National Company Law Tribunal

NCLT Mumbai approves Reliance Retail's resolution plan for Future Supply Chain, ensuring creditors' recovery and revival of the logistics firm on a going-concern basis

BluSmart enters insolvency after a regulatory probe accused a co-founder of misappropriating funds intended for vehicle purchases

The Supreme Court on Tuesday fixed July 31 for hearing pleas seeking a review of a May 2 verdict that set aside a resolution plan submitted by JSW Steel Limited for Bhushan Steel and Power Limited (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). A bench of Chief Justice B R Gavai and Justice Satish Chandra Sharma allowed an application for open-court hearing and fixed July 31 for hearing a batch of pleas seeking a review of the verdict. "Application(s) for listing review petition(s) in open court and application for oral hearing are allowed. Issue notice. List these matters on July 31, 2025 at 3 pm," the bench ordered. The court considered the review pleas in chambers by circulation and passed the order. The former promoters of BSPL urged the top court on July 21 to accord an open-court hearing to their plea for a review of the May 2 verdict. The former promoters of BSPL were Sanjay Singhal and his family, specifically including his father B

In a relief to YS Jagan Mohan Reddy, the NCLT on Tuesday allowed a petition filed by the former Andhra Pradesh Chief Minister seeking a direction to cancel the "illegal transfer" of shares held by him and his wife in a company to his sister YS Sharmila and their mother. In the petition filed on September 3, 2024, Jagan had sought the National Company Law Tribunal (NCLT) Hyderabad bench to cancel, annul and nullify the transfer of shares held by him and his wife Bharathi in the company and sought reinstating their names in Saraswati Power and Industries Pvt. Ltd. "Jagan Mohan Reddy's petition has been allowed. We are waiting for the order copy. There are some directions also. The petition filed by Jagan Mohan Reddy contending that the transfer of shares in Saraswati Power has been allowed," the YSRCP chief's counsel Y Suryanarayana told PTI. When contacted, K Devi Prasanna Kumar, Sharmila's advocate said they will file an appeal against the order either in Appellate Tribunal or High

State-owned IREDA plans to raise Rs 2,500-3,000 crore through qualified institutional placement route this fiscal as it looks to dilute another 3.76 per cent of the government holding in the company following a successful IPO in December 2023, a top company official said Monday. The company also said it had an exposure of Rs 700 crore to the crisis-hit Gensol Engineering and it has already recovered a little over Rs 100 crore by way of various instruments, including encashing their bank guarantees as well as withdrawal of the FD money. Gensol had acted as a financier and lessor of vehicles to the all-electric ride-hailing company Blue Smart. The Ahmedabad bench of the National Company Law Tribunal (NCLT) has already admitted to corporate insolvency proceedings against Gensol Engineering, following a petition by IREDA. In April this year, in an interim order, Sebi barred Gensol Engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till

The Supreme Court dismisses the appeals of BCCI and Riju Raveendran to withdraw insolvency proceedings against Byju's parent company, Think and Learn Private Limited, over unpaid sponsorship dues

The Chandigarh bench of National Company Law Tribunal (NCLT) has approved the merger of Inox Wind Energy Ltd and Inox Wind Ltd, a decision that will streamline the wind business vertical of the INOXGFL Group and improve overall operational efficiencies. Following the NCLT order on Tuesday, Inox Wind Energy Ltd will be amalgamated into Inox Wind Ltd (IWL), INOXGFL Group said in a statement on Wednesday. The merger simplifies and streamlines the wind business vertical of the INOXGFL Group, improving overall operational efficiencies, it said. The merger, or the "scheme of arrangement", will also reduce IWL's liabilities by Rs 2,050 crore, strengthening its balance sheet. The overall consolidation of businesses, financial, operational and other synergies may result in enhancing value for various stakeholders of the companies. As a result of this merger, 632 equity shares of face value of Rs 10 each of IWL will be allotted for every 10 equity shares of face value of Rs 10 each of IWEL

Tribunal defers hearing after SpiceJet flags expired authorisation; lessors directed to file valid Power of Attorney to proceed with insolvency petition

NCLT says Gensol moved funds meant for specific purposes to related parties, violating corporate governance norms under the Companies Act, 2013

The Supreme Court observed that staying the penalties imposed by the National Commission would set a dangerous precedent, allowing developers to delay justice by invoking insolvency proceedings

Court orders and reforms do not compensate for the legislative clarity needed in IBC for sector-specific insolvency processes

NCLT to hear Ireda's plea against Gensol Engineering over a ₹510 crore default, but denies appointment of an IRP, citing the need to hear the company's side first

Creditors recovered ₹67000 crore through IBC in FY25 a 42% jump from FY24 aided by record corporate resolutions and higher NCLT capacity after new appointments

NCLT Chairperson R Sudhakar says tribunal must operate within IBC and Companies Act as BPSL liquidation returns to Delhi bench after Supreme Court's recent ruling

Article 142 says that Supreme Court, in the exercise of its jurisdiction, may pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it

The existing rulebook is strewn with regulatory roadblocks, making mergers and acquisitions, especially for smaller companies and listed entities a burdensome process

This development comes weeks after Singapore-based investment firm Temasek acquired a 10 per cent stake in the company for approximately $1 billion

As per the scheme's terms, the merger will take effect from the first business day of the month following the fulfilment of all conditions

In a rare incident, appellate tribunal NCLAT has directed an investigation into an order passed by the Chennai bench of the National Company Law Tribunal (NCLT). The National Company Law Appellate Tribunal (NCLAT) has directed the President of NCLT to conduct an enquiry into an order passed by it on March 15, 2022 saying it "cannot ignore the fact that the manner in which the order of 15.03.2022, has been passed", appears "dubious" and "not plausible". The facts and submissions in the matter "raise questions over the functioning of NCLT", the appellate tribunal observed while passing the order. "The President, NCLT, is requested to look into the issue and conduct an enquiry, particularly in order to attach fairness to the proceedings of the NCLT so as to repose confidence in the public at large on these major issues," said two-member bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain. Moreover, the Chennai bench of NCLAT also direct

The National Company Law Tribunal has dismissed the demerger scheme filed by Talwandi Sabo Power Ltd (TSPL) after objections were raised by SEPCO, a creditor of TSPL, in relation to the demerger of Vedanta. The Mumbai bench of NCLT in its ruling on Tuesday said, "...keeping in view the facts and circumstances of the present case, we deem it appropriate to reject the scheme presented by the Applicant under Section 230 of the Companies Act." It further observed that "...material facts have not been disclosed by the Applicant company, violating Section 230 (2)(a) of the Companies Act, 2013, which in our considered opinion is bound to prejudice the public interest at large." The decision came after China-based SEPCO Electric Power Construction Corporation raised objections to the demerger, saying that the power unit had deliberately excluded their outstanding debt of Rs 1,251 crore from the list of creditors. SEPCO opposed the scheme, alleging that TSPL had concealed material informat