NCLAT Upholds Rejection Of Prospective Homebuyer's Plea To Join Koncept Nirman's CIRP

The National Company Law Appellate Tribunal (NCLAT), Chennai, has held that a prospective homebuyer who relied on an unregistered agreement to purchase a flat from Koncept Nirman Private Limited cannot intervene in insolvency proceedings initiated against the company by a financial creditor. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain observed, “In the instant case, the Appellant herein doesn't owe a financial debt, at the behest of the...

NCLAT Upholds Insolvency Against Takshashila Heights Guarantors, Finds No Error In PoA Holder Competence

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has upheld insolvency proceedings against personal guarantors of Takshashila Heights India Private Limited, rejecting their challenge to the debenture trustee's authority to initiate the case. The appeals were filed against orders admitting applications under Section 95 of the Insolvency and Bankruptcy Code by IDBI Trusteeship Services Ltd. The bench of Justice Ashok Bhushan and Technical Member Indevar Pandey heard the matter. ...

EPFO Cannot Rely On Enforcement Report Prepared During Moratorium To Raise Claim: NCLAT New Delhi

The New Delhi National Company Law Appellate Tribunal (NCLAT) on 28 April held that claims based on an Area Enforcement Officer's Report (AEOR) prepared during the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted in insolvency proceedings unless the underlying statutory assessment has been crystallised. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey dismissed an appeal filed by the Employees' Provident Fund Organisation...

NCLAT Sets Aside NCLT Order Allowing Late Expression Of Interest, Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) in Delhi has set aside an NCLT order that allowed a delayed expression of interest (EOI) and resolution plan, ruling that a resolution applicant cannot be considered after missing the prescribed timelines. “We are of the view that order of the Adjudicating Authority directing acceptance of the late EoI of Respondent No. 5 could not be sustained and the order need to be set aside.”, the tribunal observed. A bench of Chairperson Justice...

NCLAT Upholds Insolvency Initiation Against Supertech Guarantor, Says Invalid Plea Can't Trigger Moratorium Bar

The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld the admission of an insolvency application against Mohit Arora, personal guarantor to loans taken by Supertech Ltd. and two other companies. It held that the process initiated by PNB Housing Finance cannot be blocked by a moratorium arising from another petition, which is non-est in law. “...when the IFCI petition being CP IB No. 428 of 2021 was filed on 02.06.2021 during the interim moratorium commenced by the filing of...

NCLAT Rejects Cosmic Ferro Alloys' Refund Claim On Revised Power Tariffs Post Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal filed by Cosmic Ferro Alloys Ltd., the corporate debtor now under new management pursuant to an approved resolution plan, holding that no refund or adjustment arises from revised electricity tariffs after approval of the plan. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra reiterated that once the resolution plan is approved, it binds all stakeholders and settles pre-insolvency...

Sub-Contractor's Contractual Share Not Part Of IVRCL's Liquidation Estate: NCLAT Orders Release Of ₹41.76 Lakh

The National Company Law Appellate Tribunal (NCLAT) has recently directed the liquidator of IVRCL Limited to release over Rs 41 lakh to sub-contractor Imperial Coastal Infra, holding that 96% of the project receivables belonged to the sub-contractor, were held by the corporate debtor in a fiduciary capacity, and could not be treated as part of the liquidation estate or as operational debt. A Chennai Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath...

NCLAT Chennai Dismisses Personal Guarantors Appeals Upholds 208-Day Exclusion In PGIRP

The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April dismissed four connected appeals filed by personal guarantors B. Nirmal Kumar, B. Kamlesh Kumar, B. Anand Kumar, and N. Rekha, challenging orders of the National Company Law Tribunal (NCLT), Chennai, dated 10 March 2026. A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain held that the NCLT correctly excluded a period of 208 days (16 April 2025 to 10 November...

NCLAT Delhi Rejects STCI Challenge In IMP Powers Liquidation, Upholds NCLT Jurisdiction On Section 53

The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 27 April, dismissed STCI Finance Limited's appeals challenging the liquidation process of IMP Powers Ltd., holding that while the Liquidator's inclusion of STCI's assets in the liquidation estate was valid, STCI failed to establish any illegality warranting interference with the process. A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Indevar Pandey further held that disputes over the...

NCLAT Dismisses SRA's Appeal, Says CIRP Surplus Not In Resolution Plan Must Be Distributed Among Creditors

The National Company Law Appellate Tribunal (NCLAT) at Delhi has dismissed an appeal challenging the distribution of surplus generated during the insolvency process, holding that such surplus, if not provided for in the resolution plan, cannot be claimed by the successful resolution applicant and must be distributed under the IBC waterfall.A Bench of Justice Ashok Bhushan and Technical Member Indevar Pandey emphasised that the nature and timing of the surplus were determinative, observing: “The...

Conviction And Bar Suspension Disqualify Counsel From Appearance In Liquidation Matters: NCLAT Chennai

The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 April held that R. Subramaniam, who had long represented the Liquidator of Cethar Ltd., could not continue as counsel in view of conflict of interest concerns, non-disclosure obligations under the Insolvency framework, suspension of his licence, and subsequent criminal conviction. A Bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain dismissed the appeal filed by V. Nagarajan,...

No Financial Debt Where Flats Given In Lieu Of Legal Fees: NCLAT New Delhi

The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 23 April dismissed the appeal filed by L & L Partners Litigation, holding that allotment of three flats by AKME Projects Ltd. towards professional legal fees did not constitute a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code (IBC). A Bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed: “Amount raised from allottees under Real Estate Project has...