Insolvency And Bankruptcy Code

May prefer fresh insolvency process, say Bhushan Power & Steel lenders

The tribunal was hearing a plea filed by BPSL's former promoter Sanjay Singhal, seeking enforcement of the Supreme Court's recent order directing the company's liquidation

NCLT rejects Adani Ports' late bid for insolvent Tuticorin Coal Terminal

Lenders to consider existing proposal by Seapol; tribunal signals possibility of wider interest amid improved performance

Why India's nine-year-old insolvency law has bankers going bald with worry

A third of the bankruptcies admitted by the tribunals have gone for liquidation, while three-quarters of the cases still open in December had exceeded the prescribed 270-day mark for resolution

Big Four rejig IBC verticals with fewer insolvency cases getting filed

Between the June and December quarter of FY25, the number of insolvency applications initiated by financial creditors went down from 150 to 84

NCLAT rejects insolvency petition against PepsiCo India over interest claim

The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency petition against PepsiCo India Holdings after observing that provisions of IBC cannot be turned into a debt-recovery proceeding. The appellate insolvency tribunal has upheld the earlier order passed by the Chandigarh bench of the National Company Law Tribunal (NCLT), which had rejected SNJ Synthetics's plea. "The adjudicating authority (NCLT) has not committed any infirmity in not allowing the CIRP of the corporate debtor (PepsiCo) to be initiated solely on the basis of the claim of the contested and unsubstantiated interest component," said a three-member NCLAT bench. The NCLAT held that SNJ's insolvency petition, filed under Section 9 of IBC as an operational creditor was not maintainable since the principal amount of the debt claimed from PepsiCo had already been repaid and only a disputed claim for interest remained. "The provisions of Insolvency & Bankruptcy Code (IBC) cannot be turned into a ...

SC's reversal of $2.3 billion steel deal casts shadow on bankruptcy law

Seven lawyers and bankruptcy law experts said the unprecedented ruling had set off alarm among potential buyers of other insolvent or bankrupt firms

Govt weighing next move after SC's JSW-BPSL order: DFS Secretary M Nagaraju

The DFS is assessing the Supreme Court's Bhushan Steel ruling with lenders and may chart next steps soon; IDBI Bank's 61 per cent stake sale will conclude in 2025

SC's JSW Steel decision a blow to insolvency process, say experts

The Supreme Court had invoked Section 142 of the Constitution to nullify the CoC decision

SC scraps JSW Steel's Bhushan Power & Steel resolution, orders liquidation

Shares of JSW Steel fell 5% on Friday after the Supreme Court rejected its resolution plan, calling it 'illegal'

Max Estates acquires stalled 'Delhi One' project, to invest ₹1,400 crore

Realty firm Max Estates Ltd on Thursday announced it has taken over the stalled 'Delhi One' project in Noida through the insolvency process and will invest Rs 1,400 crore to develop this mixed-use property. In a regulatory filing on Thursday, Max Estates said it has taken over Boulevard Projects Pvt Ltd to revive Delhi One project in Noida, after 7 long years of wait. Max Estates said it has successfully completed the acquisition of 100 per cent equity share capital of Boulevard Projects Pvt Ltd by way of allotment of 34,000 fresh equity shares to the company and its nominees, effective April 23, 2025. The project is an integrated mixed-use development that will have ultra-luxury serviced residences, premium office spaces, and retail spaces. Max Estates had received final approval from NCLT and NCLAT on February 2023 and October 2024, respectively. "The company is acquiring the Delhi One Project pursuant to a Resolution Plan, and the total capital commitment, including settlement

Ex-Fortis promoter Shivinder Singh moves personal insolvency plea in NCLT

As most of his assets have either been disposed of or attached due to ongoing cases, he is unable to pay off his debts as a personal guarantor, Singh told the tribunal

SC upholds NCLT order to begin insolvency against ex-DHFL promoters

A bench led by Chief Justice of India Sanjiv Khanna dismissed the Wadhawans' appeal against the NCLT order

NCLAT rejects Supertech promoter's appeal against personal insolvency case

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by debt-ridden realty firm Supertech former promoter Ram Kishor Arora against personal insolvency proceedings initiated against him. He had challenged an order by the Delhi bench of the National Company Law Tribunal, which, in February 2025, directed to initiate personal insolvency proceedings against Arora on the plea filed by IFCI and appointed an IRP. A two-member bench of the appellate insolvency tribunal NCLAT said personal insolvency proceedings could not be defended based on another insolvency proceeding going against Supertech under section 7 of the IBC. It is on the lenders to proceed against both simultaneously or separately. Section 95 (1) of the Insolvency & Bankruptcy Code allows the creditors to file insolvency proceedings against the personal guarantors. Arora's counsel submitted the insolvency proceedings initiated against Supertech Ltd under Section 7 is currently sub-judice before ...

M&A 2.0: Can a new mergers playbook simplify the dealmaking process?

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

Ola Electric settles dues with Rosmerta Group, NCLT pleas withdrawn

On Tuesday, Ola Electric announced that all outstanding dues have been amicably settled, resulting in Rosmerta filing for the withdrawal of the insolvency petitions from the NCLT

Would have emerged from insolvency if IRP acted on time: Byju's tells NCLAT

"There was a settlement (with BCCI), that settlement was before the Committee of Creditors (CoC) was being constituted," said Arun Kathpalia, the senior advocate appearing for Raveendran

Parliamentary panel flags concerns, suggests ways to improve IBC outcomes

'Operational creditors' interests are often overlooked; they should get adequate representation'

Zomato may face insolvency plea as creditor Nona Lifestyle moves to NCLT

Food delivery aggregator Zomato may face an insolvency plea as one of its operational creditors has moved the National Company Law Tribunal (NCLT), seeking restoration of its previous petition. Nona Lifestyle Pvt Ltd, an operational creditor, has moved NCLT requesting to restore an insolvency plea filed by it earlier against Zomato Ltd under Section 9 of the Insolvency & Bankruptcy Code in 2024. In 2024, NCLT had dismissed it due to non-prosecution and now Nona Lifestyle has requested to restore its old petition. It has filed an application under Rule 11 of NCLT Rules, 2016, which provides the tribunal inherent power that can also be used for restoration purposes. It has requested the Delhi-based NCLT bench "to admit the accompanying application and pass an order for initiating the CIRP against the Corporate Debtor (Zomato) here in under Section 9". CIRP stands for Corporate Insolvency Resolution Process. The matter was listed on Monday before a two-member bench of the NCLT, ...

Ola Electric shares drop 7.2% to record low after insolvency petition

Rosmerta Digital Services, a vehicle registration service provider and a creditor of Ola Electric Technologies, filed a petition against the unit alleging default in payments

Rosmerta Digital seeks insolvency proceedings against Ola Electric's arm

Ola Electric Mobility Ltd on Saturday said its vehicle registration service provider Rosmerta Digital Services Ltd has sought the initiation of insolvency proceedings against its wholly owned arm Ola Electric Technologies Pvt Ltd. In a regulatory filing, the company said, "A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd." The petition has been submitted before the National Company Law Tribunal's Bengaluru Bench, alleging default in payment towards the services rendered by the operational creditor and seeking initiation of the corporate insolvency resolution process (CIRP) against Ola Electric Technologies Pvt Ltd, it added. The company has sought appropriate legal advice and it strongly disputes the claims made, Ola Electric Mobility said, adding it would "take all necessary and appropriate steps to protect its interests and object to the ..