Page 3 - Nclat

PlayStore billing policy: Google appeals NCLAT order in Supreme Court

Google approached the Supreme Court on July 21

Reliance Infrastructure receives NCLAT breather from insolvency proceedings

NCLAT stays insolvency proceedings against Reliance Infrastructure after the company claims it has fully paid all dues, including interest. The matter is set for hearing on August 27

Parliamentary panel for dedicated NCLT, NCLAT courts for IBC cases

A parliamentary panel recommends dedicated NCLT and NCLAT courts to expedite IBC cases and urges the RBI Governor to support banking correspondents, who are facing increasing challenges in their roles

Insolvency law cannot override PMLA, ED attachment to stay, says NCLAT

Insolvency & Bankruptcy Code cannot override the Prevention of Money Laundering Act (PMLA), said appellate tribunal NCLAT, adding assets of an debt-ridden firm once attached by the Directorate of Enforcement (ED) and confirmed by competent authority cannot be released for its resolution. Under section 14 of IBC, a moratorium is applied on those assets for the purpose of resolution. However, if the property is alleged to be "proceeds of crime" and is already under adjudication by competent authority under a penal statute, such property cannot be deemed to be part of the freely available resolution estate, the National Company Law Appellate Tribunal (NCLAT) said. The appellate tribunal held that if there is any attachment by ED under the PMLA, which is "validly made and confirmed, it cannot be undone under IBC (Insolvency and Bankruptcy Code). Citing section 238 of IBC, which has an overriding effect over other laws, a three-member NCLAT bench said it "cannot override the PMLA in ...

JSW Energy joins race for Raigarh Champa Rail Infra after NCLAT nod

Appellate tribunal NCLAT has quashed an NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. The development has come as a relief to JSW Energy which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure Pvt Ltd (RCRIPL), an ancillary company of KSK Mahanadi. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this year. The Chennai-bench of the NCLAT said it sees no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids." ".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not ...

NCLAT rejects Byju's plea on Aakash shareholding status quo directive

The appellate tribunal said the NCLT order was a consensual interlocutory directive that did not determine rights, and thus no interference was warranted at this stage

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 .