LiveLawBiz IBC Weekly Digest: October 5 - October 10, 2026
Kirit Singhania
13 Oct 2026 9:30 AM IST
SUPREME COURT
Case Title : Modern Asset Versus KNK Construction Private Limited.
Case Number : Special Leave Petition (C) No.25068 of 2026
CITATION : 2026 LLBiz SC 329
The Supreme Court has held that an operational creditor who suffered a 99.28% haircut under an approved resolution plan can use its entire ₹12.26 crore claim to set off amounts found payable to a successful resolution applicant in arbitration.
HIGH COURT
Case Title : M/s Tata Steel Limited v. State Pollution Control Board
Case Number : Crl MC No. 2406 of 2022
CITATION : 2026 LLBiz HC(ORI) 25
The Orissa High Court has quashed criminal proceedings against Tata Steel Limited (TSL) arising from alleged violations of the Air (Prevention and Control of Pollution) Act, 1981 by erstwhile Bhushan Steel Limited (BSL). A coram of Justice Sibo Sankar Mishra was dealing with a petition filed by TSL under Section 482 of the Criminal Procedure Code seeking quashing of proceedings pending before the SDJM, Dhenkanal, as well as the order taking cognizance against the company.
Pending Suit Against Company Under Liquidation Requires NCLT Leave To Proceed: Patna High Court
Case Title : Aneja Constructions (India) Private Limited v. M/s Kanti Bijlee Utpadan Nigam Limited and Ors
Case Number : Commercial Appeal No. 6 of 2026
CITATION : 2026 LLBiz HC(PAT) 32
The Patna High Court has held that a pending commercial suit involving a company under liquidation cannot proceed without leave of the National Company Law Tribunal (NCLT).
DEL Status Cannot Continue For Pre-CIRP Defaults After IBC Resolution Plan: Delhi High Court
Case Title : Waaree Transpower Private Limited v. Union of India and Anr
Case Number : WP(C) No. 6553 of 2026
CITATION : 2026 LLBiz HC(DEL) 1072
The Delhi High Court has held that continuing a company's Denied Entry List (DEL) status to enforce export obligations arising before the commencement of its insolvency proceedings would violate the “clean slate” principle under the Insolvency and Bankruptcy Code (IBC).
Case Title : Jahir Ussain vs U.A.Rahman Batcha & Ors.
Case Number : CMA(MD) No. 1277 of 2026
CITATION : 2026 LLBiz HC (MAD) 302
The Madras High Court at Madurai recently held that an attempt by a debtor to transfer property to defeat creditors may justify attachment before judgment under Order 38 of the Code of Civil Procedure (CPC). However, such an attempt by itself does not amount to an “act of insolvency” under Section 6 of the Provincial Insolvency Act, 1920.
NCLAT
Case Title : Prateek Jain Vs Anurag Nirbhaya & Ors
Case Number : Company Appeal (AT) (Insolvency) 1496/2024
CITATION : 2026 LLBiz NCLAT 389
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a shareholder, merely in that capacity, cannot maintain an appeal against an order approving a resolution plan under Section 61 of the Insolvency and Bankruptcy Code (IBC).
Supertech North Eye Homebuyers Move NCLAT Against NBCC Over Delay In 16 Projects
Case Title : PRIYANKA SRIVASTAVA Vs NBCC .(I) LTD & ORS.
Supertech North Eye homebuyers have moved the National Company Law Appellate Tribunal (NCLAT), alleging that NBCC has not complied with timelines fixed by the tribunal for awarding construction works and commencing work on 16 stalled Supertech projects.
Case Title : Tata Capital Limited Vs Mr. Sanjay Mahajan
Case Number : Company Appeal (AT) (Insolvency) 1067/2026
CITATION : 2026 LLBiz NCLAT 391
The National Company Law Appellate Tribunal (NCLAT) has held that a secured creditor cannot participate in the liquidation process while keeping open an option to later withdraw its secured assets from the liquidation estate.
Case Title : Monitoring Committee of Earth Towne Project Earth Infrastructures Limited Vs Earth Towne Infrastructure Private Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 1344/2026
CITATION : 2026 LLBiz NCLAT 390
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has set aside insolvency proceedings against Earth Towne Infrastructure Pvt. Ltd. (ETIPL), holding that a separate Corporate Insolvency Resolution Process (CIRP) could not continue after the Supreme Court restored the resolution plan for Earth Infrastructures Ltd. (EIL) and brought ETIPL's land within that plan.
Bankrupt Personal Guarantor Cannot Withdraw Funds After Estate Vests In Trustee: NCLAT New Delhi
Case Title : Manju Sirohi Vs Assets Care & Reconstruction Enterprise Ltd & Anup Kumar
Case Number : Company Appeal (AT) (Insolvency) 1172/2026 & 1173/2026
CITATION : 2026 LLBiz NCLAT 393
On 7 October, the National Company Law Appellate Tribunal (NCLAT) at New Delhi held that a bankrupt personal guarantor cannot withdraw or otherwise deal with funds in a bank account once the bankruptcy estate has vested in the Bankruptcy Trustee. A Bench comprising Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Naresh Salecha dismissed appeals filed by Manju Sirohi, personal guarantor of Saha Infratech Pvt. Ltd., against orders directing her to return Rs. 19,17,500 withdrawn from her bank account after she was declared bankrupt.
Going-Concern Sale Commences With Liquidation Order, Not Auction Notice: NCLAT
Case Title : Debashis Nanda Vs Gokul Anil Kumar & SCC
Case Number : Company Appeal (AT) (Insolvency) 1297/2026
CITATION : 2026 LLBiz NCLAT 392
The National Company Law Appellate Tribunal (NCLAT), Delhi, has held that liquidation by sale of a corporate debtor as a going concern commences from the date of the liquidation order when the order directs the liquidator to pursue that mode of sale.
NCLAT Seeks Project-Wise Completion Timelines For 16 Supertech Housing Projects
Case Title : Ram Kishor Arora Vs Union Bank of India & Anr
Case Number : IA NO.5878 OF 2025, 1774, 1776,2463,2633,2798,2962,3288,3301,4824,5437,5448,5506,5541,5925,5955,6000,6009,6520,6521,7010 OF 2026
CITATION : 2026 LLBiz NCLAT 394
The National Company Law Appellate Tribunal (NCLAT) at Delhi has asked the Apex Court Committee to submit tentative completion dates for each of Supertech Limited's 16 housing projects and disclose the finances available for their completion.
NCLAT Refuses To Recall Order Excluding Property Eviction Delay From Resolution Plan Timeline
Case Title : Sonal Sumit Mehta Vs Chirag R Shah & Omkara ARC Pvt Ltd
Case Number : IA No.5856/2026 in Company Appeal (AT) (Insolvency) 1262/2026
CITATION : 2026 LLBiz NCLAT 395
The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused to recall its earlier order excluding delays in handing over a property from the implementation timeline of a resolution plan. It held that the successful resolution applicant should not be penalised for delays caused by the unauthorised occupation of the property by a company controlled by the suspended management's family.
NCLT
NCLT Chennai Cancels Sale Deed Of Homebuyer Who Failed To Submit Claim During CIRP
Case Title : P Dot G Constructions Private Limited v. P. Jayapal
Case Number : IA(IB)/927(CHE)/2021 in CP(IB)/193/2018
CITATION : 2026 LLBiz NCLT (CHE) 974
The National Company Law Tribunal (NCLT), Chennai, has recently cancelled a homebuyer's registered Sale Deed and Construction Agreement after he failed to file a claim during the corporate insolvency resolution process (CIRP) of P Dot G Constructions Private Limited.
Case Title : NPV Insolvency Professional Pvt. Ltd Through Its Director Atul Tandon IRP of Mehsana Dairy and Food Products Ltd v. Uttar Gujarat Vij Company Limited
Case Number : IA/1230(AHM)2026 in C.P.(IB)/99(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 976
The National Company Law Tribunal (NCLT), Ahmedabad, has held that pre-CIRP electricity dues cannot be recovered from a corporate debtor by interrupting essential or critical electricity supply during the moratorium under the Insolvency and Bankruptcy Code (IBC).
NCLT Ahmedabad Bars Revival Of Going-Concern Sale After 2025 IBBI Regulation Changes
Case Title : Paresh Chandulal Mehta, Liquidator of Cupid Estatecon Pvt. Ltd. v. Wellworth Apparels Pvt. Ltd.
Case Number : I.A. No. 639(AHM)2026 in C.P.(IB) No. 183/NCLT/AHM/2023, along with I.A. Nos. 640(AHM)2026 and 308(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 977
The National Company Law Tribunal (NCLT), Ahmedabad, has ruled that a proposed sale of a Corporate Debtor as a going concern cannot be continued after the October 2025 changes to the liquidation regulations merely because an auction notice had been issued before the amendment.
Related Party Status Depends On Shareholding Threshold, Not Actual Control: NCLT Kolkata
Case Title : Abinandan Holdings Private Limited v. Sanjai Kumar Gupta, IRP of Howrah Mills Company Limited
Case Number : I.A. (IB) No. 1130/KB/2026 in C.P. (IB) No. 4/KB/2019
CITATION : 2026 LLBiz NCLT (KOL) 978
The National Company Law Tribunal (NCLT) Kolkata has held that a creditor can be treated as a related party based on the shareholding of a common director and his relatives, even without proof that the director actually exercised control over the corporate debtor.
Resignation As Director Does Not Extinguish Personal Guarantee Liability: NCLT Indore
Case Title : State Bank of India Vs Mahesh Rajpal
Case Number : C.P.(IB)/40(MP)2021
CITATION : 2026 LLBiz NCLT(IND) 979
The Indore Bench of the National Company Law Tribunal (NCLT) on 11 September held that a personal guarantee does not cease merely because the guarantor resigns as a director of the corporate debtor, observing that a personal guarantee is an independent contractual undertaking that continues unless validly revoked in accordance with law.
Removal Of Promoter-Director In Quasi-Partnership Company Can Amount To Oppression: NCLT Mumbai
Case Title : Mr. Ronny George (Since Deceased) through his legal heirs v. M/s. The Professional Couriers Private Limited & Ors.
Case Number : R.C.P. No. 3 (MB) 2024
CITATION : 2026 LLBiz NCLT (MUM) 987
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 11 September held that removal of a promoter-director from a company having the character of a quasi-partnership can amount to oppression where it defeats the promoter's legitimate expectation of continued representation on the Board.
Valuable Contractual Rights Can Justify Restoration Of Struck-Off Company: NCLT Mumbai
Case Title : Diipesh Lakshman Bhagtani v. The Registrar of Companies Mumbai
Case Number : Appel/33(MB) 2026
The National Company Law Tribunal (NCLT), Mumbai, on 11 September held that the existence of valuable property and subsisting contractual rights can constitute “just” ground for restoring a company struck off from the register under Section 252(3) of the Companies Act, 2013.
Denying Director Access To Records, Forcing Undervalued Sale Of Shares Is Oppression: NCLT Kolkata
Case Title : Nivedita Tiwari v Nex Fitzap Private Limited & Ors.
Case Number : C.P. No. 213/KB/2024 (along with IA No. 183/KB/2024, Cont. A No. 9/KB/2024 and IA No. 8/KB/2025)
CITATION : 2026 LLbBiz NCLT (KOL) 982
The National Company Law Tribunal (NCLT), Kolkata, has held that denying a director and shareholder access to a company's financial records, forcing her to part with her shares at an undervalued price and withholding her remuneration amounted to oppression under Section 241 of the Companies Act, 2013.
Case Title : J.C. Flowers Asset Reconstruction Pvt. Ltd. Vs Stargaze Entertainment Pvt. Ltd
Case Number : IA-37/ND/2026 IN CP (IB) NO. 173/(ND)/2024
CITATION : 2026 LLBiz NCLT (DEL) 986
The National Company Law Tribunal (NCLT), Delhi, has ordered liquidation of Stargaze Entertainment Pvt. Ltd., a cinema exhibition company, after rejecting a resolution plan. The Tribunal held that the Corporate Insolvency Resolution Process (CIRP) was itself vitiated because the Resolution Professional failed to take control of the company's assets.
NCLT Ahmedabad Rejects Movemate's Insolvency Plea Against OYO Over Disputed Logistics Dues
Case Title : Movemate Logistics Private Limited Vs OYO Hotels Private Limited
Case Number : C.P.(IB)/62(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 983
On 29 September the Ahmedabad Bench of the National Company Law Tribunal (NCLT) comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy rejected an insolvency petition filed by Movemate Logistics Private Limited against OYO Hotels Private Limited over alleged unpaid dues for warehousing, logistics and allied services.
Case Title : HEMANSHU JETLEY Vs PUNJAB NATIONAL BANK & Ors
Case Number : IA(IBC)/238(CH)2025 In CP(IB) No.319/Chd/Chd/2019
CITATION : 2026 LLBiz NCLT (CHA) 984
The Chandigarh bench of the National Company Law Tribunal (NCLT) has held that the decision to raise interim finance for discharging disputed Estate Office dues falls within the commercial wisdom of the Committee of Creditors (CoC).
Case Title : IDBI Bank Limited v. Smt. Raj Kumari Garg
Case Number : IA-833/2025 in CP (IB)-785(PB)/2024
CITATION : 2026 LLBiz NCLT (DEL) 985
The National Company Law Tribunal (NCLT) at Delhi has held that a personal guarantor is not discharged from liability merely because she did not sign subsequent renewal or restructuring documents, where the original guarantee expressly provides that such variations will not release her from the guarantee.
Grounds Already Considered Cannot Be Re-Agitated In Subsequent Recall Application: NCLT Guwahati
Case Title : J.U.D. Cements Limited v. Catalyst Trusteeship Limited
Case Number : IA(IBC)/160/GB/2026 in CP(IB)/40/GB/2026
CITATION : 2026 LLBiz NCLT (GUA) 986
The National Company Law Tribunal (NCLT), Guwahati Bench, has held that grounds already considered while deciding an earlier recall application cannot be re-agitated in a subsequent application seeking recall of that order. The company had earlier filed a recall application, which was dismissed by the tribunal on August 10
Case Title : Bhagwati Lacto Vegetarian Exports Pvt. Ltd. v. RB Assets and Developers Pvt. Ltd.
Case Number : IA (I.B.C.) No. 1079/2025 in CP (IB) No. 283/Chd/Pb/2023
CITATION : 2026 LLBiz NCLT (CHA) 987
The National Company Law Tribunal (NCLT), Chandigarh Bench, has declined to remove documents and explanations introduced through a rejoinder from the record of an insolvency proceeding. It held that their relevance to the dispute over debt and default should be examined when the main petition is heard.
NCLT Ahmedabad Refuses To Recall Withdrawal Order Where Counsel Was Authorised To Withdraw Petition
Case Title : Arvind Mukundchand Soni v. Girdharbhai Bavchandbhai Viramgama & Ors.
Case Number : I.A. No. 99 of 2026 in Contempt Petition No. 3 of 2026 in TP No. 45 of 2016
CITATION : 2026 LLBiz NCLT (AHM) 994
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has refused to use its inherent powers to recall an order dismissing a contempt petition as withdrawn, holding that the counsel who sought withdrawal was expressly authorised to do so under the Vakalatnama.
Case Title : Asier Metal Private Limited Vs Polycab India Limited
Case Number : C.P.(IB)/273(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 996
On 7 October, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) admitted the insolvency petition filed by Asier Metals Pvt. Ltd. against Polycab India Ltd. over an operational debt default of Rs. 2.78 crore.
NCLT Chandigarh Says Mere Directorship Insufficient For Fraud, Dismisses Plea Against 18 Directors
Case Title : Darshan Singh Anand Vs Bimla Devi Jindal & Ors
Case Number : IA(I.B.C.)/1537 (CH)2022 IN CP(IB) No.315/Chd/Hry/2019
CITATION : 2026 LLBiz NCLT (CHA) 997
The Chandigarh Bench of the National Company Law Tribunal (NCLT) has held that mere designation as a director or participation in the management of a corporate debtor cannot, by itself, attract personal liability for fraudulent trading under the Insolvency and Bankruptcy Code (IBC).
NCLT Ahmedabad Rejects Creditor's Claim After Resolution Plan Approval Despite Civil Court Decree
Case Title : Patel Kokila Nileshbhai v. Techno Forge Limited
Case Number : IA 1386 of 2026 In CP (IB) No. 264 of 2018
CITATION : 2026 LLBiz NCLT (AHM) 999
The National Company Law Tribunal (NCLT), Ahmedabad, has rejected a creditor's plea to pursue a ₹14.11 lakh claim against Techno Forge Limited after approval of its resolution plan, despite a civil court decree in the creditor's favour.
Case Title : Keshav Khaneja Vs TATA Motors Limited & Anr
Case Number : IA/1064(AHM)2026 in C.P.(IB)/195(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 1001
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has refused to grant blanket warranty coverage for Gensol Engineering Limited's fleet of Tata electric vehicles (EVs), directing its Resolution Professional and Tata Motors Passenger Vehicles Limited (TMPVL) to coordinate vehicle-wise verification and process eligible warranty claims under the existing terms.
NCLT Ahmedabad Admits Insolvency Plea Against Gujarat Toolroom Over ₹26.20 Crore Dues
Case Title : Naksh Steel Limited Vs Gujarat Toolroom Limited
Case Number : C.P.(IB)/158(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 1003
The National Company Law Tribunal (NCLT), Ahmedabad, has admitted an insolvency petition against Gujarat Toolroom Limited over unpaid operational dues of ₹26.20 crore to Naksh Steel Limited. A bench of Judicial Member Chitra Hankare and Technical Member Dr V G Venkata Chalapathy found that the debt had been acknowledged but remained unpaid due to liquidity constraints.
Case Title : Maruti Corporation Vs Sharanam Infraproject and Trading Limited
Case Number : C.P.(IB)/88(AHM)2026
CITATION : 2026 LLBiz NCLT (AHM) 1004
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Maruti Corporation against Sharanam Infraproject and Trading Limited over an operational debt of ₹10.35 crore.
Case Title : Toyota Financial Services India Limited Vs NPV Insolvency Professionals Pvt. Ltd
Case Number : IA/1327(AHM)2026 in C.P.(IB)/377(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 1005
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently dismissed Toyota Financial Services India Limited's challenge to the rejection of ₹23.20 crore of its claim against the resolution professional (RP) of Blu-Smart Fleet Private Limited over 150 undelivered vehicles.