Page 3 - Nclat

NCLAT dismisses appeal by Think & Learn RP in Aakash shareholding row

NCLAT refuses to interfere with interim order in Aakash shareholding case, saying it was consensual and interlocutory; matter returns to NCLT Bengaluru for hearing

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

NCLAT suspends insolvency proceedings against Reliance Infrastructure

Reliance Infra says it has fully paid dues claimed by Dhursar Solar Power as NCLAT puts on hold NCLT's May 30 order initiating insolvency against the firm

NCLAT refuses to lift asset freeze on Gensol Engineering, related firms

NCLAT directs Gensol Engineering and related entities to approach the NCLT for relief after denying plea to lift freeze on assets, accounts, and lockers amid fraud probe

Big relief to Reliance Infra as NCLAT stays insolvency proceedings

NCLAT suspends insolvency order by NCLT after Reliance Infra argues it has cleared ₹92.68 crore dues linked to Dhursar Solar Power; next hearing set for July 18

NCLAT scraps audit, reinstates Resolution Professional at Golden Tobacco

The Insolvency appellate tribunal NCLAT has set aside the directions of the NCLT for a forensic audit of Golden Tobacco, and a change in the resolution professional of the debt-ridden cigarette maker. Passing an order over a batch of petitions filed against the NCLT order, the National Company Law Appellate Tribunal also extended the timeline for completing the CIRP (Corporate Insolvency Resolution Process) of Golden Tobacco till October 17, 2025. Besides, the appellate tribunal has also directed the NCLT to decide over the claims of financial creditors -- Central Bank of India, Arrow Engineering and others and then to reconstitute the lenders' body -- Committee of Creditors (CoC). "The direction of the Adjudicating Authority to conduct a forensic audit by KPMG is set aside," said a two-member bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. Vadodara-based Golden Tobacco owns cigarette brands such as Panama, Chancellor, Golden's Gold Flake and Taj Chhap. I

Reliance Infra says made full payment of ₹92.68 cr, NCLT order infructuous

Reliance Infrastructure on Monday said it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. "The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company," Reliance Infra said in a stock exchange filing. The company said it will appeal before the NCLAT and will seek withdrawal of the Order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process. "The NCLT Order has become infructuous as legally advised, upon full payment having already been made," it said. The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company. The plea was filed by IDBI Trusteeship Services Ltd. In April 2022, IDBI Trusteeship had filed a petition for initiating a corporate insolvency resolut

NCLAT upholds insolvency order against Jaypee Cement, dismisses appeal

The National Company Law Appellate Tribunal confirms insolvency proceedings against Jaypee Cement Corporation Ltd, rejecting appeal and reinforcing earlier tribunal ruling on debt defaults

Lenders plan fresh auction of defunct airline Go First's Thane land

The official added the lenders were considering a relaxation of some eligibility criteria because the existing rules had made it difficult to sell the land parcels

NCLAT tells NCLT to decide on Jaiprakash Power, Jaypee Fertilisers EOI stay

The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence

Finality of biz transactions: How delays undermined the Bhushan resolution

Court ordered the liquidation of BPS, which had been successfully rescued under the IBC in 2019 with the approval of relevant market participants and layers of state agencies

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 ...

NCLT, NCLAT can't review PMLA decision: Supreme Court in BPSL case

The Supreme Court has ruled that NCLT and NCLAT lack judicial review power over statutory decisions under the PMLA in the Bhushan Power and Steel liquidation case

NCLAT sets aside BCCI and Riju Raveendran's plea on Byju's settlement

The National Company Law Appellate Tribunal (NCLAT) has set aside the appeals filed by BCCI and Riju Raveendran seeking withdrawal of insolvency proceedings against Byju's and consider the settlement between the debt-ridden edtech firm and the apex cricket body. They had challenged the order passed by the Bengaluru bench of the National Company Law Tribunal, which had on February 10, 2025 directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju's owes USD 1.2 billion, is a member. A two-member Chennai bench of the NCLAT comprising Justice Rakesh Kumar Jain and Jatindranath Swain upheld the directions passed by the NCLT and said the settlement proposal was filed after the formation of CoC, hence as the provisions of section 12 A of the Insolvency & Bankruptcy Code, it requires the approval of the lender's body. Both BCCI and Riju have contended that since the application under Section .

NCLAT directs redaction of secret input by Google from Play Store judgment

The National Company Law Appellate Tribunal (NCLAT) has directed removal of the extracts from a confidential letter having revenue information of Google, from its last month's judgement against the internet giant on the Play Store policy. On March 28, the appellate tribunal had upheld fair trade regulator CCI's finding that the company's app store billing policy was unfair and restrictive for developers. However, it had slashed the penalty to almost a fourth to Rs 216 crore from Rs 936.44 crore. Alphabet Inc and Google Inc. have moved NCLAT to remove Paragraphs 97 to 100 from the 104-page order, submitting a letter dated October 6, 2022, which was a confidential document. This confidential document was in response to revenue information given by them. This had confidential revenue data. Even the Competition Commission of India (CCI) had maintained confidentiality. However, NCLAT, in the judgment on March 28, had quoted extracts from the confidential document in paragraphs 97 to ...

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 ...

NCLAT allows banks to proceed against ex-IL&FS directors not on new board

The National Company Law Appellate Tribunal (NCLAT) has allowed state-owned Canara Bank and Indian Bank to pursue proceedings against former IL&FS directors, who are not part of the new board, to declare them as wilful defaulter. However, the appellate tribunal said those directors who are part of the new board of Infrastructure Leasing & Financial Services (IL&FS) and its various subsidiaries after October 1, 2018, would remain protected. "We are of the view that this protection shall extend to Professional Directors who have been reappointed in IL&FS and its subsidiaries who are the part of the present board. With respect to IL&FS and IL&FS Group...we grant leave to the bank to make an application for proceeding against them," said a two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. The government had appointed a new board of IL&FS on October 1, 2018, after a Rs 90,000 crore debt surfaced, which had then sent ...

NCLAT rejects IDBI Bank's insolvency plea against Zee over Rs 150 cr dues

Section 10A of the IBC temporarily suspended the initiation of the insolvency process for defaults from March 25, 2020 to March 25, 2021 (a year) to provide relief to borrowers during COVID-19

NCLAT dismisses IDBI Bank's plea for insolvency against Zee Entertainment

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender's plea to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). However, the appellate tribunal granted liberty to IDBI Bank to move a fresh plea for default outside of the period mentioned in section 10A of the Insolvency & Bankruptcy Code. Section 10A mandates that no application for initiation of the corporate insolvency resolution process (CIRP) can be filed against any debtor by any financial and operational creditor for any default arising on or after March 25, 2020, for a period of one year. This special provision was inserted in the IBC by the government to help companies after economic activities had resumed post-lockdown

NCLAT rejects Busy Bee Airways plea challenging Go First liquidation

Busy Bee is backed by EaseMyTrip co-founder Nishant Pitti