LiveLawBiz IBC Monthly Digest: September 2026
Kirit Singhania
1 Oct 2026 7:12 PM IST
SUPREME COURT
Case Title : CANARA BANK (E-SYNDICATE BANK) VS. EQUINOX INDIA DEVELOPMENTS LIMITED
Case Number : DIARY NO. - 36294/2026
The Supreme Court on Monday issued notice on Canara Bank's challenge to the NCLAT order setting aside the admission of its Section 7 insolvency petition against Equinox India Developments Ltd., formerly Indiabulls Real Estate Ltd. A Bench of Justices J.B. Pardiwala and K. Vinod Chandran said the matter requires consideration and issues notice in Canara Bank's special leave petition.
Case Title : STATE BANK OF INDIA AND ORS. Versus MANOJ KUMAR DAS AND ORS.
Case Number : C.A. No. 10778-10780/2026
The Supreme Court on Monday, 31 August, declined to interfere with the National Company Law Appellate Tribunal's (NCLAT) 30 June order which held that provident fund, gratuity and pension dues payable to Jet Airways' workmen do not form part of the liquidation estate, even where segregated funds were not available on the liquidation commencement date. A Bench of Chief Justice Surya Kant with Justices Joymalya Bagchi and V. Mohana refused to interfere with the order, while leaving the questions of law raised by the financial creditors open for consideration in an appropriate future case.
Supreme Court Issues Notice On Plea Against NCLAT Ruling Allowing ED Action During IBC Moratorium
Case Title : VALUE WISE CONSULTANCY PRIVATE LIMITED vs THE DEPUTY DIRECTOR AND ORS.
Case Number : C.A. 10730/2026
Today, the Supreme Court issued notice on a plea by Value Wise Consultancy Private Limited, the liquidator of Siddhi Vinayak Logistics Ltd, challenging a National Company Law Appellate Tribunal (NCLAT), Delhi judgment which held that the Insolvency and Bankruptcy Code (IBC) moratorium does not stop the Enforcement Directorate (ED) from taking action under the Prevention of Money Laundering Act (PMLA).
Termination of Insolvency Process Cannot Be Challenged When Order Also Granted Relief: Supreme Court
Case Title : SANJAY KUMAR BHUWALKA VERSUS ACHAL KUMAR JINDAL & ANR.
Case Number : CIVIL APPEAL NO(S).10657/2026
CITATION : 2026 LLBiz SC 292
The Supreme Court has dismissed a creditor's appeal against the termination of a company's insolvency process, observing that it failed to understand how the order could be challenged when the proceedings had been terminated and relief had also been granted through that termination. “Termination of legal proceedings cannot be a ground for assailing the same particularly when the relief has also granted by such termination of legal proceedings viz., Corporate Insolvency Resolution Process (CIRP) in the instant case,” the top court observed.
Homebuyers Cannot Be Made To Bear Penal Charges For Project Delays As CIRP Costs: Supreme Court
Case Title : The Authorised Representative for Granite Gate Properties Private Limited, Ms. Rakesh Verma Versus M/s New Okhla Industrial Development Authority and Ors.
Case Number : Civil Appeal No. 3132 of 2026
CITATION : 2026 LLBiz SC 295
The Supreme Court has ruled in a case that time extension charges imposed for delays caused by a defaulting developer are penal in nature. They cannot be passed on to homebuyers as costs of the Corporate Insolvency Resolution Process (CIRP), observing that the default was that of the developer and homebuyers could not be made to bear that liability.
"The time extension charges in any event are penal in nature and the developer who has caused the default having ended up in a CIRP, the inclusion as CIRP costs would be unjust and misconceived. The default was of the developer and homebuyers cannot be mulcted with that liability," the court observed.
Case Title : MOHD NAZIM KHAN vs HDFC BANK LIMITED AND ORS.
Case Number : C.A. 12083/2026
The Supreme Court on Wednesday refused to interfere with a National Company Law Appellate Tribunal (NCLAT) order holding that a Committee of Creditors' decision on an Interim Resolution Professional's remuneration is subject to judicial scrutiny. However, after examining the decision on merits, the NCLAT upheld the CoC's decision to fix the IRP's total remuneration at ₹3 lakh. A Division Bench of Justices P.S. Narasimha and Alok Aradhe after hearing the parties, refused to interfere with the NCLAT order.
Case Title : ASMITHA MICROFIN LIMITED VS. RESERVE BANK OF INDIA
Case Number : DIARY NO. - 48051/2026
The Supreme Court on Thursday issued notice on a challenge to a National Company Law Appellate Tribunal (NCLAT) ruling that refused to allow an NBFC to initiate insolvency proceedings against itself. The tribunal held that the company remained a financial service provider despite cancellation of its Reserve Bank of India (RBI) registration under the Insolvency and Bankruptcy Code (IBC).
IBC Appeal Limitation Runs From NCLAT Order, Not Receipt Of Certified Copy: Supreme Court
Case Title : EMPLOYEE S PROVIDENT FUND ORGANIZATION VERSUS COC OF VAS DATA SERVICES PVT. LTD.
Case Number : Diary No(s). 32869/2026
The Supreme Court has recently ruled that the limitation period for an appeal against an NCLAT order would run from the date the order is provided, and not from the date a certified copy is obtained. “Assuming that under the NCLAT Rules, 2016, there is an obligation to provide copy of the order to the parties, the period of limitation would run from the date when the order is provided under NCLAT Rules, 2016, and not from the date when certified copy is obtained,” a Division Bench of Justice Manoj Misra and Justice Vijay Bishnoi observed.
Case Title : REGIONAL PROVIDENT FUND COMMISSIONER-II vs. MS. MAMTA BINANI & ORS.
Case Number : DIARY NO.42931 OF 2026
CITATION : 2026 LLBiz SC 309
The Supreme court has held that a litigant cannot be made to suffer when a court or tribunal's e-filing system prevents papers from being filed despite a bona fide attempt within the prescribed limitation period.
“When the system of the court/tribunal fails to receive the papers, which are sought to be presented bona fide and within the prescribed time, the litigant cannot be rendered remediless on the specious ground that the court/tribunal has no power to condone the delay,” a bench of Justice Dipankar Datta and Justice Sheel Nagu observed.
Case Title : The Committee of Creditors of Think & Learn Pvt Ltd vs Riju Raveendran & Ors
Case Number : C.A. 2594/2026
The Supreme Court on Monday reserved its verdict on a challenge by the Committee of Creditors (CoC) against its exclusion from proceedings concerning a plea to remove GLAS Trust Company LLC from the CoC of Think & Learn Pvt. Ltd. The challenge arises from the NCLAT's February 24, 2026, order concerning the CoC's impleadment in the proceedings initiated by former Byju's director Riju Ravindran.
Case Title : ANSHUL GUPTA VS. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
Case Number : DIARY NO. - 57176/2026
The Supreme Court on Monday issued notice on a plea filed by insolvency professional Anshul Gupta challenging the National Company Law Appellate Tribunal's (NCLAT) order holding that an insolvency professional whose registration is suspended cannot continue to act in other ongoing insolvency proceedings. A Bench of Justices Manoj Misra and Vijay Bishnoi, however, did not stay the NCLAT order and directed the appellate tribunal to decide Gupta's appeal in the meantime.
Supreme Court Directs Impleadment Of CoC In Plea To Remove GLAS Trust From Byju's CoC
Case Title : The Committee of Creditors of Think and Learn Private Limited Versus Riju Ravindran and Ors.
Case Number : Civil Appeal No.2594 of 2026
CITATION : 2026 LLBiz SC 318
The Supreme Court has recently directed the Committee of Creditors (CoC) of Think & Learn Pvt Ltd. to be impleaded in proceedings concerning a plea by suspended director Riju Ravindran seeking removal of GLAS Trust Company LLC from the CoC. A division bench of Justices J.B. Pardiwala and K. Vinod Chandran taking into account the consent of the parties, directed that IA No. 466 of 2025, which was reserved for orders on Riju Ravindran's plea concerning the removal of GLAS Trust from the CoC, be listed before the NCLT Bengaluru within two weeks with the CoC impleaded and heard.
Can NCLT Allow Withdrawal Of CoC-Approved Resolution Plan? Supreme Court Reserves Verdict
Case Title : BANK OF INDIA VS. S.M KAMAL PASHA
Case Number : DIARY NO. - 37619/2026
The Supreme Court on Wednesday reserved its judgment on whether the National Company Law Tribunal can permit withdrawal of an application seeking approval of a resolution plan after the Committee of Creditors has approved the plan and submitted it to the Adjudicating Authority A Bench of Justices J.B. Pardiwala and K. Vinod Chandran was hearing Indian Bank's challenge against the National Company Law Appellate Tribunal's April 20, 2026, order concerning TD Toll Road Pvt Ltd, which had set aside the NCLT's decision allowing withdrawal of the resolution plan approval application.
Case Title : GREENOPOLIS WELFARE CONFEDERATION vs RAKESH KUMAR GUPTA AND ORS.
Case Number : C.A. No. 6792-6796/2023
CITATION : 2026 LLBiz SC 321
The Supreme Court has held that the National Company Law Tribunal (NCLT) can recall an order admitting insolvency proceedings if the jurisdictional facts on which the proceedings were based are later found to have been affected by fraud or collusion. The court, however, clarified that such a finding does not automatically mean that the entire Corporate Insolvency Resolution Process (CIRP) must end.
HIGH COURT
Case Title : Jaiprakash Associates Limited vs The Office Of The Commissioner Of Customs Air Cargo Complex Import & Anr.
Case Number : W.P.(C) 10387/2026
CITATION : 2026 LLBiz HC (DEL) 915
The Delhi High Court has held that a pre-insolvency customs claim against Jaiprakash Associates Limited stood extinguished after the Customs Department failed to submit it during the company's insolvency process and the resolution plan was approved.
Bombay High Court Quashes Insolvency Professional's Suspension Over SCN Based On Extraneous Material
Case Title : Jitender Kumar Jain Versus Union of India & Ors.
Case Number : WRIT PETITION (L) NO. 2817 OF 2025
CITATION : 2026 LLBiz HC (BOM) 491
The Bombay High Court has quashed an Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee order suspending insolvency professional Jitender Kumar Jain's authorisation for assignment for three months. The court found that the show-cause notice issued to Jain was based on material outside the investigation conducted against him. A Bench of Justice Manish Pitale and Justice Shreeram V. Shirsat delivered the judgment on August 25, 2026.
Case Title : PATANJALI FOODS LIMITED vs SHIVSHANKAR SINGH & Ors
Case Number : WRIT PETITION No.6797 OF 2026
CITATION : 2026 LLBiz HC (BOM) 516
On 7 September, the Nagpur Bench of the Bombay High Court rejected Patanjali Foods Ltd.'s challenge to its impleadment in a pending labour dispute concerning an employee of Ruchi Soya Industries Ltd. Justice Nandesh S. Deshpande dismissed Patanjali Foods's writ petition and upheld the orders of the Labour Court and Industrial Court, while leaving it free to raise its defences based on the resolution plan before the Labour Court.
Calcutta High Court Quashes Income-Tax Reassessment Against McNally Bharat After IBC Resolution Plan
Case Title : McNally Bharat Engineering Company Limited v. Union of India and Others
Case Number : WPO 546 of 2024
CITATION : 2026 LLBiz HC (CAL) 224
The Calcutta High Court has quashed income-tax reassessment proceedings against McNally Bharat Engineering Company Limited, holding that the authorities failed to satisfy the statutory conditions for reopening the assessment and acted contrary to the company's NCLT-approved resolution plan. Justice Smita Das De allowed the company's writ petition and set aside the notice and order issued by the tax authorities along with all consequential proceedings. The authorities were also restrained from taking action contrary to the resolution plan.
Delhi High Court Restores Super Bazar Writ Petition Withdrawn On Former Liquidator's Instructions
Case Title : The Cooperative Store Limited v. Super Bazar Karamchari Dalit Sangh
Case Number : WP(C) No. 9114 of 2007
CITATION : 2026 LLBiz HC(DEL) 973
On 15 September, the Delhi High Court recalled the 18 May 2018 order dismissing The Cooperative Store Limited (Super Bazar)'s writ petition as withdrawn, after finding that its former Official Liquidator, Dr. A.K. Mishra, lacked authority to instruct the withdrawal after his tenure ended.
Case Title : Keshav Prasad Jayaswal v. The State of Madhya Pradesh and Ors
Case Number : Writ Petition No. 4668 of 2011
CITATION : 2026 LLBiz HC(MP) 65
he Madhya Pradesh High Court has held that a rehabilitation policy or agreement with a project-affected person cannot preserve a claim merely because it is welfare-oriented, as the Insolvency and Bankruptcy Code overrides inconsistent laws and policies. Justice Sanjeev S. Kalgaonkar observed, “Thus, Rehabilitation policy or any agreement with project affected (displaced) person cannot facilitate claim as an exception for the reason that it is welfare oriented. Section 238 of IBC gives Insolvency and Bankrupcy Code overriding effect over all inconsistent laws and policies.”
Tax Authorities Cannot Recover Pre-CIRP Dues Extinguished Under Resolution Plan: Bombay High Court
Case Title : Aarem Insights Pvt. Ltd. (Formerly known as Shop CJ Network Pvt. Ltd.) v. Joint Commissioner of State Tax (Appeals)-VII & Ors.
Case Number : Writ Petition (L) No. 36803 of 2025
CITATION : 2026 LLBiz HC(BOM)527
The Bombay High Court on 7 September held that tax authorities cannot continue recovery proceedings for pre-CIRP dues extinguished under an NCLT-approved Resolution Plan. A Division Bench of Justices M.S. Karnik and Sandesh D. Patil allowed a writ petition filed by Aarem Insights Pvt. Ltd., formerly known as Shop CJ Network Pvt. Ltd., and directed the State tax authorities to refund the statutory pre-deposit of Rs. 31,99,174 made by the company for pursuing its MVAT appeal, along with applicable interest.
Case Title : P.D Vincent v. State of Kerala and Ors
Case Number : WP(Crl) No. 1434 of 2026
CITATION : 2026 LLBiz HC(KER) 185
The Kerala High Court on Tuesday directed authorities to keep coercive proceedings against the Resolution Professional of Kerala Housing Finance Limited (KHFL) in abeyance in cases concerning the company. It, however, clarified that proceedings against the other accused can continue. Justice G. Girish passed the interim order on a petition filed by P.D. Vincent, the Resolution Professional of KHFL, which was admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Kochi in September 2019.
NCLAT
NCLAT New Delhi To Hear Creditors' Challenge To NCLT Approval Of Subhash Chandra's ₹6.25 Crore Plan
On Monday, 31 August, the National Company Law Appellate Tribunal (NCLAT), New Delhi will hear creditors' appeal against the National Company Law Tribunal (NCLT), New Delhi Bench's approval of Dr. Subhash Chandra's Rs. 6.25 crore repayment plan against admitted claims of Rs. 22,006.57 crore. A Bench comprising officiating Chairperson Justice Yogesh Khanna with Technical Members Barun Mitra and Ajai Das Mehrotra agreed to hear the appeal urgently after Solicitor General Tushar Mehta, appearing for creditors including LIC Housing Finance, HDFC Bank and Union Bank of India, sought an urgent hearing; the Bench fixed the matter for 10:30 am on Tuesday.
NCLAT New Delhi To Hear Appeal Against Subhash Chandra's ₹6.5 Cr Repayment Plan Tomorrow
Case Title : Union Bank of India (UK) Ltd. Vs. Subhash Chandra & Anr.
Case Number : Comp. App. (AT) (Ins) No. 1613 of 2026
Today, the National Company Law Appellate Tribunal (NCLAT), New Delhi, agreed to hear at 10:30 am tomorrow, an appeal by creditors against approval of Dr Subhash Chandra's Rs. 6.5 crore repayment. Officiating Chairperson Justice Yogesh Khanna with Technical Members Ajai Das Mehrotra and Barun Mitra noted the reference of the matter to a new five-member Bench of the National Company Law Tribunal (NCLT).
Case Title : Union Bank of India (UK) Ltd. Vs. Subhash Chandra & Anr
Case Number : Comp. App. (AT) (Ins) No. 1613 of 2026
Today, the National Company Law Appellate Tribunal (NCLAT), New Delhi, kept appeals filed by financial creditors against the repayment plan of Essel Group Chairman Dr Subhash Chandra pending. A Bench of Officiating Chairperson Justice Yogesh Khanna with Technical Members Ajai Das Mehrotra and Barun Mitra posted the matter for 7 October.
Solicitor General Tushar Mehta, appearing for the financial creditors, informed the Bench about the background to the reference made to the President of the National Company Law Tribunal (NCLT) and the subsequent constitution of a larger five-member Bench.
Public CIRP Announcement Creates Presumption Of Knowledge Of Moratorium: NCLAT
Case Title : Moving Pixels Pvt. Ltd. Vs Jitendra Kothari
Case Number : Company Appeal (AT) (Insolvency) 2219/2024
CITATION : 2026 LLBiz NCLAT 336
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that the public announcement of a company's insolvency process, along with the uploading of the admission order on the National Company Law Tribunal website, creates a deemed presumption that the appellant had knowledge of the moratorium imposed on the company. The tribunal made the observation while dismissing an appeal by Moving Pixels Pvt. Ltd. against an order directing it to return ₹80 lakh received from NDS Art World Pvt. Ltd. during the moratorium period.
Case Title : Ashish Arjunkumar Rathi Vs Goyal Energy And Steel Private Limited
Case Number : Company Appeal (AT) (Insolvency) 1226/2026
CITATION : 2026 LLBiz NCLAT 337
The National Company Law Appellate Tribunal at Delhi has ruled that an inadvertent clerical error in a mandatory form filed during the insolvency resolution process cannot be characterised as “gross dereliction” of duty when it caused no prejudice to any stakeholder and had no impact on the approved resolution plan or the insolvency resolution process. A bench comprising Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha, while expunging the adverse remarks against a former Resolution Professional observed.
RP Can Revisit Admitted Claim After Verification Fails To Establish Financial Debt: NCLAT New Delhi
Case Title : Somani Worsted Limited v. Amit Aggarwal, Resolution Professional of Celebration City Projects Private Limited
Case Number : Company Appeal (AT) (Ins.) No. 150 of 2026
CITATION : 2026 LLBiz NCLAT 339
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, on 1 September held that a Resolution Professional (RP) can revisit an earlier admitted claim during subsequent verification if the material on record fails to establish the existence of an independent financial debt. A Bench comprising Judicial Member Justice N. Seshasayee with Technical Members Arun Baroka and Indevar Pandey dismissed Somani Worsted Limited's appeal against the National Company Law Tribunal's (NCLT) order refusing to restore its claim to the list of creditors and reconstitute the Committee of Creditors (CoC).
NCLAT New Delhi Clears Hurdles For ₹15-Cr Talwalkars Sale, Orders ROC To Reset Status To 'Active'
Case Title : RAVIKUMAR GAURISHANKAR PATEL Vs GAJESH LABHCHAND JAIN
Case Number : Company Appeal (AT) (Insolvency) 710/2026
CITATION : 2026 LLBiz NCLAT 340
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 3 September partly allowed an appeal by Ravikumar Gaurishankar Patel, the successful auction purchaser of Talwalkars Better Value Fitness Ltd., and granted several reliefs sought by him to give effect to the Rs. 15 crore going-concern sale of the company during liquidation. A Bench of Officiating Chairperson Justice Yogesh Khanna with Technical Members Barun Mitra and Ajai Das Mehrotra held that the National Company Law Tribunal (NCLT) had erred in refusing consequential reliefs required to operationalise the sale, including those concerning shareholding, past liabilities, financial creditors, subsisting licences and the company's status on the Ministry of Corporate Affairs (MCA) portal.
Case Title : Loknath Prasad Gupta Vs Dinesh Chand
Case Number : Company Appeal (AT) (Insolvency) 1332/2026
CITATION : 2026 LLBiz NCLAT 342
The National Company Law Appellate Tribunal (NCLAT) at Delhi on 25 August set aside the Kolkata Bench of the National Company Law Tribunal (NCLT) order admitting an insolvency application against Raja Udyog Private Limited.
Post-2026 IBC Amendment, CIRP Withdrawal Barred Before CoC Formation Or After Plan Invitation: NCLAT
Case Title : Aayush Prashant Agarwal Vs Uma Export Limited & Klass Insolvency Resolution Professionals Private Limited
Case Number : I.A. No. 5601 of 2026 in Company Appeal (AT) (Insolvency) 1366/2024
CITATION : 2026 LLBiz NCLAT 338
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently clarified that the 2026 amendment to the Insolvency and Bankruptcy Code has made withdrawal of an admitted insolvency case more stringent. An admitted case cannot be withdrawn before the Committee of Creditors is constituted or after the Resolution Professional issues the first invitation for resolution plans.
Company Cannot Claim Non-Service of Notices After Keeping Registered Office Non-Functional: NCLAT
Case Title : RENU LALIT AGARWAL Vs SIDBI & AJIT GYANCHAND JAIN
Case Number : Company Appeal (AT) (Insolvency) 2264/2024
CITATION : 2026 LLBiz NCLAT 343
The National Company Law Appellate Tribunal (NCLAT) at Delhi has ruled that a company cannot complain of inadequate service of notices when it has itself allowed its registered office to remain non-functional for several years. Dismissing an appeal by the suspended director of AS Infracon Pvt. Ltd., Judicial Member Mohd Faiz Alam Khan and Technical Member Naresh Salecha upheld the initiation of insolvency proceedings against the company.
Practising CA Not Ineligible To Submit Resolution Plan Merely By Profession: NCLAT Delhi
Case Title : Vinay Gupta Vs Oswal Minerals Limited & Satellite Cables Pvt. Ltd
Case Number : Company Appeal (AT) (Insolvency) 1038/2026 & 1032/2024
CITATION : 2026 LLBiz NCLAT 345
The National Company Law Appellate Tribunal (NCLAT), Delhi has dismissed appeals filed by suspended directors of Satellite Cables Pvt. Ltd., holding that a practising Chartered Accountant cannot be treated as ineligible to submit a resolution plan merely by virtue of being a Chartered Accountant. A Bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Arun Baroka also held that procedural irregularities in a Corporate Insolvency Resolution Process (CIRP) must be shown to have materially affected the approval of a resolution plan to sustain a challenge under Section 61 of the Insolvency and Bankruptcy Code (IBC).
NCLAT Closes Insolvency Process Despite Failure Of Statutory Withdrawal Mechanism
Case Title : Deepak Modi Vs Shalfeyo Industries Private Limited
Case Number : Company Appeal (AT) (Insolvency) 222/2025
CITATION : 2026 LLBiz NCLAT 346
The National Company Law Appellate Tribunal at New Delhi, has closed the insolvency proceedings against Shalfeyo Industries Private Limited. It held that although the statutory mechanism for withdrawing the proceedings under Section 12A could not be completed, keeping the Corporate Insolvency Resolution Process alive would serve no meaningful purpose.
NCLAT Quashes Guarantor Insolvency Proceedings Filed Before Different NCLT Bench Than CIRP
Case Title : Kamlesh Rani Singla Vs Praveen Kumar Garg & Ors
Case Number : Company Appeal (AT) (Insolvency) 275/2026
CITATION : 2026 LLBiz NCLAT 347
The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has quashed insolvency proceedings against a personal guarantor after finding that the corporate debtor's Corporate Insolvency Resolution Process (CIRP) was pending before another NCLT Bench. The bench of Judicial Member Justice Sharad Kumar Sharma and Technical Members Arun Baroka and Indevar Pandey held that where the CIRP of a corporate debtor is pending before one NCLT Bench, proceedings concerning its personal guarantor must be filed before the same Bench under Section 60(2) of the Insolvency and Bankruptcy Code, 2016 (IBC).
'Clean Slate' Protection U/S 32A IBC Extends To Going Concern Buyers During Liquidation: NCLAT Delhi
Case Title : AMITKUMAR RISHI KUMAR BHABHDA & Ors Vs AMIT CHANDRASHEKHAR PODDAR & Ors
Case Number : Company Appeal (AT) (Insolvency) 221/2026
CITATION : 2026 LLBiz NCLAT 349
The Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 9 September held that the “clean slate” protection under Section 32A of the Insolvency and Bankruptcy Code, 2016 (IBC) extends to buyers who purchase a corporate debtor as a going concern during liquidation.
NCLAT Delhi Says Resolution Applicant's Death Is Not Liquidation Ground, Revives Genius Exports CIRP
Case Title : ARUN KUMAR SINGH Vs GENIUS EXPORTS PRIVATE LIMITED & Ors
Case Number : Company Appeal (AT) (Insolvency) 1699/2025 & 1700/2025; 1701 & 1702 of 2025 CITATION : 2026 LLBiz NCLAT 348
On 9 September, the National Company Law Appellate Tribunal (NCLAT), New Delhi held that the death of a resolution applicant before approval of a resolution plan does not, by itself, justify liquidation of the corporate debtor, particularly when a withdrawal application under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC) based on a settlement is pending.
Case Title : North Life Spaces LLP Vs Dalal Family Private Trust
Case Number : Company Appeal (AT) (Insolvency) 1610/2025
CITATION : 2026 LLBiz NCLAT 350
The National Company Law Appellate Tribunal (NCLAT) at Delhi, has ruled that a deposit expressly made “without prejudice” to a debtor's rights and contentions cannot, by itself, be treated as an unconditional admission of liability. The bench of Judicial Member Justice N. Seshasayee and Technical Member Indevar Pandey observed, “A deposit expressly made without prejudice cannot, by itself, be treated as an unconditional admission of a liability, particularly when the appellant had already raised specific objections to the maintainability of the proceedings. At the best it only indicates that the appellant is solvent and not insolvent to initiate CIRP.”
NCLT President Can Transfer Cases Across Territorial Jurisdictions: NCLAT
Case Title : Kamlesh Rani Singla Vs Praveen Kumar Garg & Ors
Case Number : Company Appeal (AT) (Insolvency) 275/2026
CITATION : 2026 LLBiz NCLAT 347
The National Company Law Appellate Tribunal (NCLAT), New Delhi has ruled that the President of the National Company Law Tribunal (NCLT) can transfer a case from one bench to another even when the benches are in different territorial jurisdictions. The bench comprising Judicial Member Justice Sharad Kumar Sharma, Technical Member Arun Baroka and Technical Member Indevar Pandey held that Rule 16(d) of the NCLT Rules, 2016 does not restrict the President's power to transfers within the same territorial jurisdiction.
NCLAT Upholds ₹4.37 Crore Liability On Linkson International Suspended Directors Over Round-Tripping
Case Title : Yashwant Lalchand Sangla Vs Manish Baldeva
Case Number : Company Appeal (AT) (Insolvency) 830/2024
CITATION : 2026 LLBiz NCLAT 351
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has upheld a ₹4.37 crore contribution ordered against suspended directors of Linkson International Ltd., finding that money raised through property loans was routed back to the company and its related entities. “It appears to be a crystal-clear case of round-tripping of money, and the sole purpose of it was to defraud the creditors,” the tribunal observed.
Later Amendment Cannot Retrospectively Alter Liquidation Process Already Commenced: NCLAT
Case Title : State Bank of India Vs Garden Court Distilleries Pvt Ltd & Akhil Ahuja,
Case Number : Company Appeal (AT) (Insolvency) 1138/2026 & 1145/2026
CITATION : 2026 LLBiz NCLAT 352
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has ruled that a later regulatory amendment cannot retrospectively alter a liquidation process that had already commenced. It held that the rights and obligations arising from the process must be determined under the regulations in force when the liquidation order was passed.
Arbitration Is A Private Remedy, It Cannot Override Statutory Rights Under IBC: NCLAT Chennai
Case Title : M/s Posco International Corporation v. M/s Mohana Cotton Ginning Private Limited
Case Number : TA (AT) No.205/2021
CITATION : 2026 LLBiz NCLAT 353
The National Company Law Appellate Tribunal (NCLAT), Chennai on 27 August observed that an arbitration clause in a contract, being a private remedy agreed between parties, cannot override or take away the statutory remedy available under the Insolvency and Bankruptcy Code, 2016 (IBC).
Mere Pendency Of Criminal Proceedings Does Not Disqualify Resolution Applicant: NCLAT
Case Title : Suraksha Realty Ltd. Vs Amit Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 1041/2024
CITATION : 2026 LLBiz NCLAT 356
The National Company Law Appellate Tribunal (NCLAT) at Delhi has ruled that the mere pendency of criminal proceedings or an investigation does not by itself make a prospective Resolution Applicant ineligible to submit a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC).
Joint And Several Liability In Arbitral Award Does Not Extinguish Personal Guarantee: NCLAT Delhi
Case Title : Ravindra Gopalkrishan Agarwal Vs Jankalyan Sahakari Bank Ltd. & MVK IPE LLP
Case Number : Company Appeal (AT) (Insolvency) 636/2025, 637/2025, 638/2025, 696/2025
CITATION : 2026 LLBiz NCLAT 355
The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 17 September held that an arbitral award providing for joint and several liability does not, by itself, alter the legal status of a Personal Guarantor or extinguish the original contract of guarantee.
Removal Of Hypothecated Machinery During Insolvency Can Amount To Fraudulent Trading: NCLAT
Case Title : Dinesh Keshawrao Atkare & Madan Keshawrao Atkare Vs Palak Swapnil Desai
Case Number : Company Appeal (AT) (Insolvency) 325/2025
CITATION : 2026 LLBiz NCLAT 358
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that removing high-value secured (hypothecated) machinery during insolvency proceedings and replacing it with substantially lower-value machinery is not a mere technical irregularity.
Objection To Demand Notice Served Via FedEx Cannot Defeat Insolvency Plea If Notice Received: NCLAT
Case Title : Identity Science Company Ltd Vs Sonal Plasrub Industries Private Limited
Case Number : Company Appeal (AT) (Insolvency) 2063/2024
CITATION : 2026 LLBiz NCLAT 357
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Thursday ruled that an objection to service of a demand notice via FedEx cannot defeat insolvency proceedings when the corporate debtor has received the notice and had knowledge of the claim. The bench comprising Judicial Member Justice Sharad Kumar Sharma, Technical Member Arun Baroka and Technical Member Indevar Pandey observed, “Hyper-technical objections cannot be permitted to defeat a proceeding when from the circumstantial evidence it is inferred that the Corporate Debtor has, in substance, received the Demand Notice and had knowledge of the claim.”
NCLAT Dismisses Challenge To Rungta Mines' Resolution Plan For NSL Nagapatnam Power
Case Title : Mandava Prabhakar Rao Vs Navneet Kumar Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 258/2025
CITATION : 2026 LLBiz NCLAT 359
The National Company Law Appellate Tribunal Member Naresh Salecha has backed dismissal of suspended director Mandava Prabhakar Rao's challenge to Rungta Mines' resolution plan for NSL Nagapatnam Power and Infratech Ltd. He held that Rao's representative was rightly excluded from the 20th Committee of Creditors meeting for lack of written authorisation and a confidentiality undertaking. Salecha's opinion follows a difference of opinion between the Judicial and Technical Members of the original NCLAT Chennai bench.
Case Title : Navneet Gupta Insolvency Professional v. Insolvency and Bankruptcy Board of India & Anr.
Case Number : CA (AT) (Ins) No. 1612 of 2026 with CA (AT) (Ins) No. 1629 of 2026
CITATION : 2026 LLBiz NCLAT 354
The National Company Law Appellate Tribunal (NCLAT), Delhi, has recently held that a complainant whose complaint leads to disciplinary proceedings against an Insolvency Professional (IP) can qualify as a “person aggrieved” under Section 220(7) of the Insolvency and Bankruptcy Code, 2016 (IBC). The tribunal held that such a complainant can appeal against a final punitive order passed by the Insolvency and Bankruptcy Board of India's (IBBI) Disciplinary Committee.
GNIDA, NOIDA Not Secured Creditors In Shubhkamna Buildtech Insolvency: NCLAT
Case Title : Greater Noida Industrial Development Authority Vs Anand Sonbhadra & Ors
Case Number : Company Appeal (AT) (Insolvency) 184/2023 & 1107/2023
CITATION : 2026 LLBiz NCLAT 360
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has dismissed appeals by the Greater Noida Industrial Development Authority (GNIDA) and New Okhla Industrial Development Authority (NOIDA), holding that their lease deeds did not create a security interest that would make them secured creditors in the insolvency proceedings of Shubhkamna Buildtech Pvt. Ltd. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha held that the “first charge” under the lease deeds was limited to the authorities' share of any unearned increase in the value of the land.
NCLAT Delhi Says Counsel's Personal Difficulties Cannot Explain Appellant's 202-Day Refiling Delay
Case Title : RAJENDRA DEVIDAS PURANIK
Case Number : Company Appeal (AT) (Insolvency) 326/2026
CITATION : 2026 LLBiz NCLAT 361
Conversion of IBC Appeal Into Companies Act Appeal Does Not Save Limitation: NCLAT
Case Title : Anjaniputra Ispat Ltd. Vs IAG Company Ltd & Trust Estate Khimji Keshwaji
Case Number : Company Appeal (AT) 39/2026
CITATION : 2026 LLBiz NCLAT 363
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that an appeal filed under the insolvency law does not provide continuity for limitation when it is transformed into an appeal under the company law. The tribunal was dealing with an appeal initially filed under Section 61 of the Insolvency and Bankruptcy Code (IBC), which provides for appeals against orders in insolvency proceedings. The appellant later sought to convert it into an appeal under Section 421 of the Companies Act, 2013, which provides for appeals against orders passed in company law proceedings.
NCLAT Orders ₹54 Crore Refund To JFC Finance After It Is Outbid In Moser Baer Solar Auction
Case Title : ARVIND GARG Vs JFC FINANCE (INDIA) LIMITED
Case Number : I.A. No. 4727 of 2026 in Comp. App. (AT) (Ins) No. 1820 of 2025
CITATION : 2026 LLBiz NCLAT 365
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has rejected a plea by the Liquidator of Moser Baer Solar Ltd. seeking to keep JFC Finance (India) Ltd.'s ₹54 crore deposit until the highest bidder in a fresh auction pays the entire sale consideration. A bench of Officiating Chairperson Justice Yogesh Khanna and Technical Member Barun Mitra held that JFC's deposit had to be returned once another bidder surpassed its bid, as specifically directed in the court's earlier order.
Case Title : Bhumika Nilay R. Shah & Ors Vs Prawincharan Prafulcharan Dwary & Ors
Case Number : Company Appeal (AT) (Insolvency) 702/2026, 703/2026, 704/2026
CITATION : 2026 LLBiz NCLAT 364
The National Company Law Appellate Tribunal (NCLAT) has ruled that personal guarantors of an insolvent company cannot re-agitate the extent of their liability under a Deed of Guarantee after the Debt Recovery Tribunal (DRT) has already adjudicated the issue and its order has attained finality.
Subhash Chandra Moves NCLAT Against Restraint On Alienating Assets In Insolvency Case
Case Title : Dr. Subhash Chandra Personal Guarantor VS Shiv Nandan Sharma Resolution Professional
Case Number : Company Appeal(AT)(Ins) 1818/2026
Case Title : Narendra Kishanlal Bubna v. Nakul Kishanlal Bubna & Ors
Case Number : Company Appeal (AT) No. 307 of 2026
CITATION : 2026 LLBiz NCLAT 366
The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) at New Delhi, has held that a party's past inaction cannot influence adjudication of a matter on merits once the proceedings are being considered on merits.
NCLAT Declines To Interfere With Talent Unlimited CIRP, Grants Affle Liberty To Move NCLT
Case Title : Affle 3i Limited Vs Axis Trustee Services Limited & Talent Unlimited Online Services Private Limited
Case Number : Company Appeal (AT) (Insolvency) 1474/2026
CITATION : 2026 LLBiz NCLAT 368
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has declined to interfere with the order admitting Talent Unlimited Online Services Pvt. Ltd. into the Corporate Insolvency Resolution Process (CIRP). It has, however, given Affle 3i Limited liberty to approach the National Company Law Tribunal (NCLT) with a proper application under Section 65 of the Insolvency and Bankruptcy Code (IBC).
NCLAT Directs NCLT To Hear RP Replacement Plea Before Resolution Plan In Nimitaya Hotel CIRP
Case Title : Indian Bank Vs Nimitaya Hotel & Resorts Ltd
Case Number : Company Appeal (AT) (Insolvency) 1591/2026, 1592/2026, 1593/2026
CITATION : 2026 LLBiz NCLAT 367
The National Company Law Appellate Tribunal (NCLAT) at Delhi has directed the NCLT to first consider Indian Bank's application seeking replacement of the Resolution Professional (RP) in the insolvency proceedings of Nimitaya Hotel & Resorts Ltd. before taking up the Bank's applications seeking dismissal of the existing resolution plan and permission to issue a fresh Form-G. (expression of interest)
Mere Effect Of IBC Order On Property Possession Does Not Make It A Landlord-Tenant Matter: NCLAT
Case Title : DUKE FASHIONS (INDIA) LTD. Vs PRAMOD KUMAR MISRA & Ors
Case Number : Company Appeal (AT) (Insolvency) 1462/2026 & 1475/2026
CITATION : 2026 LLBiz NCLAT 369
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has reiterated that an insolvency dispute does not become a landlord-tenant dispute merely because an order under the Insolvency and Bankruptcy Code (IBC) affects possession of a property.
CoC's Commercial Wisdom Must Be Respected In Replacing Resolution Professional: NCLAT
Case Title : S. VISWANATHAN Vs CANARA BANK
Case Number : Company Appeal (AT) (Insolvency) 191/2022 & 231/2022
CITATION : 2026 LLBiz NCLAT 370
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently held that while a Resolution Professional (RP) must function independently and not at the whims of a dominant creditor, the Committee of Creditors' (CoC) majority view on replacing an RP must be respected.
Case Title : Assistant Commissioner Vs Shruti Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 745/2025
CITATION : 2026 LLBiz NCLAT 373
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has held that a secured creditor's failure to communicate its decision regarding its security within 30 days of commencement of liquidation results in the assets covered by the security being presumed to form part of the liquidation estate. “As the creditor did not give its choice of non-relinquishment of security within 30 days, it is presumed that the creditor relinquished its security against the Corporate Debtor,” a bench comprising Judicial Member Justice Sharad Kumar Sharma, Technical Member Arun Baroka and Indevar Pandey observed.
Case Title : Dr. Subhash Chandra Personal Guarantor VS Shiv Nandan Sharma Resolution Professional
Case Number : Company Appeal(AT)(Ins) 1818/2026 & 1856/2026
The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notice in an appeal filed by Essel Group Chairman Subhash Chandra. The appeal challenges a September 1 order of the Delhi Bench of the National Company Law Tribunal (NCLT), which restrained him from alienating his assets during insolvency proceedings initiated against him as a personal guarantor.
NCLAT Refuses To Set Aside CIRP Admission On Post-Admission Settlement, Directs IRP To Approach NCLT
Case Title : Vijaybhai Dhanjibhai Detroja v. Vidres India Ceramics Private Limited & Anr
Case Number : Comp. App. (AT) (Ins) No. 1698 of 2026
CITATION : 2026 LLBiz NCLAT 375
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has refused to set aside an insolvency admission order solely on the basis of a settlement reached after the Corporate Insolvency Resolution Process (CIRP) had begun. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha held that a settlement reached after admission of a Section 9 application cannot by itself efface the admission order or bring the CIRP to an end.
Case Title : EASTERN POWER DISTRIBUTION COMPANY OF ANDHRA PRADESH LIMITED. Vs DAULAT RESOLUTION SERVICES PVT. LTD
Case Number : Company Appeal (AT) (Insolvency) 347/2026
CITATION : 2026 LLBiz NCLAT 374
The National Company Law Appellate Tribunal (NCLAT) has observed that litigants should not be made to suffer when lawyers, because of professional misunderstandings, grudges or monetary disputes, stop effectively pursuing their cases.
NCLAT Issues Notice To Eros On Phantom Studios' Insolvency Appeal
Case Title : Phantom Studios India Pvt. Ltd. Vs. Eros International Media Ltd.
Case Number : Comp. App. (AT) (Ins) No. 1800 of 2026
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has issued notice to Eros International Media Ltd. in an appeal filed by Phantom Studios India Pvt Ltd against dismissal of its insolvency plea.
Restoration Plea Filed Beyond 30 Days Can't Be Entertained Without Condonation Of Delay: NCLAT Delhi
Case Title : Vivekanand Rai & Anr. v. Chemie-Tech Projects Ltd
Case Number : Comp. App. (AT) (Ins) No. 1924 of 2025
CITATION : 2026 LLBiz NCLAT 376
The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) at New Delhi, on 18 September held that an application seeking restoration of a company petition dismissed for non-appearance under Rule 48(2) of the NCLT Rules, 2016 must be filed within 30 days of the dismissal. If filed beyond this period, the applicant must first seek condonation of delay.
Subsequent CIRP Makes Earlier Appeal Against Insolvency Rejection Infructuous: NCLAT New Delhi
Case Title : Mekaster Finlease Limited v. Prayag Polytech Private Limited
Case Number : Company Appeal (AT) (Ins.) No. 1582 of 2025
CITATION : 2026 LLBiz NCLAT 377
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 18 September held that an appeal against rejection of a creditor's application to initiate Corporate Insolvency Resolution Process (CIRP) becomes infructuous once CIRP has already commenced against the same Corporate Debtor in a subsequent proceeding.
OTS Failure Cannot Create Fresh Default For CIRP, Original Debt Position Revives: NCLAT Chennai
Case Title : UMA MAHESWARI Vs UCO BANK & RAMAKRISNAN SADASIVAN
Case Number : Company Appeal (AT) (Insolvency) 136/2023
CITATION : 2026 LLBiz NCLAT 378
On 28 September, the National Company Law Appellate Tribunal (NCLAT) at Chennai held that failure to comply with the terms of a One-Time Settlement (OTS) does not constitute a fresh default for initiating the Corporate Insolvency Resolution Process (CIRP).
Personal Guarantor Who Settled Company Debt Cannot Claim Financial Creditor Status: NCLAT
Case Title : Tamil Nadu Mercantile Bank Limited Vs E.Santhanalakshmi & Ors
Case Number : Company Appeal (AT) (Insolvency) 19/2025, 20/2025, 21/2025, 430/2025
CITATION : 2026 LLBiz NCLAT 380
The National Company Law Appellate Tribunal (NCLAT), Chennai, has held that a personal guarantor who settled a corporate debtor's dues with its financial creditor, did not become a financial creditor in the liquidation proceedings. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain found that there was no assignment of the debt in S.V. Ramasamy's favour. He had also not sought substitution of Tamil Nadu Mercantile Bank (TMB) in the liquidation proceedings.
ESI Contributions Cannot Be Treated As Ordinary Operational Debt Under IBC: NCLAT
Case Title : Employees State Insurance Corporation Vs Sri Lakshmi Srinivasa Jute Mills Private Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 410/2022
CITATION : 2026 LLBiz NCLAT 379
The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that ESI contributions covered by the statutory trust mechanism cannot be treated as ordinary operational debt merely because the Employees State Insurance Corporation filed its claim as an operational creditor.
NCLAT Directs NCLT To Hear Collusion Plea Before Deciding Insolvency Case
Case Title : Shri Sant Eknath Co-operative Sugar Factory Ltd. v. Sachin Ghayal Sugar Pvt. Ltd. & Anr.
Case Number : Company Appeal (AT) (Ins.) No. 1767 of 2025
CITATION : 2026 LLBiz NCLAT 381
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently directed the NCLT, Mumbai Bench, to first decide an application filed by a sugar cooperative alleging that a Section 7 insolvency case against a company was collusive and could prejudice its rights.
NCLT
NCLT Chennai Rejects Jyoti Ltd's Insolvency Plea Against Marg Ltd Over Pre-Existing Dispute
Case Title : Jyoti Limited v. Marg Limited
Case Number : CP/IB/262/CHE/2022
CITATION : 2026 LLBiz NCLT(CHE) 846
The National Company Law Tribunal (NCLT) at Chennai on 7 August dismissed an insolvency application filed by Jyoti Limited against Marg Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), over an operational debt of Rs. 22.67 crore.
Suspended Directors Cannot Pursue 'Proxy Grievances' On Behalf Of Homebuyers: NCLT Chandigarh
Case Title : Vinod Bagai and Anr v. Rahul Jindal and Ors.
Case Number : I.A. No.1064 of 2025 In CP(IB) No. 98/Chd/Hry/2022 (Admitted)
CITATION : 2026 LLBiz NCLT(CHA) 848
The National Company Law Tribunal (NCLT), Chandigarh, on 13 August held that suspended directors cannot challenge a Corporate Insolvency Resolution Process (CIRP) or a Resolution Plan by raising grievances on behalf of a class of creditors to which they do not belong.
Case Title : Ingram Micro India Private Limited v. Planet Infrastructure Management Private Limited Case Number : C.P. (I.B.) No. 278/KB/2025
CITATION : 2026 LLBiz NCLT(KOL) 849
The National Company Law Tribunal (NCLT), Kolkata on 10 August admitted Planet Infrastructure Management Private Limited into the Corporate Insolvency Resolution Process (CIRP) on a Section 9 petition filed by Ingram Micro India Private Limited.
NCLT Delhi Refers Subhash Chandra's ₹6.5 Cr Plan To 5-Member Bench After No Majority, Hearing Today
At 10:15 am today, a Special Five-Member Bench of the New Delhi National Company Law Tribunal (NCLT) is scheduled to hear the insolvency proceedings involving Essel Group Chairman Dr Subhash Chandra, following a reference after no majority view emerged on the approval and scope of his repayment plan.
NCLT Kochi Waives Meetings For Vallabhdas Kanji's Amalgamation With Three Wholly-Owned Subsidiaries
Case Title : In the matter of Composite Scheme of Arrangement among Vallabhdas Kanji Limited and Others
Case Number : CA(CAA)/10/KOB/2026
CITATION : 2026 LLBiz NCLT(IND) 851
The National Company Law Tribunal, Kochi (NCLT), on 11 August dispensed with the requirement of convening meetings of shareholders and creditors for a composite Scheme of Arrangement involving the amalgamation of three substantially wholly-owned subsidiaries with their holding company, Vallabhdas Kanji Limited.
Case Title : Indiabulls Housing Finance Limited vs Dr Subhash Chandra
Case Number : IB-97/ND/2022
NCLT Hyderabad Says IBC Section 7 Default Amount Not A Ceiling On CIRP, Upholds ₹73.98 Cr. Claim
Case Title : M/s Global Insolvency Professionals Private Limited v. Frontline Enterprises Limited & Anr.
Case Number : IA (IBC) No. 901 of 2026 in CP (IB) No. 217/7/HDB/2024
CITATION : 2026 LLBiz NCLT (HYD) 856
The National Company Law Tribunal (NCLT) at Hyderabad has held that the amount of default stated in a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) does not cap the claim that a creditor may subsequently submit and the Resolution Professional may admit during the corporate insolvency resolution process (CIRP).
NCLT Indore Admits Hinduja Leyland Finance's ₹117.28 Crore Insolvency Plea Against Owais Metal
Case Title : Hinduja Leyland Finance Ltd Vs Owais Metal & Mineral Processing Ltd
Case Number : CP(IB)/76(MP)2025
CITATION : 2026 LLBiz NCLT(IND) 847
The Indore Bench of the National Company Law Tribunal (NCLT) on 13 August admitted an insolvency petition filed by Hinduja Leyland Finance Ltd against Owais Metal & Mineral Processing Ltd for default of Rs. 117.28 crore.
Case Title : AWFIS Space Solutions Private Limited Vs RAB Enterprises (India) Private Limited Case Number : IA/196/2026 C.P. (IB)/689(MB)2024
CITATION : 2026 LLBiz NCLT (MUN) 854
The National Company Law Tribunal (NCLT), Mumbai on 20 August imposed Rs. 1 lakh costs on RAB Enterprises (India) Pvt Ltd for an approximately 11-month delay in seeking to place additional documents on record in an insolvency petition filed by Awfis Space Solutions Ltd.
Corporate Guarantee Continues Despite Transfer Of Mortgaged Property To New Owner: NCLT Mumbai
Case Title : Jammu And Kashmir Bank Limited Vs Essel Infraprojects Limited
Case Number : RCP(IB)/6(MB)2023
CITATION : 2026 LLBiz NCLT (MUM) 853
The National Company Law Tribunal (NCLT), Mumbai on 24 August held that a Corporate Debtor's liability under a Corporate Guarantee does not end merely because the bank obtains a mortgage from the new owner of the mortgaged property.
Case Title : IDBI Bank Limited V/s Mr. Artish Niranjan Nanavaty, Insolvency Professional & Anr. Case Number : IA(I.B.C)/5231(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 855
The National Company Law Tribunal (NCLT), Mumbai on 21 August, held that the approved resolution plan for Reliance Communications Infrastructure Ltd. (RCIL) could not presently be implemented as the available funds were insufficient to meet mandatory payments to dissenting financial creditors (DFCs).
Case Title : Kritikal Solutions Pvt Ltd v. Byju's K3 Education Pvt Ltd
Case Number : I.A (IBC) 768/2026
CITATION : 2026 LLBiz NCLT (BEN) 860
The National Company Law Tribunal, Bengaluru, has recently directed the Resolution Professional of Byju's and the successful bidder to maintain the status quo over auctioned assets. The order came after the Resolution Professional of Byju K3 claimed that assets worth about ₹150 crore had been auctioned for about ₹16 crore despite an ownership dispute.
Case Title : Annapurna Pet Private Limited Vs Manpasand Beverages Limited
Case Number : C.P. (IB)/267(AHM)2024
CITATION : 2026 LLBiz NCLT (AHM) 858
The Ahmedabad Bench of the National Company Law Tribunal has recently dismissed an insolvency petition filed by a manufacturer of PET preforms against Mango Sip manufacturer Manpasand Beverages Limited.
NCLT Ahmedabad Rejects Kothamangalam Aggregates' Insolvency Plea Against ACC Limited
Case Title : Kothamangalam Aggregates Prestressed Concrete Industries Vs ACC Limited
Case Number : C.P.(IB)/128(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 861
The Ahmedabad bench of the National Company Law Tribunal has rejected as not maintainable an insolvency plea filed by Kothamangalam Aggregates Prestressed Concrete Industries against ACC Limited over alleged unpaid dues of approximately ₹1.91 crore. It held that most of the claimed dues were barred by limitation. The amount that remained within time was below the minimum required to start the insolvency process.
NCLT Mumbai Directs Former Directors To Pay ₹344.58 Crore Over Fraudulent Diversion Of DHFL Loan
Case Title : Incorp Restructuring Services LLP vs Amar Arun Vajrekar, Suspended Director of Notion Real Estate Private Limited
Case Number : I.A. 2777 of 2025 IN C.P. (IB) No. 915/(MB)/2023
CITATION : 2026 LLBiz NCLT (MUM) 862
On 2 September, the National Company Law Tribunal (NCLT), Mumbai directed two former directors of Notion Real Estate Pvt. Ltd. and Kyata Advisors Pvt. Ltd. to jointly and severally contribute Rs. 344.58 crore to the Corporate Debtor's assets over the diversion of a project loan sanctioned by Dewan Housing Finance Limited (DHFL) for development of a project.
Case Title : ERNST & YOUNG LLP vs MOBASE ELECTRONICS INDIA PRIVATE LIMITED
Case Number : CP(IBC)/370(CHE)/2025
CITATION : 2026 LLBiz NCLT (CHE) 863
The National Company Law Tribunal (NCLT) at Chennai has recently dismissed EY's insolvency plea against a company. EY was seeking a 1% success fee for relief obtained in GST proceedings. The tribunal found a genuine dispute over EY's entitlement to the outcome-based fee. It also observed that the nature of EY's professional engagement and the permissibility of the outcome-based fee arrangement may be examined by the Institute of Chartered Accountants of India if the services were rendered through persons governed by its regulatory framework.
NCLT Chennai Admits Insolvency Plea Filed By Wootu Nutrition Against Itself
Case Title : Mani Geetha Priya
Case Number : CP(IBC)/359(CHE)2025
CITATION : 2026 LLBiz NCLT(CHE) 865
The National Company Law Tribunal at Chennai has admitted an insolvency petition filed by Wootu Nutrition Private Limited, a Chennai-based chain of diet and nutrition clinics, initiating the Corporate Insolvency Resolution Process against the company.
Expiry Of Lease After Resolution Plan Approval Not Related To Insolvency Process: NCLT Mumbai
Case Title : IDBI BANK LIMITED VS POWERDEAL ENERGY SYSTEMS INDIA PRIVATE LIMITED Case Number : C.P. (IB)/4072(MB)2019
CITATION : 2026 LLBiz NCLT (MUM) 867
The National Company Law Tribunal's (NCLT) Mumbai Bench has held that a dispute over handing over possession after expiry of a lease period does not arise out of or relate to the insolvency resolution of a Corporate Debtor when the lease period expires after approval of its resolution plan. "Accordingly, it cannot be said that the issue of handing over on expiry of lease period is arising out of or in relation to the insolvency resolution of the Corporate Debtor. Since, the cause of action has arisen after approval of the Resolution Plan, we do not consider that non handing over the possession of premises by Respondent No. 1 and 2 after determination of lease period results into obstruction in the implementation of the approved resolution plan," the court ruled.
NCLT Indore Rejects Colama Commercial's Intervention Plea In Satiate Agri Insolvency
Case Title : Colama Commercial Co Ltd Vs Satiate Agri Ltd & Its Board
Case Number : Inv.P/8(MP)2026 in CP(IB)/77(MP)2026
CITATION : 2026 LLBiz NCLT(IND) 870
The Indore Bench of the National Company Law Tribunal (NCLT) on 20 August dismissed an intervention application filed by Colama Commercial Co. Ltd. in the insolvency proceedings initiated by Excellence Finance Pvt. Ltd. against Satiate Agri Ltd.
NCLT Ahmedabad Admits Fettech Commercial Enterprises' Insolvency Plea Against Mercury Trade Links
Case Title : Fettech Commercial Enterprises Pvt Ltd Vs Mercury Trade Links Ltd
Case Number : C.P.(IB)/24(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 871
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 1 September admitted the insolvency petition filed by Fettech Commercial Enterprises Pvt. Ltd. against Mercury Trade Links Ltd. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy observed: “...we are satisfied that there exists an operational debt of Rs.2,70,00,000/- and that a default has occurred. The debt is due and payable, the demand notice has been served to the CD and no genuine preexisting dispute has been established by the Corporate Debtor.”
Loan Paid To Director's Account Not Company Debt Without Proof Of Corporate Borrowing: NCLT Chennai
Case Title : Rajesh Kumar Saraf HUF v. Veremax Technologie Services Ltd
Case Number : CP(IB)/202(CHE)/2024
CITATION : 2026 LLBiz NCLT(CHE) 874
The National Company Law Tribunal (NCLT) at Chennai has held that a loan directly disbursed into the personal bank account of a company's director cannot be treated as a financial debt of the company without supporting evidence. The creditor must establish that the borrowing was undertaken by the company and that the funds were received or utilised by it for its business.
NCLT Ahmedabad Directs Gensol RP To Hand Over 10 EVs To Mahindra Finance During CIRP
Case Title : Mahindra and Mahindra Financial Services Limited Vs Keshav Khaneja RP for Gensol Engineering Limited & Anr
Case Number : IA/1294(AHM)2025 in C.P.{IBY/195(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 873
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 20 August partly allowed an application filed by Mahindra & Mahindra Financial Services Limited (MMFSL) concerning 17 electric vehicles (EVs) allegedly retained by Gensol Engineering Limited during its Corporate Insolvency Resolution Process (CIRP).
NCLT Bengaluru Approves Promoters' ₹18.34 Crore Resolution Plan For Sanjeevini Medlife Hospitals
Case Title : Sanjeevani Medlife Hospitals (India) Private Limited
Case Number : IA(Plan) No. 02/ 2025
CITATION : 2026 LLBiz NCLT(BEN) 878
The National Company Law Tribunal (NCLT), Bengaluru, on 13 August approved a resolution plan submitted by the erstwhile promoters of Sanjeevini Medlife Hospitals (India) Private Limited, a Micro, Small and Medium Enterprise (MSME), after the Committee of Creditors approved the plan with 100% voting share.
Liquidator Cannot Admit Unadjudicated PF Dues Based On Departmental Estimates: NCLT Ahmedabad
Case Title : Regional Provident Fund Commissioner Vs Pankaj Prabhudayal Goenka
Case Number : IA/1032(AHM)2026 in CP(IB) 781 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 880
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 17 August 2026 held that uncrystallised and provisional provident fund demands cannot be enforced in liquidation, upholding the Liquidator's decision to admit only Rs. 1.68 lakh of provident fund dues and reject the balance claim of Rs. 1.77 crore.
IBC Section 96 Moratorium Is Debtor-Centric, Not Debt-Specific: NCLT Guwahati
Case Title : UCO Bank v. Satyawan Sarma
Case Number : CP(IB)/24/GB/2026
CITATION : 2026 LLBiz NCLT(GUA) 881
The National Company Law Tribunal (NCLT) at Guwahati on 14 August held that the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code, 2016 (IBC) protects a personal guarantor as a whole, and not just against a particular debt. It therefore barred a fresh insolvency application against the guarantor while an earlier application was pending.
Cloud Storage Sale-and-Leaseback Qualifies As Financial Lease Under IBC: NCLT Allahabad
Case Title : Achhru Ram Jindal & Ors. v. M/s Zebyte Rental Planet Private Limited
Case Number : August 20, 2026
CITATION : 2026 LLBiz NCLT(ALL) 882
The National Company Law Tribunal, Allahabad Bench has held that a sale-and-leaseback arrangement created through two linked agreements constituted a “financial lease” under the Insolvency and Bankruptcy Code, 2016. The arrangement involved applicants first purchasing cloud storage units from Vuenow Marketing Services Limited (VMSL) and then leasing the same units to Zebyte Rental Planet Private Limited for 10 years in return for monthly payments.
NCLT Ahmedabad Rejects A.R. Company's Insolvency Plea Against Sadbhav Engineering
Case Title : A. R. COMPANY Vs Sadbhav Engineering Limited
Case Number : COMPANY PETITION (IB) 72 (AHM) 2024
CITATION : 2026 LLBiz NCLT (AHM) 883
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 19 August dismissed an insolvency petition filed by A.R. Company against Sadbhav Engineering Limited over unpaid dues arising from the supply of road and building construction materials
Corporate Debtor Cannot Use Dispute Between Lenders To Delay Insolvency Proceedings: NCLT Kochi
Case Title : Indian Bank v. M/s Aks Cold Storage Ltd
Case Number : CP(IBC)/19/KOB/2026
CITATION : 2026 LLBiz NCLT(KOC) 884
The National Company Law Tribunal (NCLT) at Kochi bench has ruled that a borrower cannot use a dispute between consortium lenders over restructuring to block insolvency proceedings. This is so when the financial debt and default are otherwise established.
NCLT Mumbai Approves ₹1,611-Crore Resolution Plan For Gstaad Hotels, Dismisses Objections
Case Title : JAYESH SANGHRAJKA Vs SHREE NAMAN DEVELOPERS PRIVATE LIMITED
Case Number : IA (IBC) (PLAN) No. 42 of 2026 IN CP (IB) 291 of 2023
CITATION : 2026 LLBiz NCLT (MUM) 885
The Mumbai bench of the National Company Law Tribunal has approved Shree Naman Developers Private Limited's ₹1,611-crore resolution plan for Gstaad Hotels Private Limited. Gstaad Hotels owns the JW Marriott hotel in Bengaluru
NCLT Mumbai Dismisses Jet Airways Plea Seeking $92M Refund From Boeing Over Undelivered Aircraft
Case Title : Jet Airways (India) Limited vs The Boeing Company
Case Number : I.A. 2737 of 2026 & I.A. 3221 of 2026 IN C.P. (IB) No. 2205 of 2019
CITATION : 2026 LLBiz NCLT (MUM) 887
The Mumbai Bench of the National Company Law Tribunal (NCLT) has dismissed the Liquidator of Jet Airways' plea seeking a refund of $92.129 million, or about ₹500 crore, paid to Boeing as advance and pre-delivery payments for aircraft that were never delivered. The tribunal comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the dispute revolved around the parties' aircraft purchase agreements and could not be adjudicated in its limited jurisdiction under the Insolvency and Bankruptcy Code (IBC).
NCLT Indore Rejects Oswal Woollen Mills Insolvency Plea Against EKI Energy
Case Title : Oswal Woollen Mills Ltd Vs Eki Energy Services Ltd
Case Number : CP(IB)/56(MP)2025
CITATION : 2026 LLBiz NCLT(IND) 888
The Indore Bench of the National Company Law Tribunal (NCLT) has dismissed Oswal Woollen Mills Ltd.'s insolvency petition against EKI Energy Services Ltd., a carbon-credit developer and supplier. The petition concerned alleged unpaid dues arising from the supply of Certified Emission Reductions (CERs).
NCLT Ahmedabad Directs Restoration Of Gensol EV Lease's GST Registration During CIRP
Case Title : Keshav Khaneja Vs Mahendra Singh
Case Number : IA/989(AHM)2026 in C.P.(IB)/[199(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 889
The Ahmedabad bench of the National Company Law Tribunal has directed the GST authorities to restore the GST registration of Gensol EV Lease Limited during its Corporate Insolvency Resolution Process (CIRP). The bench held that the cancellation shall not operate against the company during CIRP, observing that the GST registration “has a direct bearing upon the statutory compliances” and may materially affect the Resolution Professional's ability to manage the company's affairs.
Case Title : Varun Anil Chopra Vs Income Tax Department
Case Number : IA/952(AHM)2026 In C.P.(IB)/409(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 891
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has ruled that the Income Tax Department cannot adjust an income-tax refund determined after commencement of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor's pre-CIRP tax dues during the moratorium.
Transaction Audit Report Alone Insufficient To Prove Undervalued Transaction: NCLT Hyderabad
Case Title : Venka Reddy Bathina, Liquidator of DQ Entertainment (International) Limited v. Mr. Tapaas Chakravarti & Ors.
Case Number : I.A. (IBC) No. 1272 of 2023 in C.P. (IB) No. 402/07/HDB/2020 and I.A. (IBC) No. 1273 of 2023 in C.P. (IB) No. 402/07/HDB/2020
CITATION : 2026 LLBiz NCLT (HYD) 893
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has found that a Transaction Audit Report, without the underlying records, was insufficient to establish that an Audi vehicle, an asset part of a CIRP, was sold at an undervalue. The tribunal also found that the vehicle's book value could not, by itself, establish its fair market value. A bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri made the observation while dismissing the liquidator's application concerning preferential and undervalued transactions involving DQ Entertainment (International) Limited.
Case Title : Santosh Bhatia, Liquidator of MBS Impex Private Limited v. MBS Impex Private Limited & Ors. Case Number : IA (IBC) No. 23 of 2026 in CP (IB) No. 407/7/HDB/2019
CITATION : 2026 LLBiz NCLT(HYD) 894
The National Company Law Tribunal (NCLT), Hyderabad Bench, has held that it is not the appropriate forum to direct the release of assets attached by the Enforcement Directorate (ED) in the liquidation of MBS Impex Private Limited. The tribunal left the Liquidator to pursue the remedy available before the PMLA Appellate Tribunal, where his appeal seeking release of the assets was already pending.
NCLT Hyderabad Replaces Liquidator For Failing To Take Enforcement Steps Beyond Emails And Notices
Case Title : GP Petroleums Ltd. v. Tirumala Hills Asphalat Pvt. Ltd.
Case Number : IA (IBC) No. 1184 of 2026 in Company Petition IB/64/9/HDB/2023
CITATION : 2026 LLBiz NCLT(HYD) 897
The National Company Law Tribunal (NCLT), Hyderabad Bench, has recently refused to grant a fourth extension to a Liquidator after finding that his efforts to enforce orders against the suspended directors had substantially remained confined to emails and notices. The bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri observed, “Issuance of correspondence, by itself, cannot be regarded as execution or enforcement of an order passed by this Adjudicating Authority.”
Auction Purchaser Not Liable For Corporate Debtor's Pre-CIRP Dues: NCLT Allahabad
Case Title : POSITRON BIOGENICS PRIVATE LIMITED Vs Uttar Pradesh State Industrial Development Authority
Case Number : IA No. 485 of 2023 IN CP(IB)No. 55/ALD/2017
CITATION : 2026 LLBiz NCLT(ALL) 892
The Allahabad bench of the National Company Law Tribunal (NCLT) has ruled that pre-CIRP dues of a company cannot be recovered from an auction purchaser merely because the purchaser acquired its leasehold property through liquidation on an “as is where is” basis. The bench comprising Judicial Member Praveen Gupta and Technical Member Ashish Verma observed, “In view of the above, the mere “as is where is” condition or the subsequent transfer of the leasehold interest cannot convert the pre-CIRP liability of the Corporate Debtor into an independent personal liability of the Applicant. The pre-CIRP dues of the Corporate Debtor were required to be dealt with through the liquidation process in accordance with Section 53 of the Code."
NCLT Delhi Dismisses CIRP Plea Against WAPCOS Over Pre-existing Disputes
Case Title : GLOBAL SURVEYORS Vs WAPCOS LIMITED
Case Number : COMPANY PETITION (IB) NO. 616/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 895
The Delhi bench of the National Company Law Tribunal has dismissed an insolvency plea against Mini-Ratna Government of India undertaking WAPCOS Limited. The bench found that WAPCOS had raised concerns over the quality and completeness of survey work well before the payment demand was issued.
Professional Entitled To Fees Based On Work, Payment Can't Rely On Court-Fee Refund: NCLT Mumbai
Case Title : Responsibility Fair Agriculture Fund V/s. Abhay Nutrition Pvt Ltd.
Case Number : I.A. 1471/2022 In C.P.(IB)-3799(MB)/2018
CITATION : 2026 LLBiz NCLT (MUM) 898
The National Company Law Tribunal, Mumbai Bench on 11 September held that professionals engaged by a corporate debtor are entitled to fees commensurate with the work performed, and that payment of professional fees cannot be made conditional upon the refund of court fees.
IBC Prevails Over RERA Where Resolution Plan Conflicts With Individual Refund Rights: NCLT Mumbai
Case Title : Vivek Talwar & Ors. vs Rajesh Jhunjhunwala, Resolution Professional
Case Number : I.A. (IB) NO. 3688 OF 2025 IN C.P. (IB) NO. 389/MB/2022
CITATION : 2026 LLBiz NCLT (MUM) 899
The National Company Law Tribunal (NCLT), Mumbai, on 9 September held that a resolution plan cannot be required to incorporate individual homebuyers' refund rights under Section 18 of the Real Estate (Regulation and Development) Act, 2016, where doing so conflicts with the collective insolvency resolution process.
Mere Inclusion Of Company's Name In Loan Documents Not Enough To Trigger Insolvency: NCLT Delhi
Case Title : IIFL Home Finance Limited Vs MMC Realtech Solutions OPC Private Limited
Case Number : COMPANY PETITION (IB) NO. 543/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 901
The Delhi bench of the National Company Law Tribunal (NCLT) has ruled that merely including a company's name in loan and sanction documents is not enough to establish that the company itself is the real obligor for the purpose of initiating insolvency proceedings. “The insolvency jurisdiction under Section 7 cannot be permitted to be invoked merely because the name of a company appears in the sanction letter, absent clear evidence that the company itself is the real obligor in respect of the financial transaction. The provisions of the IBC cannot be employed as a substitute for enforcement of mortgage security or recovery of personal loan liabilities," the bench of Judicial Member Manni Sankariah Shanmuga Sundaram and Technical Member Reena Sinha Puri observed.
Case Title : Benzo Chem Industries Private Limited Vs Aether Industries Limited
Case Number : CP.(IB)/196(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 902
On 8 September, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) dismissed an insolvency petition filed by Benzo Chem Industries Pvt. Ltd. against Aether Industries Ltd. after finding a pre-existing dispute over the quality of chemicals supplied before the demand notice was issued.
IBC Can Apply To Personal Guarantors Residing Abroad, Nationality No Bar: NCLT Chennai
Case Title : M Gagan Bothra v. Senthil Kumar
Case Number : CP(IB)/96(CHE)/2025
CITATION : 2026 lLBiz NCLT(CHE) 903
The National Company Law Tribunal (NCLT), Chennai, on 7 September held that the Insolvency and Bankruptcy Code (IBC) can be invoked against a personal guarantor residing abroad, as the Code does not restrict its applicability based on the guarantor's nationality or citizenship.
NCLT Ahmedabad Admits Immacule Lifesciences' Insolvency Plea Against FTF Pharma Over ₹2.18 Cr. Debt
Case Title : Immacule Lifesciences Pvt Ltd vs FTF Pharma Private Limited
Case Number : C.P.(IB)/346(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 905
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 9 September admitted an insolvency petition filed by Immacule Lifesciences Pvt. Ltd. against FTF Pharma Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016 (IBC).
NCLT Ahmedabad Dismisses Make India Impex's ₹9.10 Crore Insolvency Plea Against Elite Green
Case Title : Rajesh Tuisidas Nakhua Vs Elite Green Private Limited
Case Number : C.P.(IB)/164(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 906
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 9 September dismissed an insolvency petition filed by Make India Impex against Elite Green Pvt. Ltd. over an alleged default of Rs. 9.10 crore.
Case Title : Mexmon Buildwell LLP Vs Uttarakhand Power Corporation Limited & Another
Case Number : IA/1156(AHM)2026 in CP(IB) 669 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 908
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has held that a subsequent purchaser could not invoke its insolvency jurisdiction over an electricity dues dispute that arose after completion of the insolvency process and transfer of the property.
NCLT Ahmedabad Declines Gensol EV Lease RP's Plea To Repossess 70 EVs From Minder
Case Title : Keshav Khaneja RP of Gensol Ev Lease Limited Vs Minder EV Logistics Pvt. Ltd & Ors
Case Number : IA/503(AHM)2026 in C.P.(IB)/199(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 909
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 7 September declined the plea by the Resolution Professional of Gensol EV Lease Ltd. to immediately repossess 70 electric vehicles (EVs) leased to Minder EV Logistics Pvt. Ltd. and recover outstanding dues of Rs. 1.29 crore.
Case Title : PRADEEP KUMAR JAIN Vs ASHISH SINGH
Case Number : I.A. NO. 527/2023 IN CP IB NO. 693/ND/2022
CITATION : 2026 LLBiz NCLT(DEL) 911
The Delhi bench of the National Company Law Tribunal (NCLT) has dismissed a personal insolvency petition filed by a director and guarantor of two companies. It held that the petition was filed to take advantage of the insolvency moratorium and stall recovery proceedings already initiated by Union Bank of India.
Case Title : Sandeep Kumar Chitkara, IRP of Kay Bee Cotgin Pvt. Ltd. v. Punjab & Sind Bank
Case Number : IA (IBC) No. 966 (CH)/2026 in CP (IB) No. 320/CHD/PB/2024
CITATION : 2026 LLBiz NCLT(CHA) 912
The National Company Law Tribunal (NCLT) at Chandigarh, on 20 August held that the restrictions introduced by the substituted Section 12A of the Insolvency and Bankruptcy Code, 2016, apply prospectively to Corporate Insolvency Resolution Processes (CIRPs) initiated on or after 26 May 2026.
Case Title : STATE BANK OF INDIA Vs SHRI. AMIT SETHI
Case Number : I.A. NO.4399/2024 IN Restored CP IB NO. 19/(ND)/2024
CITATION : 2026 LLBiz NCLT(DEL) 910
The New Delhi Bench of the National Company Law Tribunal (NCLT) has held that an individual consortium lender can initiate insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC) against a Personal Guarantor without requiring all consortium lenders to jointly institute the proceedings.
Case Title : SREI Equipment Finance Limited v. Mukul Kumar, Resolution Professional of AMRL Hitech City Limited & Anr.
Case Number : IA (IBC) No. 1848/2023 in CP (IBC) No. 78/CHE/2023 along with IA (IBC) No. 1849/2023 in CP (IBC) No. 78/CHE/2023.
CITATION : 2026 LLBiz NCLT(CHE) 913
The Chennai Bench of the National Company Law Tribunal (NCLT) has held that mere commercial association, historical linkage or institutional connection cannot, by itself, make an entity a “related party” under Section 5(24) of the Insolvency and Bankruptcy Code, 2016 (IBC).
NCLT Indore Admits Marvel Industries Insolvency Plea Against Flexituff Technology
Case Title : Marvel Industries & Services Pvt Ltd Vs Flexituff Technology International Ltd
Case Number : CP(IB)/23(MP)2025
CITATION : 2026 LLBiz NCLT(IND) 914
The Indore bench of the National Company Law Tribunal (NCLT) has initiated insolvency proceedings against FIBC manufacturer Flexituff Technology International Ltd.
NCLT Mumbai Dismisses Perjury Plea Against Omkara Assets Reconstruction Over Account Differences
Case Title : Aditya Raheja V/s Omkara Assets Reconstruction Pvt. Ltd. & Ors
Case Number : IA 2730 OF 2026 IN CP (IB) NO. 290/MB/2023
CITATION : 2026 LLBiz NCLT (MUM) 915
The National Company Law Tribunal (NCLT), Mumbai, on 3 September dismissed perjury proceedings against Omkara Assets Reconstruction Pvt Ltd, holding that alleged discrepancies in statements of account and debt records did not warrant an inquiry by a Magistrate.
Financial Hardship Cannot Excuse Repeated Non-Appearance In Insolvency Proceedings: NCLT Mumbai
Case Title : IN THE MATTER OF: MR. KAIRAV ANIL TRIVEDI - LIQUIDATOR
Case Number : RST.A (IBC)/89(MB)2025 IN C.P. (IB)/17(MB)2022
CITATION : 2026 LLBiz NCLT (MUM) 916
The National Company Law Tribunal, Mumbai on 4 September held that financial hardship or the fact that an applicant is itself under liquidation cannot substitute the requirement of showing sufficient cause for repeated non-appearance in insolvency proceedings.
Case Title : Nazeema Cholayil v. Mr. K.P Dileep and Ors
Case Number : IA(IBC)/189/KOB/2024
CITATION : 2026 LLBiz NCLT(KOC) 917
The National Company Law Tribunal (NCLT) at Kochi has ruled that even if a claimant was not separately informed that their claim had not been finally admitted, that alone does not permit the court to reopen a concluded Corporate Insolvency Resolution Process (CIRP) or modify an approved resolution plan.
NCLT Delhi Directs Bira Beer Maker To Mediate With Creditors Over Insolvency Case Settlement
Case Title : Unity Small Finance Bank Limited Vs B9 Beverages Limited
Case Number : IB-580/ND/2025
CITATION : 2026 LLBiz NCLT(DEL) 918
The Delhi bench of the National Company Law Tribunal (NCLT) has directed B9 Beverages Limited, the company behind the Bira 91 beer brand, its promoters, certain financial creditors, and applicants in connected insolvency proceedings to participate in a mediation meeting.
Case Title : M/s. B.Y. Agro And Infra Ltd. Vs. M/s. Wardha Mega Food Park Private Limited
Case Number : C.P. (IB)/9/MB/2026
CITATION : 2026 LLBiz NCLT (MUM) 919
The National Company Law Tribunal (NCLT), Mumbai, has held that an interest-free payment does not automatically become a financial debt merely because it is described as a loan. The tribunal ruled that the nature and commercial purpose of the transaction, along with the surrounding documentary evidence, must be examined.
Bank Cannot Retain Margin Money After Bank Guarantees Expire Without Invocation: NCLT Mumbai
Case Title : In the matter of: Mr. Jayanti Lal Jain vs Mr. Pranaya Prusty
Case Number : IA/5149/2024 IN CP(IB)/644(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 920
The National Company Law Tribunal's Mumbai bench has observed that margin money deposited for Bank Guarantees can be retained by a bank only to the extent necessary for live guarantees and must be released where the guarantees have expired without invocation.
NCLT Mumbai Dismisses ₹2,235 Crore Insolvency Plea Against Sumer Radius Realty Amid CBI, ED Probe
Case Title : Piramal Capital & Housing Finance Limited Vs Sumer Radius Realty Private Limited
Case Number : IA/4175/2023 C.P. (IB)/155(MB)2022
CITATION : 2026 LLBiz NCLT (MUM) 921
The National Company Law Tribunal at Mumbai has dismissed Omkara Assets Reconstruction Private Limited's ₹2,235 crore insolvency petition against Sumer Radius Realty Pvt. Ltd. A coram of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati said that the financial creditor's inconsistent stands regarding the same transaction attracted the principle of approbate and reprobate, while the underlying transaction was also under investigation by the CBI and Enforcement Directorate.
NCLT Kolkata Allows Homebuyer To Seek Alternative Flat Or Full Refund After Invalid Cancellation
Case Title : Sujay Shankar Mukherjee v. Ashish Chawchharia, Resolution Professional of Riverbank Developers Private Limited
Case Number : I.A. (IB) No. 160/KB/2026 in C.P. (IB) No. 345/KB/2022
CITATION : 2026 LLBiz NCLT (KOL) 922
The Kolkata bench of the National Company Law Tribunal (NCLT) has held that a homebuyer's flat allotment could not be treated as cancelled after the developer failed to make the refund linked to the proposed cancellation. Since the flat was subsequently allotted to another person and possession was granted, the tribunal allowed the allottee to either seek an alternative flat with a covered car parking space or opt for a full refund of the amount paid with interest at statutory rates.
Case Title : MR. RAJENDRA M. GANATRA (Resolution Professional of Sunshine Housing and Infrastructure Pvt. Ltd.) V/s MR. ATUL SHAMJI BHARANI & OTHERS
Case Number : IA(I.B.C)/893(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 923
The National Company Law Tribunal (NCLT) at Mumbai has ruled that a Resolution Professional appointed after a failed resolution plan cannot reopen an earlier RP's concluded determination on avoidance or fraudulent transactions. The successor RP can place additional evidence to support the earlier determination, but cannot review or revisit it.
Case Title : Punjab National Bank v. M/s Shree Sai Prakash Alloys Pvt. Ltd.
Case Number : IA(IBC)/126/GB/2024 in CP(IB)/24/GB/2019
CITATION : 2026 LLBiz NCLT (GUA) 924
The National Company Law Tribunal (NCLT), Guwahati, on 10 September held that an unaccepted One-Time Settlement (OTS) proposal made before liquidation cannot be enforced as a matter of right to stop subsequent liquidation proceedings.
CLB Order Does Not Become Unenforceable Merely Because Forum Ceased To Exist: NCLT Guwahati
Case Title : 3A Capital Services Limited v. Prag Bosimi Synthetics Ltd. & Ors.
Case Number : CP/13/GB/2024 along with IA (Comp. Act)/11/GB/2025.
CITATION : 2026 LLBiz NCLT (GUA) 925
The National Company Law Tribunal (NCLT), Guwahati, on 16 September held that the abolition of the erstwhile Company Law Board (CLB) does not render a final order passed by the CLB incapable of enforcement.
Liquidation Pendency Cannot Confer Jurisdiction Over Property Outside Liquidation Estate: NCLT Delhi
Case Title : Vikas Chopra Vs Vivek Parti
Case Number : IA-383/2026 in Company Petition (IB) No. – 1680 (PB)/2019
CITATION : 2026 LLBiz NCLT(DEL) 926
The Delhi Bench of the National Company Law Tribunal (NCLT) on 3 September held that the mere pendency of liquidation proceedings does not confer jurisdiction on the Adjudicating Authority to determine an independent dispute over possession of immovable property that does not form part of the liquidation estate.
NCLT Mumbai Rejects SBI's ₹1,759 Crore Insolvency Plea Against Patanjali Foods Guarantor
Case Title : State Bank of India Versus Mr. Dinesh Shahra
Case Number : C.P. (IB) NO. 385/MB/2023
CITATION : 2026 LLBiz NCLT (MUM) 928
The National Company Law Tribunal (NCLT), Mumbai, has rejected State Bank of India's insolvency plea against Dinesh Shahra, personal guarantor for Patanjali Foods Ltd., formerly known as Ruchi Soya Industries Ltd. The tribunal held that SBI's petition over a debt of ₹1,759 crore was filed after the limitation period had expired. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that SBI's March 21, 2023 insolvency petition was not maintainable, as the limitation period had expired on February 26, 2023.
NCLT Delhi Issues Notice To CBI In Subhash Chandra's Personal Guarantor Insolvency Case
Case Title : Indiabulls Housing Finance Limited vs Dr Subhash Chandra
Case Number : IB-97/ND/2022
The Delhi Bench of the National Company Law Tribunal (NCLT) on Wednesday issued notice to the Central Bureau of Investigation (CBI) in proceedings concerning a repayment plan proposed for Essel Group Chairman Emeritus Dr Subhash Chandra in his capacity as a personal guarantor of his group companies.
Case Title : Indiabulls Housing Finance Limited vs Dr Subhash Chandra
Case Number : IB-97/ND/2022
The Delhi bench of the National Company Law Tribunal (NCLT) at Delhi on Wednesday orally remarked that the tribunal's functioning could come to a “standstill” if it had to hear the repayment plan proposed by Essel Group Chairman Subhash Chandra during regular court hours, amid the need for more Members.
Case Title : Pink City Fincap Private Limited v. Arthmate Tech Private Limited
Case Number : C.P. (IB) No. 257/KB/2025 along with I.A. (IB) No. 414/KB/2026.
CITATION : 2026 LLBiz NCLT (KOL) 929
The National Company Law Tribunal (NCLT) at Kolkata recently held that a financial creditor cannot demand premature redemption of Optionally Convertible Debentures (OCDs) when the contractual terms give the right of early redemption exclusively to the corporate debtor.
Secured Creditors Cannot Avoid Liquidation Costs Over Unfinalised Expenses: NCLT Chennai
Case Title : SPP Insolvency Professional LLP (IPE), Liquidator of Sri Lakshmi Saraswathi Spintex Ltd. v. Punjab National Bank
Case Number : IA (IBC) No. 1906/(CHE)/2025 in CP (IBC) No. 252/(CHE)/2022
CITATION : 2026 LLBiz NCLT (CHE) 931
The National Company Law Tribunal (NCLT) at Chennai has ruled that a secured creditor that chooses to realise its security under Section 52 of the Insolvency and Bankruptcy Code (IBC) cannot avoid its obligation to contribute towards liquidation costs merely because the expenses have not been finally determined.
Another Creditor Moves NCLT Delhi Against Bira Beer Maker Over ₹7.24 Crore Default
Case Title : Cheer Breweries Ltd. V/s B9 Beverages Ltd
Case Number : IB/426/ND/2026
Case Title : Sandeep Kumar Bhagat v. Punjab National Bank and Ors
Case Number : IA(IBC)/124/GB/2024
CITATION : 2026 LLBiz NCLT(GUA) 932
The National Company Law Tribunal (NCLT), Guwahati, on 10 September refused to direct Punjab National Bank (PNB) to accept a Rs. 22.50 crore One-Time Settlement (OTS) proposal made by Sandeep Kumar Bhagat in relation to three companies undergoing liquidation.
NCLT Mumbai Dismisses Insolvency Plea Against Shapoorji Pallonji
Case Title : UNITON INFRA PRIVATE LIMITED vs SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED
Case Number : CP (IB) No.470/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 934
The National Company Law Tribunal (NCLT) at Mumbai has dismissed Uniton Infra Pvt. Ltd.'s ₹4.31 crore insolvency plea against Shapoorji Pallonji and Company Pvt Ltd, holding that the alleged operational debt was not due and payable under the parties' payment terms.
NCLT Ahmedabad Appoints Forensic Auditor To Verify ₹1.34 Crore Deposit In Gensol-Mufin Dispute
Case Title : Keshav Khaneja Vs Mufin Green Finance Limited
Case Number : IA/1349(AHM)2026 in C.P.(IB)/195(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 939
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 14 September appointed CA Anmol Bindra as an Independent Forensic Auditor to verify the adjustment of Rs. 1,34,14,800 furnished by Gensol Engineering Limited to Mufin Green Finance Limited.
Personal Guarantor Cannot Avoid Liability By Claiming No Personal Benefit From Loan: NCLT Indore
Case Title : The COSMOS Co-Op. Bank Ltd. Vs Rajendra Singhal
Case Number : CP(IB)/40(MP)2025
CITATION : 2026 LLBiz NCLT(IND) 941
The Indore Bench of the National Company Law Tribunal (NCLT) on 9 September held that a personal guarantor cannot avoid liability under a guarantee merely by claiming that he derived no personal or pecuniary benefit from the loan facilities availed by the corporate debtor.
Tribunal Cannot Rewrite Operational Creditor's Case: NCLT Mumbai
Case Title : Alliance Advertising and Marketing Pvt. Ltd. Vs Eduisfun Technologies Pvt Ltd
Case Number : C.P. (IB)/828(MB)2026
CITATION : 2026 LLBiz NCLT (MUM) 944
The National Company Law Tribunal (NCLT) at Mumbai has held that it cannot rewrite an operational creditor's insolvency case by separating invoices, determining different dates of default, and recalculating the debt when the creditor itself refused to amend its Section 9 application.
Case Title : Punjab National Bank v. Mr. Reji Abraham
Case Number : CP(IB)/177(CHE)/2026
CITATION : 2026 LLBiz NCLT (CHE) 945
The National Company Law Tribunal (NCLT) at Chennai has held that it cannot exercise extra-territorial jurisdiction over a personal guarantor where the underlying corporate debtors are foreign entities with no registered office in India.
“This Code being domestic legislation of limited territorial reach, confers no extra territorial jurisdiction upon the Adjudicating Authority to adjudicate obligations arising from entities situated beyond the sovereign and statutory framework of India. The Foreign Company though recognized for a certain limited Regulatory purposes under Chapter XXII of the Companies Act, 2013 do not become a Company within the meaning of Section 2(20) of the Companies Act, 2013 and cannot be brought within the fold of Section 3(7) of IBC without any express inclusion of a Foreign Company as a Corporate Debtor ” the tribunal observed.
Case Title : Think & Learn Pvt Ltd v. Aakash Educational Services Ltd and Ors
Case Number : CP 46/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 951
The National Company Law Tribunal at Bengaluru on Thursday deferred orders on the settlement between Byju's parent Think & Learn Private Limited and Aakash Educational Services Limited over Aakash's rights issue, directing the parties to first comply with several requirements.
IBC Amendment On Personal Guarantors Applies Retroactively To Pending Proceedings: NCLT New Delhi
Case Title : Equentia Financial Service Pvt. Ltd. v. Saloni Ayush Aggarwal
Case Number : : IA-798/ND/2026, IA-638/ND/2026, IA-972/ND/2026 in CP (IB)-652/ND/2025 CITATION : 2026 LLBiz NCLT (DEL) 949
The National Company Law Tribunal (NCLT), New Delhi held on 31 August that the 2026 amendment to Section 96 of the Insolvency and Bankruptcy Code, 2016 (IBC) applies retroactively to pending insolvency proceedings against personal guarantors to corporate debtors.
Appellate Challenge Affecting Resolution Plan Can Extend Timeline Under Plan Terms: NCLT Kolkata
Case Title : Mukesh Goyal v. CA Santanu Brahma & Ors.
Case Number : I.A. (IBC) No. 1880/KB/2025; I.A. (IB) No. 371/KB/2026; I.A. (IB) No. 911/KB/2026 in C.P. (IB) No. 1518/KB/2020
CITATION : 2026 LLBiz NCLT (KOL) 950
The National Company Law Tribunal (NCLT), Kolkata Bench, has held that where an approved Resolution Plan provides for exclusion of the period affected by appellate proceedings, the implementation timeline stands extended in accordance with the Plan without requiring a formal stay order or fresh approval by the Committee of Creditors (CoC).
Corporate Debtor's Sub-Threshold Default Does Not Bar Personal Guarantor Insolvency: NCLT Chennai
Case Title : Mrs V Lakshmi
Case Number : CP(IBC)/52(CHE)2025
CITATION : 2026 LLBiz NCLT(CHE) 952
The National Company Law Tribunal (NCLT) at Chennai on 15 September held that insolvency resolution proceedings can be initiated against a personal guarantor even when the corporate debtor's default is below the statutory threshold for initiating the Corporate Insolvency Resolution Process (CIRP).
Case Title : Jayanti Lal Jain, IRP of DK Infrastructure Pvt. Ltd. v. Arvind Mathur & Ors
Case Number : I.A. No. 4684 of 2024 in C.P. (IB) No. 644/MB/2020
CITATION : 2026 LLBiz NCLT (MUM) 953
The National Company Law Tribunal (NCLT), Mumbai, has ruled that a bank guarantee can be invoked and encashed during the moratorium imposed on a company undergoing insolvency proceedings. The bench of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati held that the bank guarantee in the case fell within the exception under Section 14(3)(b) of the Insolvency and Bankruptcy Code (IBC). The provision excludes a surety in a contract of guarantee to a corporate debtor from the operation of the moratorium.
Case Title : Shailendra Kataria, Authorised Representative of Creditors in Class (Homebuyers) v. Manish Lalji Dawda, Resolution Professional of Wadhwa Buildcon LLP
Case Number : IA/5387/2024 C.P. (IB)/2946(MB)2019
CITATION : 2026 LLBiz NCLT (MUM) 954
The National Company Law Tribunal (NCLT) at Mumbai on 11 September held that a Resolution Professional (RP) can re-verify claims admitted by an erstwhile RP when the available records disclose deficiencies, discrepancies or concerns regarding their authenticity. Such verification is part of the RP's statutory duty to maintain and update the list of creditors and does not amount to adjudication of disputed rights.
NCLT Ahmedabad Rejects Button Industries' Insolvency Plea Against Viaz Tyres Over ₹1.16 Crore Dues
Case Title : Button Industries Pvt Ltd vs Viaz Tyres Limited
Case Number : C.P.(IB)/482(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 956
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 24 September rejected an insolvency petition filed by Button Industries Private Limited against Viaz Tyres Limited over alleged dues of Rs. 1.16 crore.
Case Title : Rajputana Constructions Private Limited v. Rajasthan Land Holdings Limited
Case Number : IA(IBC) No. 155/JPR/2024
CITATION : 2026 LLBiz NCLT(JAI) 958
The National Company Law Tribunal (NCLT), Jaipur Bench, on Monday delivered a split verdict on whether it can grant blanket protection from statutory, civil, and penal consequences arising from alleged defaults during a company's Corporate Insolvency Resolution Process (CIRP). Technical Member Kavita Bhatnagar held that such consequences must be examined by the authorities empowered under the respective statutes, while Judicial Member Reeta Kohli took a contrary view and allowed the application seeking protection.
IBBI
IBBI Says Interim Moratorium For Personal Guarantors Ceased From May 26, 2026 Even In Pending Cases
In a circular issued on September 21, 2026, the Insolvency and Bankruptcy Board of India (IBBI) has clarified that the interim moratorium applicable to personal guarantors of corporate debtors under Sections 96 and 124 of the Insolvency and Bankruptcy Code (IBC) ceased to operate from May 26, 2026. The circular also applies to applications that were already pending before the Adjudicating Authority on that date.