Page 2 - Nclt

NCLT bars Subhash Chandra from disposing of properties in insolvency case

A five-member special NCLT bench constituted to hear the personal insolvency case of Subhash Chandra on Tuesday issued notices to all the parties and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly. Last week, NCLT approved a repayment plan under which creditors are set to recover about Rs 6.25 crore from Chandra's personal estate against claims of roughly Rs 22,006 crore. Chandra said the Rs 22,006 crore figure had been widely misunderstood because it represented claims arising from personal guarantees he had provided for loans taken by companies associated with the Essel Group, rather than money he had personally borrowed. The five-member bench, led by President Justice Anupinder Singh Grewal, said that since there was no majority view among the members, including the third member, there was no final order and the verdict could not be given effect to. "Let notice be issued to all the parties," the National Company Law Tribunal (NCLT

NCLT stays order approving Subhash Chandra's ₹6.25 crore repayment plan

NCLT stays approval of Subhash Chandra's ₹6.25 crore repayment plan, saying no clear majority emerged in earlier orders; it also bars Chandra from transferring or selling any property

Par panel suggests establishing dedicated NCLT benches for insolvency cases

A Parliamentary panel has suggested establishing dedicated benches or verticals for insolvency cases at the National Company Law Tribunal (NCLT) to expedite disposal of such matters as well as ensure that the tribunal gives equal attention for cases under the companies law. Apart from the principal bench and the New Delhi bench, NCLT has benches in Allahabad, Ahmedabad, Bengaluru, Chandigarh, Chennai, Cuttack, Hyderabad, Indore, Kolkata, Kochi, and Mumbai. The recommendations are part of a report prepared by the Department-Related Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice. The report on 'Review of Functioning of Tribunal System in the Country' was tabled in Parliament earlier this month. The panel said steadily expanding insolvency jurisdiction of the tribunal should not dilute its equally important responsibilities under the Companies Act, 2013, including matters relating to mergers and amalgamations, corporate governance, and protection of

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

Subhash Chandra says NCLT insolvency claim is ₹3,992 cr, not ₹22,000 cr

Essel Group founder says lenders objecting to his repayment plan filed claims worth ₹3,992 crore, while the ₹22,006 crore figure represents total claims filed

How NCLT approved Subhash Chandra's ₹6.5 cr payout against ₹22,006 cr claims

Subhash Chandra's repayment plan was backed by creditors holding 80.81 per cent of voting value, despite objections from several banks and institutional lenders

NCLT clears Subhash Chandra's ₹6.5 cr payout against ₹22,006 cr claims

NCLT has approved Subhash Chandra's ₹6.5 crore repayment plan against ₹22,006.57 crore claims; the plan was backed by creditors holding 80.81 per cent of the voting share

NCLT admits Reliance Entertainment Studios to insolvency over ₹11.94 cr

Mumbai bench holds Rs 20 crore paid by Pen India towards film release as financial debt under IBC, imposes moratorium and appoints interim resolution professional

NCLT defers SpiceJet insolvency orders after last-minute settlement

The tribunal expressed strong displeasure over the timing of the settlement after extensive hearings, saying considerable judicial time had already been spent on the petitions

NCLT pauses Byju's insolvency bidding till Aug 31, giving founders relief

The tribunal stayed the bidding process after Byju Raveendran and Riju Ravindran challenged the admission of a ₹11,433 crore claim by US term loan lenders

NCLT clears 78 resolution plans involving ₹5,518 cr in June quarter

The National Company Law Tribunal (NCLT) approved 78 resolution plans involving a total amount of Rs 5,517.66 crore in the three months ended June. It also marked the "highest-ever first quarter performance in terms of approval of resolution plans since the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC)," the tribunal said in a report. The IBC provides for time-bound and market-linked resolution of stressed assets and the final resolution is approved by the tribunal. In the June quarter, the tribunal cleared 78 resolution plans that involved a total amount of Rs 5,517.66 crore, the report said. Till June 30 this year, the tribunal has given its nod for 1,628 resolution plans, involving an aggregate approved value of over Rs 4.78 lakh crore. "As on June 30, 2026, 349 applications seeking approval of resolution plans continued to remain pending before different benches of the NCLT, while 38 matters had already been heard and reserved for orders," the report on its websi

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

Ola Electric faces insolvency petitions from two suppliers over unpaid dues

The suppliers allege the EV maker's operating arm owes more than Rs 40 crore in unpaid dues and have asked the NCLT to initiate insolvency proceedings

'Methyl isocyanate of law': Supreme Court sets aside AI-generated verdicts

The Supreme Court set aside an NCLT order over AI-generated fake precedents, directing zero tolerance for citing hallucinated judgments in courts

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

Mantra Group secures ₹2,000 crore Worli project through NCLT resolution

Pune-based developer Mantra Group has won the stalled Worli project through the insolvency resolution process, marking its third acquisition in Mumbai within a year

Jaiprakash Associates stock to delist on June 18; all you need to know

JAL is being delisted following its acquisition by Adani Group through insolvency, and as per the resolution plan approved by the National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj.

NCLT declares Congress' Naseer Ahmed insolvent over ₹1,455 cr loan default

Naseer and his family argued that they had not provided a direct guarantee to the banks, and insolvency proceedings could not be initiated against them