Nclat

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

Former Sanghi Industries promoter settles dispute with Ambuja Cements

Alok Sanghi, former promoter of Sanghi Industries, has withdrawn his plea before the appellate tribunal, NCLAT, against Ambuja Cements following the settlement of a dispute with the country's second-largest cement manufacturer. The withdrawal has brought the litigation between the two over Sanghi's personal guarantee of Rs 84 crore to a close. Ambuja Cements, which acquired Sanghi Industries in 2023 in a Rs 5,185 crore deal, has already withdrawn its plea against Alok Sanghi filed before the Ahmedabad bench of the National Company Law Tribunal (NCLT) on April 10, 2026. Sanghi had moved the appellate tribunal, NCLAT, challenging an NCLT order passed in November 2025 on Ambuja Cements' insolvency plea regarding a personal guarantee of Rs 84 crore extended by him. The NCLT had appointed an interim resolution professional after the plea. Earlier in April, the appellate tribunal was informed that a settlement had been arrived at between Sanghi and Ambuja Cements, following which the Ada

SC junks ₹202 crore penalty on Amazon by CCI in Future Coupons case

The Supreme Court set aside the Competition Commission of India's penalty on Amazon over its Future Coupons investment and directed refund of the recovered amount within eight weeks

IBC@10: Insolvency and bankruptcy code's administration needs improvement

The recent IBC (Amendment) Act, 2026, aims to strengthen the law and improve outcomes

SC sets aside CCI's ₹202 crore penalty on Amazon in Future Group deal

The Supreme Court on Wednesday set aside the NCLAT's June 2022 order which had rejected US e-commerce giant Amazon's appeal against an anti-trust suspension of its investment deal with Future Group. A bench of Justices Vikram Nath and Sandeep Mehta also set aside the Competition Commission of India's (CCI) December 17, 2021 order which had levied a Rs 202 crore penalty on Amazon and suspended its deal with Future. "In view of the findings recorded above, the appeal is allowed. The impugned judgement dated June 13, 2022 passed by the NCLAT and order dated December 17, 2021 passed by the CCI are set aside," Justice Nath said while pronouncing the verdict. The top court said if any amount was deposited or recovered from Amazon pursuant to these orders, the same be refunded within eight weeks. The bench delivered its verdict on a plea filed by Amazon challenging the National Company Law Appellate Tribunal (NCLAT) June 2022 order.

Videocon group founder Venugopal Dhoot moves SC against NCLAT ruling

Videocon founder Venugopal Dhoot has challenged an NCLAT ruling that excluded the group's overseas oil and gas assets from the insolvency process

NCLAT upholds separate insolvency proceedings for 2 Videocon group entities

Appellate tribunal NCLAT has upheld separate insolvency proceedings for two Videocon group entities -- Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL) -- while setting aside an earlier NCLT order that had directed clubbing of the two cases. Passing a final order, the NCLAT said creditors of VIL and VOVL had intended the Corporate Insolvency Resolution Processes (CIRPs) of the two companies to run independently, considering the distinct nature of their businesses and the need for a specialised resolution. In this, state-owned Bharat Petroleum subsidiary, BPRL has acquired VOVL, exercising its Right of First Refusal (ROFR), which was subsequently approved by NCLT through a June 2024 order, while the CIRP of VIL is still pending. The appellate tribunal in its order said VIL and VOVL operate in starkly different sectors -- with VIL engaged in consumer electronics and VOVL in oil-related businesses -- making it impractical for a single entity to possess the expertise .

NCLAT sets aside ₹301.6 crore CCI penalty on Grasim, orders fresh hearing

Appellate tribunal NCLAT on Tuesday set aside a Rs 301.6-crore penalty imposed on the Grasim Industries by CCI, directing the fair trade regulator to hear the Aditya Birla Group firm again over its alleged dominance in the viscose staple fibre (VSF) market. The tribunal observed that the CCI did not provide a chance to Grasim Industries to present their arguments, after it differed from the findings of DG, its probe Unit. The Competition Commission of India (CCI) had imposed a penalty on Grasim Industries in March 2020 for allegedly abusing its dominant position with respect to supply of VSF to spinners in India in which it has a dominant position. The order was challenged by Grasim before the NCLAT, which is also an appellate authority over CCI, which asked the regulator to hear afresh. A two-member National Company Law Appellate Tribunal (NCLAT) bench said the CCI itself has "differed from findings of the DG", its probe unit, regarding their directions for disclosure of ...

NCLAT quashes insolvency proceedings against Embassy Developments Limited

Bengaluru-based developer financially sound, says in statement

Supreme Court refuses to interfere in NCLAT order restoring Byju's CoC

Supreme Court backs NCLAT decision restoring original CoC in Byju's insolvency case, dismissing founder Byju Raveendran's appeal and allowing probe into IRP conduct

NCLAT upholds Adani's Jaiprakash Associates bid, junks Vedanta plea

Tribunal backs lenders' decision on Adani's resolution plan for Jaiprakash Associates, dismissing Vedanta's challenge over transparency and bid value concerns

NCLAT rejects Vedanta's plea against selection of Adani group's bid for JAL

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the two petitions filed by Vedanta Ltd, where the mining group challenged the selection of Adani Enterprises' bid for debt-ridden Jaiprakash Associates Ltd (JAL). A two-member bench comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra said: "No grounds have been made out by the appellant (Vedanta) to interfere with the decision of the adjudicating Authority (NCLT)." "There is no merit in the appeal. Both appeals are dismissed. There shall be no orders to pass," said NCLAT. The decision of the Committee of Creditors was based on "overall consideration of the respective resolution plan and was taken in its commercial wisdom," said the appellate tribunal. NCLAT also said there has been "no material irregularity committed by Resolution Professional while conducting the plan resolution process." NCLAT also dismissed Vedanta's plea, where it had questioned the evaluation metrics adopted and had said

NCLAT reserves verdict on Vedanta challenge to Adani JAL resolution plan

NCLAT has reserved judgment on Vedanta's appeals challenging Adani Enterprises' resolution plan for JAL, after hearing arguments from lenders and other stakeholders