LiveLawBiz IBC Weekly Digest: May 11 - May 16, 2026
Kirit Singhania
18 May 2026 9:18 AM IST
SUPREME COURT
Case Title : Angelwoods Apartment Allottees Association versus M Lalitha and another Case Number : Civil Appeal Nos. 14439-14440 of 2025
CITATION : 2026 LLBiz SC 185
The Supreme Court on Tuesday set aside an NCLAT order condoning delays in filing and refiling an insolvency appeal against the approval of a resolution plan for Samson and Sons Builders and Developers Pvt Ltd, holding that the appeal was a “wholly incompetent appeal” as there was effectively no filing of a valid appeal in the eyes of the law. A bench of Justices Sanjay Kumar and K. Vinod Chandran set aside the NCLAT's November 10, 2025 order condoning delays of 15 days in filing and 150 days in refiling the appeal filed by M. Lalitha, mother of a suspended director of the corporate debtor, who claims to be its financial creditor.
HIGH COURT
Case Title : GULAM MUSTAFA ENTERPRISES PVT. LTD Vs INDIA HOUSING FUND
Case Number : WP No. 10289 of 2026
CITATION : 2026 LLBiz HC (KAR) 67
The Karnataka High Court has recently observed that it cannot micromanage proceedings before the National Company Law Tribunal by directing it to hear a company's applications in a particular order while hearing a petition filed by real estate developer Gulam Mustafa Enterprises Pvt. Ltd. “At the outset, this Court is of the considered view that the relief sought by the petitioner, in substance, amounts to inviting this Court to micromanage the proceedings pending before the adjudicating authority under the IBC. Such an exercise is impermissible in exercise of supervisory jurisdiction under Article 227 of the Constitution of India,” Justice Sachin Shankar Magadum held.
NCLAT
Case Title : Kunal Structure India Pvt. Ltd. & Anr. Vs Kotak Mahindra Bank Ltd
Case Number : Company Appeal (AT) (Insolvency) 1473/2025
CITATION : 2026LLBiz NCLAT 205
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently declined to examine Kunal Structure India Pvt Ltd's challenge to a third member's opinion favouring its admission into the corporate insolvency resolution process. It held that the Ahmedabad bench of the National Company Law Tribunal must first pass a final order in the matter. “The opinion of third Member impugned in the Appeal is opinion, which is to be placed before the NCLT Ahmedabad Bench to pass appropriate order with regard to Company Petition (IB) No.76 of 2022. We are of the view that at this stage various submissions raised by the Appellant, need no consideration.”
Case Title : Ashwani Kumar Oberoi v. State Bank of India & Ors.
Case Number : Company Appeal (AT) (Insolvency) No. 741 & 742 of 2026
CITATION : 2026 LLBiz NCLAT 206
The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed appeals by a personal guarantor who sought to halt recovery proceedings after a bank auction had already concluded, holding that his insolvency filing was not bona fide but an attempt to obstruct debt recovery. “...initiation of proceeding under Section 94 by the personal guarantor was not with object of resolution of insolvency of the personal guarantor rather it was only with the intent to somehow create hurdles in the conclusion of the proceedings initiated by the Bank for recovery of its debts when auction was already held on 11.04.2024 which was confirmed on 12.04.2024, filing of the application on 27.04.2024 clearly was not bona fide application and the application was an abuse of process of Court...”
Resolution Professional Need Not Consult CoC To Appoint Professionals To Assist In CIRP : NCLAT
Case Title : Dharamveer Singh Magan Singh Shekhawat & Ors. v. Dharmendra Dhelariya & Ors.
Case Number : Company Appeal (AT) (Ins.) No. 1522 of 2025
CITATION : 2026 LLBiz NCLAT 207
The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that a Resolution Professional need not consult the Committee of Creditors before appointing professionals such as transaction auditors to assist in the corporate insolvency resolution process. The ruling came while rejecting KSS Ltd. directors' objection in a preferential transaction case arising from transfers to the company's sister concerns.
Case Title : Rakesh Dalpatram Panchal v. Kisaan Steels Pvt. Ltd. & Anr.
Case Number : Company Appeal (AT) (Insolvency) No. 526 of 2025
CITATION : 2026 LLBiz NCLAT 209
The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld insolvency proceedings against Gemini Engi. Fab. Private Limited. The tribunal held that the company could not rely on disputes over delayed deliveries and defective goods to resist the case after it had itself quantified deductions for those issues and reflected a balance amount payable to the supplier. “Since the issues related to quality and delay are governed by the contractual terms and conditions of the work order, and the appellant itself has incorporated them and prepared a consequences sheet and shared it with the R1 and later on has agreed to pay this amount, therefore the claim of the Appellant that there are issues relating to quality and delay and that is leading to a dispute is an untenable ground for a pre-existing dispute”, the court observed.
Statutory Auditor Not Part Of Company Management, Cannot Be Compelled To Assist RP Under IBC: NCLAT
Case Title : Sanjeev Kumar Arora Vs Deepak Thukral & Ors
Case Number : Company Appeal (AT) (Insolvency) 1407/2022
CITATION : 2026 LLBiz NCLAT 211
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a statutory auditor, as an independent professional and not part of a company's management, cannot be compelled under Section 19 of the Insolvency and Bankruptcy Code to assist a resolution professional in the same manner as company personnel. “A statutory auditor is a professional who by the very nature of the audit to be undertaken cannot be associated with the company whose affairs he is to audit. On the contrary, a statutory auditor is only required to hold a mirror vis-à-vis the performance of a company, more particularly its financial health to the stakeholders of the Company... It is plainly difficult to hold that the appellant, who was appointed as a statutory auditor only couple of months before the CD was admitted to CIRP and was also removed soon thereafter, be termed as one who is associated with the management of the CD,” the tribunal held.
Case Title : Gokul Aggarwal Vs Bank of India & Ors
Case Number : Company Appeal (AT) (Insolvency) 1047/2024
CITATION : 2026 LLBiz NCLAT 210
The National Company Law Appellate Tribunal (NCLAT) at Delhi has upheld the liquidation of Chamber Constructions Pvt Ltd. It held that simultaneous insolvency proceedings can continue against principal borrower RNA Corp and Chamber Constructions, which had furnished a corporate guarantee for the same debt. “Hon'ble Supreme Court has delivered its judgement in ICICI Bank Ltd. v. Era Infrastructure (India) Ltd.; 2026 SCC Online SC 314 on 26.02.2026, and has not barred holding simultaneous CIRP proceedings against both principal debtor and corporate guarantor and such proceedings are maintainable under the existing provisions of the law. Thus, proceedings against both the principal borrower and also the Corporate Guarantor in this case can be proceeded against simultaneously.”, it observed.
Case Title : Assistant Commissioner of State Tax, Vapi Vs M/s ARCK Resolution Professionals LLP & UV Stressed Assets Management Private Limited
Case Number : Company Appeal (AT) (Insolvency) 108/2025
CITATION : 2026 LLBiz NCLAT 212
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that where a statute creates a charge, it cannot be treated as waived merely because a statutory authority marked “N.A.” against security interest in the prescribed insolvency claim form, unless the statute itself permits such waiver. Partly allowing an appeal by the Assistant Commissioner of State Tax, Vapi, in the CIRP of Vinergy International Pvt Ltd, the tribunal held that Gujarat VAT dues must be treated as the claim of a secured operational creditor, though the same benefit would not extend to the CST component.
Case Title : Amit Bhatnagar v. UCO Bank & Anr.
Case Number : Comp. App. (AT) (Ins) No. 2038 of 2024 & Comp. App. (AT) (Ins) No. 2039 of 2024
CITATION : 2026 LLBiz NCLAT 213
The National Company Law Appellate Tribunal (NCLAT) in New Delhi on Tuesday has reiterated that approval of a resolution plan and acceptance of a haircut by financial creditors does not extinguish their right to proceed against personal guarantors for unpaid dues. The tribunal observed, “The filing and admission of claims in the CIRP of the corporate guarantor does not amount to full satisfaction of the debt and does not bar the recovery of the remaining dues from other obligants, including the personal guarantors. It is well settled that recovery proceedings can validly continue against the personal guarantors for the unpaid amount.”
Case Title : AMISHA IN SKY CREATION PVT. LTD. Vs SANDEEP D MAHESHWARI
Case Number : Company Appeal (AT) (Insolvency) 578/2025 & 640/2025
CITATION : 2026 LLBiz NCLAT 215
The National Company Law Appellate Tribunal at Delhi has held that in the facts of a case, a company that mortgaged its property to help a borrower secure a bank loan could not claim to be a financial creditor in the borrower's insolvency proceedings merely because it was promised interest in return. The ruling came in a case where a Raipur-based company had mortgaged its land to help Setubandhan Infrastructure Ltd. secure loan facilities from State Bank of India and later sought recognition as a secured financial creditor in the company's insolvency process.
NCLAT Rejects Venugopal Dhoot's Bid To Include Videocon Foreign Oil Assets In VIL CIRP
Case Title : State Bank of India & Ors Vs Venugopal Dhoot & Ors
Case Number : Company Appeal (AT) (Insolvency) 299/2020
CITATION : 2026 LLBiz NCLAT 216
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Friday held that the foreign oil and gas assets of Videocon Oil Ventures Ltd (VOVL) and its subsidiaries in Brazil and Indonesia cannot be included in the Corporate Insolvency Resolution Process (CIRP) of Videocon Industries Ltd (VIL). The bench of Judicial Member Yogesh Khanna and Technical Member Ajai Das Mehrotra set aside the Mumbai NCLT's February 12, 2020 order directing inclusion of these assets in VIL's information memorandum. The bench also dismissed appeals filed by former promoter Venugopal Dhoot, who had argued that VOVL's foreign oil and gas assets should be treated as part of Videocon Industries Ltd's insolvency process rather than dealt with separately in VOVL's CIRP.
NCLT
Arbitration Clause In MoU Does Not Oust Insolvency Jurisdiction Under IBC: NCLT Mumbai
Case Title : Golden Medows Export Private Limited Vs PS IT Infrastructure & Services Limited
Case Number : C.P. (IB)/1232(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 440
Arbitration clauses in Memoranda Of Understanding (MOU) do not bar insolvency proceedings when debt and default are established, the National Company Law Tribunal's Mumbai bench has held while admitting PS IT Infrastructure & Services Ltd into insolvency. “The presence of an arbitration clause in an MoU does not oust the jurisdiction of the Adjudicating Authority while dealing with an application under Section 7 of the Code. The existence of an arbitration clause in the MoU does not bar the admission of a Section 7 application under the IBC.”
Case Title : Ex-Buzz Fire & Security Private Limited V/s Future Market Networks Limited Case Number : C.P. (IB)/785(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 441
The National Company Law Tribunal (NCLT) in Mumbai has rejected an insolvency plea filed by Ex-Buzz Fire & Security Private Limited against Future Market Networks Limited, a Future Groups company. The tribunal held that the principal operational debt fell below the Rs 1 crore threshold required to trigger insolvency proceedings under the Insolvency and Bankruptcy Code. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the principal operational debt was only Rs 27.03 lakh and that the additional claims were unsupported by any contractual or documentary basis.
Running Account Entries Cannot Extend Limitation For Time-Barred Debt: NCLT Mumbai
Case Title : TRICON INFRA BUILDTECH PRIVATE LIMITED Versus PONY INFRASTRUCTURES AND CONTRACTORS LIMITED
Case Number : CP (IB) / 499 (MB) 2022
CITATION : 2026 LLBiz NCLT (MUM) 442
The National Company Law Tribunal (NCLT) at Mumbai has recently held that a creditor cannot extend the limitation period for recovering a time-barred debt merely by maintaining a running account in its own books unless the debtor acknowledges the liability in writing. “The maintenance of running account of a debtor by the creditor in its books can not extend the period of limitation in respect of debt, the claim of which has become time barred, unless the said running account is acknowledged by the debtor in writing.,” the tribunal observed.
NCLT Mumbai Dismisses CIRP Plea Filed To Avoid Consequences Of ₹250 Crore Statutory Demands
Case Title : INFINITE PINNACLE PVT LTD vs MART OVERSEAS PVT LTD
Case Number : CP (IB)74 (MB)/2026
CITATION : 2026 LLBiz NCLT (MUM) 443
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an insolvency plea filed by Infinite Pinnacle Pvt Ltd against Mart Overseas Pvt Ltd. The tribunal held that the petition was a fraudulent application filed to get away from criminal consequences arising from statutory demands of about ₹250 crores against the corporate debtor. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the petition was filed for a purpose other than the resolution of the corporate debt.
NCLT Ahmedabad Orders Steel Konnect Directors To Repay ₹20.25 Crore For Operating Hidden Account
Case Title : Kedarram R Laddha Vs Vivek Vijay Gupta & Ors.
Case Number : IA 585 of 2020 in CP(IB} 5 of 2017
CITATION : 2026 LLBiz NCLT(AHM) 445
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed suspended directors of Steel Konnect (India) Pvt. Ltd. and a related company to contribute Rs 20.25 crore to the corporate debtor's assets after finding they operated a concealed bank account and diverted company funds, including during the insolvency process. The order was passed by Judicial Member Shammi Khan and Technical Member Sanjeev Sharma.
Corporate Debtor Cannot Be Directly Dissolved Under IBC Without Liquidation: NCLT Mumbai
Case Title : In the matter of: Mr. Navin Khandelwal
Case Number : I.A. (DIS.) No. 28 of 2024 IN C.P. (IB) No. 302/MB/2021
CITATION : 2026 LLBiz NCLT(MUM) 446
The Mumbai bench of the National Company Law Tribunal (NCLT) has held that a corporate debtor cannot be directly dissolved under the Insolvency and Bankruptcy Code without first undergoing the insolvency and liquidation process. The bench of Judicial Member K. R. Saji Kumar and Technical Member Anil Raj Chellan observed: “A plain reading of Section 54 makes it clear that an application for dissolution of the Corporate Debtor is to be filed by the Liquidator and not by the IRP/RP of the Corporate Debtor. Further, the application for dissolution is to be filed after the assets of the Corporate Debtor have been completely liquidated.”
Case Title : UCO Bank vs. Sarita Steel & Power Limited
Case Number : I.A. (IB) No. 1726/KB/2025 In Company Petition (IB) No. 43/KB/2023 CITATION : 2026 LLBiz NCLT(KOL) 447
The Kolkata Bench of the National Company Law Tribunal (NCLT) has refused to consolidate the corporate insolvency resolution processes (CIRPs) of Sarita Steel & Power Limited and Ankit Metal & Power Limited, holding that Ankit Metal's resolution process had already reached an advanced stage with multiple plans evaluated. “The assets are interconnected, but the CIRP of Ankit Metal has reached an advanced stage with multiple resolution plans already evaluated. The CIRP of Sarita Steel is yet to progress much, or maybe it is getting deliberately delayed,” the tribunal observed.
Case Title : Sunil Mandwani v. Santosh Devcon Pvt Ltd.
Case Number : I.A. (COMPANIES ACT)/6(MP)2026 In CP (COMPANIES ACT)/8(MP)2026 CITATION : 2026 LLBiz NCLT(IND) 448
The National Company Law Tribunal (NCLT) in Indore has rejected Santosh Devcon Pvt. Ltd.'s objection that shareholder Sunil Mandwani was forum shopping by pursuing remedies before multiple fora in a dispute over the alleged reduction of his stake, holding that the company law case raised a distinct cause of action. “The present petition has been filed under Sections 241 and 242 of the Companies Act, 2013 alleging oppression by illegal reduction of the Applicant's shareholding and suppressive treatment as a shareholder — a cause of action that is distinct, independent and falls exclusively within the jurisdiction of this Tribunal. This is not forum shopping; this is forum choosing," the tribunal held.
Personal Guarantor Cannot Escape Liability Due To Creditor's Withdrawal from CIRP: NCLT Jaipur
Case Title : Hemant Kumar Bohra v. Manohar Lal VIJ and Ors
Case Number : IA No. 343/JPR/2024 in CP No.(IB)-19/95(1)/JPR/2021
CITATION : 2026 LLBiz NCLT(JAI) 450
The Jaipur Bench of the National Company Law Tribunal (NCLT) has held that withdrawal of a creditor's claim in the corporate insolvency resolution process (CIRP) of a corporate debtor does not, by itself, extinguish the liability of a personal guarantor under an independent contract of guarantee. Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar dismissed the application filed by Hemant Kumar Bohra, personal guarantor of Bohra Industries Limited (BIL), challenging the admission of STCI Finance Limited's claim of over Rs. 47 crore in his personal guarantor insolvency proceedings.
NCLT Mumbai Rejects Johnson Screens' Insolvency Plea Against Shapoorji Pallonji
Case Title : Johnson Screens (India) Private Limited Vs. Shapoorji Pallonji and Company Private Limited
Case Number : C.P. (IB)/123/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 453
The Mumbai bench of the National Company Law Tribunal on Tuesday dismissed a plea by Johnson Screens (India) Pvt Ltd to initiate corporate insolvency resolution process against construction major Shapoorji Pallonji and Company Pvt Ltd over an alleged operational debt of Rs 1.05 crore.
Case Title : In the matter of Parvinder Singh, RP for Aabha Industries Limited
Case Number : IA(I.B.C.)/713(CH)2023 in CP(IB)No.62/CHD/PB/2019
CITATION : 2026 LLBiz NCLT (CHA) 455
The Chandigarh bench of the National Company Law Tribunal (NCLT) has directed Neel-Rattan Enterprises Pvt. Ltd. and its directors to hand over possession, custody, and control of factory premises and related assets belonging to Aabha Industries Limited to the resolution professional, holding that continued enforcement of an arbitral award allowing their occupation could not continue during the insolvency moratorium.
NCLT Delhi Allows Withdrawal Of Nobility Estates CIRP, Restores Management Control To Board
Case Title : ASK Property Investment Advisors Private Limited Vs Nobility Estates Private Limited
Case Number : IA-1707/2026 in (IB)- 390(PB)/2023
CITATION : 2026 LLBiz NCLT (DEL) 457
The Delhi Bench of the National Company Law Tribunal (NCLT) on 5 May allowed withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Nobility Estates Private Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016, after recording that creditors met the statutory approval threshold and parties reached a settlement. Acting President Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi allowed the withdrawal application, restored control of the company to its Board of Directors, and discharged the Resolution Professional from all duties.
NCLT Chennai Orders Liquidation Of ARS Energy After CoC Fails To Approve Resolution Plan
Case Title : R.Bhuvaneshwari, Resolution Professional of ARS Energy Private Limited Case Number : IA/(IBC)/LIQ/7/CHE/2026 in CP/IB/99(CHE)/2024
CITATION : 2026 LLBiz NCLT(CHE) 458
On 5 May, the Chennai Bench of the National Company Law Tribunal ordered liquidation of ARS Energy Private Limited after the Committee of Creditors failed to approve any resolution plan and the proposal to appoint the Resolution Professional as liquidator did not secure the mandatory voting threshold under the Insolvency and Bankruptcy Code, 2016.
NCLT Mumbai Admits Canara Bank's Insolvency Plea Against Supreme Housing Over ₹567 Crore Default
Case Title : CANARA BANK VS SUPREME HOSUING & HOSPITALITY PVT LTD
Case Number : IA (I.B.C) 683/MB/2026 in CP (IB) No. 1257/MB/2025
CITATION : 2026 LLBiz NCLT (MUM) 460
The National Company Law Tribunal (NCLT) at Mumbai on Wednesday admitted Canara Bank's Section 7 insolvency petition against Supreme Housing & Hospitality Private Limited over a default of ₹567.43 crore and initiated corporate insolvency resolution process (CIRP) against the company. A Bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed: “Accordingly, in our view, there exists a debt which is in default and the said debt is within limitation and exceeds the threshold prescribed under Section 4 of IBC, 2016. The present Application is complete, and as per the consent of the proposed IRP as placed on record, no disciplinary proceedings are pending against the said proposed IRP.”
Case Title : Boston Ivy Healthcare Solutions Private Limited Vs Aaquaries Global Industries Limited
Case Number : C.P. (IB)/456(MB)2025
CITATION : 2026 LLBiz NCLT (MUM) 465
The National Company Law Tribunal (NCLT) in Mumbai has rejected Boston Ivy Healthcare Solutions Private Limited's insolvency plea against Aaquaries Global Industries Limited after finding that the initial demand notice was defective and the company issued a fresh demand notice after already moving the tribunal over the same dues. “In this case, the Applicant filed an application under Section 9 based on a demand notice, which subsequently was found as defective and therefore, the Applicant issued another demand notice dated 11.03.2025 demanding the outstanding claimed in the application. In our view, the same is not permissible and after the issuance of fresh notice of demand, the Applicant has file a fresh Section 9 application complying with the provisions of Section 8 and Section 9 of IBC, 2016. ,” the tribunal said.
NCLT Kochi Holds Similar Pre- and Post-CIRP Pricing Negates Undervaluation Allegation
Case Title : Piyush kisanlal Jani v. Chuzattil Narayanana Manoj
Case Number : IA(IBC)/141/KOB/2025 in CP(IBC)/10/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 467
The Kochi Bench of the National Company Law Tribunal (NCLT) on 8 May dismissed an application filed by the Resolution Professional of Pelican Biotech and Chemicals Labs Private Limited seeking avoidance of alleged undervalued transactions. Judicial Member Vinay Goel held that continuity of pricing between pre-CIRP and CIRP periods can be a relevant factor in assessing allegations of undervaluation under the Insolvency and Bankruptcy Code, 2016.
Case Title : State Bank of India v. Mulpuri Siva Ramakrishna & -
Case Number : IA (IBC)/1963/2025 IA (IBC)/1964/2025 IA (IBC)/1972/2025 in CP (IB) No. 390/95/HDB/2020 U/s 95 of IBC
CITATION : 2026 LLBiz NCLT (HYD) 472
The Hyderabad Bench of the National Company Law Tribunal (NCLT) has held that specific payments made by a personal guarantor to his daughter and son during the relevant look-back period constituted preferential transactions under the Insolvency and Bankruptcy Code, 2016, and directed recovery of ₹1 crore into the bankruptcy estate. The bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri passed the order in applications arising out of the bankruptcy proceedings against Mulpuri Siva Ramakrishna, personal guarantor to Athena Chhattisgarh Power Limited.
Case Title : Roselabs Limited Vs Bank of Baroda & Ors
Case Number : RCP(IB)/2(AHM)2025 in C.P. (IB)/183/AHM/2024
CITATION : 2026 LLBiz NCLT (AHM) 468
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 11 May dismissed a voluntary insolvency petition filed by Roselabs Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held that the proceedings were initiated with malicious intent to stall recovery and regulatory actions rather than for genuine insolvency resolution, and imposed costs of Rs 10 lakh, directing that the amount be deposited with the Prime Minister's National Relief Fund.
Ahmedabad NCLT Rejects Suwarna Buildcon's CIRP Plea Against Sadbhav Engineering
Case Title : Suwarna Buildcon Pvt Ltd Vs Sadbhav Engineering Ltd
Case Number : C.P.(IB)/52(AHM)2023 With IA/500(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 469
On 11 May, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) dismissed a Section 9 insolvency petition filed by Suwarna Buildcon Pvt. Ltd. against Sadbhav Engineering Ltd., holding that the claim arose from a substituted contract and fell within the Section 10A embargo under the Insolvency and Bankruptcy Code, 2016 (IBC). Judicial Member Shammi Khan and Technical Member Sanjeev Sharma. It also dismissed the connected amendment application.
Case Title : Enercon Gmbh Vs Ravi Sethia, RP of Wind World (India) Ltd
Case Number : IA/425(AHM)2026 In IA(Plan)/7(AHM)2026 In CP(IB) 14 of 2018
CITATION : 2026 LLBiz NCLT (AHM) 470
The Ahmedabad bench of the National Company Law Tribunal has partly upheld objections by German wind energy company Enercon GmbH to the resolution plan for Wind World (India) Ltd. It held that the company's admitted claim for components and materials supplied could not be reduced to a notional value of ₹1 merely because related proceedings remained pending before the Supreme Court. “The mere pendency of the Special Leave Petitions before the Hon'ble Supreme Court could not, by itself, justify mechanical treatment of the entirety of the Objector's claim as liable to be admitted only at a notional value of Rs.1/-, particularly when the liability pertaining to components and materials supplied by Enercon stood specifically acknowledged and undisputed before the Hon'ble Bombay High Court,” the tribunal said.
NCLT Kochi Rejects Bid To Claw Back Periyar Agro's Alleged 'Gift' Transfers To Suspended Directors
Case Title : Mr. George Varkey v. Mohammed Riyaz and Anr
Case Number : IA(IBC)/325/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 473
The National Company Law Tribunal (NCLT) at Kochi has held that payments made to directors through running business accounts cannot be mechanically treated as “gifts” under the Insolvency and Bankruptcy Code without clear proof that they were gratuitous. Dismissing a Resolution Professional's plea against the suspended directors of Periyar Agro Food Industries Private Limited, the tribunal held that the RP had failed to establish that the transactions qualified as undervalued transactions under Section 45 of the IBC.
Case Title : Mr. George Varkey v. Mohammed Riyaz and Anr
Case Number : IA(IBC)/324/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 474
The National Company Law Tribunal (NCLT) at Kochi has recently directed the suspended directors of Periyar Agro Food Industries Private Limited to jointly pay over ₹38 crore to the Corporate Debtor after holding that they had carried on the company's business with intent to defraud creditors. Holding that stock worth ₹14.30 crore could not have “vanished or evaporated like water” without leaving any documentary or financial trail, a coram of Judicial Member Vinay Goel held that the suspended directors had failed to satisfactorily explain the disappearance of stock.
NCLT Ahmedabad Approves ₹29 Crore Resolution Plan for Amul Industries, Rejects Workmen's Objections
Case Title : Vinod Tarachand Agrawal
Case Number : IA(Plan)/15(AHM)2025 in CP(IB)/164(AHM)2023
CITATION : 2026 LLBiz NCLT (AHM) 471
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 May approved the resolution plan submitted by a consortium led by Mr. Sandeep Vadodaria for Amul Industries Pvt. Ltd., holding it compliant with Sections 30(2) and 53 of the Insolvency and Bankruptcy Code, 2016. Judicial Member Chitra Hankare and Technical Member Dr Velamur G. Venkata Chalapathy, approved the plan despite earlier rejection at the NCLT stage and subsequent remand by the National Company Law Appellate Tribunal (NCLAT).
NCLT Mumbai Allows Loyal Auto Globe Liquidator To Seek Release Of MPID-Attached Properties
Case Title : SOLVENZA ADVISORY LLP vs STATE OF MAHARASHTRA & ORS
Case Number : I.A. No.35/MB/C-V/2026 IN C.P. NO. 4216(IB)/MB/2018
CITATION : 2026 LLBiz NCLT (MUM) 475
Holding that Loyal Auto Globe Pvt. Ltd.'s liquidation cannot effectively proceed while its properties remain under MPID attachment, the National Company Law Tribunal at Mumbai on May 15 allowed the liquidator to approach the competent Sessions Court for release of the properties. A bench of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati said the issue of release of the attachment must be decided by the competent court because the properties form part of the corporate debtor's liquidation estate.
NCLT Mumbai Admits Homebuyers' Insolvency Plea Against Developers Of Stalled Avenue 54 Project
Case Title : Avenue 54 Welfare Association vs Sumer Buildcorp Private Limited & Ors Case Number : C.P.(IB)/284/MB/2024
CITATION : 2026 LLBiz NCLT (MUM) 476
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Friday admitted an insolvency plea by Avenue 54 Welfare Association, representing homebuyers of the stalled Avenue 54 housing project in Santacruz (West), Mumbai, against Sumer Buildcorp Private Limited and Sumer Radius Realty Private Limited. The plea concerns an alleged financial debt of Rs 203.27 crore arising from failure to complete the project and hand over possession.
Case Title : Pankaj Bhattad v. Krishan Raghunath Prasad Khadaria and Ors
Case Number : IA no 4240 of 2025 in Company Petition (IB) No. 612 of 2024
CITATION : 2026 LLBiz NCLT (MUM) 477
The National Company Law Tribunal (NCLT) Mumbai bench has recently refused to treat a loss-making share transaction by Laxmiramuna Investments Pvt. Ltd. as fraudulent trading. It held that the company was engaged in securities trading as part of its ordinary business and that no intent to defraud creditors had been established.
Case Title : O.C John v Sea Blue Shipyard Limited and Ors
Case Number : IA (C/Act)/31/KOB/2026 In CP(C/Act)/19/KOB/2024
CITATION : 2026 LLBiz NCLT (KOC) 478
The Kochi Bench of the National Company Law Tribunal has allowed the legal heirs of a deceased individual named in a company petition to be brought on record. The Tribunal accepted the applicant's claim that he was unaware of the individual's death when the case was filed, observing that “procedural technicalities ought not to be permitted to defeat the ends of justice.” Judicial Member Vinay Goel passed the order while allowing an impleadment application in a company petition concerning Sea Blue Shipyard Limited.
Case Title : AUTHUM INVESTMENT & INFRASTRUCTURE LIMITED vs RNA LIFESTYLE PRIVATE LIMITED
Case Number : RCP (IB)/31/MB/2024 IN C.P. (IB)/2394/MB/2019
CITATION : 2026 LLBiz NCLT (MUM) 481
The National Company Law Tribunal (NCLT) Mumbai On Friday held that a financial creditor is not required to file separate insolvency proceedings merely because separate sanction letters or loan agreements were executed in favour of a corporate debtor, or because defaults occurred on different dates. “Merely because separate sanction letters or loan agreements were executed, or because defaults occurred on different dates, does not require the Financial Creditor to institute separate proceedings under Section 7 of the IBC. The scheme of the IBC does not contemplate a fragmented approach to financial transactions where multiple facilities extended by the same creditor to the same corporate debtor are to be artificially segregated. What is relevant under Section 7 is the existence of a financial debt and occurrence of default above the prescribed threshold,” the tribunal held.
Case Title : INDRAJIT MUKHERJEE vs PANKAJ CARGO FORWARDS PVT LTD & ORS Case Number : I.A. (IB) NO. 1341 OF 2025 IN C.P. (IB) NO. 738/MB/2021
CITATION : 2026 LLBiz NCLT (MUM) 483
The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday ordered the liquidation of First Flight Couriers Ltd after the Committee of Creditors failed to arrive at a viable resolution plan that fully provided for EPFO dues and later voted to wind up the company. “Despite being granted sufficient time to reassess and amend the resolution plan for compliance, the CoC has not accomplished this. Consequently, the CoC has made a decision to liquidate the Corporate Debtor as no viable proposal is available,” the Tribunal held.
NCLT Ahmedabad Admits Astron Paper To Insolvency Over Rs 1.77 Crore Dues
Case Title : Empire Sons Pty Ltd Vs Astron Paper & Board Mill Limited
Case Number : COMPANY PETITION (IB) 316 (AHM) 2025
CITATION : 2026 LLBiz NCLT (AHM) 484
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Astron Paper & Board Mill Limited to insolvency proceedings over a Rs 1.77 crore payment default claimed by an Australian supplier of corrugated waste paper. Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy passed the order on May 11. Empire Sony PTY Limited, the operational creditor, said the default arose from supply of corrugated waste paper consignments under sales orders dated March 28, 2023, September 15, 2023, and September 22, 2023. It claimed dues of Rs 1.77 crore, including a principal amount of Rs 1.61 crore and interest of Rs 16.75 lakh.
IBC Court Can't Assume Criminal Court Role For Offences Arising Out Of Insolvency: NCLT Guwahati
Case Title : Sandeep Kaithan v. Shalini Bhagat and Ors
Case Number : IA(IBC)/44/GB/2023 in CP(IB)/22/GB/2019
CITATION : 2026 LLBiz NCLT (GUA) 485
The National Company Law Tribunal (NCLT) at Guwahati has recently reiterated that insolvency proceedings are not the proper forum to determine criminal liability for alleged fraudulent removal of a corporate debtor's assets, ruling that such allegations must be pursued before the designated special court. A bench of Judicial Member Rammurti Kushawaha and Technical Member Yogendra Kumar Singh was dealing with an application originally filed by the Resolution Professional of Shree Sai Rolling Mills India Limited, later pursued by the liquidator, alleging fraudulent removal of the company's assets by the suspended management and others.
IBBI
The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to provide for appointment of its nominee director on the governing board of an insolvency professional agency (IPA), with the nominee enjoying the same status, rights, duties, powers and responsibilities as other directors. The change has been introduced through amendments to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.