LiveLawBiz IBC Monthly Digest: May 2026
Kirit Singhania
3 Jun 2026 1:31 PM IST
SUPREME COURT
Case Title : STATE BANK OF INDIA AND ORS. Versus DOHA BANK Q.P.S.C. AND ANR
Case Number : C.A. No. 8527/2022
The Supreme Court of India has allowed the appeal filed by the State Bank of India against an October 14, 2022 order of the National Company Law Appellate Tribunal, which had upheld the exclusion of SBI and other lenders from the Committee of Creditors (CoC) in the insolvency of Reliance Infratel Limited.
A bench of Justices P.S. Narasimha and Alok Aradhe set aside the NCLAT ruling and restored the status of lenders claiming under corporate guarantees as financial creditors and directed their inclusion in the CoC of Reliance Infratel Limited.
Case Title : STATE BANK OF INDIA & ORS. VERSUS DOHA BANK Q.P.S.C. & ANR.
Case Number : CIVIL APPEAL No. 8527 OF 2022
CITATION : 2026 LLBiz SC 170
The Supreme Court of India on Monday held that stamp duty law cannot be used as a weapon to defeat creditor claims, ruling that defects in stamping are curable and do not invalidate corporate guarantees. A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe set aside the March 2, 2021 order of the NCLT and the October 14, 2022 judgment of the NCLAT, which had rejected the claims of the SBI-led consortium of lenders against Reliance Infratel Ltd. on grounds including insufficient stamping, non-disclosure and lack of proper verification and denied them status as financial creditors..
Case Title : AVJ HEIGHTSS APARTMENT OWNERS ASSOCIATION VERSUS IIFL FINANCE LIMITED & ANR.
Case Number : Civil Appeal No. 3811 of 2023
The Supreme Court of India on Wednesday took suo motu cognisance of delays in approval of resolution plans pending before various benches of the National Company Law Tribunal (NCLT), stating that the objective of time-bound resolution under the Insolvency and Bankruptcy Code, 2016 is “impossible to achieve” in the present situation. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan was hearing the matter pursuant to its order dated April 16, 2026. By that order, the Court had sought data from the Registrar of the NCLT Principal Bench, New Delhi, and from the parties on (i) (i) the number of applications pending for approval of resolution plans, (ii) how long such applications have been pending, and (iii) the reasons for delay.
RP's Admission Of Claim In CIRP Not Acknowledgment Of Debt, Cannot Extend Limitation: Supreme Court
Case Title : SHANKAR KHANDELWAL vs OMKARA ASSET RECONSTRUCTION PVT. LTD & ANR.
Case Number : CIVIL APPEAL NO(S). 13158-13159 OF 2025
CITATION : 2026 LLBiz SC 172
The Supreme Court on Wednesday held that admission of a claim by a Resolution Professional during insolvency proceedings is merely an administrative act and does not amount to an acknowledgment of liability under Section 18 of the Limitation Act, 1963. The court said such admission is only a recital or entry of debt and cannot extend the limitation period for initiating proceedings.
Case Title : PRERNA SINGH VERSUS COMMITTEE OF CREDITORS & ORS.
Case Number : Civil Appeal No(s).2569/2022
The Supreme Court of India on Tuesday warned the Superintendent of Police, Hapur, of personal liability if possession of premises belonging to Prerna Singh is not handed over within a week, directing the Resolution Professional and Committee of Creditors of Xalta Food and Beverages Pvt. Ltd. to ensure compliance. The Court once again rebuked the RP and CoC for failing to comply with its April 16, 2026 order, noting that against the committed monthly rent of Rs 50.55 lakh, only Rs 33.83 lakh was paid for April 2026.
Supreme Court Continues Symbolic Possession Of Tower-5 By RP In Morpheus Bluebell CIRP
Case Title : SGN UNIVERSAL CONSTRUCTION COMPANY PRIVATE LIMITED VERSUS SHAILENDRA KUMAR SINGH & ORS.ETC.
Case Number : Civil Appeal No(s). 4471/2026
The Supreme Court of India has directed that the interim arrangement permitting only symbolic possession of Tower-5 by the Resolution Professional of the Morpheus Bluebell project developed by Morpheus Prodevelopers Pvt Ltd shall continue. The company is undergoing the Corporate Insolvency Resolution Process (CIRP) in the Morpheus Bluebell project. The Court was hearing an appeal filed by SGN Universal Construction Company Private Limited against the National Company Law Appellate Tribunal's March 30, 2026 ruling.
Case Title : PRERNA SINGH VERSUS COMMITTEE OF CREDITORS & ORS.
Case Number : Civil Appeal No. 2569 of 2022
The Supreme Court of India on Monday directed the Superintendent of Police, Hapur, to break open locks and hand over complete possession of warehouse premises to landlord Prerna Singh, coming down heavily on Naveen Kumar Jain, the Resolution Professional (RP) of Xalta Food and Beverages Pvt Ltd and holding his conduct "contemptuous." A bench of Justices J.B. Pardiwala and Vijay Bishnoi issued immediate directions after being told that despite earlier orders, only partial possession had been handed over.
Case Title : Alpha Corp Development Private Limited versus Greater Noida Industrial Development Authority (GNIDA) and others
Case Number : CIVIL APPEAL NO. 1526 OF 2023
CITATION : 2026 LLBiz SC 174
The Supreme Court of India on Tuesday observed that the Greater Noida Industrial Development Authority (GNIDA) was largely responsible for the situation surrounding stalled projects of Earth Infrastructures Ltd., including the Earth Towne project in Greater Noida, faulting it for failing to monitor development and allowing the situation to worsen. “We are, therefore, of the opinion that GNIDA contributed greatly to the present imbroglio by its persistent inaction and ineptitude all through. Having executed lease deeds for development of the lands, it failed to keep track of and monitor the development being undertaken on such lands to ensure timely completion thereof within the stipulated period of seven years. We may also note that long prior to initiation of the CIRP proceedings against EIL, the CD, GNIDA was informed by the aggrieved home/office space buyers of the tardy progress in the construction of the projects but failed to take necessary coercive steps against the lessees and/or the developer, EIL”
Adani Ent. Files Caveat In Supreme Court After NCLAT Upholds Approval Of Its Resolution Plan For JAL
Case Title : Adani Enterprises Ltd vs Vedanta Ltd
Case Number : Caveat No. 8418 of 2026
Adani Enterprises has filed a caveat before the Supreme Court anticipating an appeal by Vedanta Ltd against the NCLAT judgment upholding the approval of Adani's nearly ₹14,535 crore resolution plan for debt-laden Jaiprakash Associates Ltd (JAL). The caveat ensures that in case Vedanta files an appeal, no interim order is passed without first hearing Adani Enterprises. In its May 5, 2026 judgment, the NCLAT dismissed Vedanta's appeals challenging the approval of Adani Enterprises' resolution plan and held that under the resolution framework adopted for JAL, the Committee of Creditors was not bound to approve a plan merely because it carried the highest net present value or scored highest under the evaluation matrix.
Case Title : SECURITIES AND EXCHANGE BOARD OF INDIA VERSUS PANCARD CLUBS LTD & ORS.
Case Number : Civil Appeal No.558/2026
CITATION : 2026 LLBiz SC 178
The Supreme Court on Monday refused to reopen SEBI's challenge to the Pancard Clubs insolvency proceedings. It upheld an NCLAT order holding that SEBI's fraud allegations fell outside the scope of proceedings on condonation of delay. A Bench of Justice J.B. Pardiwala and Justice Vijay Bishnoi dismissed SEBI's appeal against the National Company Law Appellate Tribunal's November 3, 2025 order rejecting its recall plea.
Case Title : Dhanalakshmi Bank Ltd vs Mohammed Javed Sultan & Ors
Case Number : CIVIL APPEAL No. 7184 OF 2022
CITATION : 2026 LLBiz SC 180
The Supreme Court on Thursday dismissed an appeal filed by Dhanlaxmi Bank Ltd against an NCLAT order that had set aside insolvency proceedings against Emerald Mineral Exim Pvt Ltd. The court held that the dispute arising from a commercial property transaction was predominantly contractual in nature and not a straightforward financial debt-default case warranting initiation of CIRP under the Insolvency and Bankruptcy Code.
Case Title : Angelwoods Apartment Allottees Association versus M Lalitha and another Case Number : Civil Appeal Nos. 14439-14440 of 2025
CITATION : 2026 LLBiz SC 185
The Supreme Court on Tuesday set aside an NCLAT order condoning delays in filing and refiling an insolvency appeal against the approval of a resolution plan for Samson and Sons Builders and Developers Pvt Ltd, holding that the appeal was a “wholly incompetent appeal” as there was effectively no filing of a valid appeal in the eyes of the law. A bench of Justices Sanjay Kumar and K. Vinod Chandran set aside the NCLAT's November 10, 2025 order condoning delays of 15 days in filing and 150 days in refiling the appeal filed by M. Lalitha, mother of a suspended director of the corporate debtor, who claims to be its financial creditor.
Case Title : POOJA RAMESH SINGH vs JAMMU AND KASHMIR BANK LTD & ANR
Case Number : CIVIL APPEAL No. 11950 of 2025
The Supreme Court on Tuesday said allegations that the NCLT and NCLAT relied on allegedly fake citations in insolvency proceedings against Essel Infraprojects Ltd were already under administrative examination and had been referred to a committee. The court also reserved judgment in the appeal filed by the company's suspended director. A Bench of Justices P.S. Narasimha and Alok Aradhe made the observation while hearing the appeal filed by suspended director Pooja Ramesh Singh against orders admitting Essel Infraprojects Ltd. into the corporate insolvency resolution process.
Case Title : VENUGOPAL DHOOT vs STATE BANK OF INDIA
Case Number : DIARY NO. 31346 OF 2026
Videocon founder Venugopal Dhoot has moved the Supreme Court against an NCLAT ruling refusing to bring the group's foreign oil and gas assets into the insolvency resolution process of Videocon Industries Ltd. The matter is yet to be listed by the Supreme Court. The NCLAT on May 14, 2026 noted that Dhoot himself had earlier requested lenders in 2016 and 2017 to separate Videocon Industries from the foreign oil and gas business. It said this was done to “protect the oil and gas assets of the group from the financial stress being experienced by VIL in the domestic business.”
Case Title : KARAN BHATIA vs TATA CAPITAL LIMTED & ORS.
Case Number : Writ Petition(s)(Criminal) No(s).131/2026
Another plea has been filed in the Supreme Court seeking a declaration that proceedings under the Negotiable Instruments Act and the Payment and Settlement Systems Act cannot continue against personal guarantors once the interim moratorium under the Insolvency and Bankruptcy Code is triggered. The plea has been filed by Karan Bhatia, suspended director of Uttam Cylinders Pvt Ltd and a personal guarantor for the company's loans.
Case Title : HINDUSTHAN NATIONAL GLASS AND INDUSTRIES LIMITED Versus M/S JEEL KANDLA SERVICE AND ORS
Case Number : SLP(C) No. 18345/2026
On Friday, 22 May, the Supreme Court issued notice on a plea filed by Hindusthan National Glass & Industries Ltd, a corporate debtor, challenging the Calcutta High Court judgment dated 15 May 2026. The judgement had held that the company could not shift its registered office from Kolkata to Mumbai while appeals against its insolvency resolution plan remained pending before the NCLAT. A Division Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe, while issuing notice, declined to grant any interim direction reversing the shifting of the registered office and listed the matter for final disposal in the last week of July after the summer vacation.
Case Title : VIJAI PRATAP SINGH vs UNION OF INDIA
Case Number : W.P. (C) No. 670/2026
The Supreme Court on Wednesday declined to entertain a writ petition filed by former National Company Law Appellate Tribunal (NCLAT) Technical Member Vijai Pratap Singh challenging the statutory restriction prohibiting former tribunal members from appearing before the National Company Law Tribunal (NCLT) and NCLAT after retirement. Appearing in person, Singh argued that an absolute prohibition was excessive and suggested that a cooling-off period could instead be introduced.
Successful Resolution Applicant Cannot Renegotiate After CoC Approves Resolution Plan: Supreme Court
Case Title : SANJAY DAVE VS ANDHRA BANK LTD. & ORS.
Case Number : CIVIL APPEAL NOS.12264-12266 OF 2024
CITATION : 2026 LLBiz SC 209
The Supreme Court on Wednesday held that a Successful Resolution Applicant cannot seek to renegotiate or stall implementation of a resolution plan after it has been approved by the Committee of Creditors (CoC). A Bench of Justices K. V. Viswanathan and Vipul M. Pancholi passed the ruling while dismissing appeals filed by Sanjay Dave, former promoter-director and Successful Resolution Applicant (SRA) of Oracle Home Textiles Ltd.
Case Title : VANDANA SABHARWAL VERSUS UNION OF INDIA & ORS.
Case Number : Writ Petition(s)(Civil) No(s).661/2026
The Supreme Court on Tuesday issued notice on a writ petition alleging that Rs. 13,833 crore out of Rs. 14,599 crore collected from homebuyers by the Jaypee Group was diverted through transfers to group entities and undervalued land transactions. The matter came up before a bench comprising the Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi issued notice. “Issue notice, returnable on 15.07.2026,” the court recorded.
HIGH COURT
IBC Overrides Electricity Act In Conflict, Pre-CIRP Dues Cannot Be Enforced: Allahabad High Court
Case Title : South East U.P. Power Transmission Company Limited v. Prescribed Authority and 4 others
Case Number : 1 WRIC No. - 19391 of 2023
CITATION : 2026 LLBiz HC (ALL) 35
The Allahabad High Court on 24 April, held that the Insolvency and Bankruptcy Code, 2016 (IBC), being a later law, prevails over the Electricity Act, 2003 in case of inconsistency. The Bench of Justices Ajit Kumar and Swarupama Chaturvedi allowed the writ petition and held that Section 238 of the IBC gives the Code overriding effect over other statutes, including sector-specific laws.
Public Announcement Under IBC Sufficient, Individual Notice Not Required: Allahabad High Court
Case Title : South East U.P. Power Transmission Company Limited v. Prescribed Authority and 4 others
Case Number : 1 WRIC No. - 19391 of 2023
CITATION : 2026 LLBiz HC (ALL) 35
The Allahabad High Court on 24 April, held that under the Insolvency and Bankruptcy Code, 2016, individual notice to each creditor is not required and that a public announcement under Section 15 of the Code constitutes sufficient notice to corporate creditors. A Bench comprising Justices Ajit Kumar and Swarupama Chaturvedi, while allowing a petition by South East U.P. Power Transmission Company Limited (and a connected petition by Tata Steel Limited) further held that creditors must exercise due diligence and file their claims within the prescribed timelines during the Corporate Insolvency Resolution Process (CIRP).
Case Title : Sanjiv Kumar Gupta AND State of Telangana and 3 Ors.
Case Number : W.P.No.27253 of 2025
CITATION : 2026 LLBiz HC(TEL) 24
The Telangana High Court has recently set aside a demand raised against an auction purchaser under the Insolvency and Bankruptcy Code, holding that such a purchaser cannot be made liable for electricity dues of the previous owner where the claim was not part of the insolvency process, and further that a demand raised after nearly 16 years is barred by limitation. Justice Renuka Yara, allowing the writ petition, emphasised that once the resolution process concludes, undisclosed statutory dues cannot be enforced against a successful purchaser.
Case Title : Vinay Bhadauria v. Insolvency and Bankruptcy Board of India
Case Number : MCRC No. 32697 of 2022
CITATION : 2026 LLBiz HC (MP) 24
The Madhya Pradesh High Court has held that offences under the Insolvency and Bankruptcy Code, 2016 can be tried only by the Special Court having jurisdiction over the place where a company's registered office is situated, ruling that a Gwalior court lacked inherent jurisdiction to entertain a complaint against a company whose registered office is in New Delhi. “From the bare reading of section 436 it is clear that offences shall be triable only by the Special Court established under section 435 having territorial jurisdiction where the registered office of the company is situated. It relevant to refer the Annexure D-1, wherein it is clear that as per notification dated 18.05.2016 wherein at S. No. 6 of the list, L.d. IX Additional District & Sessions Judge, Gwalior is having jurisdiction only with respect to State of Madhya Pradesh. While the registered office of the company against which the complaint is relates is admittedly situated at New Delhi. Therefore, Trial Court lacked inherent jurisdiction to take cognizance of the complaint.”, it said.
Case Title : GUJARAT INDUSTRIAL DEVELOPMENT CORPORATION Versus GUJARAT HYDROCARBONS AND POWER SEZ LIMITED & ORS.
Case Number : R/LETTERS PATENT APPEAL NO. 55 of 2026
CITATION : 2026 LLBiz HC (GUJ) 61
The Gujarat High Court has dismissed an appeal by Gujarat Industrial Development Corporation and upheld the quashing of its decision to terminate a lease and evict Gujarat Hydrocarbons and Power SEZ Ltd during insolvency proceedings. The court held that both the termination of the lease and the eviction action were “non est, illegal and bad in law” as they were taken during the moratorium period.
Case Title : Jaideep Singh v. State of Madhya Pradesh & Ors.
Case Number : WP No. 13632 of 2026
CITATION : 2026 LLBiz HC (MP) 31
The Madhya Pradesh High Court at Jabalpur has recently stayed the execution of an arrest warrant in recovery proceedings arising from a RERA order against a real estate developer undergoing insolvency, noting that enforcing civil jail despite a subsisting moratorium would cause serious prejudice. A bench of Justice Sanjeev S. Kalgaonkar observed, “The petitioner would be seriously prejudice, if the order regarding civil jail is executed in furtherance of the warrant of arrest despite there being moratorium stay order passed by the NCLT, Special Indore Bench in his favour. Therefore, it is directed that the execution in furtherance of order dated 09.04.2026 passed by the Sub-Divisional Officer, Kolar is stayed till next date of hearing,”
Case Title : Kaizen Power Limited Vs Andhra Pradesh Industrial Corporation Limited
Case Number : Commercial Court Appeal No 3/2026
CITATION : 2026 LLBiz HC(TEL) 28
The Telangana High Court on 15 April set aside a Commercial Court order that had vacated interim protection granted to Kaizen Power Limited in relation to its lease dispute with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). A Division Bench of Justices Moushumi Bhattacharya and Gadi Praveen Kumar held that the Commercial Court proceeded on an erroneous understanding of the effect of the IBC moratorium and allowed the appeal, directing that arbitration proceedings be resumed without further delay, while restoring the interim protection earlier granted.
RTO Cannot Demand Pre-Liquidation Motor Vehicle Tax From IBC Auction Purchasers: Bombay High Court
Case Title : My Ideal Transport and another Vs Transport Commissioner Maharashtra and others
Case Number : WRIT PETITION NO.3237 OF 2026
CITATION : 2026 LLBiz HC (BOM) 258
On 22 April, the Bombay High Court, allowing a writ petition filed by My Ideal Transport, held that Regional Transport Offices (RTOs) cannot demand pre-liquidation Motor Vehicle Tax (MVT) dues from auction purchasers of vehicles sold during liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat reiterated that statutory authorities must lodge their claims before the liquidator and have them resolved under the IBC's waterfall mechanism, rather than recover them from successful auction purchasers.
Case Title : JM Financial Asset Reconstruction Company Ltd. Vs Registrar, National Company Law Tribunal, Mumbai Bench and another
Case Number : WRIT PETITION (L) NO.13026 OF 2026
CITATION : 2026 LLBiz HC (BOM) 259
On 30 April, the Bombay High Court directed the National Company Law Tribunal (NCLT), Mumbai to constitute a Special Bench and dispose of JM Financial Asset Reconstruction Company Ltd.'s Section 7 petition against Shubh Hospitality Private Ltd. by 30 June 2026, and expressed strong disapproval of how the Tribunal handled the matter. A Division Bench of Justices Manish Pitale and Shreeram V. Shirsat emphasised that delays at the NCLT defeat the time-bound framework of the Insolvency and Bankruptcy Code, 2016 (IBC), and directed immediate steps to ensure pronouncement of a long-reserved order.
Case Title : Omkaram Venkata Ramana Vs The Union of India & Ors
Case Number : WRIT PETITION NO: 8420 of 2026
CITATION : 2026 LLBiz HC(APH) 36
The Andhra Pradesh High Court has dismissed a writ petition filed by businessman Omkaram Venkata Ramana challenging the Bank of India's decision to classify his group companies' loan accounts as Non-Performing Assets (NPA). The court held that the petition sought to bypass proceedings already pending under the SARFAESI Act and Insolvency and Bankruptcy Code (IBC). "In our considered opinion there cannot be any blanket orders passed as is prayed in this writ petition, which itself is not entertainable as such. Petitioner seeks to bypass all pending proceedings under SARFAESI Act as well as IBC and also seeks that this Court should ignore passing of order, dated 16.12.2025 in Crl.P.No.8044 of 2023 whereby criminal proceedings initiated by him against Bank officials have been quashed,” the court observed.
NCLT Proceedings Time Excludable Under Section 14 Limitation Act: Calcutta High Court
Case Title : JONES LANG LASALLE PROPERTY CONSULTANTS (INDIA) PRIVATE LIMITED -VERSUS- M. A. LEASING AND CONSRUCTION PVT. LTD. AND ORS.
Case Number : C.S. (COM) 171/2025
CITATION : 2026 LLBiz HC (CAL) 109
The Calcutta High Court on 6 May held that the time spent prosecuting insolvency proceedings before the National Company Law Tribunal (NCLT) is liable to be excluded under Section 14 of the Limitation Act, 1963, even where a Section 9 application under the Insolvency and Bankruptcy Code, 2016 (IBC) is rejected on the ground of pre-existing dispute. Justice Aniruddha Roy allowed a commercial suit filed by Jones Lang LaSalle Property Consultants (India) Pvt Ltd against M. A. Leasing and Construction Pvt Ltd and its directors seeking recovery of unpaid professional fees, and directed exclusion of the period spent before the NCLT while computing limitation.
Case Title : GULAM MUSTAFA ENTERPRISES PVT. LTD Vs INDIA HOUSING FUND
Case Number : WP No. 10289 of 2026
CITATION : 2026 LLBiz HC (KAR) 67
The Karnataka High Court has recently observed that it cannot micromanage proceedings before the National Company Law Tribunal by directing it to hear a company's applications in a particular order while hearing a petition filed by real estate developer Gulam Mustafa Enterprises Pvt. Ltd. “At the outset, this Court is of the considered view that the relief sought by the petitioner, in substance, amounts to inviting this Court to micromanage the proceedings pending before the adjudicating authority under the IBC. Such an exercise is impermissible in exercise of supervisory jurisdiction under Article 227 of the Constitution of India,” Justice Sachin Shankar Magadum held.
Byju's Insolvency: Kerala High Court Strikes Off Voizzit Suit Over US Assets
Case Title : Claudia Z.Springer v. Voizzit Technology Private Limited
Case Number : OP(C) 335/2026
The Kerala High Court on Thursday struck off a suit by Voizzit entities claiming rights over assets of BYJU'S US subsidiaries, holding that the proceedings were barred by the insolvency moratorium against BYJU'S parent Think & Learn Pvt. Ltd. Justice Easwaran S. passed the order on a petition filed by Claudia Z. Springer, the Chapter 11 Trustee appointed by the United States Bankruptcy Court for the District of Delaware in bankruptcy proceedings concerning BYJU'S US subsidiaries, including Epic Creations Inc. and Tangible Play Inc.
Case Title : SHIVA SHAKTI SECURITY SERVICES Vs OFFICIAL LIQUIDATOR
Case Number : APOT/316/2023 WITH CP/49/2016
CITATION : 2026 LLBiz HC (CAL) 133
The Calcutta High Court has held that pending company winding-up petitions before High Courts can be transferred to the National Company Law Tribunal even after admission, a winding-up order, and appointment of an Official Liquidator, so long as the proceedings have not reached an irreversible stage.
Case Title : Pravin R. Navandar vs The State of Maharashtra, Through Ministry of Home Affairs, Govt. of Maharashtra, and others
Case Number : WRIT PETITION (LODGING) NO. 13580 OF 2026
CITATION : 2026 LLBiz HC (BOM) 304
The Bombay High Court recently (May 6) directed police to use reasonable force, if necessary, to ensure complete handover of Hotel Horizon Pvt Ltd's Juhu property to the successful resolution applicant. The court said the suspended directors were continuing to obstruct compliance with orders passed by the National Company Law Tribunal and the High Court.
Case Title : MEDIMEX TRADECOM PRIVATE LIMITED Vs BIJAY MURMURIA
Case Number : CO 941 OF 2026
CITATION : 2026 LLBiz HC (CAL) 140
The Calcutta High Court has recently reiterated that a court exercising contempt jurisdiction cannot travel beyond the four corners of the order alleged to have been violated or venture into the merits of the underlying dispute while setting aside part of a National Company Law Tribunal order that had allowed a liquidator to complete the sale of a company's assets. Justice Om Narayan Rai held that while exercising contempt jurisdiction, “the Court must confine itself to the four corners of the order in question.” He added that it is “not open to the Court to touch upon the merits of the matter, much less to make observations that amount to setting aside the very interim order of which contempt is alleged.”
Look-Out Circular Cannot Bar Bankrupt Guarantor's Travel For Official Duties: Karnataka High Court
Case Title : ADITYA ARORA Vs BUREAU OF IMMIGRATION MINISTRY OF HOME AFFAIRS GOVERNMENT OF INDIA & Ors
Case Number : WRIT PETITION NO. 3143 OF 2026
CITATION : 2026 LLBiz HC(KAR) 72
The Karnataka High Court on 30 April held that a Look-Out Circular (LOC) cannot operate as an absolute bar on a bankrupt guarantor's overseas travel where such travel is required to discharge professional obligations, and that authorities must balance such restrictions against constitutional protections and employment needs. Justice Sachin Shankar Magadum passed the order while disposing of a writ petition filed by Aditya Arora challenging an LOC issued at the instance of Bank of Baroda.
NCLAT
Case Title : Kotak Mahindra Bank Ltd. Versus IDBI Bank Limited And Ors.
Case Number : Company Appeal (AT) (Ins) No. 67 of 2024
CITATION : 2026 LLBiz NCLAT 174
The National Company Law Appellate Tribunal (NCLAT) in Delhi has held that restructuring of loan facilities does not necessarily amount to modification of charge requiring fresh registration where the underlying security remains unchanged. “We are in agreement with the approach adopted by the Ld. Adjudicating Authority in construing the term modification liberally as the same will not prejudice the security interest of existing lenders and the restructuring of the facilities done by the lender Banks may not amount to modification of charge in strict sense.”, the tribunal observed.
Case Title : ASREC (India) Limited Versus Bhaskar Gopal Shetty and Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 359 of 2026
CITATION : 2026 LLBiz NCLAT 175
The National Company Law Appellate Tribunal (NCALT) at New Delhi has upheld the classification of Kamlesh Mehta, a second charge holder, as a secured financial creditor of the corporate debtor, Mirage Ceramics Pvt. Ltd. It held that the absence of consent from the first charge holder and non-registration of charge under Section 77 of the Companies Act, 2013 did not vitiate the second charge in the facts of the case.
NCLAT Dismisses CIRP Plea By Durgapur Corporation Against Aryan Ispat, Cites Pre-Existing Dispute
Case Title : Durgapur Corporation Private Limited v. M/s. Aryan Ispat & Power Private Limited Case Number : Company Appeal (AT) (Insolvency) No. 1218 of 2025
CITATION : 2026 LLBiz NCLAT 177
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has dismissed an appeal filed by Durgapur Corporation Private Limited against Aryan Ispat & Power Private Limited, reiterating that a Section 9 application must be rejected where there exists a pre-existing dispute between the parties. “The only thing that is to be looked into is that whether there is plausible contention. In the facts of the present case, we find that plausible contention was raised by the Corporate Debtor in the reply to Section 9 application and there being pre-existing dispute between the parties, application filed under Section 9 deserved rejection.”
Case Title : Milan Aggarwal (Suspended director of Prayag Polytech Private Limited) Versus Canara Bank & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 298 of 2026
CITATION : 2026 LLBiz NCLAT 176
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently upheld the admission of insolvency proceedings against Prayag Polytech Pvt. Ltd., rejecting the company's reliance on multiple No Dues Certificates and holding that these were issued only for satisfaction of specific charges and did not extinguish its overall liability to Canara Bank. A bench of Judicial Member Justice Ashok Bhushan and technical member Barun Mitra held that the certificates relied upon by the suspended director could not be treated as proof that no debt remained outstanding.
Case Title : JS Steel Co. Ltd. v. Amod Stampings Private Limited
Case Number : Company Appeal (AT) (Insolvency) No. 112 of 2026
CITATION : 2026 LLBiz NCLAT 178
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld the rejection of plea seeking initiation of the corporate insolvency resolution process (CIRP) against Amod Stampings Private Limited, holding that emails admitting defective supply and offering compensation demonstrate a pre-existing dispute.
A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “The Appellant having agreed to compensate the Corporate Debtor is also a clear admission of the fact that the goods supplied were not in terms of the specifications which had been agreed to by the parties. The plea taken by the Appellant that the Adjudicating Authority did not take into account the surrounding facts and circumstances in that the Appellant was compelled to agree to pay the compensation amount as they were subjected to blackmail by the Corporate Debtor does not impress us. When the emails explicitly record admission of deficiency in supply and resultant payment of compensation by the Appellant, it is not the remit of the Adjudicating Authority to get into the circumstantial reasons which led to such compensatory offers.”
NCLT Asking Parties To Explore Settlement Not A Reference To Mediation: NCLAT
Case Title : Vijay Data v. Data Ingenious Global Ltd. & Ors.
Case Number : Company Appeal (AT) No. 134 of 2026
CITATION : 2026 LLBiz NCLAT 179
The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that asking parties in a long-pending oppression and mismanagement dispute to explore settlement is not the same as referring the matter to mediation. The ruling came in an appeal filed by Vijay Data against Data Ingenious Global Ltd and others, challenging an order of the National Company Law Tribunal (NCLT), Jaipur Bench, which had dismissed his application seeking recall of an earlier order dated February 19, 2026.
NCLT Cannot Entertain Challenge To Statutory Development Authority Orders Under IBC: NCLAT New Delhi
Case Title : Sunil Kumar Rastogi & Ors. v. Lucknow Development Authority & Ors.
Case Number : Comp. App. (AT) (Ins) No. 456 of 2026
CITATION : 2026 LLBiz NCLAT 180
The New Delhi National Company Law Appellate Tribunal (NCLAT), on 6 April, held that orders passed by statutory authorities in exercise of statutory powers cannot be challenged before the NCLT under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey observed: “The Tribunal held that sanction of Plan, which is in exercise of Statutory jurisdiction of Lucknow Development Authority under Uttar Pradesh Urban Planning and Development Act, 1973 cannot be made subject matter of challenge before the NCLT. ….The said decision in exercise of Statutory jurisdiction of Lucknow Development Authority can be subjected to challenge only in accordance with the provisions of Uttar Pradesh Urban Planning and Development Act, 1973.”
Case Title : Employees Provident Fund Organisation, Kandivali East v. Ashok Mittal, Resolution Professional of Dhruv Wellness Ltd.
Case Number : CA (AT) (Ins) No. 662 of 2026 & I.A. No. 2583 of 2026
CITATION : 2026 LLBiz NCLAT 181
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed an appeal filed by the Employees' Provident Fund Organisation (EPFO) seeking admission of a Rs. 61.36 lakh claim in the CIRP of Dhruv Wellness Ltd., holding that a claim based only on an internal communication and without any assessment under Section 7A of the EPF & MP Act could not be sustained. The tribunal further observed that the appellant must bear the consequence of not crystallising the claim at the relevant stage.
Coparcener Claiming Guarantor's Property Cannot Intervene In Guarantor's Insolvency Case: NCLAT
Case Title : Dr. Srinivas Manchala v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (CH) (Ins) No. 160, 163 & 164 of 2026
CITATION : 2026 LLBiz NCLAT 182
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a person claiming coparcenary rights over a guarantor's property cannot be impleaded in personal guarantor insolvency proceedings (Section 95), as such proceedings are confined to personal guarantors. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain emphasised that the Insolvency and Bankruptcy Code limits such proceedings to specific individuals acting as guarantors.
No Financial Debt Where Flats Given In Lieu Of Legal Fees: NCLAT New Delhi
Case Title : L & L Partners Litigation Vs Jalesh Kumar Grover
Case Number : Company Appeal (AT) (Insolvency) 1944/2025
CITATION : 2026 LLBiz NCLAT 184
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 23 April dismissed the appeal filed by L & L Partners Litigation, holding that allotment of three flats by AKME Projects Ltd. towards professional legal fees did not constitute a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code (IBC).
Case Title : V. Nagarajan Vs ICICI Bank Ltd.
Case Number : Company Appeal (AT) (Insolvency) 152/2023
CITATION : 2026 LLBiz NCLAT 185
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 April held that R. Subramaniam, who had long represented the Liquidator of Cethar Ltd., could not continue as counsel in view of conflict of interest concerns, non-disclosure obligations under the Insolvency framework, suspension of his licence, and subsequent criminal conviction. A Bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by V. Nagarajan, Resolution Professional and Liquidator of Cethar Ltd.
Case Title : Manjeet Cotton Pvt. Ltd. Versus Phoenix ARC Pvt. Ltd.
Case Number : Company Appeal (AT) (Ins.) No. 1676 of 2025
CITATION : 2026 LLBiz NCLAT 183
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal challenging the distribution of surplus generated during the insolvency process, holding that such surplus, if not provided for in the resolution plan, cannot be claimed by the successful resolution applicant and must be distributed under the IBC waterfall. A Bench of Justice Ashok Bhushan and Technical Member Indevar Pandey emphasised that the nature and timing of the surplus were determinative.
Case Title : STCI Finance Limited Vs IMP Powers Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 1019/2024, 1657/2024, 893/2025 CITATION : 2026 LLBiz NCLAT 187
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April, dismissed STCI Finance Limited's appeals challenging the liquidation process of IMP Powers Ltd., holding that while the Liquidator's inclusion of STCI's assets in the liquidation estate was valid, STCI failed to establish any illegality warranting interference with the process. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey further held that disputes over the distribution of sale proceeds under Section 53 of the Insolvency and Bankruptcy Code (IBC) must first be adjudicated by the National Company Law Tribunal (NCLT) before the appellate forum can examine them.
NCLAT Chennai Dismisses Personal Guarantors Appeals Upholds 208-Day Exclusion In PGIRP
Case Title : B Nirmal Kumar & Ors Vs K J Vinod
Case Number : Company Appeal (AT) (Insolvency) 205/2026, 206/2026,207/2026,208/2026 CITATION : 2026 LLBiz NCLAT 188
The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April dismissed four connected appeals filed by personal guarantors B. Nirmal Kumar, B. Kamlesh Kumar, B. Anand Kumar, and N. Rekha, challenging orders of the National Company Law Tribunal (NCLT), Chennai, dated 10 March 2026. A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the NCLT correctly excluded a period of 208 days (16 April 2025 to 10 November 2025) from the statutory timeline of the Personal Guarantor Insolvency Resolution Process (PGIRP).
Case Title : Imperial Coastal Infra v. Liquidator, IVRCL Ltd. & Ors.
Case Number : Company Appeal (AT) (CH) (Ins) No. 250/2024
CITATION : 2026 LLBiz NCLAT 186
The National Company Law Appellate Tribunal (NCLAT) has recently directed the liquidator of IVRCL Limited to release over Rs 41 lakh to sub-contractor Imperial Coastal Infra, holding that 96% of the project receivables belonged to the sub-contractor, were held by the corporate debtor in a fiduciary capacity, and could not be treated as part of the liquidation estate or as operational debt. A Chennai Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain set aside an order of the National Company Law Tribunal, Hyderabad, which had upheld the liquidator's decision to treat the withheld amount as pre-insolvency dues to be distributed under the Insolvency and Bankruptcy Code.
NCLAT Rejects Cosmic Ferro Alloys' Refund Claim On Revised Power Tariffs Post Resolution Plan
Case Title : Cosmic Ferro Alloys Ltd. Versus Damodar Valley Corporation & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 1332 of 2022
CITATION : 2026 LLBiz NCLAT 191
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by Cosmic Ferro Alloys Ltd., the corporate debtor now under new management pursuant to an approved resolution plan, holding that no refund or adjustment arises from revised electricity tariffs after approval of the plan. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra reiterated that once the resolution plan is approved, it binds all stakeholders and settles pre-insolvency claims.
Case Title : Mohit Arora v. PNB Housing Finance Ltd. & Anr.
Case Number : Company Appeal (AT) (Ins) No. 1284 of 2022
CITATION : 2026 LLBiz NCLAT 191
The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld the admission of an insolvency application against Mohit Arora, personal guarantor to loans taken by Supertech Ltd. and two other companies. It held that the process initiated by PNB Housing Finance cannot be blocked by a moratorium arising from another petition, which is non-est in law. “...when the IFCI petition being CP IB No. 428 of 2021 was filed on 02.06.2021 during the interim moratorium commenced by the filing of the petition by the PNB being 203 of 2021 the petition filed by the IFCI on 02.06.2021 would be deemed to be non-est in the eye of law and therefore cannot commence any interim moratorium.”, it observed.
NCLAT Sets Aside NCLT Order Allowing Late Expression Of Interest, Resolution Plan
Case Title : Ram Prasad Agarwala Suspended Director of Fairdeal Supplies Ltd. Versus Bijay Murmuria Resolution Professional & Ors.
Case Number : Comp. App. (AT) (Ins) No. 661 of 2026
CITATION : 2026 LLBiz NCLAT 190
The National Company Law Appellate Tribunal (NCLAT) in Delhi has set aside an NCLT order that allowed a delayed expression of interest (EOI) and resolution plan, ruling that a resolution applicant cannot be considered after missing the prescribed timelines. “We are of the view that order of the Adjudicating Authority directing acceptance of the late EoI of Respondent No. 5 could not be sustained and the order need to be set aside.”, the tribunal observed.
EPFO Cannot Rely On Enforcement Report Prepared During Moratorium To Raise Claim: NCLAT New Delhi
Case Title : Employees Provident Fund Organisation Vs. Arun Kishanlal Bagaria
Case Number : Company Appeal (AT) (Insolvency) No. 1643 of 2025
CITATION : 2026 LLBiz NCLAT 189
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 28 April held that claims based on an Area Enforcement Officer's Report (AEOR) prepared during the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted in insolvency proceedings unless the underlying statutory assessment has been crystallised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed an appeal filed by the Employees' Provident Fund Organisation (EPFO), affirming the order of the National Company Law Tribunal (NCLT), Mumbai Bench rejecting EPFO's claim.
Case Title : Kamlesh Keshavbhai Gondaliya v. IDBI Trusteeship Services Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) Nos. 680 & 670 of 2026
CITATION : 2026 LLBiz NCLAT 192
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld insolvency proceedings against personal guarantors of Takshashila Heights India Private Limited, rejecting their challenge to the debenture trustee's authority to initiate the case. The appeals were filed against orders admitting applications under Section 95 of the Insolvency and Bankruptcy Code by IDBI Trusteeship Services Ltd.
NCLAT Upholds Rejection Of Prospective Homebuyer's Plea To Join Koncept Nirman's CIRP
Case Title : Krishna Pabsetti and Anr v. Koncept Nirman Pvt Ltd. and Anr
Case Number : Company Appeal (AT) (CH) (Ins) No.220/2026 and (IA Nos. 617, 618 & 619/2026)
CITATION : 2026 LLBiz NCLAT 193
The National Company Law Appellate Tribunal (NCLAT), Chennai, has held that a prospective homebuyer who relied on an unregistered agreement to purchase a flat from Koncept Nirman Private Limited cannot intervene in insolvency proceedings initiated against the company by a financial creditor. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain observed, “In the instant case, the Appellant herein doesn't owe a financial debt, at the behest of the Financial Creditor, nor there is any direct legal assignment of any loan or a debt to the present proposed intervener by the Financial Creditor”
Case Title : Vedanta Ltd. Vs. Bhuvan Madan Resolution Professional of Jaiprakash Associates Ltd. & Ors.
Case Number : Comp. App. (AT) (Ins) No. 552 & 553 of 2026
CITATION : 2026 LLBiz NCLAT 196
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Monday dismissed Vedanta Limited's appeal challenging the approval of Adani Enterprises Limited's resolution plan for Jaiprakash Associates Limited. The tribunal upheld the Committee of Creditors' decision despite Vedanta's higher bid. A bench of Chairperson Ashok Bhushan and Technical Member Braun Mitra affirmed the March 17 order of the Allahabad bench of the National Company Law Tribunal, which had approved Adani Enterprises Limited's plan while rejecting Vedanta Limited's proposal.
NCLAT Rejects Insolvency Plea Over Disputed, Time-Barred Advance Refund Claim
Case Title : Geeta Sugars v. The Indian Sugars and Refiners Limited
Case Number : TA (AT) No.192/2021 (CA (AT) (Ins) No.1405/2019)
CITATION : 2026 LLBiz NCLAT 194
The National Company Law Appellate Tribunal (NCLAT) at Chennai, has dismissed an appeal filed by Geeta Sugars against The Indian Sugars and Refiners Ltd., upholding the rejection of its insolvency plea over a claim for a refund of advance paid for sugar, where the remaining quantity was not supplied. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the claim was both disputed and time-barred.
NCLAT Declines Travel Permission To Bankrupt Individual As Basis For Travel Has Ceased
Case Title : Sunil Surendrabhai Kakkad v. Samir Ganeshbhai Marathe & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 349 of 2026
CITATION : 2026 LLBiz NCLAT 197
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has declined to grant relief to a bankrupt individual seeking permission to travel to the UAE, holding that once the work contract cited to justify such travel had expired, “the very basis” for seeking permission no longer survived. The Tribunal was dealing with an appeal filed by Sunil Surendrabhai Kakkad, who was declared bankrupt on September 12, 2025, and was consequently barred from travelling abroad without prior permission of the Adjudicating Authority.
NCLAT Upholds Insolvency Admission Against JV Partner As Claim Arose From Supply Obligation
Case Title : Amarendra Mohapatra Vs Daga Power Systems & Engineers Pvt. Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1660/2025
CITATION : 2026 LLBiz NCLAT 199
The National Company Law Appellate Tribunal at Delhi has upheld the admission of insolvency proceedings against ASB Energy Systems & Construction Pvt. Ltd., holding that unpaid dues for supplies made by its joint venture partner qualify as operational debt. A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the case was about unpaid dues for supplies, not profit sharing between joint venture partners.
Case Title : Om Logistics Limited v. Bakul Casting Private Limited
Case Number : I.A. No. 6569, 6639 & 6641 of 2025 in Company Appeal (AT) (Ins.) No. 1687 of 2025
CITATION : 2026LLBiz NCLAT 202
The National Company Law Appellate Tribunal (“NCLAT”) at Delhi has recently dismissed an appeal filed by Om Logistics Limited after refusing to condone a delay of 198 days in refiling. The tribunal rejected the company's explanation that its authorised signatory was unavailable till April 13, 2025 due to personal exigencies. A bench of Judicial Member Justice Ashok Bhushan and Technical Member Indevar Pandey observed that Om Logistics Limited could not justify the prolonged delay merely because one authorised signatory was unavailable.
Case Title : Hotel Horizon Pvt. Ltd. v. Tea4Health Pvt. Ltd.
Case Number : Company Appeal (AT) (Ins) No. 1443 of 2023
CITATION : 2026 LLBiz NCLAT 201
The Principle Bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi on 6 May 2026 held that disputes relating to unusable commercial premises, disruption of essential services, and failure to maintain operational infrastructure constitute a genuine pre-existing dispute sufficient to reject a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Justice Mohd. Faiz Alam Khan and Technical Member Naresh Salecha upheld the order of the National Company Law Tribunal (NCLT), Mumbai Bench-IV, which had rejected the Section 9 application filed by Hotel Horizon Private Limited against Tea4Health Private Limited.
NCLAT Delhi Refuses CIRP Against Indorama Ventures, Holds Pre-Existing Disputes Bar Section 9 Plea
Case Title : Rattan Singh Builders Private Limited Vs Indorama Ventures Yarns Private Limited Case Number : Company Appeal (AT) (Insolvency) 453/2026
CITATION : 2026LLBiz NCLAT 203
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 6 May held that a Section 9 application under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be maintained where genuine pre-existing disputes exist between the parties regarding contractual performance, liquidated damages and statutory deductions. Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed the appeal filed by Rattan Singh Builders Pvt. Ltd. (RSB) against Indorama Ventures Yarns Pvt. Ltd. (IVYPL) and upheld the Mumbai NCLT's order dated 14 January 2026 rejecting initiation of Corporate Insolvency Resolution Process (CIRP).
Case Title : M. D. Devcon Private Limited Vs Kedar Parshuram Mulye & Ors
Case Number : Company Appeal (AT) (Insolvency) 1370/2024
CITATION : 2026LLBiz NCLAT 204
The National Company Law Appellate Tribunal (NCLAT) has recently dismissed a challenge by a project homebuyer to the insolvency proceedings against M.D. Devcon Pvt Ltd. It held that the two allottees who initiated the case had ceased to be homebuyers after cancelling their allotment and seeking a refund and were therefore not required to meet the threshold applicable to real estate allottees filing insolvency pleas.
Case Title : Kunal Structure India Pvt. Ltd. & Anr. Vs Kotak Mahindra Bank Ltd
Case Number : Company Appeal (AT) (Insolvency) 1473/2025
CITATION : 2026LLBiz NCLAT 205
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently declined to examine Kunal Structure India Pvt Ltd's challenge to a third member's opinion favouring its admission into the corporate insolvency resolution process. It held that the Ahmedabad bench of the National Company Law Tribunal must first pass a final order in the matter. “The opinion of third Member impugned in the Appeal is opinion, which is to be placed before the NCLT Ahmedabad Bench to pass appropriate order with regard to Company Petition (IB) No.76 of 2022. We are of the view that at this stage various submissions raised by the Appellant, need no consideration.”
Case Title : Ashwani Kumar Oberoi v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 741 & 742 of 2026
CITATION : 2026 LLBiz NCLAT 206
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed appeals by a personal guarantor who sought to halt recovery proceedings after a bank auction had already concluded, holding that his insolvency filing was not bona fide but an attempt to obstruct debt recovery. “...initiation of proceeding under Section 94 by the personal guarantor was not with object of resolution of insolvency of the personal guarantor rather it was only with the intent to somehow create hurdles in the conclusion of the proceedings initiated by the Bank for recovery of its debts when auction was already held on 11.04.2024 which was confirmed on 12.04.2024, filing of the application on 27.04.2024 clearly was not bona fide application and the application was an abuse of process of Court...”
Resolution Professional Need Not Consult CoC To Appoint Professionals To Assist In CIRP : NCLAT
Case Title : Dharamveer Singh Magan Singh Shekhawat & Ors. v. Dharmendra Dhelariya & Ors.
Case Number : Company Appeal (AT) (Ins.) No. 1522 of 2025
CITATION : 2026 LLBiz NCLAT 207
The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that a Resolution Professional need not consult the Committee of Creditors before appointing professionals such as transaction auditors to assist in the corporate insolvency resolution process. The ruling came while rejecting KSS Ltd. directors' objection in a preferential transaction case arising from transfers to the company's sister concerns.
Case Title : Rakesh Dalpatram Panchal v. Kisaan Steels Pvt. Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 526 of 2025
CITATION : 2026 LLBiz NCLAT 209
The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld insolvency proceedings against Gemini Engi. Fab. Private Limited. The tribunal held that the company could not rely on disputes over delayed deliveries and defective goods to resist the case after it had itself quantified deductions for those issues and reflected a balance amount payable to the supplier. “Since the issues related to quality and delay are governed by the contractual terms and conditions of the work order, and the appellant itself has incorporated them and prepared a consequences sheet and shared it with the R1 and later on has agreed to pay this amount, therefore the claim of the Appellant that there are issues relating to quality and delay and that is leading to a dispute is an untenable ground for a pre-existing dispute”, the court observed.
Statutory Auditor Not Part Of Company Management, Cannot Be Compelled To Assist RP Under IBC: NCLAT
Case Title : Sanjeev Kumar Arora Vs Deepak Thukral & Ors
Case Number : Company Appeal (AT) (Insolvency) 1407/2022
CITATION : 2026 LLBiz NCLAT 211
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a statutory auditor, as an independent professional and not part of a company's management, cannot be compelled under Section 19 of the Insolvency and Bankruptcy Code to assist a resolution professional in the same manner as company personnel. “A statutory auditor is a professional who by the very nature of the audit to be undertaken cannot be associated with the company whose affairs he is to audit. On the contrary, a statutory auditor is only required to hold a mirror vis-à-vis the performance of a company, more particularly its financial health to the stakeholders of the Company... It is plainly difficult to hold that the appellant, who was appointed as a statutory auditor only couple of months before the CD was admitted to CIRP and was also removed soon thereafter, be termed as one who is associated with the management of the CD,” the tribunal held.
Case Title : Gokul Aggarwal Vs Bank of India & Ors
Case Number : Company Appeal (AT) (Insolvency) 1047/2024
CITATION : 2026 LLBiz NCLAT 210
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the liquidation of Chamber Constructions Pvt Ltd. It held that simultaneous insolvency proceedings can continue against principal borrower RNA Corp and Chamber Constructions, which had furnished a corporate guarantee for the same debt. “Hon'ble Supreme Court has delivered its judgement in ICICI Bank Ltd. v. Era Infrastructure (India) Ltd.; 2026 SCC Online SC 314 on 26.02.2026, and has not barred holding simultaneous CIRP proceedings against both principal debtor and corporate guarantor and such proceedings are maintainable under the existing provisions of the law. Thus, proceedings against both the principal borrower and also the Corporate Guarantor in this case can be proceeded against simultaneously.”, it observed.
Case Title : Assistant Commissioner of State Tax, Vapi Vs M/s ARCK Resolution Professionals LLP & UV Stressed Assets Management Private Limited
Case Number : Company Appeal (AT) (Insolvency) 108/2025
CITATION : 2026 LLBiz NCLAT 212
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that where a statute creates a charge, it cannot be treated as waived merely because a statutory authority marked “N.A.” against security interest in the prescribed insolvency claim form, unless the statute itself permits such waiver. Partly allowing an appeal by the Assistant Commissioner of State Tax, Vapi, in the CIRP of Vinergy International Pvt Ltd, the tribunal held that Gujarat VAT dues must be treated as the claim of a secured operational creditor, though the same benefit would not extend to the CST component.
Case Title : Amit Bhatnagar v. UCO Bank & Anr.
Case Number : Comp. App. (AT) (Ins) No. 2038 of 2024 & Comp. App. (AT) (Ins) No. 2039 of 2024
CITATION : 2026 LLBiz NCLAT 213
The National Company Law Appellate Tribunal (NCLAT) in New Delhi on Tuesday has reiterated that approval of a resolution plan and acceptance of a haircut by financial creditors does not extinguish their right to proceed against personal guarantors for unpaid dues. The tribunal observed, “The filing and admission of claims in the CIRP of the corporate guarantor does not amount to full satisfaction of the debt and does not bar the recovery of the remaining dues from other obligants, including the personal guarantors. It is well settled that recovery proceedings can validly continue against the personal guarantors for the unpaid amount.”
Case Title : AMISHA IN SKY CREATION PVT. LTD. Vs SANDEEP D MAHESHWARI
Case Number : Company Appeal (AT) (Insolvency) 578/2025 & 640/2025
CITATION : 2026 LLBiz NCLAT 215
The National Company Law Appellate Tribunal at Delhi has held that in the facts of a case, a company that mortgaged its property to help a borrower secure a bank loan could not claim to be a financial creditor in the borrower's insolvency proceedings merely because it was promised interest in return. The ruling came in a case where a Raipur-based company had mortgaged its land to help Setubandhan Infrastructure Ltd. secure loan facilities from State Bank of India and later sought recognition as a secured financial creditor in the company's insolvency process.
NCLAT Rejects Venugopal Dhoot's Bid To Include Videocon Foreign Oil Assets In VIL CIRP
Case Title : State Bank of India & Ors Vs Venugopal Dhoot & Ors
Case Number : Company Appeal (AT) (Insolvency) 299/2020
CITATION : 2026 LLBiz NCLAT 216
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday held that the foreign oil and gas assets of Videocon Oil Ventures Ltd (VOVL) and its subsidiaries in Brazil and Indonesia cannot be included in the Corporate Insolvency Resolution Process (CIRP) of Videocon Industries Ltd (VIL). The bench of Judicial Member Yogesh Khanna and Technical Member Ajai Das Mehrotra set aside the Mumbai NCLT's February 12, 2020 order directing inclusion of these assets in VIL's information memorandum. The bench also dismissed appeals filed by former promoter Venugopal Dhoot, who had argued that VOVL's foreign oil and gas assets should be treated as part of Videocon Industries Ltd's insolvency process rather than dealt with separately in VOVL's CIRP.
NCLAT New Delhi Rejects PPL's Entry Tax Exemption Claim, Finds No "Deemed Consent" Under SICA
Case Title : Paradeep Phosphates (PPL) Vs State of Orissa & Anr
Case Number : Company Appeal (AT) (Insolvency) 193/2023
CITATION : 2026 LLBiz NCLAT 218
On 18 May, the New Delhi National Company Law Appellate Tribunal (NCLAT) held that the State of Orissa was not bound to grant Entry Tax exemptions to Paradeep Phosphates Ltd. (PPL) under a BIFR-sanctioned rehabilitation scheme, since the State had expressly refused consent during the proceedings. Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra dismissed PPL's appeal against the National Company Law Tribunal (NCLT), Cuttack Bench, noting that its express refusal excluded the application of “deemed consent” under Section 19(2) of the Sick Industrial Companies Act, 1985 (SICA).
Loan Or Promoter Funding? NCLAT Remands Insolvency Plea Against Jaikrishan Estates
Case Title : Rajender Prasad Mittal Vs Jaikrishan Estates Private Limited
Case Number : Company Appeal (AT) (Insolvency) 368/2025
CITATION : 2026 LLBiz NCLAT 219
The National Company Law Appellate Tribunal (NCLAT) at Delhi has remanded an insolvency plea filed by a former director of Jaikrishan Estates for fresh consideration, holding that the true nature of the alleged debt required fuller examination rather than summary rejection. “...we find the real nature of the debt to be questionable due to the existence of share purchase agreement, which is not on record and also the so called assignment by unrecoverable and unconditional gift deed dated 19.07.2019 in favour of this wife by the Appellant,” the tribunal observed.
Case Title : Lyka Labs Ltd Vs Modi Lifecare Industries Ltd
Case Number : Company Appeal (AT) (Insolvency) 726/2024
CITATION : 2026 LLBiz NCLAT 221
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that Lyka Labs' insolvency plea against Modi Lifecare Industries was not an attempt to “harass and/or embarrass and/or humiliate” the company. The tribunal found that the petition was based on material facts and that Modi Lifecare had not disputed an operational debt exceeding ₹1 lakh. A bench of Chairperson Justice Ashok Bhushan and Technical Members Barun Mitra and Arun Baroka set aside an Ahmedabad NCLT order rejecting Lyka Labs' Section 9 insolvency plea over unpaid royalty dues under a Technical Guidance Agreement.
NCLAT New Delhi Dismisses Shreenathji Infra Appeal, Finds Pre-Existing Dispute Bars IBC Action
Case Title : Shreenathji Infrastructure Vs Namasthetu Infratech Pvt. Ltd
Case Number : Company Appeal (AT) (Insolvency) 2153/2024
CITATION : 2026 LLBiz NCLAT 220
On 19 May, the New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Shreenathji Infrastructure against Namasthetu Infratech Pvt. Ltd., holding that incomplete performance of work and termination of contracts by the Corporate Debtor reflected a pre-existing dispute and rendered insolvency petition non-maintainable.
NCLAT Finds No Fault In Jet Airways Aircraft Auction, Rejects Losing Bidder's Challenge
Case Title : Industrial Asset Transaction Services Pvt. Ltd Vs Satish Kumar Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 922/2026
CITATION : 2026 LLBiz NCLAT 222
The National Company Law Appellate Tribunal (NCLAT) has recently dismissed a challenge by a losing bidder to the auction of two Jet Airways aircraft during the airline's liquidation, holding that the process was transparent and that adequate opportunity had been given to inspect the assets before bidding.
Case Title : CMA Harshad Deshpande Vs SHRI RAKESH KUMAR RELAN & Committee of Creditors
Case Number : Company Appeal (AT) (Insolvency) 108/2026
CITATION : 2026 LLBiz NCLAT 223
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld an equitable remedy granted by the National Company Law Tribunal (NCLT), ruling that an Interim Resolution Professional was not automatically entitled to full statutory fees where the insolvency process functioned under significant judicial restrictions. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed the appeal filed by CMA Harshad Deshpande, former Interim Resolution Professional (IRP) of Shri Tradco Deesan Pvt. Ltd., against Resolution Professional and the Committee of Creditors (CoC) of the company.
Only Central Government Can Order SFIO Probes, Not Company Tribunals: NCLAT
Case Title : Nitin Ramchandra Jadhav & Ors Vs Vijendra Kumar Jain & Ors
Case Number : Company Appeal (AT) (Insolvency) 1044/2024
CITATION : 2026 LLBiz NCLAT 224
The National Company Law Appellate Tribunal (NCLAT) in Delhi has recently reiterated that company tribunals cannot directly order a Serious Fraud Investigation Office probe, ruling that the power to direct such an investigation rests with the Central Government.
Case Title : Suraksha Realty Limited Vs VITHAL M. DAHAKE & Ors
Case Number : Company Appeal (AT) (Insolvency) 1754/2025
CITATION : 2026 LLBiz NCLAT 226
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a mortgage created nearly seven years after a financing agreement, and just weeks before the start of insolvency proceedings, amounted to a preferential transaction under the Insolvency and Bankruptcy Code. The tribunal dismissed Suraksha Realty Limited's appeal against the avoidance of its security interest in the corporate insolvency resolution process of Radius Estate Projects Pvt. Ltd
NCLAT Upholds Liquidation of Vrundavan Ceramic Pvt. Ltd., Cautions Against Delays In IBC Resolution
Case Title : LORENZO VITRIFIED TILES PRIVATE LIMITED Vs COMMITTEE OF CREDITORS OF VRUNDAVAN CERAMIC PRIVATE LIMITED
Case Number : Company Appeal (AT) (Insolvency) 1950/2024 & 1952/2024
CITATION : 2026 LLBiz NCLAT 225
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 20 May dismissed two connected appeals filed by Lorenzo Vitrified Tiles Pvt. Ltd. (Successful Resolution Applicant) and Arvind Gaudana (Resolution Professional of Vrundavan Ceramic Pvt. Ltd.) and upheld an Order of the Ahmedabad National Company Law Tribunal (NCLT) directing liquidation of the corporate debtor. Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Ajai Das Mehrotra held that the Insolvency and Bankruptcy Code, 2016 requires strict timelines and that stakeholders cannot delay resolution in a manner that reduces the value of the corporate debtor's assets.
Case Title : SUMEET INDUSTRIES LIMITED Vs DAKSHIN GUJARAT VIJ COMPANY LIMITED & Eagle Group
Case Number : Company Appeal (AT) (Insolvency) 251/2026
CITATION : 2026 LLBiz NCLAT 229
The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused to reopen a dispute involving more than ₹12 crore in electricity dues and security deposit adjustments concerning Sumeet Industries Ltd. It held that disturbing the issue after approval and implementation of the resolution plan would unsettle settled commercial rights. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey also observed that reopening the dispute after the resolution plan had attained finality and implementation had commenced would disturb settled commercial rights.
Homebuyers' Statutory Rights Cannot Be Negated By Landowner Or Developer: NCLAT In Developer's CIRP
Case Title : ISHAN SINGH Vs NARENDER KUMAR SHARMA
Case Number : Company Appeal (AT) (Insolvency) 1107/2025
CITATION : 2026 LLBiz NCLAT 230
The National Company Law Appellate Tribunal at Delhi has held that homebuyers' statutory rights in a real estate project cannot be defeated by disputes between the landowner and the developer. It dismissed landowner Ishaan Singh's challenge to the inclusion of the unsold inventory and project land of the Spaze Arrow commercial project in Gurugram in the insolvency valuation of Spaze Towers Pvt. Ltd.
Case Title : Dharampal Premchand Ltd Vs Jitendra Bhandari & Ors
Case Number : Company Appeal (AT) (Insolvency) 1872/2025
CITATION : 2026 LLBiz NCLAT 231
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed the challenge by Dharampal Premchand Ltd, the company behind the BABA brand, to reopen Trimurti Foodtech Ltd's approved insolvency resolution plan over the treatment of its disputed ₹6.81 crore claim. A bench of Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey held that Dharampal Premchand's claim was never treated as an admitted, crystallised operational debt but was consistently classified as contingent because of reciprocal contractual disputes and counterclaims raised by the corporate debtor.
NCLAT Sets Aside Order Initiating Insolvency Against Naxnova After NeSL Marks Debt 'Disputed'
Case Title : Salil Musale Vs Lintec India Pvt. Ltd. & Ors.
Case Number : Company Appeal (AT) (Insolvency) 870/2026
CITATION : 2026 LLBiz NCLAT 232
The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside the admission of Lintec India's insolvency plea against Naxnova after finding that the corporate debtor had raised a pre-existing dispute and that the alleged default was also marked as “disputed” on the National E-Governance Services Ltd. (NeSL) information utility portal.
Winding-Up Petitions Transferred From High Courts Must Meet Prevailing Insolvency Threshold: NCLAT
Case Title : Aidem Ventures Pvt. Ltd Vs Skyline Radio Network Ltd.
Case Number : Company Appeal (AT) (Insolvency) 782/2026
CITATION : 2026 LLBiz NCLAT 233
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that winding-up proceedings transferred from High Courts must satisfy the prevailing insolvency threshold applicable at the time they are considered by the tribunal, dismissing appeals filed by Aidem Ventures Pvt. Ltd. against three media companies.
'Wafer-Thin Majority' Alone No Ground To Reject Insolvency Resolution Plan: NCLAT
Case Title : Express Resorts and Hotels Limited Vs Amit Jain & Ors
Case Number : Company Appeal (AT) (Insolvency) 517/2024
CITATION : 2026 LLBiz NCLAT 235
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a resolution plan cannot be rejected merely because it was approved by a “wafer-thin majority,” setting aside the NCLT's rejection of Express Resorts and Hotels Ltd's plan for Neesa Leisure Ltd. A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra said the Ahmedabad bench of the NCLT had rejected the plan on legally unsustainable grounds despite it securing the requisite creditor approval.
Prima Facie Case Of Contempt Must Be Established Before Issuing Show-Cause Notice: NCLAT
Case Title : State Bank of India & Ors Vs Jyoti Structures Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 388/2026 & 389/2026
CITATION : 2026 LLBiz NCLAT 236
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday held that courts must first ascertain whether a prima facie case of contempt is made out and identify specific alleged contemnors before issuing notice to show cause. It set aside a National Company Law Tribunal order directing State Bank of India, Bank of India, Canara Bank, ICICI Bank, Indian Bank and Union Bank of India to release rolled-over bank guarantee limits within one month, failing which the officers concerned would undergo one day of simple imprisonment in civil prison.
Case Title : "Chandra Prakash Lohia Vs West Bengal Agro Textile Corporation Ltd. & Anr " Case Number : Company Appeal (AT) (Insolvency) 1668/2025
CITATION : 2026 LLBiz NCLAT 234
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 25 May held that an application for withdrawal of insolvency proceedings under Regulation 30A of the CIRP Regulations, 2016, filed before constitution of the Committee of Creditors (CoC), does not require issuance of notice to other creditors and remains valid if authorities comply with the prescribed procedure. Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed two appeals filed by Chandra Prakash Lohia and Basanti Devi Lohia and upheld the Kolkata Bench of the National Company Law Tribunal's order permitting withdrawal of insolvency proceedings against West Bengal Agro Textile Corporation Ltd.
NCLAT Says Dispute Over Title To Cotton Bales In Galaxy Cotton Liquidation Lies Before DRAT
Case Title : Giriraj Enterprise Vs Rameshkumar Totla & Ors
Case Number : Company Appeal (AT) (Insolvency) 2036/2024 & 2037/2024
CITATION : 2026 LLBiz NCLAT 239
The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by two cotton traders seeking exclusion of cotton bales claimed by them from the liquidation estate of Galaxy Cotton & Textiles Pvt. Ltd., after noting that the liquidator had already excluded the disputed stock from the liquidation process and that disputes over title and security interest in the goods were pending before the Debt Recovery Appellate Tribunal (DRAT).
Case Title : Chandra Shekhar Jha & Ors Vs Religare Enterprise Ltd & Ors
Case Number : Company Appeal (AT) (Insolvency) 992/2023 & 1238/2023
CITATION : 2026 LLBiz NCLAT 237
The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside the admission of insolvency proceedings against Ligare Aviation Ltd., holding that the transactions relied upon by Religare Enterprises Ltd. were “only round tripping of money” and not “for the purpose of any genuine financial transaction.”
NCLAT New Delhi Restores Resolution Plan Approval Process For Aldiam Motors, Quashes NCLT Order
Case Title : Manohar Lal Vij Vs Khushvinder Singhal & Ors
Case Number : Company Appeal (AT) (Insolvency) 512/2026 & 513/2026
CITATION : 2026 LLBiz NCLAT 238
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 May set aside an order of the National Company Law Tribunal (NCLT), Ahmedabad Bench, which had rejected the resolution plan submitted by Meghdoot Leisure LLP for Aldiam Motors Pvt. Ltd. Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra held that the Corporate Insolvency Resolution Process (CIRP) was conducted in accordance with the directions of the Committee of Creditors (CoC) and found no material irregularity on the part of the Resolution Professional (RP).
NCLT
Case Title : Canara Bank v. Mr. Rajiv Prasad
Case Number : CP (IB)/1075(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 384
On 23 April, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that subsequent demand notices issued to a personal guarantor do not give rise to a fresh cause of action for initiating proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016, and that limitation must be computed from the first invocation of the guarantee. Section 95 deals with the initiation of insolvency resolution process against a personal guarantor to a corporate debtor.
Suspended Director Cannot Reopen CIRP Process After Repeated Eligibility Defaults: NCLT Bengaluru
Case Title : Mr. Ramachandran Radhakrishnan v. Mr. Naveen Kumar Jain and Ors
Case Number : IA No. 283 of 2025 in CP(IB) No. 32/BB/2023
CITATION : 2026 LLBiz NCLT (BEN) 387
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 6 April, refused to permit a suspended director of a corporate debtor to submit a resolution plan at a belated stage after he repeatedly failed to satisfy eligibility conditions under the Corporate Insolvency Resolution Process (CIRP), reiterating the strict time-bound framework under the Insolvency and Bankruptcy Code, 2016. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application filed by the suspended director of Stellence Pharmascience Pvt Ltd, who sought permission to submit a resolution plan after the CIRP had substantially progressed and the Committee of Creditors (CoC) had already approved a plan.
Homebuyers With RERA Refund Orders Still 'Allottees', Must Meet IBC Threshold: NCLT Chennai
Case Title : Arumugam Thimmarayan and Ors v. M/s Ozone Projects Private Limited
Case Number : CP(IB)/185(CHE)/2022
CITATION : 2026 LLBiz NCLT (BEN) 388
The National Company Law Tribunal (NCLT) at Chennai has held that homebuyers who have obtained refund orders from RERA cannot be treated differently from other allottees for initiating insolvency proceedings, ruling that all such buyers must meet the collective threshold under the Insolvency and Bankruptcy Code.
Case Title : Bank of Maharashtra v. Visa Power Ltd. & Anil Goel (Liquidator)
Case Number : I.A. (IB) No. 388/KB/2022 in C.P. (IB) No. 574/(KB)/2017
CITATION : 2026 LLBiz NCLT (KOL) 389
The National Company Law Tribunal (NCLT) at Kolkata has refused to exclude, for the purpose of computing a liquidator's fee, the period during which the liquidation process was affected by appellate orders, holding that such benefit cannot be granted where the delay is linked to disputes over the liquidator's conduct A coram of Judicial Member Labh Singh and Technical Member Rekha Kantilal Shah said, “In our view, if any dispute arises due to misconduct of the liquidator, resulting in litigation which eventually leads to a stay of the entire proceedings, the liquidator ought not to be granted the benefit of exclusion of such time periods, for the purpose of remuneration.”
Automated Set-Off Of Income Tax Refunds During Moratorium Violates IBC: NCLT Indore
Case Title : Gautam Mittal RP of Sanwaria Consumer Ltd V/s Chief Commsioner of Income Tax Bhopal & An
Case Number : IA/498(MP)2025 in (MP) CP(IB) 7 of 2019
CITATION : 2026 LLBiz NCLT (IND) 392
The National Company Law Tribunal (NCLT) at Indore recently held that even automated adjustment of income tax refunds during the IBC moratorium is illegal, directing the Income Tax Department to refund Rs 30.16 lakh set off against pre-CIRP tax dues of Sanwaria Consumer Limited. “The mere fact that the adjustment was effected through an automated or system-driven process does not alter its legal character. The effect of the action remains the same, namely recovery of pre-CIRP dues during the moratorium, which is expressly prohibited under Section 14 of the Code.”
Case Title : Amresh Shukla Liquidator V/s State of Madhya Pradesh through Principal Secretary
Case Number : I.A./577(MP)2025 IN TP 182 of 2019 [CP(IB)/591(MP)2019]
CITATION : 2026 LLBiz NCLT (IND) 393
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.
NCLT Kochi Records Interim Payment Plan To Ensure Access To Jatayupara Tourism Project
Case Title : Shawn Jeff Christopher v. Guruchandrika Builders & Property Pvt. Ltd. & Ors.
Case Number : MA(C/Act)/02/KOB/2025 in CP/21/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 390
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 approve necessary operational expenses of the project.
Case Title : Axis Bank Ltd v. M/s IMOST Academy (India) Private Limited
Case Number : CP(IBC)/8/KOB/2026
CITATION : 2026 LLBiz NCLT (KOC) 396
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.
Distribution During CIRP Must Conform To Section 30(2) Of IBC: NCLT Mumbai
Case Title : Punjab National Bank v Arshiya Ltd.
Case Number : IA(I.B.C)/1331( MB)2026 In C.P. (IB)/3143(MB)2019
CITATION : 2026 LLBiz NCLT (MUM) 391
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 Limited to distribute proceeds from sale of non-core assets to secured financial creditors before completion of CIRP.
CoC Cannot Bypass NCLAT Directions On Potential Resolution Applicant Eligibility: NCLT Mumbai
Case Title : Jubin Kishore Thakkar and Ors. v. Ashutosh Agarwala
Case Number : IA(IB) No. 1366 OF 2025 & IA(IB) No. 3401 OF 2025 IN C.P.(IB) NO. 40/MB/2022
CITATION : 2026 LLBiz NCLT (MUM) 394
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 be permitted to withdraw them.
NCLT Chennai Holds Contractual Valuation Cannot Be Reopened, Dismisses Kamarajar Port Plea
Case Title : Kamarajar Port Ltd. v. N Veerapandian (Liquiadtor) M/s. Sical Iron Ore Terminals Ltd
Case Number : IA(IBC)/828(CHE)2025 in CP(IB)/114(CHE)2021
CITATION : 2026 LLBiz NCLT (CHE) 395
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 of assets.
OTS Proposal Can Constitute Acknowledgment Of Debt For Limitation Under IBC: NCLT Indore
Case Title : Punjab National Bank Vs Akhilesh Argal
Case Number : CP(IB)/78(MP)2023
CITATION : 2026 LLBiz NCLT (IND) 397
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.
Only Contractual Guarantee Debt Relevant For IBC Section 94 Threshold: NCLT Chandigarh
Case Title : IN THE MATTER OF MUKESH KUMAR
Case Number : ICP (IB) No. 45/Chd/Pb/2026
CITATION : 2026 LLBiz NCLT (CHD) 400
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 debtor cannot be taken into account.
NCLT Mumbai Refers Eros–Aanand L. Rai Dispute Over Colour Yellow Productions To Arbitration
Case Title : Eros International Media Ltd. Versus Colour Yellow Productions Private Limited & Ors.
Case Number : C.A. No. 244 (MB) 2025 In C.P. No. 121 (MB) 2025
CITATION : 2026 LLBiz NCLT (MUM) 399
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 and unauthorised related party transactions, along with a Section 8 application filed by Rai seeking reference to arbitration.
NCLT Mumbai Dismisses RP's Plea Against ₹260 Crore RCIL Receivables Assignment, Finds No Fraud
Case Title : Anish Niranjan Nanavaty (Resolution Professional of Reliance Communications Infrastructure Limited) V/s Reliance Communications Tamil Nadu Ltd.
Case Number : IA 941 OF 2021
CITATION : 2026 LLBiz NCLT (MUM) 402
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 from Reliance Communications Ltd. (RCOM) to RCIL (the corporate debtor) inflated its books and imposed a corresponding liability, thereby defrauding creditors.
Case Title : Tata Capital Financial Services Ltd. v. Sanjay Mahajan, Liquidator of Jans Copper Pvt. Ltd.
Case Number : I.A. No. 2828 of 2025 in C.P. (IB) No. 3138/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 401
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 regarding its security interest.
NCLT Ahmedabad Rejects Gensol RP Plea Against Termination Of ₹48.29 Crore EPC Contract By HMEL
Case Title : Keshav Khaneja, RP of Gensol Engineering Limited Vs HMEL Green Energy Private Limited
Case Number : IA/21(AHM)2026 in C.P.(1B)/195(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 406
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, particularly where contemporaneous material evidences preexisting and continuing contractual breaches. The material on record does not demonstrate a direct nexus between the termination and the insolvency of the Corporate Debtor,” the tribunal observed.
Case Title : Mangal Sales Corporation v. M/s Prolific Papers Pvt. Ltd. & Ors
Case Number : CP IB NO. 429/(ND)/2024
CITATION : 2026 LLBiz NCLT (DEL) 403
The National Company Law Tribunal (NCLT), New Delhi, has found that a demand notice under the Insolvency and Bankruptcy Code was valid despite being sent to an unregistered email ID, as it had been consistently used in prior dealings between the parties. The order was passed by a bench of Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh.
Pollution Control Authorities Cannot Take Coercive Steps During IBC Moratorium: NLCT Bengaluru
Case Title : Mr. Naveen Kumar Jain v. The Chairman, Karnataka State Pollution Control Board Case Number : IA No. 583 of 2024 in CP(IB) No. 32/BB/2023
CITATION : 2026 LLBiz NCLT (BEN) 407
The National Company Law Tribunal (NCLT) in Bengaluru has recently held that pollution control authorities cannot take coercive steps that disrupt the operations of a corporate debtor during the moratorium, even though they can continue regulatory oversight.
A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held, “We are of a considered view that a distinction is required to be drawn between: Regulatory actions undertaken in public interest to ensure environmental compliance; and Coercive / enforcement actions which have the effect of recovery or adversely impact the assets and operations of the Corporate Debtor during CIRP. While the former cannot be completely interdicted in view of the law laid down in Embassy Property (supra), the latter would fall within the mischief of Section 14 of the Code if they have the effect of defeating the CIRP or disturbing the asset base of the Corporate Debtor.”
Case Title : Shreenathji Rasayan Pvt. Ltd v. Mr. Shrenik Ashokkumar Morakha and ors.
Case Number : IA No. 833(Ahm) 2020 in CP(IB) No. 463 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 411
The National Company Law Tribunal (NCLT), Ahmedabad, has recentlydirected Shreenathji Rasayan Pvt. Ltd., the successful resolution applicant of Morakhia Copper & Alloys Pvt. Ltd., to file a complaint against a Chartered Accountant before the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) for assisting in the falsification of the company's accounts.
NCLT Bengaluru Admits Millennium Starch Into CIRP Despite Technical Defects In Insolvency Plea
Case Title : Axis Bank v. Millennium Starch India Pvt Ltd
Case Number : CP(IB) No. 22/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 412
The National Company Law Tribunal (NCLT) at Bengaluru has admitted a ₹39.19 crore insolvency plea filed by Axis Bank against Millennium Starch India Private Limited, holding that procedural defects in the petition did not prejudice the company and could be cured during the proceedings. “Even if the defect remained, no prejudice is shown to have occurred to the respondent who has been afforded sufficient opportunity to file reply/objections to the petition and address arguments post service of notice. The objection therefore, has melted on satisfaction and does not jeopardise the stance of respondent on any count.”, it observed.
NCLT Kochi Admits Insolvency Plea Against Inditrade Capital Filed By MediBuddy Parent Company
Case Title : M/s Phasorz Technologies Private Limited v. M/s Inditrade Capital Limited
Case Number : CP(IBC)/6/KOB/2026
CITATION : 2026 LLBiz NCLT(KOC) 413
The Kochi Bench of the National Company Law Tribunal, on 6 May admitted an insolvency petition filed by Phasorz Technologies Private Limited, which operates the healthcare platform MediBuddy, against Inditrade Capital Limited (ITCL) over an alleged default of about Rs. 3.58 crore.
Case Title : Cotton Corporation of India Ltd Vs Ajit Kumar
Case Number : IA/548(AHM)2021 In CP{IB) 625 of 2018
CITATION : 2026 LLBiz NCLT (AHM) 414
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 27 April held that a claim linked to pending proceedings and subject to a subsisting stay cannot be treated as a crystallised debt under the Insolvency and Bankruptcy Code, 2016, and may only be recognised at a notional value in the Corporate Insolvency Resolution Process (CIRP). Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an interlocutory application filed under Section 60(5) of the Code, while directing that the claim be admitted at a notional value of Rs. 1 instead of being reduced to nil.
NCLT Ahmedabad Admits Aphelion Finance's ₹6.72 Crore Section 7 Petition Against Osia Hyper Retail
Case Title : Apheloin Finance Private Limited Vs Osia Hyper Retail Limited
Case Number : C.P.(IB)/220(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 415
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 28 April admitted a Section 7 petition filed by Aphelion Finance Pvt. Ltd. against Osia Hyper Retail Ltd, thereby initiating the corporate insolvency resolution process (CIRP) and appointing Ritesh Prakash Adatiya as Interim Resolution Professional. Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy held that once financial debt and default are shown through sanction letters, credit facility agreements, and guarantees, a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 is maintainable and must be admitted if statutory requirements are met.
NCLT Guwahati Holds No Straightjacket Definition For Fraudulent Trading Under Section 66 IBC
Case Title : Mukut Chandra Deka v. JSB Entrade Pvt Ltd.
Case Number : IA (IBC)/48/GB/2022 CP (IB)/19/GB/2021
In a significant ruling on the scope of Section 66 of the Insolvency and Bankruptcy Code, 2016, the Guwahati National Company Law Tribunal (NCLT) on 30 April held that there is no exhaustive or straightjacket test to determine what constitutes fraudulent or wrongful trading. Judicial Member Justice Rammurti Kushawaha and Technical Member Yogendra Kumar Singh were hearing an application filed by the Resolution Professional of JSB Entrade Pvt. Ltd. against the suspended directors, promoter, and related parties of the corporate debtor.
Former Director Liable To Refund Diverted Rental Income Received During CIRP: NCLT Mumbai
Case Title : Ganesh Venkata Siva Rama Krishna Remani v. Puneet P. Bhatia & Ors.
Case Number : IA 4016 of 2025 in CP (IB) No. 280(MB)2023
CITATION : 2026 LLBiz NCLT (MUM) 416
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 29 April held that a former director who diverted rental income from properties of the corporate debtor during the Corporate Insolvency Resolution Process (CIRP) is liable to restore the amounts to the insolvency estate. Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey allowed an application filed by the Resolution Professional in the CIRP of Barracks Retail India Pvt. Ltd., admitted on a Section 7 petition filed by ASREC (India) Limited, against Puneet Bhatia, Respondent No.1 and other respondents.
SARFAESI, DRT Proceedings Do Not Bar IBC Action Against Personal Guarantor: NCLT Mumbai
Case Title : Canara Bank v. Shweta Deepak Patel and Ors
Case Number : C.P. (IB) No.377/NCLT/MB/2025 with IA(I.B.C) No.2976/NCLT/MB/2025 CITATION : 2026 LLBiz NCLT (MUM) 418
The National Company Law Tribunal (NCLT) in Mumbai has recently held that proceedings under the SARFAESI Act and pending recovery proceedings before the Debt Recovery Tribunal do not bar insolvency proceedings against a personal guarantor to a corporate debtor under the Insolvency and Bankruptcy Code, 2016. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar passed the ruling while admitting an insolvency application filed by Canara Bank against Shewta Deepak Patel, personal guarantor to Swaminarayan Diamonds Private Limited.
MSME Protections Cannot Override IBC Once Debt And Default Are Established: NCLT Mumbai
Case Title : Buldana Urban Cooperative Credit Society Limited Buldana v. Amar Seeds Private Ltd
Case Number : C.P.(IB)/767(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 417
The Mumbai Bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Amar Seeds Private Limited, holding that its status as a Micro, Small and Medium Enterprise would not bar initiation of proceedings under the Insolvency and Bankruptcy Code once financial debt and default were established.
NCLT Mumbai Approves Mantra Properties' Rs 201 Crore Resolution Plan For Nirmal Lifestyle
Case Title : Amit Vijay Karia vs Beacon Trusteeship Limited & Ors
Case Number : I.A. 783/2026 In C.P.(IB)/1150 (MB)/C-III/2022
CITATION : 2026 LLBiz NCLT (MUM) 421
The National Company Law Tribunal's Mumbai Bench has approved a resolution plan involving an infusion of Rs 201 crore by Mantra Properties and Developers Pvt Ltd for Nirmal Lifestyle (Mulund) Pvt Ltd, which has been undergoing corporate insolvency resolution proceedings since July 11, 2023. A Bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer passed the order on April 29, 2026, allowing an application filed by Resolution Professional Amit Vijay Karia under Section 30(6) of the Insolvency and Bankruptcy Code seeking approval of the plan.
IBC Individual Insolvency Process Applies To Personal Guarantors, Not Co-Borrowers: NCLT Jaipur
Case Title : Ankit Baldwa v. Ugro Capital Limited and Ors
Case Number : IA(IBC) No. 348/JPR/2025 in CP No.(IB)-47/94/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 419
The National Company Law Tribunal (NCLT) at Jaipur has dismissed an insolvency plea after holding that the individual insolvency framework under the Insolvency and Bankruptcy Code applies only to personal guarantors of corporate debtors and not co-borrowers. “In view of the scheme of the Code, we are of the opinion that the legislature in its wisdom extended the application of individual insolvency process only to the Personal Guarantors to the Corporate Debtor,” the tribunal said.
NCLT Ahmedabad Disposes Gensol's Insolvency Case Against Mindra EV After ₹1.5 Crore Settlement
Case Title : Gensol EV Lease Limited v. Mindra EV Private Limited
Case Number : CP(IB)/459(AHM) 2025
CITATION : 2026 LLBiz NCLT(AHM) 423
The National Company Law Tribunal (NCLT) at Ahmedabad has recently disposed of as infructuous insolvency proceedings initiated by Gensol EV Lease Limited against Mindra EV Private Limited after the parties entered into a settlement agreement. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma passed the order. Gensol had filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process against Mindra EV Private Limited over an alleged operational debt of ₹1,61,39,864.
Case Title : AU Small Finance Bank Vs Aviral Bio Tech & Fertilizers Pvt Ltd
Case Number : IA/317(MP)2024 in CP(IB)/49(MP)2023
CITATION : 2026 LLBiz NCLT (IND) 424
The Indore bench of the National Company Law Tribunal has allowed AU Small Finance Bank Limited to join the insolvency proceedings against Aviral Bio Tech & Fertilisers Pvt. Ltd. Holding that the bank, which had extended a vehicle loan to the company, qualifies as a financial creditor, the Tribunal said its objections deserved consideration. “It is not in dispute that the Applicant has extended financial assistance to the Corporate Applicant by way of a vehicle loan, thereby qualifying as a Financial Creditor within the meaning of the Code.”
Show Cause Notice Does Not Create Enforceable Debt Claimable In Liquidation: NCLT Ahmedabad
Case Title : The Commissioner of Customs Vs Arvind Gaudana
Case Number : IA/80(AHM)2026 in C.P.(IB)/119(AHM)2022
CITATION : 2026 LLBiz NCLT(AHM) 425
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently held that a show cause notice is merely a proposal to determine liability and does not create an enforceable debt while dismissing the Commissioner of Customs' delayed Rs 1.63 crore claim against Spel Granito Pvt. Ltd. in liquidation. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed: “A Show Cause Notice is only a proposal to determine liability and does not create an enforceable or adjudicated debt as on the liquidation commencement date.”, the tribunal held.
NCLT Mumbai Holds Water Supply And Service Charges To RIICO Not CIRP Costs
Case Title : Rajasthan State Industrial Development & Investment Corporation Limited Versus Shrivallabh Pittie Industries Ltd. & Ors.
Case Number : IA IBC 567/2026
CITATION : 2026 LLBiz NCLT (MUM) 430
Invoice Dues, Supply Advances Can Be Clubbed As Operational Debt Under IBC: NCLT Chennai
Case Title : Enmas India Pvt. Ltd. v. Sabash Engineering (Chennai) Pvt. Ltd.
Case Number : CP(IB)/271(CHE)/2024
CITATION : 2026 LLBiz NCLT (CHE) 429
The Chennai Bench of the National Company Law Tribunal (NCLT) on 28 April held that outstanding invoice dues and advance payments made towards supply of goods can be clubbed together as “operational debt” under the Insolvency and Bankruptcy Code, 2016 (IBC) for the purpose of maintaining a petition under Section 9 of the IBC. Technical Member Venkataraman Subramaniam and Judicial Member Sanjiv Jain admitted the application filed by Enmas India Pvt. Ltd. seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sabash Engineering, finding that the statutory threshold under Section 4 of the IBC stood satisfied.
Case Title : Mfar Constructions Private Limited v. Canopy Estates Private Limited
Case Number : C.P. (IB) No.21/BB/2020
CITATION : 2026 LLBiz NCLT (BEN) 431
The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 28 April held that a separate Corporate Insolvency Resolution Process (CIRP) for another real estate project cannot be initiated through interlocutory applications in an already admitted insolvency proceeding. Judicial Member Justice Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada ruled that the Insolvency and Bankruptcy Code, 2016 (IBC) permits initiation of CIRP only through independent applications under Sections 7, 9 or 10, and not through miscellaneous proceedings in a pending case.
Case Title : Bhaskar Gopal Shetty (Liquidator) v. DCB Bank & Ors. in Raman Enterprises v. Mediaman Infotech Private Limited
Case Number : IA 1686 of 2024 in CP (IB) No. 1817(MB)/2019
CITATION : 2026 LLBiz NCLT (MUM) 433
The National Company Law Tribunal (NCLT) at Mumbai has criticised the erstwhile Resolution Professional in the insolvency of Mediaman Infotech Private Limited, observing that his attempt to extend the Corporate Insolvency Resolution Process beyond 180 days appeared aimed at continuing his assignment as Resolution Professional.
Case Title : Mr. Hasti Mal Kachhara, RP of Nagraj Alloys Pvt. Ltd. v. Niraj Mangal Meshram & Ors.
Case Number : IA 5256 of 2024 in CP (IB) No. 89 of 2022
CITATION : 2026 LLBiz NCLT (MUM) 434
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 7 May held that the write-off of inventory worth Rs. 10,83,69,000 by Nagraj Alloys Private Limited during CIRP was a fraudulent transaction intended to conceal non-existent stock and defraud creditors, thereby attracting liability under Section 66(1) of the Insolvency and Bankruptcy Code, 2016.
Case Title : Peerless Hospitex Hospital and Research Center Limited v. Abhijit Hazarika and Ors
Case Number : 2026 LLBiz NCLT (GUA) 436
CITATION : 2026 LLBiz NCLT (GUA) 436
The National Company Law Tribunal (NCLT) at Guwahati has permitted Peerless Hospitex Hospital and Research Center Limited, the successful resolution applicant for Ayursundra Hospital (Guwahati) Private Limited, to prosecute a pending avoidance application after the conclusion of the Corporate Insolvency Resolution Process by substituting the Resolution Professional. The tribunal held that the approved resolution plan, read with subsequent implementation decisions, contemplated continuation of such proceedings.
Decision On Corporate Debtor's Leased Premises Falls Within CoC's Commercial Wisdom: NCLT Kochi
Case Title : G Vinayan v. CS Narendar Reddy Banala
Case Number : IA(IBC)/75/KOB/2026 in CP(IBC)/5/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 435
On 8 May 2026, the National Company Law Tribunal (NCLT), Kochi held that the decision on whether leased premises occupied by a corporate debtor should be retained or vacated during CIRP or liquidation falls within the commercial wisdom of the Committee of Creditors (CoC). Judicial Member Vinay Goel passed the order and disposed of the application by directing the CoC to convene a meeting within 15 days and take a considered decision on the issue of continuation or vacation of the premises.
Pending Avoidance Applications No Bar To Dissolution Of Corporate Debtor: NCLT Hyderabad
Case Title : In the matter of Urban Farmart India Private Limited Filed by Govada Venkata Subbarao, Liquidator M/s Urban Farmart India Pvt Ltd
Case Number : CP (IB) No. IA (IBC) (DIS) No. 3/2026 IN CP (IB) No: 273/10/HDB/2022 CITATION : 2026 LLBiz NCLT (HYD) 437
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 6 May held that pendency of avoidance applications, including those relating to preferential, undervalued, fraudulent and extortionate (PUFE) transactions, cannot preclude dissolution of a corporate debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016, particularly in view of Regulation 44A of the Liquidation Process Regulations.
Case Title : IDBI Bank Limited vs Lanco Infratech Limited
Case Number : CP (IB) No. 111/7/HDB/2017 AND IA (IBC) 974/2024 in CP (IB) No. 111/7/HDB/2017
CITATION : 2026 LLBiz NCLT (HYD) 438
The National Company Law Tribunal (NCLT), Hyderabad, has held that while liquidation rules allow a liquidator to appoint professionals to assist in the process, that power cannot be used to outsource the liquidator's own statutory duties or claim payments beyond the prescribed fee structure. Applying this principle, the tribunal directed Deloitte Touche Tohmatsu India LLP to refund ₹7.48 crore to Lanco Infratech's liquidation estate.
Arbitration Clause In MoU Does Not Oust Insolvency Jurisdiction Under IBC: NCLT Mumbai
Case Title : Golden Medows Export Private Limited Vs PS IT Infrastructure & Services Limited
Case Number : C.P. (IB)/1232(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 440
Arbitration clauses in Memoranda Of Understanding (MOU) do not bar insolvency proceedings when debt and default are established, the National Company Law Tribunal's Mumbai bench has held while admitting PS IT Infrastructure & Services Ltd into insolvency. “The presence of an arbitration clause in an MoU does not oust the jurisdiction of the Adjudicating Authority while dealing with an application under Section 7 of the Code. The existence of an arbitration clause in the MoU does not bar the admission of a Section 7 application under the IBC.”
Case Title : Ex-Buzz Fire & Security Private Limited V/s Future Market Networks Limited Case Number : C.P. (IB)/785(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 441
The National Company Law Tribunal (NCLT) in Mumbai has rejected an insolvency plea filed by Ex-Buzz Fire & Security Private Limited against Future Market Networks Limited, a Future Groups company. The tribunal held that the principal operational debt fell below the Rs 1 crore threshold required to trigger insolvency proceedings under the Insolvency and Bankruptcy Code. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the principal operational debt was only Rs 27.03 lakh and that the additional claims were unsupported by any contractual or documentary basis.
Running Account Entries Cannot Extend Limitation For Time-Barred Debt: NCLT Mumbai
Case Title : TRICON INFRA BUILDTECH PRIVATE LIMITED Versus PONY INFRASTRUCTURES AND CONTRACTORS LIMITED
Case Number : CP (IB) / 499 (MB) 2022
CITATION : 2026 LLBiz NCLT (MUM) 442
The National Company Law Tribunal (NCLT) at Mumbai has recently held that a creditor cannot extend the limitation period for recovering a time-barred debt merely by maintaining a running account in its own books unless the debtor acknowledges the liability in writing. “The maintenance of running account of a debtor by the creditor in its books can not extend the period of limitation in respect of debt, the claim of which has become time barred, unless the said running account is acknowledged by the debtor in writing.,” the tribunal observed.
NCLT Mumbai Dismisses CIRP Plea Filed To Avoid Consequences Of ₹250 Crore Statutory Demands
Case Title : INFINITE PINNACLE PVT LTD vs MART OVERSEAS PVT LTD
Case Number : CP (IB)74 (MB)/2026
CITATION : 2026 LLBiz NCLT (MUM) 443
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an insolvency plea filed by Infinite Pinnacle Pvt Ltd against Mart Overseas Pvt Ltd. The tribunal held that the petition was a fraudulent application filed to get away from criminal consequences arising from statutory demands of about ₹250 crores against the corporate debtor. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the petition was filed for a purpose other than the resolution of the corporate debt.
NCLT Ahmedabad Orders Steel Konnect Directors To Repay ₹20.25 Crore For Operating Hidden Account
Case Title : Kedarram R Laddha Vs Vivek Vijay Gupta & Ors.
Case Number : IA 585 of 2020 in CP(IB} 5 of 2017
CITATION : 2026 LLBiz NCLT(AHM) 445
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed suspended directors of Steel Konnect (India) Pvt. Ltd. and a related company to contribute Rs 20.25 crore to the corporate debtor's assets after finding they operated a concealed bank account and diverted company funds, including during the insolvency process. The order was passed by Judicial Member Shammi Khan and Technical Member Sanjeev Sharma.
Corporate Debtor Cannot Be Directly Dissolved Under IBC Without Liquidation: NCLT Mumbai
Case Title : In the matter of: Mr. Navin Khandelwal
Case Number : I.A. (DIS.) No. 28 of 2024 IN C.P. (IB) No. 302/MB/2021
CITATION : 2026 LLBiz NCLT(MUM) 446
The Mumbai bench of the National Company Law Tribunal (NCLT) has held that a corporate debtor cannot be directly dissolved under the Insolvency and Bankruptcy Code without first undergoing the insolvency and liquidation process. The bench of Judicial Member K. R. Saji Kumar and Technical Member Anil Raj Chellan observed: “A plain reading of Section 54 makes it clear that an application for dissolution of the Corporate Debtor is to be filed by the Liquidator and not by the IRP/RP of the Corporate Debtor. Further, the application for dissolution is to be filed after the assets of the Corporate Debtor have been completely liquidated.”
Case Title : UCO Bank vs. Sarita Steel & Power Limited
Case Number : I.A. (IB) No. 1726/KB/2025 In Company Petition (IB) No. 43/KB/2023 CITATION : 2026 LLBiz NCLT(MUM) 447
The Kolkata Bench of the National Company Law Tribunal (NCLT) has refused to consolidate the corporate insolvency resolution processes (CIRPs) of Sarita Steel & Power Limited and Ankit Metal & Power Limited, holding that Ankit Metal's resolution process had already reached an advanced stage with multiple plans evaluated. “The assets are interconnected, but the CIRP of Ankit Metal has reached an advanced stage with multiple resolution plans already evaluated. The CIRP of Sarita Steel is yet to progress much, or maybe it is getting deliberately delayed,” the tribunal observed.
Case Title : Sunil Mandwani v. Santosh Devcon Pvt Ltd.
Case Number : I.A. (COMPANIES ACT)/6(MP)2026 In CP (COMPANIES ACT)/8(MP)2026 CITATION : 2026 LLBiz NCLT(IND) 448
The National Company Law Tribunal (NCLT) in Indore has rejected Santosh Devcon Pvt. Ltd.'s objection that shareholder Sunil Mandwani was forum shopping by pursuing remedies before multiple fora in a dispute over the alleged reduction of his stake, holding that the company law case raised a distinct cause of action. “The present petition has been filed under Sections 241 and 242 of the Companies Act, 2013 alleging oppression by illegal reduction of the Applicant's shareholding and suppressive treatment as a shareholder — a cause of action that is distinct, independent and falls exclusively within the jurisdiction of this Tribunal. This is not forum shopping; this is forum choosing," the tribunal held.
Personal Guarantor Cannot Escape Liability Due To Creditor's Withdrawal from CIRP: NCLT Jaipur
Case Title : Hemant Kumar Bohra v. Manohar Lal VIJ and Ors
Case Number : IA No. 343/JPR/2024 in CP No.(IB)-19/95(1)/JPR/2021
CITATION : 2026 LLBiz NCLT(JAI) 450
The Jaipur Bench of the National Company Law Tribunal (NCLT) has held that withdrawal of a creditor's claim in the corporate insolvency resolution process (CIRP) of a corporate debtor does not, by itself, extinguish the liability of a personal guarantor under an independent contract of guarantee. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar dismissed the application filed by Hemant Kumar Bohra, personal guarantor of Bohra Industries Limited (BIL), challenging the admission of STCI Finance Limited's claim of over Rs. 47 crore in his personal guarantor insolvency proceedings.
NCLT Mumbai Rejects Johnson Screens' Insolvency Plea Against Shapoorji Pallonji
Case Title : Johnson Screens (India) Private Limited Vs. Shapoorji Pallonji and Company Private Limited
Case Number : C.P. (IB)/123/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 453
The Mumbai bench of the National Company Law Tribunal on Tuesday dismissed a plea by Johnson Screens (India) Pvt Ltd to initiate corporate insolvency resolution process against construction major Shapoorji Pallonji and Company Pvt Ltd over an alleged operational debt of Rs 1.05 crore.
Case Title : In the matter of Parvinder Singh, RP for Aabha Industries Limited
Case Number : IA(I.B.C.)/713(CH)2023 in CP(IB)No.62/CHD/PB/2019
CITATION : 2026 LLBiz NCLT (CHA) 455
The Chandigarh bench of the National Company Law Tribunal (NCLT) has directed Neel-Rattan Enterprises Pvt. Ltd. and its directors to hand over possession, custody, and control of factory premises and related assets belonging to Aabha Industries Limited to the resolution professional, holding that continued enforcement of an arbitral award allowing their occupation could not continue during the insolvency moratorium.
NCLT Delhi Allows Withdrawal Of Nobility Estates CIRP, Restores Management Control To Board
Case Title : ASK Property Investment Advisors Private Limited Vs Nobility Estates Private Limited
Case Number : IA-1707/2026 in (IB)- 390(PB)/2023
CITATION : 2026 LLBiz NCLT (DEL) 457
The Delhi Bench of the National Company Law Tribunal (NCLT) on 5 May allowed withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Nobility Estates Private Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016, after recording that creditors met the statutory approval threshold and parties reached a settlement. Acting President Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi allowed the withdrawal application, restored control of the company to its Board of Directors, and discharged the Resolution Professional from all duties.
NCLT Chennai Orders Liquidation Of ARS Energy After CoC Fails To Approve Resolution Plan
Case Title : R.Bhuvaneshwari, Resolution Professional of ARS Energy Private Limited Case Number : IA/(IBC)/LIQ/7/CHE/2026 in CP/IB/99(CHE)/2024
CITATION : 2026 LLBiz NCLT(CHE) 458
On 5 May, the Chennai Bench of the National Company Law Tribunal ordered liquidation of ARS Energy Private Limited after the Committee of Creditors failed to approve any resolution plan and the proposal to appoint the Resolution Professional as liquidator did not secure the mandatory voting threshold under the Insolvency and Bankruptcy Code, 2016.
NCLT Mumbai Admits Canara Bank's Insolvency Plea Against Supreme Housing Over ₹567 Crore Default
Case Title : CANARA BANK VS SUPREME HOSUING & HOSPITALITY PVT LTD
Case Number : IA (I.B.C) 683/MB/2026 in CP (IB) No. 1257/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 460
The National Company Law Tribunal (NCLT) at Mumbai on Wednesday admitted Canara Bank's Section 7 insolvency petition against Supreme Housing & Hospitality Private Limited over a default of ₹567.43 crore and initiated corporate insolvency resolution process (CIRP) against the company. A Bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed: “Accordingly, in our view, there exists a debt which is in default and the said debt is within limitation and exceeds the threshold prescribed under Section 4 of IBC, 2016. The present Application is complete, and as per the consent of the proposed IRP as placed on record, no disciplinary proceedings are pending against the said proposed IRP.”
Case Title : Boston Ivy Healthcare Solutions Private Limited Vs Aaquaries Global Industries Limited
Case Number : C.P. (IB)/456(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 465
The National Company Law Tribunal (NCLT) in Mumbai has rejected Boston Ivy Healthcare Solutions Private Limited's insolvency plea against Aaquaries Global Industries Limited after finding that the initial demand notice was defective and the company issued a fresh demand notice after already moving the tribunal over the same dues. “In this case, the Applicant filed an application under Section 9 based on a demand notice, which subsequently was found as defective and therefore, the Applicant issued another demand notice dated 11.03.2025 demanding the outstanding claimed in the application. In our view, the same is not permissible and after the issuance of fresh notice of demand, the Applicant has file a fresh Section 9 application complying with the provisions of Section 8 and Section 9 of IBC, 2016. ,” the tribunal said.
NCLT Kochi Holds Similar Pre- and Post-CIRP Pricing Negates Undervaluation Allegation
Case Title : Piyush kisanlal Jani v. Chuzattil Narayanana Manoj
Case Number : IA(IBC)/141/KOB/2025 in CP(IBC)/10/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 467
The Kochi Bench of the National Company Law Tribunal (NCLT) on 8 May dismissed an application filed by the Resolution Professional of Pelican Biotech and Chemicals Labs Private Limited seeking avoidance of alleged undervalued transactions. Judicial Member Vinay Goel held that continuity of pricing between pre-CIRP and CIRP periods can be a relevant factor in assessing allegations of undervaluation under the Insolvency and Bankruptcy Code, 2016.
Case Title : State Bank of India v. Mulpuri Siva Ramakrishna & -
Case Number : IA (IBC)/1963/2025 IA (IBC)/1964/2025 IA (IBC)/1972/2025 in CP (IB) No. 390/95/HDB/2020 U/s 95 of IBC
CITATION : 2026 LLBiz NCLT (HYD) 472
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that specific payments made by a personal guarantor to his daughter and son during the relevant look-back period constituted preferential transactions under the Insolvency and Bankruptcy Code, 2016, and directed recovery of ₹1 crore into the bankruptcy estate. The bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri passed the order in applications arising out of the bankruptcy proceedings against Mulpuri Siva Ramakrishna, personal guarantor to Athena Chhattisgarh Power Limited.
Case Title : Roselabs Limited Vs Bank of Baroda & Ors
Case Number : RCP(IB)/2(AHM)2025 in C.P. (IB)/183/AHM/2024
CITATION : 2026 LLBiz NCLT (AHM) 468
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 11 May dismissed a voluntary insolvency petition filed by Roselabs Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held that the proceedings were initiated with malicious intent to stall recovery and regulatory actions rather than for genuine insolvency resolution, and imposed costs of Rs 10 lakh, directing that the amount be deposited with the Prime Minister's National Relief Fund.
Ahmedabad NCLT Rejects Suwarna Buildcon's CIRP Plea Against Sadbhav Engineering
Case Title : Suwarna Buildcon Pvt Ltd Vs Sadbhav Engineering Ltd
Case Number : C.P.(IB)/52(AHM)2023 With IA/500(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 469
On 11 May, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) dismissed a Section 9 insolvency petition filed by Suwarna Buildcon Pvt. Ltd. against Sadbhav Engineering Ltd., holding that the claim arose from a substituted contract and fell within the Section 10A embargo under the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Shammi Khan and Technical Member Sanjeev Sharma. It also dismissed the connected amendment application.
Case Title : Enercon Gmbh Vs Ravi Sethia, RP of Wind World (India) Ltd
Case Number : IA/425(AHM)2026 In IA(Plan)/7(AHM)2026 In CP(IB) 14 of 2018
CITATION : 2026 LLBiz NCLT (AHM) 470
The Ahmedabad bench of the National Company Law Tribunal has partly upheld objections by German wind energy company Enercon GmbH to the resolution plan for Wind World (India) Ltd. It held that the company's admitted claim for components and materials supplied could not be reduced to a notional value of ₹1 merely because related proceedings remained pending before the Supreme Court. “The mere pendency of the Special Leave Petitions before the Hon'ble Supreme Court could not, by itself, justify mechanical treatment of the entirety of the Objector's claim as liable to be admitted only at a notional value of Rs.1/-, particularly when the liability pertaining to components and materials supplied by Enercon stood specifically acknowledged and undisputed before the Hon'ble Bombay High Court,” the tribunal said.
NCLT Kochi Rejects Bid To Claw Back Periyar Agro's Alleged 'Gift' Transfers To Suspended Directors
Case Title : Mr. George Varkey v. Mohammed Riyaz and Anr
Case Number : IA(IBC)/325/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 473
The National Company Law Tribunal (NCLT) at Kochi has held that payments made to directors through running business accounts cannot be mechanically treated as “gifts” under the Insolvency and Bankruptcy Code without clear proof that they were gratuitous. Dismissing a Resolution Professional's plea against the suspended directors of Periyar Agro Food Industries Private Limited, the tribunal held that the RP had failed to establish that the transactions qualified as undervalued transactions under Section 45 of the IBC.
Case Title : Mr. George Varkey v. Mohammed Riyaz and Anr
Case Number : IA(IBC)/324/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 474
The National Company Law Tribunal (NCLT) at Kochi has recently directed the suspended directors of Periyar Agro Food Industries Private Limited to jointly pay over ₹38 crore to the Corporate Debtor after holding that they had carried on the company's business with intent to defraud creditors. Holding that stock worth ₹14.30 crore could not have “vanished or evaporated like water” without leaving any documentary or financial trail, a coram of Judicial Member Vinay Goel held that the suspended directors had failed to satisfactorily explain the disappearance of stock.
NCLT Ahmedabad Approves ₹29 Crore Resolution Plan for Amul Industries, Rejects Workmen's Objections
Case Title : Vinod Tarachand Agrawal
Case Number : IA(Plan)/15(AHM)2025 in CP(IB)/164(AHM)2023
CITATION : 2026 LLBiz NCLT (AHM) 471
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 May approved the resolution plan submitted by a consortium led by Mr. Sandeep Vadodaria for Amul Industries Pvt. Ltd., holding it compliant with Sections 30(2) and 53 of the Insolvency and Bankruptcy Code, 2016. Judicial Member Chitra Hankare and Technical Member Dr Velamur G. Venkata Chalapathy, approved the plan despite earlier rejection at the NCLT stage and subsequent remand by the National Company Law Appellate Tribunal (NCLAT).
NCLT Mumbai Allows Loyal Auto Globe Liquidator To Seek Release Of MPID-Attached Properties
Case Title : SOLVENZA ADVISORY LLP vs STATE OF MAHARASHTRA & ORS
Case Number : I.A. No.35/MB/C-V/2026 IN C.P. NO. 4216(IB)/MB/2018
CITATION : 2026 LLBiz NCLT (MUM) 475
Holding that Loyal Auto Globe Pvt. Ltd.'s liquidation cannot effectively proceed while its properties remain under MPID attachment, the National Company Law Tribunal at Mumbai on May 15 allowed the liquidator to approach the competent Sessions Court for release of the properties. A bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati said the issue of release of the attachment must be decided by the competent court because the properties form part of the corporate debtor's liquidation estate.
NCLT Mumbai Admits Homebuyers' Insolvency Plea Against Developers Of Stalled Avenue 54 Project
Case Title : Avenue 54 Welfare Association vs Sumer Buildcorp Private Limited & Ors Case Number : C.P.(IB)/284/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 476
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Friday admitted an insolvency plea by Avenue 54 Welfare Association, representing homebuyers of the stalled Avenue 54 housing project in Santacruz (West), Mumbai, against Sumer Buildcorp Private Limited and Sumer Radius Realty Private Limited. The plea concerns an alleged financial debt of Rs 203.27 crore arising from failure to complete the project and hand over possession.
Case Title : Pankaj Bhattad v. Krishan Raghunath Prasad Khadaria and Ors
Case Number : IA no 4240 of 2025 in Company Petition (IB) No. 612 of 2024
CITATION : 2026 LLBiz NCLT (MUM) 477
The National Company Law Tribunal (NCLT) Mumbai bench has recently refused to treat a loss-making share transaction by Laxmiramuna Investments Pvt. Ltd. as fraudulent trading. It held that the company was engaged in securities trading as part of its ordinary business and that no intent to defraud creditors had been established.
Case Title : O.C John v Sea Blue Shipyard Limited and Ors
Case Number : IA (C/Act)/31/KOB/2026 In CP(C/Act)/19/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 478
The Kochi Bench of the National Company Law Tribunal has allowed the legal heirs of a deceased individual named in a company petition to be brought on record. The Tribunal accepted the applicant's claim that he was unaware of the individual's death when the case was filed, observing that “procedural technicalities ought not to be permitted to defeat the ends of justice.” Judicial Member Vinay Goel passed the order while allowing an impleadment application in a company petition concerning Sea Blue Shipyard Limited.
Case Title : AUTHUM INVESTMENT & INFRASTRUCTURE LIMITED vs RNA LIFESTYLE PRIVATE LIMITED
Case Number : RCP (IB)/31/MB/2024 IN C.P. (IB)/2394/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 481
The National Company Law Tribunal (NCLT) Mumbai On Friday held that a financial creditor is not required to file separate insolvency proceedings merely because separate sanction letters or loan agreements were executed in favour of a corporate debtor, or because defaults occurred on different dates. “Merely because separate sanction letters or loan agreements were executed, or because defaults occurred on different dates, does not require the Financial Creditor to institute separate proceedings under Section 7 of the IBC. The scheme of the IBC does not contemplate a fragmented approach to financial transactions where multiple facilities extended by the same creditor to the same corporate debtor are to be artificially segregated. What is relevant under Section 7 is the existence of a financial debt and occurrence of default above the prescribed threshold,” the tribunal held.
Case Title : INDRAJIT MUKHERJEE vs PANKAJ CARGO FORWARDS PVT LTD & ORS Case Number : I.A. (IB) NO. 1341 OF 2025 IN C.P. (IB) NO. 738/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 483
The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday ordered the liquidation of First Flight Couriers Ltd after the Committee of Creditors failed to arrive at a viable resolution plan that fully provided for EPFO dues and later voted to wind up the company. “Despite being granted sufficient time to reassess and amend the resolution plan for compliance, the CoC has not accomplished this. Consequently, the CoC has made a decision to liquidate the Corporate Debtor as no viable proposal is available,” the Tribunal held.
NCLT Ahmedabad Admits Astron Paper To Insolvency Over Rs 1.77 Crore Dues
Case Title : Empire Sons Pty Ltd Vs Astron Paper & Board Mill Limited
Case Number : COMPANY PETITION (IB) 316 (AHM) 2025
CITATION : 2026 LLBiz NCLT (AHM) 484
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Astron Paper & Board Mill Limited to insolvency proceedings over a Rs 1.77 crore payment default claimed by an Australian supplier of corrugated waste paper. Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy passed the order on May 11. Empire Sony PTY Limited, the operational creditor, said the default arose from supply of corrugated waste paper consignments under sales orders dated March 28, 2023, September 15, 2023, and September 22, 2023. It claimed dues of Rs 1.77 crore, including a principal amount of Rs 1.61 crore and interest of Rs 16.75 lakh.
IBC Court Can't Assume Criminal Court Role For Offences Arising Out Of Insolvency: NCLT Guwahati
Case Title : Sandeep Kaithan v. Shalini Bhagat and Ors
Case Number : IA(IBC)/44/GB/2023 in CP(IB)/22/GB/2019
CITATION : 2026 LLBiz NCLT (GUA) 485
The National Company Law Tribunal (NCLT) at Guwahati has recently reiterated that insolvency proceedings are not the proper forum to determine criminal liability for alleged fraudulent removal of a corporate debtor's assets, ruling that such allegations must be pursued before the designated special court. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh was dealing with an application originally filed by the Resolution Professional of Shree Sai Rolling Mills India Limited, later pursued by the liquidator, alleging fraudulent removal of the company's assets by the suspended management and others.
NCLT Delhi Admits Cedar Hospitality Into CIRP, Holds Borrower's OTS Extends Limitation
Case Title : Bank of India Vs Cedar Hospitality Private Limited
Case Number : Company Appeal (AT) (Insolvency) 2363/2024
CITATION : 2026 LLBiz NCLT (DEL) 487
On 11 May, the Delhi Bench of the National Company Law Tribunal (NCLT) admitted a Section 7 petition filed by Bank of India against Cedar Hospitality Pvt. Ltd. and initiated the Corporate Insolvency Resolution Process (CIRP) over a default of Rs. 140.49 crore. Judicial Member Jyotsna Sharma and Technical Member Anu Jag Mohan Singh appointed Shailesh Chandra Ojha as the Interim Resolution Professional (IRP).
NCLT Ahmedabad Admits Section 95 Petition Against Sonali Exim Guarantor Over Siemens ₹5 Cr Default
Case Title : Siemens Financial Services Private Limited Vs Deepak Agarwal
Case Number : IA/1227(AHM)2025 in C.P. (IB)/298(AHM)2024
CITATION : 2026 LLBiz NCLT (AHM) 489
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 8 May admitted an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 filed by Siemens Financial Services Pvt. Ltd. against Deepak Agarwal, personal guarantor to Sonali Exim Pvt. Ltd. Judicial Member Chitra Hankare and Technical Member Dr V.G. Venkata Chalapathy initiated the personal insolvency resolution process.
Case Title : CA and IP Bhavan Trivedi v. Income Tax Department and Anr
Case Number : IA(Plan) 3 of 2026 in CP No. (IB)- 276 OF 2024
CITATION : 2026 LLBiz NCLT (AHM) 490
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 22 April remitted the resolution plan of Button Industries Private Limited to the Committee of Creditors (CoC) for reconsideration, citing concerns over the conditional demerger structure, uncertainty on CIRP costs, and inadequate disclosure regarding the Successful Resolution Applicant's (SRA) financial capacity. Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy heard an application under Sections 30(6) and 60(5) of the Insolvency and Bankruptcy Code, 2016, filed for approval of the resolution plan in the Corporate Insolvency Resolution Process (CIRP) of the company.
Suspended Directors Can Move Tribunal Over Asset Preservation Failures During CIRP: NCLT Kolkata
Case Title : UCO Bank v. Nandini Impex Private Limited
Case Number : IA (IB) No. 212/KB/2025 And IA (IB) No. 1446/KB/2025 In CP (IB) No. 1377/KB/2020
CITATION : 2026 LLBiz NCLT (KOL) 492
The National Company Law Tribunal (NCLT) at Kolkata has recently reiterated that members of a suspended board of directors are not completely remediless during the corporate insolvency resolution process. It held that they may approach the adjudicating authority in appropriate cases concerning conduct of the process, preservation of assets, or alleged violation of statutory duties by the resolution professional or committee of creditors.
SARFAESI Notice Not Invocation Of Personal Guarantee For Insolvency: NCLT Jaipur
Case Title : Bank of Baroda v. Shri Amit Prakash Gupta
Case Number : IA(IBC) No.20/JPR/2026
CITATION : 2026 LLBiz NCLT (JAI) 493
The National Company Law Tribunal (NCLT) at Jaipur has held that a SARFAESI notice cannot, by itself, amount to invocation of a personal guarantee for initiating insolvency proceedings against a personal guarantor. A bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar observed that enforcement of security interest under the SARFAESI Act and invocation of a personal guarantee are “conceptually and legally distinct.”
NCLT Hyderabad Finds GPT Pharmaceuticals–Punarnava Rasayan CIRP Collusive, Finds No Financial Trail
Case Title : GPT Pharmaceutical Pvt Ltd and Punarnava Rasayan Pvt Ltd Case Number : Miscellaneous Application (IBC)/1/2024 in Company Petition IB/108/7/HDB/2023 U/s 7 of IBC CITATION : 2026 LLBiz NCLT (HYD) 495
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that parties cannot invoke the insolvency framework under the Insolvency and Bankruptcy Code, 2016 (IBC) in a collusive or malicious manner and that such misuse attracts proceedings and penalty under Section 65 of the Code. Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri initiated proceedings under Section 65 of the IBC and imposed a penalty of Rs. 25 lakh each on GPT Pharmaceuticals Private Limited and Punarnava Rasayan Private Limited for fraudulent initiation of the Corporate Insolvency Resolution Process (CIRP), finding that the proceedings constituted an abuse of the insolvency mechanism.
Case Title : Mukund Choudhary, Personal Guarantor Vs HEMANT SHARMA
Case Number : IA-1529/2026 IN CP (IB)-202(PB)/2021
CITATION : 2026 LLBiz NCLT (DEL) 496
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 19 May held that a personal guarantor stands discharged upon full implementation of a repayment plan under the Insolvency and Bankruptcy Code, 2016, and that the Personal Insolvency Resolution Process must close once statutory compliances under the Code are fulfilled. Judicial Member Mahendra Khandelwal and Technical Member Ms. Anu Jagmohan Singh, allowed an application filed by Resolution Professional Hemant Sharma under Section 119 of the IBC and discharged Mukund Choudhary, personal guarantor to CLC Industries Ltd, while closing the PIRP.
Case Title : Navkar Ploymers v Neo Microns Private limited.
Case Number : CP(IBC)/89/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 497
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that a corporate debtor's plea of an oral dispute over allegedly defective goods, without any supporting material, does not establish the existence of a genuine dispute, while admitting an insolvency plea over unpaid operational debt. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma observed, “The plea of oral dispute, in absence of any supporting material, does not establish existence of a dispute,” adding that the defence constituted a “moonshine defence” raised only to evade liability.
Case Title : Nitin Om Kothari RP of Irfan Khan PG of Dmb Paper Mills v. Mr. Irfan Khan
Case Number : CP(IBC)/89/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 498
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that a resolution professional cannot remain a “passive spectator” and attribute delays in a personal guarantor insolvency process to the guarantor or the financial creditor without taking proactive steps. The tribunal made the observation while dismissing a plea to close the personal insolvency resolution process with liberty to initiate bankruptcy proceedings.
Case Title : Assistant Commissioner of State taxes v. Mr. Shivadutt Bannanje
Case Number : IA 502 & 503 of 2025 in CP(IB) No. 14/BB/2017
CITATION : 2026 LLBiz NCLT(BEN) 499
The National Company Law Tribunal (NCLT) at Bengaluru recently refused to condone a 1,784-day delay and consequently declined to admit a belated ₹6.09 crore tax claim filed by the Punjab State Tax Department in the liquidation of Falcon Tyres Ltd. A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed applications filed by the Assistant Commissioner of State Taxes, Jalandhar, seeking condonation of delay and admission of the claim arising under the Punjab Value Added Tax Act and the Central Sales Tax Act.
Case Title : upreme Plascare India Private Limited v. Shiroo Polymers Private Limited
Case Number : CP/IB/76/CHE/2025
CITATION : 2026 LLBiz NCLT(CHE) 500
The Chennai Bench of the National Company Law Tribunal (NCLT) on 5 May held that parties cannot subsequently recharacterise ordinary commercial transactions as financial debt to invoke insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Jyoti Kumar Tripati and Technical Member Ravichandran Ramasamy dismissed Supreme Plascare India Private Limited's plea seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Shiroo Polymers Private Limited over an alleged default of Rs.1.13 crore after finding that it failed to establish the existence of a “financial debt” under the IBC.
NCLT Bengaluru Bars Investors From Other Dreamz Projects From Taking Part In Samhita Project CIRP
Case Title : Dreamz GK Investors Welfare Association v. Ms. Ramanathan Bhuvaneshwari Case Number : IA No. 543 of 2024 in CP(IB) No. 113/BB/2022
CITATION : 2026 LLBiz NCLT(BEN) 503
The National Company Law Tribunal (NCLT) at Bengaluru has refused to allow an investors' association representing depositors in other Dreamz Infra projects to intervene in the project-specific insolvency proceedings for the Dreamz Samhita project, holding that it had failed to establish any project-specific interest. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application filed by Dreamz GK Investors Welfare Association seeking impleadment in the Corporate Insolvency Resolution Process (CIRP) of Dreamz Infra India Limited's Dreamz Samhita project and a stay on the August 24, 2023 admission order commencing insolvency proceedings.
Case Title : IL&FS Financial Services Limited Versus M/s Ansal Properties and Infrastructure Limited
Case Number : IA/6306/ND/2025 IN IB/558/ND/2024
CITATION : 2026 LLBiz NCLT (DEL) 504
The National Company Law Tribunal (NCLT) at New Delhi Bench has directed restoration of electricity supply to the golf course at Ansal Properties and Infrastructure Ltd's Sushant Golf City project in Lucknow. The relief is subject to the operator paying ₹2 lakh within three days and the balance ₹33.75 lakh within two months, while the Tribunal adjudicates a dispute over termination of its operating agreement during the company's insolvency proceedings.
Title Disputes Over Mortgaged Property Do Not Bar Personal Guarantor Insolvency: NCLT Guwahati
Case Title : Canara Bank Limited Vs Keishing James Lalrongbawl (PG) to North East Region Finservices Limited (CD)
Case Number : CP(IB)/20/GB/2025
CITATION : 2026 LLBiz NCLT(DEL) 505
The National Company Law Tribunal (NCLT) at Guwahat has recently held that pending title disputes over mortgaged property do not bar insolvency proceedings against a personal guarantor, since such proceedings turn on the existence of debt and default rather than adjudication of property rights. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh passed the ruling while admitting Canara Bank's insolvency petition against Keishing James Lalrongbawl, personal guarantor to North East Region Finservices Limited.
NCLT Kolkata Rejects EPFO's ₹8.23 Crore Additional PF Claim In Corporate Power Liquidation
Case Title : Central Board of Trust, Employees Provident Fund through Regional P.F. Commissioner-II (Legal)… Applicant Versus M/s Corporate Power Limited …Corporate Debtor And Mr. Pankaj Dhanuka, Liquidator of the Corporate Debtor namely M/s Corporate Power Limited (in liquidation)
Case Number : I.A. (IB) No. 1262/KB/2024 In Company Petition (IB) No. 23/KB/2019
CITATION : 2026 LLBiz NCLT(KOL) 506
The National Company Law Tribunal (NCLT) in Kolkata has dismissed the Employees Provident Fund Organisation's plea to admit an additional ₹88.23 crore claim towards provident fund damages and interest in the liquidation of Corporate Power Limited(CPL). A bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra held that the additional EPFO claim, which arose from an assessment completed after the commencement of liquidation, could not be admitted in the process.
Case Title : JM Financial Asset Reconstruction Company Limited vs. KOBO Biotech Limited Case Number : IA (IBC) (Plan) 01/2026 In CP (IB) NO. 277/7/HDB/2023
CITATION : 2026 LLBiz NCLT (HYD) 501
The Hyderabad bench of the National Company Law Tribunal has approved Beaufond Industries Ltd's ₹70.11 crore resolution plan for KOBO Biotech Ltd. The plan provides for a composite restructuring. Beaufond will merge into KOBO Biotech, the API business will be demerged into a separate entity, and the surviving company will be renamed Beaufond Ltd. The coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri clarified that while approval of the resolution plan would suffice to implement the restructuring for KOBO Biotech, other entities involved in the scheme would still need to follow the prescribed Companies Act process.
Case Title : Kunnel Engineers and Contractors Private Limited v. Nest Realtors India Private Limited
Case Number : CP(IBC)/05/KOB/2026
CITATION : 2026 LLBiz NCLT(KOC) 507
The National Company Law Tribunal (NCLT) at Kochi has dismissed an insolvency petition filed by Kunnel Engineers and Contractors Private Limited against Nest Realtors India Private Limited. It held that once construction dues were extinguished under a settlement agreement, a later breach could not revive the original debt for insolvency proceedings.
Highest Score In Evaluation Matrix Doesn't Guarantee Resolution Plan Approval: NCLT Kochi
Case Title : Ayyappan Nair Raghavan Pillai v. Committee of Creditors
Case Number : IA(IBC)/379/KOB/2025 in CP(IBC)/22/KOB/2024
CITATION : 2026 LLBiz NCLT(KOC) 508
Securing the highest score under the evaluation matrix does not give a resolution applicant any vested right to have its plan approved by the Committee of Creditors (CoC), the National Company Law Tribunal at Kochi has reiterated. A coram of Judicial Member Vinay Goel said: “It is now well settled that the Evaluation Matrix is only a guiding tool intended to facilitate comparative assessment of Resolution Plans and does not confer any vested or enforceable right upon the highest-scoring Resolution Applicant to demand approval of its Resolution Plan.”
NCLT Chennai Reiterates Unauthorised Communications Cannot Trigger CIRP, Dismisses ₹1.24 Crore Plea
Case Title : Daedong Sidpping Company Limited v. Srivi Exports And Imports Private Limited Case Number : CP(IB)/78(CHE)/2024
CITATION : 2026 LLBiz NCLT(CHE) 509
The Chennai Bench of the National Company Law Tribunal (NCLT) on 5 May dismissed an insolvency application filed by Daedong Shipping Company Limited, a South Korean shipping company, holding that communications from an unauthorised person cannot be used to establish an operational debt or initiate proceedings under the Insolvency and Bankruptcy Code, 2016. Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy reiterated that corporate liability must rest on valid authorisation and a crystallised debt, while rejecting the plea to initiate Corporate Insolvency Resolution Process (CIRP) against Srivi Exports and Imports Private Limited over an alleged operational debt of about Rs 1.24 crore.
Auction Purchaser Of CoC Member Company Cannot Represent It Until Sale Completion: NCLT Kolkata
Case Title : Gouri Iron & Steel Private Limited v. Chaitanya Alloys Private Limited
Case Number : I.A. (IB) No. 1141/KB/2025 and IA (IB) No. 1025(KB) 2025 in Company Petition (IB) No. 13/KB/2024
CITATION : 2026 LLBiz NCLT(KOL) 511
The National Company Law Tribunal (NCLT), Kolkata Bench, has recently held that a successful auction purchaser of a company that is a committee of creditors (CoC) member in another insolvency process cannot participate in that other company's CoC meetings until the acquisition is legally completed. It held that mere purchase through auction does not by itself confer that right. The bench of Judicial Member Bidisha Banerjee, and Technical Member Siddharth Mishra held that the liquidator would continue to represent the CoC member until ownership effectively passes.
Case Title : Empire Housing Projects Pvt. Ltd. v. M/s Ninaniya Estates Limited
Case Number : CP (IB)No. 90/7/JPR/2025
CITATION : 2026 LLBiz NCLT(JAI) 512
The Jaipur Bench of the National Company Law Tribunal (NCLT) has refused to admit Empire Housing Projects Pvt. Ltd.'s insolvency plea against Ninaniya Estates Ltd. It held that the dispute arose from a complex and seriously contested commercial arrangement linked to a real estate transaction, which could not be resolved in summary insolvency proceedings. The matter was heard by a bench of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar.
Agreement To Sell Does Not Confer Ownership Rights Over Corporate Debtor's Property: NCLT Bengaluru
Case Title : Fortuna Integral Projects Private Limited v. Shivadutt Bannanje
Case Number : IA No. 596 of 2024 in CP(IB) No. 124/BB/2017
CITATION : 2026 LLBiz NCLT (BEN) 513
The Bengaluru National Company Law Tribunal (NCLT) on 26 May held that an agreement to sell, by itself, does not confer ownership rights or create any interest in an immovable property in favour of a purchaser in insolvency proceedings. Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application seeking execution of a sale deed in respect of a commercial property owned by Fortuna Buildcon (India) Private Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP).
NCLT Jaipur Holds Section 95 IBC Maintainable For Pre-2019 Guarantees If Default Occurs Later
Case Title : Tata Capital Limited v. Mr. Ashit Jain
Case Number : IA(IBC) No. 316/JPR/2025 in CP No.(IB)-7/95/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 514
The Jaipur National Company Law Tribunal (NCLT) on 26 May held that insolvency proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 can be initiated against a personal guarantor even where the guarantee was executed prior to the coming into force of the personal guarantor framework, so long as the default and invocation of the guarantee occurred thereafter. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar admitted an insolvency application filed by Tata Capital Limited against Ashit Jain, personal guarantor of Nidhikamal Automobiles Private Limited.
NCLT New Delhi Holds Cancellation Agreement Claim Outside Operational Debt, Rejects Section 9 Plea
Case Title : PARSVNATH DEVELOPERS LTD.Versus VINU PROMOTERS PRIVATE LTD
Case Number : Company Petition No. (IB)-233/ND/2025
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 20 May 2026 held that a claim arising from a cancellation agreement executed for relinquishment of rights under an earlier development arrangement does not constitute “operational debt” under Section 5(21) of the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Ashok Kumar Bhardwaj and Technical Member Atul Chaturvedi dismissed a Section 9 application filed by Parsvnath Developers Ltd. seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Vinu Promoters Pvt. Ltd.
Case Title : Himalaya Food International Limited Vs A.P.J. Laboratories Limited
Case Number : CP (IB) No.161/Chd/HP/2023
CITATION : 2026 LLBiz NCLT(CHA) 516
The Chandigarh Bench of the National Company Law Tribunal National Company Law Tribunal on 25 May admitted a Section 7 petition filed by Himalaya Food International Limited and initiated Corporate Insolvency Resolution Process (CIRP) against A.P.J. Laboratories Limited for default of Rs 14.41 crore, holding that the debt and default stood admitted and undisputed. Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh admitted the petition, appointed an Interim Resolution Professional, and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016.
Case Title : Anil Arora Vs The Commissioner, Municipal Corporation, Faridabad
Case Number : IA(I.B.C.)/877(CH)2022 IN CP(IB) No.41/Chd/Hry/2019
CITATION : 2026 LLBiz NCLT(CHA) 515
The Chandigarh bench of the National Company Law Tribunal (NCLT) has held that recovery proceedings initiated by the Municipal Corporation of Faridabad could not impede the corporate insolvency resolution process of SRS Entertainment India Ltd. The tribunal directed the civic body to provide the company's resolution professional access to its sealed registered office and records. The bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh allowed an application filed by Resolution Professional Anil Arora seeking access to the premises and records required for conducting the insolvency resolution process.
Case Title : Union Bank of India vs. Shailesh Desai (Liquidator) and Ors.
Case Number : I.A. 43/2022 in C.P. No. (IB) 2660/2018
CITATION : 2026 LLBiz NCLT (MUM) 517
The Mumbai Bench of the National Company Law Tribunal (NCLT) has held that Union Bank of India could not claim exclusive entitlement to Rs 1.83 crore refunded after the wrongful invocation of bank guarantees during the corporate insolvency resolution process of EMI Transmission Ltd, finding that the amount was not covered by the bank's disclosed security and formed part of the liquidation estate.
Case Title : ICP India Private Limited v. Mr. Kanekal Chandrashekhar IN THE MATTER OF M/s Allahabad Bank v. M/s Southern Batteries Private Limited
Case Number : I.A. No. 573 of 2024 in C.P. (IB) No. 357/BB/2019
CITATION : 2026 LLBiz NCLT (BEN) 519
The National Company Law Tribunal (NCLT), Bengaluru Bench, has held that a decree obtained from a Commercial Court does not confer any superior status on a creditor under the Insolvency and Bankruptcy Code, 2016 (IBC). Such a creditor continues to be governed by its classification under the insolvency framework for the purposes of distribution under Section 53 of the Code. The tribunal observed, “A decree obtained during or after the commencement of insolvency proceedings does not confer any superior status upon the decree-holder in the distribution waterfall under Section 53. The Code does not recognize any special category for decree-holders, and such creditors continue to be governed by their respective classification under the insolvency framework.”
IBBI
The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to provide for appointment of its nominee director on the governing board of an insolvency professional agency (IPA), with the nominee enjoying the same status, rights, duties, powers and responsibilities as other directors. The change has been introduced through amendments to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.
To Cut Delays In Insolvency Professional Appointments, IBBI Seeks Applications For Empanelment
To cut delays in the appointment of insolvency professionals, the Insolvency and Bankruptcy Board of India (IBBI) has laid down a framework for preparing a panel of insolvency professionals for appointments by the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT), with unjustified refusal by empanelled professionals to take up assignments attracting a six-month exclusion. The IBBI on May 18 issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2026. The guidelines will remain effective from July 1 to December 31, 2026.
The Insolvency and Bankruptcy Board of India (IBBI) has amended its pre-packaged insolvency rules to require resolution professionals to appoint registered valuers within three days of taking charge, while allowing the consultation committee to require two sets of valuers if reasons are recorded in writing. The changes have been introduced through the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026, notified on May 19
IBBI Notifies New Valuation Norms For MSME Liquidation Under IBC, Allows Appointment Of Two Valuers
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2026, amending the valuation framework applicable to the liquidation of MSME corporate debtors. The amendment provides that where a corporate debtor is classified as a micro, small or medium enterprise under Section 7(1) of the Micro, Small and Medium Enterprises Development Act, 2006, the liquidator shall appoint one registered valuer for each asset class of the corporate debtor. It permits the liquidator to appoint two registered valuers if the consultation committee, after consultation, decides so and records reasons in writing. The amendment came into force on 19 May 2026.