LiveLawBiz IBC Weekly Digest: June 22 - June 27, 2026
Kirit Singhania
29 Jun 2026 10:23 AM IST
SUPREME COURT
Case Title : VOIZZIT TECHNOLOGY PVT LTD vs THE DIRECTOR CENTRAL BUREAU OF INVESTIGATION
Case Number : DIARY NO. 37706 OF 2026
Two companies linked to the BYJU'S insolvency dispute, Voizzit Technology Pvt Ltd and Voizzit Information Technology LLC, have approached the Supreme Court. They are challenging a Kerala High Court judgment that refused to direct the CBI, Enforcement Directorate (ED) and National Investigation Agency (NIA) to investigate alleged irregularities in the insolvency resolution process of BYJU'S parent company, Think & Learn Pvt. Ltd.
Case Title : PRAGYA JHUNJHUNWALA VERSUS STATE BANK OF INDIA AUTHORISED REPRESENTATIVE & ANR
Case Number : SPECIAL LEAVE PETITION (CIVIL) Diary No(s). 35986/2026
CITATION : 2026 LLBiz SC 230
The Supreme Court on Wednesday allowed India Power Corporation Ltd.'s shareholder Pragya Jhunjhunwala to approach the National Company Law Appellate Tribunal (NCLAT) Chairperson for consideration of a reference arising from a split verdict on applications seeking an interim stay of the company's admission into insolvency proceedings
HIGH COURT
Case Title : Darshan Mandir Co-operative Housing Society Limited V/s. District Deputy Registrar, Co-operative Society, Mumbai (4) and others
Case Number : WRIT PETITION NO. 16318 of 2025
CITATION : 2026 LLBiz HC (BOM) 352
A housing society's application for deemed conveyance of land and building cannot be put on hold merely because insolvency proceedings are pending against a developer, the Bombay High Court has held. The court ruled that a moratorium under the Insolvency and Bankruptcy Code (IBC) does not prevent authorities from deciding such applications under the Maharashtra Ownership Flats Act (MOFA). Justice Sandeep V. Marne set aside an order that had rejected a deemed conveyance application filed by Darshan Mandir Co-operative Housing Society on the ground that Corporate Insolvency Resolution Process (CIRP) proceedings were pending against Vas Infrastructure Ltd.
Case Title : Pinax Paper Mills Private Limited -Vs.- The State of West Bengal & Anr.
Case Number : WPA 10983 of 2025
CITATION : 2026 LLBiz HC (CAL) 158
The Calcutta High Court has recently held that West Bengal State Electricity Distribution Company Limited (WBSEDCL) could not insist that Pinax Paper Mills Private Limited pay pre-CIRP Late Payment Surcharge (LPSC) before granting a fresh electricity connection after approval of the company's resolution plan
NCLAT
Case Title : MR. RAIZ BASHIRUDEEN Vs TATA CAPITAL FINANCIAL SERVICES LIMITED
Case Number : Company Appeal (AT) (Insolvency) 400/2024
CITATION : 2026 LLBiz NCLAT 257
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently held that insolvency proceedings against a personal guarantor cannot be invalidated solely because a separate deed of guarantee has not been placed on record.
NCLAT Upholds NCLT Order Allowing Liquidator To Challenge JDA, GPA Termination Before Civil Court.
Case Title : Sri Brindhavan Brick Works Vs DiMax Restructuring Private Limited
Case Number : Company Appeal (AT) (Insolvency) 275/2026
CITATION : 2026 LLBiz NCLAT 258
The National Company Law Appellate Tribunal (NCLAT) at Chennai has upheld an order allowing the liquidator of a company under liquidation to approach a civil court to challenge the unilateral termination of a Joint Development Agreement (JDA) and cancellation of a General Power of Attorney (GPA) relating to the Manapakkam project.
Case Title : Raychem RPG Pvt Ltd Vs Soura Natural Energy Solutions India Pvt Ltd
Case Number : Company Appeal (AT) (Insolvency) 180/2026
CITATION : 2026 LLBiz NCLAT 255
On 10 June, the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) allowed an appeal filed by Raychem RPG Pvt Ltd, set aside the order of the National Company Law Tribunal (NCLT), Kochi Bench, and directed grant of a final opportunity to rectify defects, subject to payment of costs of Rs. 50,000.
NCLAT Stays Insolvency Proceedings Against Vikram Solar
Case Title : Sameer Nagpal Suspended Director of Vikram Solar Ltd. Vs ISITVA Steel Pvt. Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 1087/2026
CITATION : 2026 LLBiz NCLAT 259
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the National Company Law Tribunal's (NCLT) order admitting insolvency proceedings against Vikram Solar Ltd. It also directed the company to deposit ₹91.98 lakh pending further hearing.
Anil Ambani Appeals NCLT Order Admitting SBI's Personal Guarantor Insolvency Plea
Case Title : Anil Dhirajlal Ambani Vs State Bank of India & Anr.
Case Number : Company Appeal (AT) (Ins) No. 1088 of 2026
On Wednesday, Industrialist Anil Ambani approached the Delhi bench of the National Company Law Appellate Tribunal (NCLAT) against the personal insolvency proceedings initiated by the the State Bank of India (SBI)
NCLT
Case Title : Union Bank of India Vs. Rashmi Realty Builders Private Limited
Case Number : C.P. (IB)/1119/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 629
The National Company Law Tribunal (NCLT) in Mumbai has recently held that the substantial completion of a real estate project and the sale of flats and shops in it do not bar insolvency proceedings by a lender. The tribunal observed that such circumstances do not extinguish an unpaid financial debt. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar admitted Union Bank of India's insolvency plea against Rashmi Realty Builders Pvt Ltd over a default of more than ₹60 crore. The tribunal also rejected the developer's allegation that the proceedings had been initiated with malicious intent.
Secured Creditor Cannot Enforce Security After Statutory Timeline Under Regulation 21A: NCLT Mumbai
Case Title : The Vishweshwar Limited, Pune Sahakari Bank Vs Prashant Jain
Case Number : I.A No. 4943/2025 In CP No. 1852 /2019
CITATION : 2026 LLBiz NCLT (MUM) 630
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 10 June held that compliance with the timelines prescribed under Regulation 21A of the IBBI (Liquidation Process) Regulations is mandatory and that a secured creditor cannot be permitted to realise its security interest after failing to exercise its option within the stipulated period.
Resolution Professional Cannot Be Replaced For Disagreement With Recommendation: NCLT Jaipur
Case Title : Mr. Islamuddin Kagzi v. Union Bank of India
Case Number : IA(IBC) No. 567/JPR/2025 in RCP(IB) No. 4/95/JPR/2025
CITATION : 2026 LLBiz NCLT (JAI) 631
The National Company Law Tribunal at Jaipur on 19 June held that a Resolution Professional appointed in personal guarantor insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 cannot be replaced merely on account of a party's dissatisfaction with the professional's recommendation. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar dismissed an application filed by Islamuddin Kagzi, personal guarantor to Sanga Builders Private Limited, who sought substitution of the Resolution Professional appointed in proceedings initiated by Union Bank of India under Section 95 of the IBC.
NCLT Mumbai Initiates CIRP Against Longrange Commodities, Admits ₹90.54 Crore UCO Bank Petition
Case Title : UCO Bank V/s Longrange Commodities Limited
Case Number : C.P. (IB)/514(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 632
On 12 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Longrange Commodities Pvt Ltd into the Corporate Insolvency Resolution Process on a petition filed by UCO Bank over a default of Rs. 90.54 crore and appointed Kuldeep Tank as the Interim Resolution Professional. Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 is maintainable where the financial creditor establishes financial debt, default, and valid acknowledgements extending limitation, and further held that curable procedural defects cannot defeat substantive rights.
IBC Approval Does Not Auto-Delete ROC Charges, Companies Act Procedure Must Be Followed: NCLT Jaipur
Case Title : The Administrator of Specified Undertaking of Unit Trust of India and Anr v. Modern Syntex (India) Ltd
Case Number : IA No. 29/JPR/2026 in CP(IB) No. 39(PB)/2018
CITATION : 2026 LLBiz NCLT(JAI) 634
The Jaipur Bench of the National Company Law Tribunal on 22 June ruled that approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016 does not automatically delete pre-CIRP charge entries from the records maintained by the Registrar of Companies. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar held that parties must still follow the statutory procedure under the Companies Act, 2013 for satisfaction or modification of such charges and partly allowed the application filed by Vaaso Infrastructure Private Limited.
Dues Arising From TReDS Transactions Are Operational Debt, Not Financial Debt: NCLT Jaipur
Case Title : Bank of Maharashtra v. Ashiana Ispat Limited
Case Number : CP No.(IB)-73/07/JPR/2025
CITATION : 2026 LLBiz NCLT(JAI) 635
The National Company Law Tribunal (NCLT) at Jaipur has dismissed Bank of Maharashtra's insolvency plea (section 7) against Ashiana Ispat Limited. The tribunal held that dues arising from invoice discounting transactions undertaken through the Trade Receivables Discounting System (TReDS) were operational debt and not financial debt.
Case Title : Bank of Baroda Vs Sintex Industries Ltd & Ors
Case Number : IA No. 439 of 2021 in CP(IB) No. 321 of 2020
CITATION : 2026 LLBiz NCLT (AHM) 638
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has dismissed an application by Bank of Baroda, acting on behalf of the lenders of Sintex Prefab & Infra Ltd (SPIL), seeking reversal of a ₹26.79 crore transfer from the company's account as a preferential transaction.
NCLT Ahmedabad Orders Return Of 150 Leased EVs In Gensol EV Lease's Insolvency
Case Title : Keshav Khaneja RP of Gensol EV Lease Limited Vs Omega Seiki Mobility Pvt. Ltd & Ors
Case Number : IA/1511(AHM)2025 in C.P.(IB)/199(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 637
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has ordered Omega Seiki Mobility Private Limited to return leased electric vehicles belonging to Gensol EV Lease Limited, which is undergoing insolvency proceedings.
NCLT Allahabad Clears GSW Enterprises' ₹95 Crore Resolution Plan For Hind Agro Industries
Case Title : Paramjeet Singh Bhatia Vs GSW ENTERPRISE PRIVATE LIMITED & Ors
Case Number : IA (PLAN) NO.8/2025 IN CP (IB) NO.04/ALD/2019
CITATION : 2026 LLBiz NCLT (ALL) 636
The Allahabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by G.S.W. Enterprises Private Limited for Hind Agro Industries Limited. The plan provides for payment of ₹95 crore towards settlement of stakeholder claims. It also envisages ₹200 crore towards working capital and capital expenditure over a five-year period.
GST Compliance Services During CIRP Qualify As IRP Costs, But Fees Must Be Reasonable: NCLT Kolkata
Case Title : PRATEEK S JAIN & ASSOCIATES vs PRATIM BAYAL AND ANR.
Case Number : I.A. No. 69/KB/2026 IN C.P. (IB) No. 1377/KB/2020
CITATION : 2026 LLBiz NCLT (KOL) 640
The National Company Law Tribunal (NCLT) at Kolkata has held that GST compliance services rendered during a corporate insolvency resolution process may form part of insolvency resolution process costs when they are necessary for running the corporate debtor as a going concern.
NCLT Admits Bank of India Insolvency Plea Against Supreme Engineering, Rejects Section 10A Defence
Case Title : Bank of India Vs Supreme Engineering Limited
Case Number : IA(I.B.C)/ 5513(MB)2025 IN C.P. (IB)/ 660(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 641
On 23 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Bank of India's Section 7 petition against Supreme Engineering Limited over a default of Rs. 117.50 crore, holding that Section 10A of the Insolvency and Bankruptcy Code, 2016 does not shield post-COVID defaults from insolvency proceedings.
Case Title : JM FINANCIAL ASSET RECONSTRUCTION COMPANY LIMITED vs SHUBH HOSPITALITY PRIVATE LIMITED
Case Number : CP (IB) No. 3500/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 642
The National Company Law Tribunal (NCLT), Mumbai on 23 June 2026 dismissed JM Financial Asset Reconstruction Company Ltd's Section 7 insolvency petition against Shubh Hospitality Pvt Ltd, holding that a Debt Recovery Tribunal (DRT) review order correcting errors in an earlier judgment does not extend the limitation period under the Insolvency and Bankruptcy Code, 2016.
NCLT Ahmedabad Rejects Plea On Preferential, Fraudulent Transactions Due To Failure Of Service
Case Title : Omkarchand Maloo Vs Yash Jatinbhai Baxi & Ors
Case Number : IA/644(AHM)2022 in CP(IB) 657 of 2019
CITATION : 2026 LLBiz NCLT (AHM) 643
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that applications under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016 cannot be adjudicated in the absence of valid service on respondents, as such adjudication would violate principles of natural justice. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dismissed an application filed by Omkarchand R. Maloo, Liquidator of Intelligent Textile Engineers Pvt. Ltd., seeking directions on alleged preferential and fraudulent transactions, due to failure to effect service on Respondent Nos. 1 to 3.
Case Title : Zenith Media Scope Private Limited Vs Nirvikar Films LLP
Case Number : CP (IB) –190(PB)/2026
CITATION : 2026 LLBiz NCLT(DEL) 644
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 12 June held that interest stipulated in invoices and credit notes forms part of operational debt when the Corporate Debtor does not dispute it, and can be included while computing the statutory threshold under the Insolvency and Bankruptcy Code, 2016.
Case Title : Krishnna Kumar Haridas VS BSE LIMITED & ORS
Case Number : I.A No. 559 of 2026 IN C.P (IB) No.10/7/HDB/2022
CITATION : 2026 LLBiz NCLT (HYD) 645
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 12 June held that post-approval restructuring measures cannot claim the overriding effect of the Insolvency and Bankruptcy Code, 2016 unless they form part of the approved resolution plan.
Case Title : PRUDENT ARC LTD Vs SUPER PROPERTY MAINTENANCE PVT. LTD
Case Number : C.P. (IB) NO. 218 OF 2026
CITATION : 2026 LLBiz NCLT(DEL) 646
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 16 June admitted an insolvency petition filed by Prudent ARC Ltd against Super Property Maintenance Pvt Ltd, holding that transferred winding-up proceedings, where no irreversible steps have been taken, do not bar initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
NCLT Kochi Rejects ADIMS Resolution Plan Over Dependence On Uncertain Lease, Terminates CIRP
Case Title : CA Rajmohan R, Resolution Professional, M/s Attukal Devi Institute of Medical Sciences Limited
Case Number : IA(IBC)(Plan)/06/KOB/2025 in CP(IB)/22/KOB/2024
CITATION : 2026 LLBiz NCLT(KOC) 648
On 25 June, the Kochi Bench of the National Company Law Tribunal (NCLT) declined to approve the resolution plan submitted for Attukal Devi Institute of Medical Sciences Limited (ADIMS), holding that plans founded on speculative contingencies and unresolved third-party disputes cannot be sustained solely on the basis of Committee of Creditors' (CoC) approval.
Case Title : Allegis Services (India) Pvt. Ltd Vs Olive Telecommunication Pvt. Ltd.
Case Number : TP (Co. Act.) No. 30(PB)/2024
CITATION : 2026 LLBiz NCLT(DEL) 649
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 11 June admitted the Section 9 application filed by Allegis Services (India) Pvt. Ltd against Olive Telecommunication Pvt. Ltd, commenced Corporate Insolvency Resolution Process (CIRP), declared moratorium under Section 14, and appointed Harmeet Kaur as Interim Resolution Professional (IRP).
Going-Concern Liquidation Buyer Not Entitled To Automatic Waivers Under IBC: NCLT Mumbai
Case Title : Consortium of Maheshkumar Tejraj Inani and Space Realtors Pvt. Ltd. v. Ganesh Venkata Siva Rama Krishna Remani, Liquidator of Warden Surgical Company Pvt. Ltd.
Case Number : I.A. 4284/2025 in C.P. (IB) No. 746/MB/C-III/2022
CITATION : 2026 LLBiz NCLT(MUM) 647
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 12 June held that a successful auction purchaser acquiring a corporate debtor as a going concern during liquidation is not automatically entitled to waivers, concessions, or reliefs sought through an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016.
Case Title : IFCI Ltd. Vs PARAMJEET SINGH BHATIA
Case Number : IA No. 588/2025 IN CP(IB) No.04/ALD/2019
CITATION : 2026 LLBiz NCLT (ALL) 650
The Allahabad Bench of the National Company Law Tribunal (NCLT) on 11 June held that the waterfall mechanism under the Insolvency and Bankruptcy Code, 2016 does not permit artificial sub-classification among secured creditors while distributing proceeds after approval of a resolution plan. Judicial Member Praveen Gupta and Technical Member Ashish Verma partly allowed an application filed by IFCI Ltd. in the Corporate Insolvency Resolution Process (CIRP) of Hind Agro Industries Ltd.
NCLT Bengaluru Approves ₹17.25 Crore Resolution Plan For Dunlop Polymers
Case Title : Miller Trader Pvt. Ltd. vs Dunlop Polymers Pvt. Ltd.
Case Number : I.A (IBC) (Plan) 10/2024 in CP (IB) No.123/BB/2019
CITATION : 2026 LLBiz NCLT (BEN) 651
The Bengaluru bench of the National Company Law Tribunal (NCLT) has approved a ₹17.25 crore resolution plan for Dunlop Polymers Pvt. Ltd. The order brings an end to a corporate insolvency resolution process in which 1,673 days were excluded from the CIRP period.
Mere OTS Proposals, Settlement Talks Cannot Postpone Valid Insolvency Application: NCLT Ahmedabad
Case Title : State Bank of India Vs Varidhi Cotspin Pvt Ltd
Case Number : C.P.(1B)/404(AHM)2025 With IA/870(AHM)2026 & IA/871(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 653
The Ahmedabad bench of the National Company Law Tribunal (NCLT), while dismissing applications filed by a cotton spinning company seeking time to pursue a one-time settlement (OTS), held that OTS proposals, ongoing settlement discussions and identification of prospective purchasers cannot defeat or postpone adjudication of a valid insolvency application.
Case Title : Adesh Kumar Singla
Case Number : I.A.(I.B.C)/ 690 (CH) 2026 in C.P.(IB) No. 129/CHD/Hry/2021
CITATION : 2026 LLBiz NCLT(CHA) 655
The Chandigarh bench of the National Company Law Tribunal (NCLT) has allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor after its suspended management settled the claims of the sole financial creditor and the operational creditor. Following the settlements, the statutory requirements for withdrawal of the CIRP stood fulfilled.
Case Title : Bank of Baroda Vs IDBI Bank Ltd
Case Number : IA/580(AHM)2021 in CP(IB) 321 of 2020
CITATION : 2026 LLBiz NCLT (AHM) 654
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently ruled that a forensic audit report alone cannot deprive a corporate debtor of ownership over money standing in its bank account. It also cannot confer any adjudicated right on a bank to disregard the Insolvency and Bankruptcy Code.
Case Title : Madhura Infra Engineering Pvt. Ltd. Vs. Calyx Lenora Realty LLP
Case Number : IA. (IB) No. 2068 of 2025
CITATION : 2026 LLBiz NCLT (MUM) 656
The National Company Law Tribunal (NCLT), Mumbai, dismissed applications filed by four homebuyers and one operational creditor of Calyx Lenora Realty LLP seeking condonation of delay and admission of claims filed more than 500 days after the prescribed deadline.