Nclt Resolution

NCLAT dismisses insolvency plea against Voltas, upholds NCLT order

Appellate tribunal NCLAT has rejected a plea against Voltas, which sought to initiate insolvency proceedings against the Tata Group firm by one of its operational creditors. A two-member NCLAT bench has upheld the earlier orders of the Mumbai-bench of the National Company Law Tribunal (NCLT), which had on May 27, 2025 rejected the petition on the grounds of a pre-existing dispute. NCLAT upheld the findings of NCLT, saying it "has committed no mistake" in finding that the email chain between appellant Air Wave Technocrafts and Voltas "reflects ongoing disputes" regarding work certification, amounts, and supporting documentation. "We see no reason to take a different view in the matter from that of the Adjudicating Authority (NCLT) in rejecting the Section 9 application on valid grounds of pre-existing disputes. In result, we find no merit in the Appeal. We find no reasons to interfere with the impugned order. The Appeal is dismissed," said NCLAT. NCLAT order came over a petition fil

NCLT dismisses insolvency plea against ZTE filed by TVS Supply Chain

The NCLT has dismissed an insolvency plea against the Indian unit of telecom gear manufacturer ZTE filed by TVS Supply Chain Solutions after observing a pre-existing dispute between the parties. A Chandigarh-based bench of the National Company Law Tribunal (NCLT), the debt claimed by TVS Supply Chain Solutions was disputed and under reconciliation dating back to 2017, well before the statutory demand notice. "In view of these facts, we hold that this being a case of preexisting dispute, the Application under Section 9 is not at all maintainable," said the NCLT bench, comprising members Kaushalendra Kumar Singh and Khetrabasi Biswal. TVS Supply Chain Solutions, earlier known as TVS Logistics Services, had moved the insolvency tribunal claiming a default of Rs 4.27 crore from ZTE Telecom India by filing a plea under section 9 of the Insolvency & Bankruptcy Code. The dispute is for the period June 2012 to February 2019. ZTE, a telecom equipment supplier for companies like Reliance, ..

NCLT passes Oberoi Realty's resolution plan for Nirmal Lifestyle Realty

Oberoi Realty on Monday said the National Company Law Tribunal has approved its resolution plan for Nirmal Lifestyle Realty, and it will pay Rs 230 crore to the creditors of the bankrupt firm. In a regulatory filing, Oberoi Realty said the NCLT Mumbai bench issued an order on August 9, 2024, approving the resolution plan submitted by the company in relation to the Corporate Insolvency Resolution Process (CIRP) of Nirmal Lifestyle Realty Pvt Ltd (NLRPL). The NLRPL holds development rights with respect to land measuring about 20,262.40 square metres at Mulund West, Mumbai. "The resolution plan provides for payment on the Effective Date (being a date not earlier than 90 days from the NCLT approval date) of an amount of Rs 273 crore to various creditors in the full and final settlement, and the CIRP Costs at actuals incurred up to the Effective Date)," the filing said. On the effective date, the company would also subscribe to 100 per cent equity share capital of NLRPL for Rs 1,00,000,

NCLT orders proceeding against Supernova developer Supertech Realtors

The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea filed by the Bank of Maharashtra over a default of Rs 168.04 crore and appointed Anju Agarwal as interim resolution professional (IRP), suspending the board of Supertech Realtors, a step-down subsidiary of Supertech. Supertech is also facing a Corporate Insolvency Resolution Process (CIRP). Supertech Realtors is developing Supernova project at a cost of Rs 2,326.14 crore on a land admeasuring 70,002 square metres at Sector 94, Noida. As per the plans, Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. For the project, Supertech Realtors approached a consortium of lenders led by Union Bank of India seeking a financial assistance of Rs 7,35.58 cro

NCLT approves merger of full-service carriers Vistara with rival Air India

The merger, first announced in November 2022, will include Vistara, which is 49 per cent owned by Singapore Airlines being absorbed into Air India

At 269, NCLT approves record resolutions under IBC in FY24: IBBI data

However, it is still taking 679 days on average to conclude the resolution process, as against the standard timeline of 330 days

NCLT registers 43% increase in debt resolution amid many bottlenecks: IBBI

Amid several bottlenecks, the Insolvency Bankruptcy Board of India (IBBI) declared 2023-24 as a landmark year, with the National Company Law Tribunal achieving a significant 43 per cent increase in resolutions, jumping from 189 cases last year to 270 this year. The IBBI is expected to submit a report to the government over the next 2-3 months for including mediation in the Insolvency and Bankruptcy Code (IBC), which is currently under discussion and scrutiny. The regulator is also working on prepackaged insolvency for large corporate cases, which is only allowed in MSME cases as of now. For the first time in a year, the number of outputs has increased from the number of inputs, reducing the pendency across India, said Sudhaker Shukla, an IBBI whole-time member, while addressing the CII organised 7th Insolvency and Bankruptcy Code conclave. He said that despite bottlenecks in the last seven years, resolution of 3.5 lakh crore was achieved, and 27,000 applications worth Rs 10 lakh cr

NCLT allows correction in Reliance Capital's 90-day resolution timeline

IndusInd International Holdings (IIHL), representing the Hinduja Group, the chosen applicant for the indebted firm, must execute RCap's resolution plan by May 27

Zee-Sony merger: NCLT issues notice to Sony to file reply in three weeks

The National Company Law Tribunal (NCLT) on Tuesday accepted a petition by a Zee Entertainment shareholder seeking the merger of its Indian entity with Sony, which was called off last week despite regulatory approvals. The Mumbai-bench of NCLT issued a notice on a petition moved by Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), directing Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks. Mad Men Film Ventures on Tuesday filed the petition requesting both ZEEL and Sony to implement the merger as it was approved by the NCLT in August 2023. The tribunal did not agree to the arguments made by the counsel stating that the approval by NCLT was conditional and depended on various conditions, which may be fulfilled or waived off in writing. NCLT has kept the next date of hearing on this matter on March 12. Last week, the Sony Group Corp called off the merger with ZEEL following a stalemate over who will lead the merged

NCLT sanctions merger of Tata Metaliks into its parent Tata Steel

The National Company Law Tribunal has sanctioned the amalgamation of Tata Metaliks Ltd into its parent Tata Steel, which led to the cancellation of board meeting ahead of financial results announcement of the subsidiary firm. According to a regulatory filing by Tata Metaliks, the board meeting, scheduled for January 12, to declare company's financial results has been cancelled. The National Company Law Tribunal (NCLT) Mumbai on Thursday pronounced the order sanctioning the scheme of amalgamation amongst Tata Metaliks into parent Tata Steel Ltd, the company said. "With the pronouncement of the order...the financial results of Tata Metaliks for the quarter and nine months ended December 31, 2023, shall be considered along with the financial results of Tata Steel," the filing said. Shares of Tata Metaliks were trading 0.96 per cent higher at Rs 1,067.55 apiece on the BSE.

NCLT approves resolution plan for Reliance Communications Infrastructure

Last week, the NCLT gave its approval for the sale of specific real estate properties of Reliance Communications Limited

NCLT directs Grover to establish maintainability of plea against BharatPe

The case will next be heard by the New Delhi bench of the National Company Law Tribunal (NCLT) on January 11

Govt to create 'admission benches' in NCLT to expedite CIRP applications

The admission bench will admit/reject the application within 14 days of receiving it

Only 19% of claims by creditors admitted: Go First RP tells Court

In total, there are 8,019 creditors, out of which claims of only 6,604 have been admitted, while the claims of the remaining are under verification

NCLT admits Rasna to insolvency on a Rs 71 lakh claim by logistics firm

The case was referred to mediation. During the mediation process, Bharat Carrier did not appear before the mediator and, hence, mediation failed, Rasna said

Future Retail resolution professional seeks insolvency deadline extension

The resolution professional (RP) of Future Retail Ltd has approached the National Company Law Tribunal (NCLT), seeking a further extension till September 15 to complete the corporate insolvency resolution process (CIRP) of the debt-ridden firm. The RP of the company has moved an application before the Mumbai bench of NCLT to exclude a period of 29 days from CIRP of Future Retail Ltd, according to a regulatory filing. "The Resolution Professional of Future Retail Limited (FRL) has filed an application before National Company Law Tribunal, Mumbai seeking exclusion of a period of 29 days from CIRP of FRL, and consequent extension from August 17, 2023 to September 15, 2023 for concluding the CIRP of FRL," it said. If approved, this would be a third extension for FRL which, according to some reports, is struggling to attract a buyer despite changes in the bid conditions. Last month, NCLT extended the deadline to August 17, 2023, after allowing the plea of FRL to exclude 33 days from the

Go First refund case: NCLT issues notice to lenders, next hearing on Aug 7

CoC is a group of lenders that represent the interests of all stakeholders in the insolvency process

Exploring settlement with logistics company Delhivery: Go First tells NCLT

The matter will now be heard in the third week of August

NCLAT to pass order on appeal against Go First's insolvency on May 22

Appellate tribunal tells all parties in the matter to file written submissions in 48 hours

Lenders put assets of former unit of ailing Amtek group on block

These assets and operating assets were carved out as part of a resolution plan approved by the NCLT in 2022