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The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to creditors on a plea filed by Essel Group Chairman Subhash Chandra and scheduled the matter for hearing on October 29 and 30. Chandra had challenged before the appellate tribunal an order passed on September 1 by a five-member larger bench of the National Company Law Tribunal (NCLT), which had stayed the order of a third tie-breaker judge in his personal insolvency matter and restrained him from alienating his assets. The NCLAT has directed the creditors, who opposed the maintainability of Chandra's petition, among others, to file their reply within a week. A three-member bench of NCLAT also granted a week's time to Subhash Chandra to file a rejoinder to the creditors' reply. "Let the notice be issued... will file the reply (over maintainability and stay) within a week," said the bench comprising Officiating Chairperson Justice (Retd.) Yogesh Khanna and Technical Members Barun Mitra and Ajai Das ...
Appellate Insolvency Tribunal NCLAT has raised concerns over construction major NBCC's delay in meeting deadlines set for resumption of work at Supertech Ltd's stalled housing projects. Besides, a three-member bench has also pulled up the authorities over the delay in appointing an interim resolution professional (IRP) for the realty firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP). The National Company Law Appellate Tribunal (NCLAT) has directed NCLT and the Insolvency and Bankruptcy Board of India (IBBI) to suggest names within a week. "We have been informed that an application for appointment of the IRP has been dealt with by the NCLT, and IBBI is directed to suggest the names. Let the said process be completed within a week from today," the NCLAT said on Friday. The IRP, once named, is also required to head the Apex Court Committee overseeing the stalled Supertech projects and chair the Project-Wise Court Committee, the appellate tribuna
Essel Group Chairman Subhash Chandra on Wednesday opposed the formation of a five-member bench by the NCLT to decide his personal insolvency case, contending that the tribunal does not have the power to constitute such a bench. Appearing for Chandra before the National Company Law Appellate Tribunal (NCLAT), Senior Advocate Sasmit Patra termed the NCLT order "faulty and wrong" and said, "they are not empowered" to form a five-member bench. Patra submitted that the five-member bench had on Tuesday stayed the order of Nilesh Sharma, Member (Judicial), who was brought in as the third member after a division bench of the NCLT delivered a split verdict. NCLT on Tuesday barred Essel Group Chairman Chandra from alienating his assets and stayed an order allowing him to settle claims arising from personal guarantees on group borrowings for about Rs 6.5 crore, against claims of roughly Rs 22,006 crore. "Under which power" it was stayed and "when did this five-member bench sit together? What
The Insolvency Appellate Tribunal NCLAT has affirmed the "clean slate principle" under the Insolvency and Bankruptcy Code (IBC), which bars any attempt to reestablish pre-resolution shareholders' rights, and rejected the claims of a shareholder of Sintex Industries. A two-member NCLAT bench dismissed the appeal by a Kerala-based investor seeking around Rs 110 crore in compensation for 1,35,000 equity shares of Sintex Industries Ltd (SIL) that were extinguished under the company's insolvency resolution plan. The appellate tribunal ruled that shareholders, whose equity was extinguished under the company's insolvency resolution plan, cannot revive their rights through proceedings under the Companies Act after the bids have been approved and the resolution plan has attained finality with a new ownership. The National Company Law Appellate Tribunal (NCLAT) said Section 238 of the Insolvency & Bankruptcy Code (IBC) gives it primacy over all other laws, including the Companies Act, 2013,
The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeal filed by the Department of Telecommunications (DoT) challenging the resolution plan for debt-ridden Rolta India Ltd, holding that the plan has already been approved and implemented. The DoT had challenged the resolution plan approved by NCLT while claiming statutory dues of Rs 469.09 crore towards unpaid licence fees. A three-member NCLAT bench upheld the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on December 15, 2025, approved the Rs 900-crore resolution plan submitted by Ashdan Properties for Rolta India, a multinational technology company. The tribunal observed that Rolta's resolution plan had already been implemented, with the NCLT closing the company petition on February 2, 2026. Moreover, DoT never raised the issue of categorisation of its claims before the NCLT during hearings. "The resolution process having attained finality and the plan having been acted upon, ...
The Supreme Court on Friday upheld an NCLAT order that set aside a Rs 301.6 crore penalty imposed on Grasim Industries by the Competition Commission of India and directed the fair trade regulator to hear the Aditya Birla Group firm again over its alleged dominance in the viscose staple fibre market. A bench comprising Justices J B Pardiwala and K Vinod Chandran dismissed the Competition Commission of India's (CCI) appeal challenging the May 5 NCLAT order. The tribunal had observed that the CCI did not provide a chance to Grasim Industries to present its arguments after it differed from the findings of the Director General (DG), the regulator's probe unit. The CCI had imposed the penalty on Grasim Industries in March 2020 for allegedly abusing its dominant position with respect to the supply of viscose staple fibre (VSF) to spinners in India. Grasim challenged the order before the NCLAT, which is also an appellate authority over the CCI, which asked the regulator to hear the matter