Nclat

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,

Canara, Union Bank to move NCLAT in Subhash Chandra repayment plan case

Canara Bank, Union Bank of India and LIC Housing Finance are moving NCLAT against the NCLT's approval of Subhash Chandra's repayment plan

HDFC Bank may appeal to NCLAT against Chandra's 'personal guarantor' payout

Lender weighs appeal after NCLT approves ₹6.25 crore repayment against admitted claims of ₹22,000.57 crore; several major creditors had opposed the plan

SC issues notice to NBCC on plea for RERA relief in Supertech projects

The dispute concerns NBCC's assignment to complete 16 stalled Supertech projects and its request for exemptions from certain statutory requirements under RERA

NCLAT rejects DoT plea against Rolta resolution plan over ₹469 crore dues

The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeal filed by the Department of Telecommunications (DoT) challenging the resolution plan for debt-ridden Rolta India Ltd, holding that the plan has already been approved and implemented. The DoT had challenged the resolution plan approved by NCLT while claiming statutory dues of Rs 469.09 crore towards unpaid licence fees. A three-member NCLAT bench upheld the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on December 15, 2025, approved the Rs 900-crore resolution plan submitted by Ashdan Properties for Rolta India, a multinational technology company. The tribunal observed that Rolta's resolution plan had already been implemented, with the NCLT closing the company petition on February 2, 2026. Moreover, DoT never raised the issue of categorisation of its claims before the NCLT during hearings. "The resolution process having attained finality and the plan having been acted upon, ...

SC upholds NCLAT order setting aside ₹301 cr penalty on Grasim Industries

The Supreme Court on Friday upheld an NCLAT order that set aside a Rs 301.6 crore penalty imposed on Grasim Industries by the Competition Commission of India and directed the fair trade regulator to hear the Aditya Birla Group firm again over its alleged dominance in the viscose staple fibre market. A bench comprising Justices J B Pardiwala and K Vinod Chandran dismissed the Competition Commission of India's (CCI) appeal challenging the May 5 NCLAT order. The tribunal had observed that the CCI did not provide a chance to Grasim Industries to present its arguments after it differed from the findings of the Director General (DG), the regulator's probe unit. The CCI had imposed the penalty on Grasim Industries in March 2020 for allegedly abusing its dominant position with respect to the supply of viscose staple fibre (VSF) to spinners in India. Grasim challenged the order before the NCLAT, which is also an appellate authority over the CCI, which asked the regulator to hear the matter

Parsvnath case: Settlement talks can't stall insolvency once default found

The Supreme Court upheld the revival of insolvency proceedings against Parsvnath Developers, ruling that settlement negotiations cannot delay admission once debt and default are established

SC upholds rejection of ₹85 cr insolvency plea against Essar Power Gujarat

The Supreme Court has upheld the rejection of an insolvency plea against Essar Power Gujarat, holding that a genuine pre-existing dispute barred proceedings under the IBC

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 ...

SC tears into AI-hallucinated judgments, sets aside NCLT insolvency order

The apex court quashed an NCLT insolvency order after finding reliance on non-existent AI-generated judgments, warning that even a single fake precedent can invalidate a judicial decision

Anil Ambani moves NCLAT against personal insolvency proceedings

Industrialist Anil Ambani has approached the appellate tribunal NCLAT, filing an appeal against the initiation of personal insolvency against him by the NCLT over the petition filed by public sector lender SBI. The Mumbai bench of the National Company Law Tribunal had on June 11, admitted a plea filed by the State Bank of India, seeking personal insolvency against Ambani over default of loans by his group firms - Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL). He was the personal guarantor of the loans extended to his group firms. Ambani's petition came for a hearing before a two-member bench comprising Justice Mohd Faiz Alam Khan and Barun Mitra. However, it was adjourned following the request from his lawyer. "Having regard to the request made by Ld. Counsel for the appellant, list this matter on July 10, 2026, before the appropriate bench," said the NCLAT order dated June 24, 2026. SBI had moved an application under section 95 of the Insolvency & Bankruptcy ...

NCLAT quashes Ligare Aviation's insolvency, cites round-tripping issue

The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was "only round tripping of money" and not "any genuine financial transaction". In a strongly worded order, the appellate tribunal said the material on record "clearly proves" that there was no financial debt disbursed by the financial creditor (Religare Enterprises) to the corporate debtor (Ligare Aviation) for consideration of the time value of money, a key requirement under the Insolvency and Bankruptcy Code (IBC). Allowing appeals filed by Daiichi Sankyo Company, a Japanese global pharmaceutical company and a shareholder, NCLAT observed that the transactions in question were merely a "round tripping of money/layering of money" undertaken for "some undisclosed fraudulent purposes" and did not create any financia