmedabad Admits Insolvency Plea Against Evoq Remedies Over ₹1.95 Crore Unrefunded Advance

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Harbhole Agrotech's insolvency petition against Evoq Remedies Limited over an alleged default in refunding Rs 1.95 crore paid in advance for the supply of FSG Castor Oil. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma found that the debt and default had been established. It also found that no pre-existing dispute had been shown on record. "The documents on record indicate that an amount of...

NCLT Mumbai Rejects Insolvency Plea Against Eros Over Claim Arising From 'NH10' Co-Production Agreement.

The Mumbai Bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by Phantom Studios India Pvt Ltd against Eros International Media Ltd. The Tribunal held that Phantom Studios' claim for ₹1.48 crore arising from the parties' co-production arrangement for the film NH10 did not qualify as an operational debt under the Insolvency and Bankruptcy Code. A bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer rejected Phantom...

Auction Reliefs Under IBC Restricted To Successful Bidder, Not Post-Acquisition Investors: NCLT Hyderabad

The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that reliefs and concessions arising from a liquidation auction conducted on a going-concern basis cannot extend directly to third-party investor entities who did not participate in the bidding process or receive auction documents. Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri considered the application by Frontline Wind Energy Private Limited arising out of the liquidation of PPS Enviro Power Private...

NCLT Ahmedabad Directs Return Of 5 EVs To Gensol EV Lease, Bars Arbitration During Moratorium

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 15 June held that leased vehicles forming part of a corporate debtor's assets must be returned to the Resolution Professional during insolvency proceedings. Further, that rival monetary claims cannot be decided in summary jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code (IBC). Judicial Member Shammi Khan and Technical Member Sanjeev Sharma partly allowed the applications filed by the Resolution Professional...

Proceedings Before Calcutta High Court No Bar To Examining Preferential Transactions: NCLT Kolkata

The Kolkata Bench of the National Company Law Tribunal (NCLT) on 12 June held that the mere pendency of proceedings before the Calcutta High Court does not prevent it from examining whether a transaction amounts to a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code, 2016. Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra allowed an avoidance application filed by the Resolution Professional of McNally Bharat Engineering Company Ltd and declared...

NCLT Hyderabad Refuses To Direct VNR Infrastructure Liquidator To Process Subcontractor's Bills

The National Company Law Tribunal (NCLT) at Hyderabad has refused to direct the liquidator of VNR Infrastructure Ltd. to process a subcontractor's bills and secure payment from North East Frontier Railway authorities. A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri dismissed an application filed by SS Rail Works Pvt. Ltd. The tribunal clarified that the dismissal would not prevent the company from pursuing remedies before the appropriate forum. "Such relief would...

NCLT Kochi Declines Temple Trust's Bid For Possession Of Property Leased To Attukal Devi Institute During CIRP

The National Company Law Tribunal (NCLT) at Kochi has recently refused to direct the Resolution Professional to hand over possession of a hospital property leased by Attukal Bhagavathy Temple Trust to Attukal Devi Institute of Medical Sciences Ltd., observing that such a direction could not be issued during the subsistence of the Corporate Insolvency Resolution Process (CIRP) and moratorium. The tribunal observed that such a direction could not be issued while the Corporate Insolvency...

NCLT Chandigarh Admits Kokila Mining Section 9 Petition, Rejects Set-Off Defence By Tycoons Industries

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 11 June admitted a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Kokila Mining Pvt. Ltd. and initiated the Corporate Insolvency Resolution Process against Tycoons Industries Pvt. Ltd.. Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal appointed Neehal Mahamulal Pathan as Interim Resolution Professional and declared a moratorium. The Bench observed: “Under the summary...