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DARK SECRETS: Nclat | Rare Historical Photos

Supreme Court dismisses BDPL's plea, brings one of India's longest-running corporate disputes to end

The Supreme Court dismissed Bhagwati Developers’ appeal against the NCLAT judgment, bringing finality to a more than three-decade corporate dispute involving Peerless General Finance and share transactions dating to 1987-88. The NCLAT had rejected allegations of financial impropriety and upheld the validity of the corporate decisions and transactions.

The Economic Times

NCLAT sets aside Zaveri Group's bid for Gujarat Hydrocarbons and Power SEZ

The NCLAT has overturned Zaveri Group's resolution plan for GHPSL. This decision mandates a restart of the insolvency process with new bids. The appellate tribunal cited an unverified presumption regarding SEZ de-notification. It also highlighted errors in the initial information memorandum provided. Consequently, fresh expressions of interest will now be…

The Economic Times

NCLAT seeks status report on delayed Supertech housing projects by NBCC

The NCLAT has ordered the Supertech committee to file a status report within two weeks. This report will detail construction commencement and work awarding for sixteen NBCC-managed projects. Homebuyers had complained about significant delays beyond previously established timelines. The tribunal also directed the committee to address unpaid employee salaries for…

The Economic Times

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NCLT forms 5-member bench to decide on Subhash Chandra's Rs 6.5 crore repayment plan

A new five-member bench will decide Subhash Chandra's repayment plan. This personal insolvency case involves claims exceeding twenty-two thousand crore rupees. A previous division bench failed to reach a majority verdict on the plan. Dissenting lenders have approached the insolvency appellate tribunal regarding the matter. The bench will commence hearings…

The Economic Times

Subhash Chandra's dissenting lenders Canara Bank, Union Bank move NCLAT against NCLT order

Dissenting lenders have challenged the NCLT order approving Subhash Chandra's personal insolvency plan. The Essel Group chairman's plan proposes a Rs 6.5 crore payment against creditor claims. Lenders argued that five entities linked to Chandra's family improperly influenced the voting process. The NCLT approved the plan after a third member…

The Economic Times

Sintex Industries: NCLAT upholds clean slate principle, rejects shareholder's plea for compensation

In a critical ruling, the National Company Law Appellate Tribunal (NCLAT) upheld the clean slate principle enshrined in the Insolvency and Bankruptcy Code (IBC), ruling against shareholder claims for reinstated rights post-resolution. Sintex Industries' compensation grievances were rejected, highlighting the IBC's supremacy over laws like the Companies Act. This verdict…

The Economic Times

Union Bank, LIC Housing Fin, Canara Bank challenge NCLT nod to Subhash Chandra resolution plan

Canara Bank, Union Bank of India, and LIC Housing Finance will challenge a repayment plan. The National Company Law Tribunal approved the plan for Dr Subhash Chandra's insolvency case. These lenders opposed the plan, which was approved by other private creditors. They are filing appeals before the National Company Law…

The Economic Times

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NCLAT upholds SFIO's power to seek disgorgement of assets in IL&FS-linked case

NCLAT has dismissed appeals by audit firm BSR & Associates LLP and former partner N Sampath Ganesh, upholding SFIO’s authority to pursue asset attachment and disgorgement proceedings in the IL&FS Securities Services Ltd (ISSL) case.

The Economic Times

NBCC moves Supreme Court over RERA rules for 16 Supertech projects

The Supreme Court will hear NBCC's plea regarding RERA compliance for Supertech projects. NBCC seeks exemption from statutory provisions for completing stalled housing projects. The National Company Law Appellate Tribunal previously refused to grant such waivers. The top court had previously directed NBCC to expedite the completion of these projects.…

The Economic Times

JSW Mahanadi Power settles dispute with Raigarh Champa Rail; NCLAT disposes of appeal

The NCLAT disposed of an appeal between JSW Mahanadi Power and RCRIPL. Both companies reached an amicable settlement after a dispute over unpaid invoices. JSW Energy now controls both entities following separate insolvency proceedings. The NCLAT order recorded the joint memo filed by the two companies.

The Economic Times

NCLAT upholds insolvency proceedings against Nyka Steel guarantor over UCO Bank dues

The NCLAT upheld an NCLT order initiating insolvency proceedings against a personal guarantor. This decision involved Asif Ahmed Siddique, a guarantor for Nyka Steel. The tribunal found the guarantor's liability extended beyond the initial capped amount. It also noted the guarantor signed the credit facility renewal in 2018.

The Economic Times

Parliamentary panel backs govt steps to strengthen IBC recovery, seeks deeper action on fund diversion

A parliamentary panel has backed govt efforts to improve insolvency recovery, seeking urgent action to prevent fund diversion during insolvency proceedings. The committee noted a significant gap between avoidance transaction values and actual recoveries.

The Economic Times

NCLAT junks plea of Log 9 Mobility's executives against order to assist in recovery of EVs leased from Gensol

The NCLAT rejected an appeal by Log 9 Mobility's suspended directors. They challenged an NCLT order to help recover leased electric vehicles. The tribunal stated NCLT has wide powers under the IBC code. Directors cannot avoid responsibility for assisting vehicle identification and handover. The appeal was dismissed as the grounds…

The Economic Times

NCLAT rejects DoT's 469-crore claim appeal in Rolta insolvency; upholds resolution plan

The NCLAT has officially dismissed the Department of Telecommunications' (DoT) appeal against Rolta India's resolution plan, stating it has already been executed and the company petition is now closed. The resolution professional deemed DoT's claims for overdue license fees as contingent. Furthermore, the tribunal noted that DoT had failed to…

The Economic Times

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The Economic Times

SC upholds NCLAT order setting aside CCI's Rs 301.6-cr penalty on Grasim Industries

The Supreme Court upheld an NCLAT order concerning Grasim Industries. This decision set aside a significant penalty previously imposed by the CCI. The fair trade regulator must now rehear the Aditya Birla Group firm's case. The NCLAT found that Grasim was not given a proper opportunity to present arguments. The…

The Economic Times

Supertech twin towers: SC defers hearing on plea seeking refund for homebuyers

The Supreme Court has deferred a plea for Supertech twin-towers homebuyers' refunds. A submission on the efforts to satisfy homebuyers not opting for alternative allotments are being considered by the bench. The court granted a three-month extension to explore further options for these claims. Homebuyers are reportedly not receiving refunds,…

The Economic Times

SC issues notice on Venugopal Dhoot's plea against order upholding separate insolvency for VIL, VOVL

The Supreme Court will hear Venugopal Dhoot's plea against an NCLAT order. This order upheld separate insolvency proceedings for two Videocon group entities. The appellate tribunal had set aside an earlier NCLT order directing clubbing of these cases. Creditors intended the corporate insolvency resolution processes to run independently. This decision…

The Economic Times

Gratuity, leave encashment not part of CIRP cost: NCLAT

The NCLAT dismissed an appeal regarding priority payment of gratuity dues. It upheld an earlier NCLT order concerning Duncans Industries' former director. Such dues must be settled according to the company's approved resolution plan. Gratuity is a terminal benefit, not an insolvency resolution process cost. The appellate tribunal found the…

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The Economic Times

NCLAT allows withdrawal of insolvency case against Oswal Overseas after settlement with creditor

The National Company Law Appellate Tribunal allowed Oswal Overseas' appeal withdrawal after a settlement. Oswal Overseas and LH Sugar Factories informed the tribunal about their amicable dispute resolution. A demand draft for Rs 2.80 crore was handed over to LH Sugar Factories. The tribunal dismissed an appeal challenging the insolvency…

The Economic Times

NCLAT revives insolvency proceedings against Chintamani's Jewellery Arcade on Axis Bank plea

Insolvency proceedings against Chintamani's Jewellery Arcade have been revived by the NCLAT after Axis Bank filed a restoration application. The tribunal found the company in material and continuing breach of court-recorded settlement terms, failing to adhere to its repayment schedule. This decision reinstates the corporate insolvency resolution process against the…

The Economic Times

NCLAT revives IL&FS plea in Rs 1,080 crore circuitous transactions, sets aside NCLT order

The National Company Law Appellate Tribunal (NCLAT) has revived IL&FS's plea concerning Rs 1,080 crore in alleged circuitous lending transactions. Setting aside a previous NCLT order, the tribunal stated the lower court erred by not examining the merits of claims that these deals, involving IFIN and SREI group entities, were…

The Economic Times

Vikram Solar shares fall 3% after NCLT admits insolvency petition against the company. Here's why

Vikram Solar shares declined after the NCLT admitted an insolvency petition filed by Isitva Steels over alleged dues linked to civil works for a solar EPC project. The company has disputed the claim, citing a prior settlement agreement, and plans to challenge the order before the NCLAT.

The Economic Times

NCLAT quashes Ligare Aviation's insolvency; loan from Religare Enterprises round-tripping of money

The National Company Law Appellate Tribunal has cancelled insolvency proceedings against Ligare Aviation. The tribunal found the National Company Law Tribunal wrongly admitted a plea from Religare Enterprises. It stated the transactions were merely money laundering, not genuine financial dealings. This decision allows appeals from shareholder Daiichi Sankyo Company. The…

The Economic Times

Ranbir Kapoor-backed Prime Focus shares gain 2% after firm returns to black with Rs 82 crore net profit in Q4

Prime Focus shares saw a rise on Friday. The company reported a profit of Rs 82 crore for the fourth quarter of FY26. This marks a significant turnaround from a loss in the previous year. Revenue also jumped over 42 percent. The company is involved in a legal dispute regarding…

The Economic Times

SC allows Amazon's appeal, sets aside order imposing Rs 202 crore penalty

The Supreme Court has relieved Amazon by setting aside a Rs 202 crore penalty. The apex court also suspended the e-commerce giant's deal with Future Coupons Pvt Ltd. This decision overturns a previous order by the National Company Law Appellate Tribunal. The Competition Commission of India's order imposing the penalty…

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