Insolvency And Bankruptcy Code

Corporate ministry seeks Cabinet approval for 50 more NCLT courts

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

Need clear timelines for NCLAT to dispose of appeals: Panel on IBC Bill

A parliamentary select committee has flagged the absence of timelines for the NCLAT in the IBC Amendment Bill, 2025, and proposed a three-month statutory deadline to curb appellate delays

Embassy Developments sent to insolvency by NCLT; firm challenges order

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

IL&FS to move NCLT to recover ₹187 crore excess pay from ex-directors

The IL&FS Group will initiate before insolvency tribunal NCLT the process to recover Rs 187 crore excess remuneration paid to its former directors and two subsidiaries, who have refused to return the excess managerial remuneration, according to the latest affidavit filed by the debt-ridden firm before NCLAT. Moreover, IL&FS is also going to reopen the financial statements for 2018-19 and 2019-20. It has received approval from NCLT for incorporating impacts arising from the recast financial statements. "Such revised financial statements for FY 2018-19 have been prepared and are being audited by statutory auditors appointed by NCLT. The revised financial statements will be finalised before the end of 31st December 2025," the IL&FS Group said. Last year, books of accounts and financial statements of IL&FS and its two subsidiaries -- IFIN and ITNL -- were recast on the directions of the National Company Law Tribunal (NCLT) for five years -- FY 2013-14 to FY 2017-18 -- and .

S&P upgrades rating for India's insolvency regime as IBC lifts recoveries

System has strengthened credit discipline and tilted resolution process in favor of creditors, says agency

Parl panel gets more time to report on insolvency, Jan Vishwas bills

Two select committees were on Monday granted more time by the Lok Sabha to submit their reports on the insolvency law and Jan Vishwas provisions amendment bills. The matters were taken up amid Opposition din over the issue of Special Intensive Revision (SIR) of electoral rolls. The House has allowed time till the last day of the Winter session for a select committee to present its report on the Insolvency & Bankruptcy Code (Amendment) Bill, 2025. The bill was referred to the committee on August 12 immediately after introduction in the Lower House. The bill seeks to amend the insolvency law, proposing a raft of amendments, including an out-of-court mechanism to address genuine business failures, group and cross-border insolvency frameworks. On Monday, Lok Sabha also gave time up to the last day of the second week of the Winter session for another select committee to present its report on the Jan Vishwas (Amendment of Provisions) Bill, 2025. The government had introduced the bill on

Haircuts touch 67% under IBC as creditor recovery stays low till Sep 2025

Creditor recoveries under the Insolvency and Bankruptcy Code remained at about 33% till September 2025, with steep haircuts, long resolution timelines and a high share of older BIFR cases

IBBI proposes uniform, detailed formats for valuation of assets under IBC

IBBI proposes uniform valuation norms, broader fair value definition and single-valuer option for smaller debtors to cut disputes, streamline IBC processes and maximise creditor recoveries

IBBI asks resolution professionals to file detailed 29A notes before CoC

IBBI has asked resolution professionals to place detailed Section 29A compliance notes before CoCs, stressing due diligence and transparency to reduce legal challenges in insolvency cases

NCLAT overturns NCLT move disqualifying JC World Hospitality promoters

Insolvency appellate tribunal NCLAT has set aside NCLT orders, which had declared promoters of JC World Hospitality ineligible to submit their resolution plan under Section 29A of the IBC. NCLAT said the NCLT "in a callous manner without looking into materials on record" have come to the conclusion that the promoters are disqualified, which is perverse and unsustainable. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) has revived the application filed by RP of JC World Hospitality before the Delhi bench of NCLT seeking approval for bids submitted by promoters and take a decision within three months. The application "filed by the RP for approval of the Resolution Plan of the SRA (promoters) is revived before the adjudicating authority (NCLT) for passing an appropriate order in the plan approval application." It further said, "The plan approval application has been pending for about four years. We are of the view that the adjudicating authority shall endeavo

Ronnie Screwvala's Upgrad enters race to buy assets of Byju's parent

Ronnie Screwvala-led Upgrad has submitted an EoI to buy Think & Learn, Byju's bankrupt parent, including K12 business, Aakash, Great Learning and other assets

IBBI proposes bidders disclose beneficial ownership in their entities

The insolvency regulator has proposed mandatory beneficial ownership disclosures by bidders under the Insolvency and Bankruptcy Code to improve due diligence and prevent misuse of Section 32A immunity

IBC vs PMLA: Resolution professionals hope for timely resolution

The IBBI circular allows resolution professionals to seek restitution of assets attached under PMLA, but experts say its success depends on timely court orders and clear legal backing

NCLT admits insolvency case against EV firm Blu-Smart Mobility Tech

The National Company Law Tribunal (NCLT) has admitted an insolvency case against Blu-Smart Mobility Tech, the debt-ridden company which was providing all-electric ride-hailing services and building a network of EV charging infrastructure in India. The Ahmedabad bench of NCLT has admitted the insolvency plea filed by Lepton Software Export and Research against Blu-Smart Mobility over an unpaid amount of Rs 5.84 crore, and appointed Pawan Kumar Goyal as the interim resolution professional, suspending the board of the company. A two-member bench said there is an operational debt, which has been defaulted by Blu-Smart Mobility, and its operational creditor is entitled to recover it. "The respondent/corporate debtor Blu-Smart Mobility Pvt Ltd is admitted in the Corporate Insolvency Resolution process under section 9(5) of the code," it said. Moreover, the NCLT also placed Blu-Smart Mobility Tech under the protection of a moratorium as per the provisions of the Insolvency & Bankruptcy ..

IBBI and ED reach solution on insolvency law and PMLA interface issues

The Insolvency and Bankruptcy Board and the Enforcement Directorate have arrived at a solution to address the problem related to the interface between the insolvency law and the PMLA in resolving stressed assets. "I hope that in a month or two, we should be able to issue a circular as to how to go about it so as to solve the problem," Insolvency and Bankruptcy Board of India (IBBI) Chairperson Ravi Mital said on Wednesday. There have been issues in resolution of certain cases under the Insolvency and Bankruptcy Code (IBC) where there have been suspected assets involving black money. Under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) can attach such assets. The IBC provides a moratorium on assets of an entity undergoing insolvency resolution process. "There is a problem in the interface between the IBC and the PMLA. There is a case pending in the Supreme Court and we faced problems in some cases. So we have had discussions with ED and we have arrive

Reforming tribunals: Rising vacancies at the top are hampering efficiency

According to legal think tank Daksh's State of Tribunals 2025 report, India's commercial tribunals face a backlog of 356,000 cases, worth ₹24.2 trillion (as of September)

SC overturning order in BPSL case a course correction for IBC: Experts

The SC has also addressed the issue of delays in the IBC due to litigation and extensions, which stand in the way of implementing a successful resolution plan

Indian real estate sector expects wave of reforms after SC judgment

Supreme Court directs reforms in IBC and Rera, declares housing a fundamental right; developers welcome move, seek multi-stakeholder approach for systemic real estate reforms

NCLAT upholds order recalling insolvency case against Logix Infra

Appellate tribunal NCLAT has upheld the decision of the National Company Law Tribunal (NCLT) to recall a previous ruling for an insolvency case against real estate firm Logix Infrastructure after finding the debt claim as "fraudulent" and "malicious". A two-member NCLAT bench said the plea for CIRP (Corporate Insolvency Resolution Process) against Logix Infrastructure, which was developing the Blossom County project in Noida Sector 137, are based on collusion and are malicious with sufficient material. "In the facts and circumstances of the case, we do not find any infirmity in the orders of the adjudicating authority (NCLT) allowing the Section 65 application filed by the Respondents. For the reasons noted herein, we find that reversing of Section 7 proceedings doesn't amount to a review in the guise of a fresh determination," the bench said. Section 65 of the Insolvency & Bankruptcy Code (IBC) allows the NCLT to set aside the insolvency proceedings filed with a malicious intent .

SC asks Centre to consider expanding SWAMIH to finance insolvent projects

The apex court said that liquidation of viable projects must be avoided and that the state cannot remain a "silent spectator" when the livelihoods of millions are at stake