NCLT Ahmedabad Rejects Gensol RP Plea Against Termination Of ₹48.29 Crore EPC Contract By HMEL

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed a plea challenging the termination of a Rs. 48.29 crore EPC contract awarded to Gensol Engineering Ltd. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed that the termination was based on pre-existing contractual breaches and not solely on the company's insolvency.“...the mere temporal proximity between initiation of CIRP and termination does not establish causation,...

NCLT Mumbai Denies Tata Capital Bid To Enforce Security After Participating In Jans Copper Liquidation

The National Company Law Tribunal, Mumbai Bench, has dismissed a plea by Tata Capital Financial Services Ltd. in the liquidation of Jans Copper Pvt. Ltd. It held that the creditor cannot later seek to enforce its security after participating in the liquidation process and failing to clearly state its position.The bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan held that the creditor failed to comply with the requirement of clearly communicating its decision...

NCLT Mumbai Dismisses RP's Plea Against ₹260 Crore RCIL Receivables Assignment, Finds No Fraud

The National Company Law Tribunal (NCLT) in Mumbai has held that a Rs.260 crore inter-company assignment involving Reliance Communications Infrastructure Ltd (RCIL) was not fraudulent, as it caused no loss to creditors. The tribunal dismissed a plea filed by the company's Resolution Professional A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was dealing with the application, in which the Resolution Professional alleged that the assignment of receivables...

NCLT Mumbai Refers Eros–Aanand L. Rai Dispute Over Colour Yellow Productions To Arbitration

The National Company Law Tribunal (NCLT) at Mumbai on Tuesday recently referred to arbitration a dispute between Eros International Media Ltd and filmmaker Aanand L. Rai arising from their investment and contractual arrangements in Colour Yellow Productions Pvt. Ltd. It held that Eros' company petition was a dressed-up attempt to bypass arbitration.A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was hearing a petition by Eros alleging fund diversion...

Only Contractual Guarantee Debt Relevant For IBC Section 94 Threshold: NCLT Chandigarh

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 17 April held that only debts arising from a valid contract of guarantee can be considered for determining the pecuniary threshold under Section 94 of the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Khetarbasi Biswal and Technical Member Shishir Agarwal clarified that liabilities not arising from such a guarantee or not linked to the petitioner's capacity as a personal guarantor to a corporate...

OTS Proposal Can Constitute Acknowledgment Of Debt For Limitation Under IBC: NCLT Indore

The Indore Bench of the National Company Law Tribunal (NCLT) on 13 April held that a One-Time Settlement (OTS) proposal can amount to an acknowledgment of debt for limitation under Section 95 of the Insolvency and Bankruptcy Code, 2016. Further, objections on limitation, stamping, and pending Debts Recovery Tribunal proceedings do not bar admission of insolvency proceedings against a personal guarantor at the threshold stage. A Bench comprising Judicial Member Brajendra Mani Tripathi and...

NCLT Chennai Holds Contractual Valuation Cannot Be Reopened, Dismisses Kamarajar Port Plea

The Chennai Bench of the National Company Law Tribunal (NCLT) on 2 April 2026, dismissed an application filed by Kamarajar Port Limited seeking a fresh valuation of project assets of Sical Iron Ore Terminals Ltd., which is in liquidation. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy held that once the contractual mechanism for valuation had been triggered and concluded, it could not be reopened on the ground of subsequent deterioration...

CoC Cannot Bypass NCLAT Directions On Potential Resolution Applicant Eligibility: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal on 13 April held that the Committee of Creditors (CoC) cannot bypass binding directions issued by the NCLAT regarding relaxation of eligibility criteria for potential resolution applicants (PRAs) in the corporate insolvency resolution process (CIRP). The Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan further clarified that resolution applicants may revise their financial offers upwards, but shall not...

Distribution During CIRP Must Conform To Section 30(2) Of IBC: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 6 April held that it cannot use its inherent powers under Rule 11 of the NCLT Rules, 2016 to allow distribution of sale proceeds during the Corporate Insolvency Resolution Process (CIRP) without complying with Section 30(2) of the Insolvency and Bankruptcy Code (IBC). A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar rejected the Resolution Professional's plea in the CIRP of Arshiya...

NCLT Kochi Admits IMOST To Insolvency, Says International Reputation Concerns No Bar Once Default Proven

The National Company Law Tribunal (NCLT) at Kochi has admitted an insolvency petition filed by Axis Bank Limited to initiate the Corporate Insolvency Resolution Process against IMOST Academy (India) Private Limited, holding that once debt and default are established, objections based on reputational impact cannot defeat admission. A coram of Judicial Member Vinay Goel rejected the academy's contention that initiation of CIRP would adversely affect its international standing. “If the insolvency...

NCLT Kochi Records Interim Payment Plan To Ensure Access To Jatayupara Tourism Project

The National Company Law Tribunal (NCLT), Kochi Bench, has recently recorded and accepted an interim arrangement for payment of dues to a landowner to ensure uninterrupted access and continued operation of the Jatayupara Tourism Project (JTP), noting that denial of access would render the project unusable. The order was passed by Judicial Member Vinay Goel on an application filed by an NCLT-appointed Chartered Accountant assigned, pursuant to directions of the Supreme Court, to verify and...

Inadvertent Email to Bidder Not A Breach Of Confidentiality: NCLT Indore Dismisses Plea Against Tax Officials

The National Company Law Tribunal (NCLT), Indore Bench, has dismissed a plea by the liquidator of Girdharilal Sugar & Allied Industries Limited seeking action against Commercial Tax Department officials for allegedly sharing details of a Stakeholders' Consultation Committee (SCC) meeting with a prospective bidder via email, holding that the inclusion was inadvertent and caused no prejudice. “In continuation thereof, it is of the considered view that a singular and isolated instance of...