NCLT

NCLT's admission of a minority shareholders' class action against Jindal Poly Films revives Section 245, signalling a shift in judicial approach to corporate accountability

NCLT admits minority shareholders' class action against Jindal Poly Films, saying allegations of prejudicial conduct merit detailed adjudication

The Economic Survey warns India's insolvency tribunals could take nearly a decade to clear pending cases, flagging long delays as a key risk to the IBC regime

The Chennai Bench of the NCLAT has initiated suo motu contempt proceedings against a resolution professional, warning that attempts to neutralise interim orders undermine institutional authority

The Supreme Court on Monday agreed to examine the Gujarat High Court judgement which ruled that the National Company Law Tribunal cannot transfer a pending petition to another NCLT bench outside the state. A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi agreed to examine the scope of the NCLT President's power to transfer cases across NCLT benches in different states. The controversy stems from Rule 16(d) of the NCLT Rules, 2016, which allows the NCLT President to "transfer any case from one Bench to another Bench when the circumstances warrant". The Gujarat High Court, in its recent order, held that this power is strictly intra-state. The High Court said that the Tribunal President cannot "alter or extend" territorial jurisdiction established by the central government, meaning that cases cannot be moved from one state to another. The top court "prima facie doubted" the stand and gave a hypothetical example that if a member must recuse at a location with on

The NCLT has approved a resolution plan submitted by Ambuja Housing and Urban Infrastructure Company Ltd (AHUICL) to take over and complete the stalled Usshar residential project at Batanagar near Kolkata, a company statement said on Sunday. The decision by the Kolkata bench of the National Company Law Tribunal (NCLT) marks a breakthrough in the "parcel-wise" resolution of the debt-ridden Riverbank Developers Private Ltd (RDPL), the original promoter of the 223.8-acre Calcutta Riverside township. The Usshar project had been in a state of limbo for several years with no progress in construction, leaving hundreds of homebuyers in uncertainty. Ambuja Neotia, which was previously associated with the project restricted to only management consultancy, has now committed to completing the remaining construction and handing over the residences to the buyers. Under the terms of the court-approved plan, AHUICL, a subsidiary of the Ambuja Neotia Group, will acquire the 9.4-acre parcel dedicate

In a relief to Culver Max Entertainment (formerly known as Sony Pictures Network India), appellate Tribunal NCLAT has set aside an NCLT order rejecting the insolvency plea filed by the broadcaster against an Odisha-based fintech firm. The NCLAT has remanded the matter back to the Cuttack bench of the National Company Law Tribunal (NCLT) to hear it afresh. The National Company Law Appellate Tribunal (NCLAT) observed that NCLT should at least give an opportunity to Culver Max to rectify the defect in the application, and said the opportunity was not given in the present case. Hence, the NCLT order, which was passed on April 30, 2024, suffers from illegality and needs to be set aside, said a two-member NCLAT bench comprising Justice Yogesh Khanna (Member, Judicial) and Ajai Das Mehrotra (Member, Technical). "In the circumstances, without expressing any opinion on the merit of the appeal, we set aside the impugned order and remand the matter to the NCLT to provide an opportunity to th

Appellate tribunal NCLAT has rejected Equitas Small Finance Bank's appeal to initiate insolvency proceedings against Jumbo Finvest, upholding a National Company Law Tribunal order in the matter. Earlier, the Jaipur Bench of NCLT had rejected an insolvency plea against Jumbo Finvest, observing that it is a Financial Service Provider within the meaning of 3(17) of the Insolvency & Bankruptcy Code and is not a corporate person against whom a Section 7 application can be initiated. This was challenged by Equitas Small Finance Bank before the National Company Law Appellate Tribunal, contending that Jumbo Finvest was registered as a financial service provider by the RBI. The banking sector regulator on January 16, 2020, barred it from increasing the size of its balance sheet and was prohibited from accessing public funds in any form until further notice, as well as lending. It was submitted that in view of the order of the RBI, Jumbo Finvest actually is not in the business of a ...

From tribunal capacity and procedural certainty to tanker seizures that could hit India's economy, today's Best of BS Opinion also looks at Budget-impact laws, AI agents, and a book on sanctions

Unity Small Finance Bank has emerged as the winning bidder for Aviom India Housing Finance, but completion may take 3-4 months as key regulatory and creditor approvals are pending

The Supreme Court, in one of its judgments, had said that a shortfall of members and the lack of requisite strength has led to tribunals only sitting for a few days of the week or a few hours in a day

The companies had approached the tribunal under Sections 230 to 232 of the Companies Act, seeking approval at the initial stage of the merger, with July 1, 2025 proposed as the appointed date

Brokerages believe Vedanta's demerger represents a value unlocking event with high growth Aluminium and Power business expected to command better valuations.

After clearance at the first motion stage, SEPCO moved an intervention application relating to disputes with Talwandi Sabo Power Limited

The ruling clears way for Vedanta's vast operations to split into five separate units, of which four will focus on aluminum, power, oil & gas, and iron ore, respectively

The NCLT, in its order earlier this week, admitted Canara Bank's plea to initiate insolvency proceedings against Embassy Developments Ltd

Think & Learn challenges Aakash Educational Services' decision to withhold shares worth ₹25 crore; NCLAT to hear the matter on December 16 amid related AWS appeals

The tribunal said the plan, backed by a majority of creditors, is "fair", "reasonable" and not against public policy

The one-time settlement offer agreed would bring a major relief for traders whose monies were stuck in the NSEL payment crisis that happened in July 2013, 63 Moons said in an exchange filing.

Industry body calls for clearing ₹18 trillion in pending tax appeals, TDS rationalisation and tax neutrality for fast-track demergers ahead of Union Budget 2026