National Company Law Tribunal

NCLT stays ₹16-cr sale of Byju's K3-linked assets, flags valuation concerns

The insolvency tribunal NCLT has ordered a status quo on the assets sold by the resolution professional of Think and Learn Private Limited, the parent entity of debt-ridden edutech firm Byju's, in one of its subsidiaries. The Bengaluru-based bench of the NCLT has put a hold on any further disposal of Byju's K3 Education's assets till the next hearing on September 21 amid allegations that assets worth around Rs 150 crore were sold for just about Rs 16 crore. "The RP of TLPL (Think and Learn Private Limited) and the said newly impleaded Respondent are directed to maintain status quo in respect of the articles/equipment/assets auctioned under notice dated August 2, 2026, issued by the former, till next date," said a two-member bench. The National Company Law Tribunal (NCLT) order came earlier this week over a plea moved by the resolution professional (RP) of Byju's K3 Education, which is also facing insolvency proceedings, and Kritikal Solutions, seeking protection of the assets pendin

NCLT bars Subhash Chandra from disposing of properties in insolvency case

A five-member special NCLT bench constituted to hear the personal insolvency case of Subhash Chandra on Tuesday issued notices to all the parties and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly. Last week, NCLT approved a repayment plan under which creditors are set to recover about Rs 6.25 crore from Chandra's personal estate against claims of roughly Rs 22,006 crore. Chandra said the Rs 22,006 crore figure had been widely misunderstood because it represented claims arising from personal guarantees he had provided for loans taken by companies associated with the Essel Group, rather than money he had personally borrowed. The five-member bench, led by President Justice Anupinder Singh Grewal, said that since there was no majority view among the members, including the third member, there was no final order and the verdict could not be given effect to. "Let notice be issued to all the parties," the National Company Law Tribunal (NCLT

AI is shaping decisions. But who is liable when it gets it wrong?

The Supreme Court's scrutiny of AI-generated citations has exposed a larger issue: the Indian legal framework still does not clearly define who is liable when AI gets it wrong

NCLAT revives Chintamani Jewellery Arcade insolvency on Axis plea

The National Company Law Appellate Tribunal (NCLAT) has revived insolvency proceedings against Chintamani's Jewellery Arcade Pvt Ltd allowing a restoration application filed by Axis Bank, holding that the company had committed a material and continuing breach of court-recorded settlement terms. A three-member NCLAT bench recalled its earlier order passed on May 9, 2024 that set aside the insolvency admission against the company and restored to its original position. Consequently, the corporate insolvency resolution process (CIRP) against the Mumbai-based jewellery company was revived before the National Company Law Tribunal (NCLT), Mumbai, also stands revived. "The record clearly establishes that the respondents (Chintamani's Jewellery Arcade) failed to adhere to the repayment schedule forming part of the consent terms. The breach is neither technical nor insignificant but substantial and continuing," said an NCLAT bench comprising Justice N Seshasayee, Arun Baroka, and Indevar ...

NCLT allows withdrawal of insolvency process against ATS Knightsbridge

ATS eyes delivery of project in 18 to 24 months, reset in core NCR luxury market

Procedural clarity: Proposed changes will make IBC more effective

The proposed changes will impart greater transparency and operational clarity to the insolvency resolution process, which in turn is expected to reduce delays

SC agrees to examine NCLT's power to transfer cases outside state

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

NCLT clears Reliance Retail's takeover plan for Future Supply Chain

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 files for insolvency amid corporate governance crisis, debt woes

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

SC to hear pleas seeking review of verdict on Bhushan Steel liquidation

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

NCLT allows Jagan's plea to cancel transfer of Saraswati Power shares

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

Ireda plans ₹2,500-3,000 crore QIP to dilute 3.76% govt stake this year

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

Supreme Court nixes BCCI, Riju Raveendran pleas on settlement for Byju's

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

Inox Wind Energy to merge with Inox Wind following NCLT's approval

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

NCLT asks SpiceJet lessors to submit valid Power of Attorney by July 3

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

NCLT allows govt to freeze Gensol Engineering accounts in fraud probe

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

IBC not meant to shield violators of consumer rights from prosecution

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

IBC requires urgent reforms to meet demands across various sectors

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 seeking insolvency against Gensol Engineering

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 recover record ₹67,000 crore via IBC in FY25, up 42% from FY24

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