Nclat

Jet Airways liquidator moves NCLAT against Boeing for $92 million refund

Jet Airways' liquidator has appealed to NCLAT to recover $92.12 million in aircraft advances from Boeing after NCLT dismissed the claim, with a hearing due in December

A crisis with benefits: IL&FS enters new phase with recoveries on track

The IL&FS resolution has delivered higher-than-expected recoveries for lenders while triggering key changes in India's insolvency framework, corporate regulation and laws governing business conduct

SC scrutiny of MCA control puts NCLT, NCLAT autonomy in spotlight

A bench led by Chief Justice of India Surya Kant raised concerns about staff recruitment, vacancies and inadequate infrastructure

NCLT completely hijacked by Ministry of Corporate Affairs: Supreme Court

In a stinging remark, the Supreme Court on Thursday orally remarked that the Ministry of Corporate Affairs has completely hijacked the National Company Law Tribunal and its appellate body, NCLAT. While calling for autonomy for the NCLT and NCLAT presidents over appointments, a bench comprising Chief Justice Surya Kant, Justices Joymalya Bagchi and V Mohana suggested deputation as an interim measure and phased regular recruitment through UPSC or SSC. "I know how contractors play their hands. They don't care about judicial/technical members. Complete autonomy must be with presidents. They can take UPSC/SSC. The tribunal has been completely hijacked by the Ministry of Corporate Affairs. That is impinging on the autonomy of the institution. That's the problem. The ministry wants to have complete grip; that's most unfortunate," CJI orally remarked. The observations were made while hearing a petition filed by contractual employees working in the NCLT and National Company Law Appellate ...

SC pulls up NCLAT for not hearing appeal despite earlier request

The Supreme Court said its requests to tribunals must be treated as directions and sought an explanation from NCLAT for not hearing an appeal on July 23 despite its earlier order

RCom RP files curative petition, challenging February SC spectrum ruling

Resolution professional Anish Nanvaty seeks recall of the Supreme Court verdict excluding spectrum from IBC proceedings, arguing that the ruling causes irreversible harm to lenders

SC reserves verdict on CoC's power to withdraw approved resolution plan

Indian Bank argues creditors should be able to reconsider an approved plan when circumstances change; resolution applicant says withdrawal is barred under IBC

NCLAT seeks creditors' response to Subhash Chandra plea against NCLT order

Appellate tribunal seeks replies within a week and will hear interim relief pleas on October 29-30; Chandra challenges NCLT's September 1 order

NCLAT issues notices to creditors on Subhash Chandra's insolvency plea

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 ...

Subhash Chandra challenges NCLT asset restraint in repayment plan case

Zee Group founder Subhash Chandra has challenged an NCLT order restraining him from alienating assets in proceedings over his proposed Rs 6.25-crore repayment plan

SC issues notice on challenge to NCLAT ruling on convening company EGMs

The dispute concerns when the NCLT can direct an extraordinary general meeting under Section 98 of the Companies Act and whether other remedies must first be used

SC flags NCLT infrastructure, member shortage; asks Centre to address gaps

The Supreme Court asked the Centre to file a status report on amenities at NCLT benches and identify facilities requiring urgent attention in consultation with its president.

IBC: The personal guarantee puzzle

The Subhash Chandra episode doesn't show that the Insolvency and Bankruptcy Code (IBC) has failed - but that there's a gap, when it comes to voting, which can be used by any promoter

Supertech insolvency: NCLAT raises concern over delay in appointing IRP

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

Litigant cannot lose right to appeal over tribunal's e-filing glitch: SC

The Supreme Court said the period during which the tribunal's filing system was non-functional could be excluded while calculating the statutory limitation period

Homebuyers can't be penalised for developer's default: Supreme Court

The top court was hearing a plea by homebuyers of Noida's Lotus Boulevard and Lotus Panache projects, developed by Granite Gate Properties Private Limited, who challenged a July 2025 NCLAT order

Subhash Chandra tells NCLAT insolvency proceedings led to 'media trial'

Zee Group founder tells appellate tribunal he was 'vilified' over reports on repayment proposal; lenders object to statements intended for media publication

Essel Group's Subhash Chandra opposes formation of 5-member NCLT bench

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

NCLAT to hear lenders' challenge to Subhash Chandra repayment plan Tuesday

Lenders are challenging the NCLT's approval of Essel Group founder Subhash Chandra's repayment plan, questioning the recovery quantum and creditors' voting process

NCLAT upholds 'clean slate' principle, rejects Sintex shareholder claim

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,