LiveLawBiz IBC Weekly Digest: June 8 - June 13, 2026
Kirit Singhania
15 Jun 2026 3:27 PM IST
SUPREME COURT
Case Title : CA RAMCHANDRA DALLARAM CHOUDHARY VERSUS ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED
Case Number : D.No.5988/2026
CITATION : 2026 LLBiz SC 224
The Supreme Court has recently held that litigants cannot circumvent the Insolvency and Bankruptcy Code's strict limitation regime by filing defective appeals to save the limitation and curing defects later at their convenience. A bench of Justices Dipankar Datta and Satish Chandra Sharma posed the following question: “Can or should a litigant be permitted to circumvent the rigours of limitation by filing a defective appeal as a device to save limitation and, thereafter, to opt to cure the notified defects at leisure? Can or should this Court countenance such a practice?”
HIGH COURT
Madhya Pradesh High Court Bars Post-Resolution Proceedings Against Corporate Debtor's “New Avatar”
Case Title : Pushp Ratna Realty Pvt Ltd v. Kamal Nayan Mishra and Ors
Case Number : Writ Petition No. 19362 of 2026
CITATION : 2026 LLBiz HC(MP) 41
The Madhya Pradesh High Court on 27 May held that once a resolution plan is approved under the Insolvency and Bankruptcy Code, 2016, the corporate debtor in its “new avatar” cannot face pre-resolution claims or proceedings that stand extinguished under the approved plan. Justice Jai Kumar Pillai reiterated that the insolvency framework ensures a “clean slate” to the successful resolution applicant and allowed the petition filed by Pushp Ratna Realty Pvt Ltd, whose resolution plan the NCLT, Indore had approved.
Bombay HC Orders Release Of MPID-Attached Property After Approval Of Steel Company's Resolution Plan
Case Title : Dwarka Iron Industries Pvt. Ltd. Versus Competent Authority (under MPID Act, 1999) & Anr
Case Number : WRIT PETITION NO. 5272 OF 2026
CITATION : 2026 LLBiz HC (BOM) 311
Case Title : K.N Marzook v. Dhanlaxmi Bank Limited and Ors
Case Number : WP(C) No. 97 of 2025
CITATION : 2026 LLBiz HC(KER) 94
On 25 May, the Kerala High Court held that it cannot entertain a writ petition challenging insolvency proceedings initiated before the National Company Law Tribunal (NCLT), New Delhi, against a personal guarantor merely because the underlying credit facilities were availed in Kerala, since territorial jurisdiction under the Insolvency and Bankruptcy Code depends on the location of the corporate debtor's registered office.
Bombay High Court Quashes Awards Against Guarantors Despite IBC Moratorium On Debt
Case Title : Ajeet Madhukar Mulay vs Abhyudaya Co-Operative Bank Limited & Ors
Case Number : COMMERCIAL ARBITRATION PETITION NO. 843 OF 2024
CITATION : 2026 LLBiz HC (BOM) 321
The Bombay High Court on Tuesday held that arbitral awards resulting in enforcement of a debt that has become temporarily unenforceable due to a statutory moratorium run contrary to the fundamental policy of Indian law. The court consequently quashed two awards obtained by Abhyudaya Co-operative Bank against guarantors of insolvency resolution bound Nirmangold Alloys Pvt. Ltd. and Nirmangold Plasttech Pvt Ltd.
Case Title : BPL Limited v. National Company Law Tribunal Kochi Bench
Case Number : WP(C) No. 19348 of 2026
CITATION : 2026 LLBiz HC(KER) 98
The Kerala High Court has held that the National Company Law Tribunal (NCLT) can permit additional objections in insolvency proceedings. It cannot reject such requests on the ground that there is no provision under the Insolvency and Bankruptcy Code or the NCLT Rules to entertain them.
Case Title : Voizzit Technology Pvt Ltd and Anr v. The Director and Ors
Case Number : WP(Crl) No. 74 of 2026
CITATION : 2026 LLBiz HC(KER) 99
The Kerala High Court has recently dismissed a plea seeking a court-monitored investigation by the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and National Investigation Agency (NIA) into allegations connected with the corporate insolvency resolution process of Think and Learn Private Limited (BYJU'S).
Case Title : MR K C M GOWDA Vs ADITYA BIRLA CAPITAL LIMITED& ACE EMBEDDED INTENSIVE CARE UNITS PRIVATE LIMITED
Case Number : WRIT PETITION NO. 16159 OF 2026
CITATION : 2026 LLBiz HC (KAR) 82
The Karnataka High Court has held that the National Company Law Tribunal (NCLT) is entitled to examine whether an applicant possesses the requisite locus standi to invoke the personal guarantor insolvency framework before permitting the process to proceed.
NCLT
NCLT Mumbai Rejects Think Hard India Plea Against Guarantor For Non-Invocation Of Guarantee
Case Title : Think Hard India Private Limited VS Mr. Narendra Rajani
Case Number : C.P. (IB)/1265(MB)2022
CITATION : 2026 LLBiz NCLT (MUM) 548
On 5 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) dismissed an insolvency application that Think Hard India Pvt Ltd filed against Narendra Rajani, the personal guarantor of Seya Industries Ltd, holding that no liability had arisen against the guarantor because the creditor had not validly invoked the personal guarantee.
NCLT Kochi Holds Suspended Management Has No Locus After Liquidation, Rejects Auction Challenge
Case Title : M/s Sree Bhadra Parks & Resorts Ltd v. Mr. K Parameswaran Nair
Case Number : IA(IBC)/15/KOB/2026 in IBA/13/KOB/2020
CITATION : 2026 LLBiz NCLT (KOC) 549
On 1 June, the Kochi Bench of the National Company Law Tribunal (NCLT), held that suspended directors cannot institute or pursue proceedings in the name of a corporate debtor after commencement of liquidation and that authorities cannot reopen a concluded liquidation auction in the absence of fraud, collusion or material irregularity.
Case Title : In the matter of: Mr. Amit Chandrakant Shah (Resolution Professional of Frost International Limited)
Case Number : IA (IBC) (PLAN) No. 135 of 2025 in C.P. (IB) 973(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 550
The National Company Law Tribunal's Mumbai Bench has approved Greensward Enterprise Pvt Ltd's resolution plan for Frost International Ltd, with a total value of Rs 181.20 crore, including interest on deferred payments. The company has been undergoing insolvency proceedings since February 2023. The plan secured 69.26% approval from the Committee of Creditors (CoC). A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar approved the plan while allowing an application filed by Resolution Professional Amit Chandrakant Shah under the Insolvency and Bankruptcy Code.
Flipkart Faces Fresh Insolvency Plea Before NCLT Bengaluru Over ₹1.69 Crore Marketing Services Dues
Case Title : M/s Applabs Media Pvt Ltd Vs M/s Flipkart Internet Pvt Ltd
Case Number : CP(IB) No. 59/BB/2026
The National Company Law Tribunal at Bengaluru has issued notice to Flipkart Internet Private Limited on a plea filed by Applabs Media Private Limited seeking initiation of insolvency proceedings over an alleged operational debt of ₹1.69 crore.
NCLT Chandigarh Issues Notice To Gridlogic Games On PhonePe's ₹3.93 Crore Insolvency Plea
Case Title : Phonepe Limited Vs. Gridlogic Games Private Limited
Case Number : CP (IB) No. 142/Chd/Hry/2026
The Chandigarh Bench of the National Company Law Tribunal (NCLT) has issued notice to Gridlogic Games Private Limited on an insolvency application filed by PhonePe Limited over alleged unpaid dues of ₹3.93 crore for promotional services rendered on its platform.
NCLT Bengaluru Dismisses Netambit's Insolvency Plea Against Flipkart, Finds Pre-Existing Dispute
Case Title : Netambit Value First Services Pvt Ltd v. Flipkart Internet Private Limited
Case Number : CP(IB)-329/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 553
The National Company Law Tribunal (NCLT) at Bengaluru has dismissed an insolvency petition filed by Netambit Value First Services Pvt Ltd against Flipkart Internet Private Limited, holding that the material on record disclosed the existence of a pre-existing dispute between the parties.
NCLT Chandigarh Admits Primezone Developers To CIRP, Treats Plot Allottee Payments As Financial Debt
Case Title : Sandeep Turan Vs Primezone Developers Private Limited
Case Number : CP (IB) 128/Chd/Hry/2022
CITATION : 2026 LLBiz NCLT(CHA) 552
On 5 June, the Chandigarh Bench of the National Company Law Tribunal (NCLT) admitted Primezone Developers Pvt. Ltd. to the Corporate Insolvency Resolution Process (CIRP), holding that payments made by plot allottees constitute financial debt under the Insolvency and Bankruptcy Code. Corporate Legal Insights
Case Title : Vichitra Narayan Pathak
Case Number : IA/220(MP)2026 in C.P.(IB)/35(MP)2021
CITATION : 2026 LLBiz NCLT(IND) 556
The Indore bench of the National Company Law Tribunal (NCLT) has observed that rejection of a repayment plan by the Committee of Creditors (CoC) has the same effect as rejection of the plan by the adjudicating authority, while rejecting a personal guarantor's repayment plan after it was voted down by creditors.
NCLT Ahmedabad Admits CIRP Against Areli Commerce, Rejects Financial Hardship Defence In S.7 Case
Case Title : Standard Capital Markets Limited Vs Areli Commerce Private Limited
Case Number : CP (IB) No. 49/7/AHM/2026
CITATION : 2026 LLBiz NCLT (AHM) 555
On 10 June, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) initiated the Corporate Insolvency Resolution Process (CIRP) against Areli Commerce Pvt. Ltd., holding that financial hardship, liquidity constraints and market conditions cannot be used to defeat a Section 7 petition once debt and default are established.
Secured Creditor Cannot Be Compelled To Issue NOC For Sale Of Secured Assets: NCLT Bengaluru
Case Title : Gulam Mustafa Enterprises Private Limited v. Piramal Finance Limited
Case Number : IA No. 1088 of 2025 in CP(IB) No. 48/BB/2023
CITATION : 2026 LLBiz NCLT(BEN) 557
The National Company Law Tribunal (NCLT) at Bengaluru has recently held that a secured creditor cannot be compelled to issue a No Objection Certificate (NOC) for the sale of secured assets merely because the corporate debtor proposes an alternative mechanism for repayment of its dues. Corporate Legal Insights
NCLT Mumbai Initiates Personal Guarantor Insolvency Proceedings Against Anil Ambani On SBI Plea
Case Title : STATE BANK OF INDIA vs ANIL DHIRAJLAL AMBANI
Case Number : C.P. (IB)/916(MB)2020
CITATION : 2026 LLBiz NCLT (MUM) 558
Industrialist Anil Ambani has been admitted to personal insolvency proceedings by the Mumbai Bench of the National Company Law Tribunal on an application filed by State Bank of India over guarantees furnished for loans extended to Reliance Communications Ltd (RCOM) and Reliance Infratel Ltd (RITL), involving a default of ₹853.25 crore.
NCLT Mumbai Admits Canara Bank's ₹282 Crore Insolvency Plea Against Reliance Infra SPV HK Toll Road
Case Title : The Canara Bank Limited Vs. HK Toll Road Private Limited
Case Number : IA (I.B.C) 5338/MB/2025 in C.P. (IB)/522/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 559
The Mumbai Bench of the National Company Law Tribunal (NCLT) has admitted Canara Bank's insolvency petition against HK Toll Road Private Limited.
The company is a Reliance Infrastructure-promoted special purpose vehicle executing the Hosur-Krishnagiri six-laning highway project in Tamil Nadu. The admission was over a default of Rs. 282.59 crore.
Case Title : CA Prashant Jain, Resolution Professional
Case Number : I.A. (PLAN) NO. 88 OF 2025 IN CP (IB) NO. 299 OF 2023
CITATION : 2026 LLBiz NCLT (MUM) 562
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 8 June approved the resolution plan submitted by Sunsai Media Developers Pvt Ltd for Vin Semiconductors Pvt Ltd, finding that it complied with the Insolvency and Bankruptcy Code and CIRP Regulations.
NCLT Hyderabad Directs Reconsideration Of Sarda Agro Scheme After HC Removes Wilful Defaulter Tag
Case Title : Allahabad Bank v. Sarda Agro Oils Limited
Case Number : IA (IBC) Nos. 542 & 543 of 2025 in CP (IB) No. 102/07/HDB/2019
CITATION : 2026 LLBiz NCLT(HYD) 561
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on 22 May allowed an application filed by Ashok Kumar Sarda, promoter and former director of Sarda Agro Oils Limited, and Vijay Sarda, a shareholder, and directed the liquidator to reconsider their compromise scheme.
Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri held that the scheme required reconsideration after the Telangana High Court set aside the wilful defaulter classification that had led to their ineligibility under the Insolvency and Bankruptcy Code (IBC).
NCLT Bengaluru Declares Congress MLC Naseer Ahmed Bankrupt Over ₹1,454 Crore Personal Guarantee Dues
Case Title : Canara Bank and Ors v. Mr. Naseer Ahmed
Case Number : IA No. 342 of 2025 in CP(IB) No. 07/BB/2021
CITATION : 2026 LLBiz NCLT (BEN) 565
The National Company Law Tribunal (NCLT) at Bengaluru recently ordered Congress MLC Naseer Ahmed bankrupt. The Tribunal noted that he failed to submit any repayment plan during his personal insolvency resolution process.
'Other Creditors' Have No Right To Pre‑Approval Disclosure Of Resolution Plan: NCLT Chandigarh
Case Title : Sandeep Kumar& Ors Vs Chandigarh Overseas Pvt. Ltd.
Case Number : I.A. No.1819 of 2024 In CP(IB) No. 248/Chd/Chd/2019
CITATION : 2026 LLBiz NCLT(CHA) 560
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 5 June dismissed an application seeking disclosure of a resolution plan before its approval and held that “Other Creditors” cannot access it at the pre-approval stage.
Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal heard the application filed by Sandeep Kumar and two others and rejected it.
Fresh Relief On New Facts Not Fraudulent Despite Earlier Denial Of Similar Claim: NCLT Mumbai
Case Title : Jyoti Structures Limited Versus DBS Bank Limited
Case Number : IA (I.B.C.) No. 390/2026 In IA (IBC)(LIQ.) No. 93/2025 In C.P (IB) No. 1137/2017 CITATION : 2026 LLBiz NCLT (MUM) 566
On 11 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that a party's failure to obtain a relief in earlier proceedings does not make a subsequent application seeking the same relief fraudulent or malicious when it is based on fresh facts and supervening events under Section 65 of the Insolvency and Bankruptcy Code.
Case Title : Ramareddy Devraj v. IC India Pvt Ltd
Case Number : CP(IB) No. 190/BB/2025
CITATION : 2026 LLBiz NCLT (BEN) 569
The National Company Law Tribunal (NCLT) at Bengaluru has held that part-payments made after issuance of a demand notice do not, by themselves, conclusively establish the absence of a dispute over the entire operational debt claimed in an insolvency petition where the quantum of liability remains disputed.
NCLT Allahabad Rejects Insolvency Plea Against Noida Metro Rail Over Pre-Existing Dispute
Case Title : EMPIRE TRANSPORT SERVICES LIMITED Vs NOIDA METRO RAIL CORPORATION LIMITED
Case Number : CP (IB) NO.45/ALD/2021
CITATION : 2026 LLBiz NCLT (ALL) 570
The Allahabad Bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by Empire Transport Services Limited (ETSL) against Noida Metro Rail Corporation Limited (NMRC).
The plea arose from alleged unpaid dues under a Bus Operators Agreement for operation and maintenance of bus services in Noida, Greater Noida and the Noida-Greater Noida connectivity corridor. A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma observed that the material on record demonstrated the existence of disputes between the parties before the issuance of the demand notice.
ARC Must Establish Guarantee Was Assigned Before Proceeding Against Personal Guarantor: NCLT Mumbai
Case Title : OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED Versus MR. AGNELLO LOUIS D'SOUZA
Case Number : C.P. (IB) NO. 837/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 572
An Asset Reconstruction Company cannot proceed against an alleged guarantor merely by establishing the existence of a guarantee and must also show that the guarantee was assigned to it, the National Company Law Tribunal (NCLT), Mumbai, has held.
A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar rendered the ruling while dismissing an insolvency petition filed by Omkara Assets Reconstruction Pvt Ltd against Agnello Louis D'Souza.
Creditors Cannot Bypass COVID-Era Insolvency Bar Through Arbitral Award Or Fresh Demand: NCLT Mumbai
Case Title : NKGSB Co-operative Bank Limited V/s. KSM Multitrade LLP
Case Number : CP (IB)/778(MB)/2024
CITATION : 2026 LLBiz NCLT (MUM) 572
The National Company Law Tribunal (NCLT) at Mumbai has recently held that creditors cannot circumvent the insolvency bar imposed during the COVID-19 period by relying on a subsequent arbitral award or a fresh demand arising from the same default. The tribunal observed that accepting such an interpretation would defeat the purpose of the statutory protection.
NCLT Allahabad Orders Liquidation Of Usha India Ltd, Rejects ₹22.49 Crore Resolution Plan
Case Title : CHIRAG RAJENDRA KUMAR SHAH Vs THE ADMINISTRATOR OF THE SPECIFIED UNDERTAKING OF THE UNIT TRUST OF INDIA & USHA INDIA LIMITED
Case Number : IA (PLAN) No.07/2025 IN CP (IB) NO.25/ALD/2023
CITATION : 2026 LLBiz NCLT (ALL) 573
The Allahabad Bench of the National Company Law Tribunal (NCLT) has rejected the resolution plan submitted by the consortium of Dr Mukesh Kumar Agarwal and Divyansh Agarwal for Usha India Limited. The tribunal also ordered liquidation of the company. The bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma held that it was unable to record satisfaction that the approved resolution plan complied with the mandatory requirements of the Insolvency and Bankruptcy Code.
NCLT Delhi Approves ₹135.39 Crore Resolution Plan For Mastana Foods
Case Title : Amit Agarwal Vs HR Commercials Private Limited in consortium with M/s Crown Steels & Ors
Case Number : IA (IBC) (PLAN) No. - 48/2025 IN Company Petition No. (IB)-630(PB)/2019 CITATION : 2026 LLBiz NCLT(DEL) 574
The Delhi bench of the National Company Law Tribunal (NCLT) has approved a resolution plan worth ₹135.39 crore submitted by a consortium of HR Commercials Pvt. Ltd. and Crown Steels for Mastana Foods Pvt. Ltd. A bench of President Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi observed that the adjudicating authority cannot interfere with the commercial wisdom of the Committee of Creditors (CoC) so long as the resolution plan complies with the Insolvency and Bankruptcy Code.
Case Title : Gayatri Engimech Private Limited Vs Sisa Mosaic Private Limited
Case Number : C.P.(IB)/250(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 575
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has rejected an insolvency application, holding that the petition may be collusive. The tribunal also observed that the Memorandum of Understanding (MOU) relied upon by the applicant appeared to be a fictitious document created for filing the case.
IBBI
IBBI Requires Going Concern Assessment Reports Before CoC Decides On Continuation Of Operations
The Insolvency and Bankruptcy Board of India (IBBI) has amended the corporate insolvency resolution process framework to require resolution professionals to prepare a Going Concern Assessment Report. This will help the Committee of Creditors (CoC) decide whether the corporate debtor should continue operating during the insolvency process. If operations are to continue, the committee will also determine their scope and duration.