LiveLawBiz IBC Weekly Digest: February 2 To February 7, 2026
Kirit Singhania
9 Feb 2026 4:06 PM IST
SUPREME COURT
Case Title : Satinder Singh Bhasin v. Col Gautam Mullick and Ors
Case Number : Civil Appeal No.13628 of 2025
CITATION : 2026 LLBiz SC 37
The Supreme Court on Monday upheld insolvency proceedings against two closely linked real estate companies, holding that a single insolvency petition can be maintained against multiple corporate entities under the Insolvency and Bankruptcy Code, 2016, where the companies are intrinsically linked in the same project.
A Division Bench of Justice Sanjay Kumar and Justice K. Vinod Chandran dismissed appeals filed by the erstwhile directors of Grand Venezia Commercial Towers Private Limited and Bhasin Infotech and Infrastructure Private Limited, affirming the orders of the National Company Law Tribunal and the National Company Law Appellate Tribunal admitting the insolvency petition.
Case Title : Lotus 300 Apartment Owners Association vs IndusInd Bank
Case Number : Diary No(s).35516/2025
CITATION : 2026 LLBiz SC 40
The Supreme Court on Tuesday stayed the ongoing corporate insolvency resolution process against Hacienda Projects Private Ltd, the developer of the Lotus 300 housing project at Sector 107, Noida. It issued notice in appeals filed by the Lotus 300 Apartment Owners' Association challenging orders of the National Company Law Appellate tribunal.
A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi, Vipul M. Pancholi was hearing appeals by IndusInd Bank Ltd, which had claimed a default of about Rs. 33 crores.
Case Title : Assistant Provident Fund Commissioner (Legal) EPFO v. Chandra Prakash Jain
Case Number : Civil Appeal No. 14819 of 2024
CITATION : 2026 LLBiz SC 43
The Supreme Court has recently dismissed an appeal filed by the Employees' Provident Fund Organisation, declining to interfere with a ruling of the National Company Law Appellate Tribunal on the treatment of claims in liquidation.
A Bench of Justices Sanjay Kumar and K. Vinod Chandran said it found “no good ground and reason” to interfere with the NCLAT judgment dated September 24, 2024. The dispute arose from the liquidation of Khushi Foods Limited, which began on October 9, 2019.
Supreme Court Dismisses Law Firm's ₹1.08-Crore Claim Against Insolvency-Bound Realty Company
Case Title : Juristica Legal Services LLP v. Three C Universal Developers Private Limited Case Number : Civil Appeal No. 13486 of 2025
CITATION : 2026 LLBiz SC 45
The Supreme Court of India has recently dismissed an appeal by a law firm seeking to recover more than Rs 1 crore in unpaid legal fees from a realty company undergoing insolvency, declining to interfere with findings that the claim was not backed by the record.
The appeal was filed by Juristica Legal Services LLP against Three C Universal Developers Private Limited, which is undergoing a Corporate Insolvency Resolution Process.
A Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe held that the NCLAT had “not committed any error in law or fact” and dismissed the appeal.
Case : EAS Sarma v. Union of India and others |W.P.(C) No. 1217/2025
Case Title : Transcon Skycity Pvt Ltd vs Anchor Point Developers Pvt Ltd & Ors
Case Number : Civil Appeal No.10114/2025
CITATION : 2026 LLBiz SC 49
The Supreme Court of India has recently recorded a comprehensive settlement between Transcon Skycity Pvt. Ltd. and Anchor Point Developers Pvt. Ltd., bringing to an end a prolonged insolvency dispute arising out of a stalled real estate project.
A bench of Justices J.B. Pardiwala and K.V. Viswanathan noted that the mediation conducted by former Supreme Court judge Justice Abhay S. Oka was successful and that a comprehensive mediation report had been submitted and taken on record.
HIGH COURT
Case Title : Vikas Prakash Gupta v. Insolvency and Bankruptcy Board of India and Anr. Case Number : W.P.(C) 8974/2025 and CM APPL.38317/2025
CITATION : 2026 LLBiz HC (DEL) 125
Holding that prolonged delay in disciplinary proceedings had already caused serious prejudice, the Delhi High Court has reduced a one-year suspension imposed by the Insolvency and Bankruptcy Board of India (IBBI) on insolvency professional Vikas Prakash Gupta to the period already undergone.
Justice Sachin Datta underscored that “Administrative authorities are required to act within a reasonable period, and any prolonged delay must be justified by cogent reasons.”
NCLAT
BREAKING | NCLAT Upholds NCLT Order, Rejects Actor Akshay Kumar's Insolvency Plea Against Cue Learn
Case Title : Akshay Kumar Bhatia v Cue Learn Private Ltd.
Case Number : Company Appeal (AT) (Ins) No.454 of 2025
CITATION : 2026 LLBiz NCLAT 31
The National Company Law Appellate Tribunal at New Delhi on Friday upheld an NCLT order refusing to start insolvency proceedings against Cue Learn Private Limited over a payment dispute arising from an endorsement deal with actor Akshay Kumar Bhatia.
A coram of Judicial Member Justice N. Seshasayee and Technical Member Indevar Pandey agreed that the disagreement between the parties could not be resolved under the Insolvency and Bankruptcy Code.
Case Title : V. Nagarajan v. ICICI Bank Ltd.
Case Number : IA No. 30/2022 in Company Appeal (AT) (CH) (Ins) No. 14 of 2022 CITATION : 2026 LLBiz NCLAT 30
The National Company Law Appellate Tribunal at Chennai has dismissed an appeal filed by the liquidator of Cethar Limited, refusing to excuse a 495-day delay in amending an avoidance application filed during a company's insolvency proceedings.
The tribunal held that the delay amounted to “gross negligence” and could not be condoned by relying on Section 148 of the Code of Civil Procedure, a provision that allows courts to extend procedural timelines but limits such extension to 30 days.
A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain ruled that this power cannot override Order VI Rule 18 of the CPC, which requires amendments to pleadings to be carried out within 14 days when no specific time is fixed.
NCLAT Upholds Insolvency Admission Against Karanja Terminal Over ₹330 Crore Default
Case Title : Brig. Vikram Singh v. Karanja Terminal & Logistics Pvt. Ltd.
Case Number : Company Appeal (AT) (Insolvency) Nos. 1928-1931 of 2025
CITATION : 2026 LLBiz NCLAT 29
The National Company Law Appellate Tribunal has upheld the initiation of insolvency proceedings against Karanja Terminal & Logistics Private Limited, a port operator, after rejecting its claim that a proposed settlement with lenders had stalled insolvency action.
A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra agreed with the National Company Law Tribunal that the corporate insolvency resolution process was rightly admitted.
NCLT
Inconsistencies Between E-Auction Notice And Process Memo Vitiate Liquidation Sale: NCLT Amaravati
Case Title : State Bank of India vs IND TOB International Pvt Ltd
Case Number : IA(IBC)/52/2026
CITATION : 2026 LLBiz NCLT (AMR) 118
The National Company Law Tribunal (NCLT) at Amaravati has prima facie held that inconsistencies between an e-auction sale notice and the auction process memorandum create serious ambiguity regarding the assets offered for sale and render the liquidation auction process legally unsustainable under the Insolvency and Bankruptcy Code.
Judicial Member Kishore Vemulapalli was dealing with applications filed by the suspended directors of IND TOB International Pvt Ltd, which is undergoing liquidation. The company was admitted into liquidation in proceedings initiated by the State Bank of India in 2021.
Case Title : Indian Bank vs Nipun Verma
Case Number : C.P. (IB) No. 571/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 105
The National Company Law Tribunal (NCLT) at Mumbai has held that a delay in issuing a statutory demand notice does not invalidate personal insolvency proceedings under the Insolvency and Bankruptcy Code so long as the insolvency plea is filed within time.
The tribunal clarified that the limitation runs from the date of default and not from the date on which the demand notice is issued.
The ruling was delivered by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar while admitting a personal insolvency application filed by Indian Bank against Nipun Verma, the personal guarantor of Frost International Limited.
Case Title : Dolphin Offshore Enterprises (India) Ltd vs Oil and Natural Gas Corporation Ltd, Office of the Assistant Commissioner of Central GST & Central Excise
Case Number : I.A. No. 4135/2024 in C.P. No. 4087(IB)/MB/2018
CITATION : 2026 LLBiz NCLT (MUM) 115
The National Company Law Tribunal (NCLT) at Mumbai has recently directed Oil and Natural Gas Corporation Limited (ONGC) to release payments due for work executed under its contracts with Dolphin Offshore Enterprises (India) Ltd., which had been withheld pursuant to a GST department garnishee notice. It held that pre-CIRP claims of the GST department stood extinguished upon approval of the resolution plan.
Case Title : The Assistant Commissioner of Central Tax and Central Excise v. C.S Ramachandran and Anr
Case Number : IA(IBC)/506/KOB/2025 In CP(IBC)/21/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 113
The National Company Law Tribunal (NCLT) at Kochi has dismissed the tax department's plea to include a Rs 6.06 crore belated GST claim in the insolvency process of SDF Industries Limited, holding that claims cannot be entertained after approval of the resolution plan by the Committee of Creditors.
A coram of Judicial Member Vinay Goel held that permitting the tax department to raise its claim at such a stage would reopen settled stages of the corporate insolvency resolution process and undermine the process.
Case Title : Pankaj Ramdas Majitha vs Yes Bank
Case Number : I.A. 384 OF 2025 IN CP No. 364/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 100
The National Company Law Tribunal (NCLT) at Mumbai has recently held that the unilateral liquidation and appropriation of a corporate debtor's fixed deposit by a bank during insolvency proceedings amounts to an impermissible recovery action barred by the moratorium.
“Section 14 of the Code imposes a complete bar on any action to recover, foreclose, or enforce any security interest against the assets of the Corporate Debtor once the CIRP has commenced and the moratorium under Section 14 has kicked in,” the tribunal observed.
Jet Airways Liquidation: NCLT Directs Distribution Of Sale Proceeds Despite Pending Workmen Claims
Case Title : State Bank of India vs Satish Kumar Gupta
Case Number : I.A. NO. 4757 OF 2025 IN C.P. (IB) NO. 2205 (MB) 2019
CITATION : 2026 LLBiz NCLT (MUM) 109
The National Company Law Tribunal (NCLT) at Mumbai has directed the liquidator of Jet Airways (India) Ltd to proceed with the distribution of liquidation proceeds under the Insolvency and Bankruptcy Code, holding that indefinite deferment of distribution defeats the objective of timely value realisation.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar heard an application filed by State Bank of India on behalf of the assenting financial creditors. The application sought directions to the liquidator to distribute proceeds realised from the sale of Jet Airways' assets, including its Bandra-Kurla Complex property in Mumbai.
Case Title : Sai Infinium Limited v. Anand Multitrade
Case Number : IA 1520 (AHM) 2025 in C.P. (IB) 315 (AHM) 2025
CITATION : 2026 LlBiz NCLT (AHM) 108
The National Company Law Tribunal (NCLT) at Ahmedabad has directed issuance of contempt notices to Sai Infinium Limited and its representatives after holding that a recall plea contained “contemptuous” allegations against the Bench. The tribunal also rejected the recall plea..
A coram of Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy made the observation while dismissing an application filed by the corporate debtor seeking recall of an ex parte order dated November 12, 2025.
Attachment During Insolvency Unenforceable, But NCLT Kochi Cannot Lift Consumer Forum Order
Case Title : Buildwell and Anr v. Joseph Velivil and Anr
Case Number : IA(IBC)/85/KOB/2025 in IA(IBC)/325/KOB/2023 in CP(IB)/01/KOB/2021 CITATION : 2026 LLBiz NCLT (KOC) 107
The National Company Law Tribunal (NCLT) at Kochi has recently held that an attachment ordered by the Kerala State Consumer Disputes Redressal Commission during an insolvency moratorium is legally unenforceable but said it lacks jurisdiction to itself remove or set aside the attachment.
A bench led by Judicial Member Vinay Goel said the attachment could not survive the moratorium or the approval of the resolution plan of the corporate debtor, under which the claim had already been dealt with.
Case Title : Yash Manish Pethani vs Pankaj Ramandas Majithia
Case Number : CP No. 364/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 104
The National Company Law Tribunal (NCLT) at Mumbai has dismissed six applications seeking recognition as financial creditors in the insolvency of E-Commerce Magnum Solution Ltd. It held that a purported allotment in a proposed real estate project, without proof of disbursement, does not create a financial debt under the Insolvency and Bankruptcy Code.
A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt rejected applications filed by six individuals, including Yash Manish Pethani and members of the Adani family, against the resolution professional of E-Commerce Magnum Solution Ltd.
NCLT Ahmedabad Extends Blu-Smart Mobility Insolvency Process By 90 Days
Case Title : Catalyst Trusteeship Limited v. Blu-Smart Mobility Limited
Case Number : IA/124 (AHM) 2026 in C.P. (IB)/205 (AHM) 2025
CITATION : 2026 LLBiz NCLT (AHM) 103
The National Company Law Tribunal (NCLT) at Ahmedabad has granted an additional 90 days to complete the insolvency process of Blu-Smart Mobility Limited, extending the deadline beyond January 24, 2026.
The insolvency proceedings against the company had begun on July 28, 2025, after the tribunal admitted a petition filed by Catalyst Trusteeship Limited under Section 7 of the Insolvency and Bankruptcy Code.