Mesne Profit Claims After IBC Resolution Can Proceed Only Against Former Management: Calcutta High Court

The Calcutta High Court has recently held that proceedings to calculate mesne profits can continue only against a company's former management once a resolution plan is approved under the Insolvency and Bankruptcy Code.Mesne profits refer to the claim arising from unlawfully occupying someone else's property. The court clarified that such proceedings cannot continue against the company itself...

NCLT Delhi Cancels 9.84 lakh Neel Padam Shares After Finding Company Used Own Funds For Allotment

The National Company Law Tribunal (NCLT) at Delhi has cancelled 9.84 lakh shares and restored promoter control of Neel Padam Builders after finding that the company used its own money to create a false impression of fresh share subscriptions. A coram of Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri held that Neel Padam Builders withdrew Rs 45 lakh from its own...

NCLT Clears Merger Of RedBus India Into MakeMyTrip India

The National Company Law Tribunal (NCLT), Chandigarh Bench, has approved a merger that will bring RedBus India Private Limited into MakeMyTrip (India) Private Limited. The move will allow the MakeMyTrip group to run its main Indian travel and bus ticketing businesses through a single operating company.The order was passed by a coram of Judicial Member Khetrabasi Biswal and Technical...

NCLT Recalls Insolvency Over Forged Documents, Imposes ₹50 Lakh Penalty On Financial Creditor

The National Company Law Tribunal (NCLT), New Delhi, has set aside insolvency proceedings against SLR Techinfra Pvt. Ltd., a real estate and infrastructure development company, and imposed a Rs 50 lakh penalty on Endless Services Pvt. Ltd., a private services firm, for malicious and fraudulent initiation of insolvency proceedings. Recalling its earlier order admitting the Corporate...

NCLAT Dismisses Tamil Nadu State Tax Dept's Belated Claim In Sri NagaNanthana Mills Liquidation

The National Company Law Appellate Tribunal (NCLAT) at Chennai has dismissed an appeal filed by the Tamil Nadu State Tax Department, holding that belated tax claims cannot be entertained once liquidation proceedings have attained finality. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain reiterated that timelines are strict under the insolvency...

LiveLawBiz: Business Law Daily Round-Up: December 20, 2025

TaxCan GST Be Levied On Medicines Supplied During In-Patient Treatment? Delhi High Court To ExamineIncome Tax Act | S.153C Trigger Starts On Handing-Over Date, Not Search Date: Delhi High Court ITC Cannot Be Denied To Purchasing Dealer Solely Due To Retrospective Cancellation Of Supplier's GST Registration: Calcutta High Court GST Not Leviable On Interest/Penalty Charged By Chit Fund...

NCLT Delhi Dismisses Diwan Spirits Insolvency Plea Against Khao Gali Restaurants

The National Company Law Tribunal (NCLT) at New Delhi, has refused to push Khao Gali Restaurants Pvt. Ltd. into insolvency on a plea by liquor wholesaler Diwan Spirits.It held that the dispute between the parties is not a clear case of non-payment but one that turns on reconciliation of accounts under the now scrapped Delhi Excise Policy 2021–22. A bench of Judicial Member Manni...

Contractor Who Stayed Silent During CIRP and Liquidation Cannot Reclaim Auctioned Machinery: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has recently held that a contractor cannot seek compensation or get back machinery auctioned during liquidation if it remained silent throughout the corporate insolvency resolution process and liquidation. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed an application filed by Ahluwalia...

Covid-Era Insolvency Protection Applies Only To Companies, Not Personal Guarantors: NCLAT Reaffirms

The National Company Law Appellate Tribunal (NCLAT) at New Delhi, has recently reiterated that that the Covid-era suspension under the Insolvency and Bankruptcy Code does not protect personal guarantors from insolvency proceedings. The appellate tribunal ruled that the suspension applies only to companies and does not bar creditors from initiating insolvency proceedings against individuals...

NCLT Hyderabad Declares Former Deccan Chronicle Promoter T Venkatram Reddy Bankrupt

The National Company Law Tribunal (NCLT) at Hyderabad has declared Tikkavarapu Venkatram Reddy, former promoter of Deccan Chronicle Holdings Limited, the publisher of the Deccan Chronicle newspaper, bankrupt after he failed to submit a repayment plan as a personal guarantor for the company's borrowings.A bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, while allowing...

Merely Mortgaging Property Without Lending Money Does Not Create Financial Debt : NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad has held that a person who only mortgages his property as collateral security cannot be treated as a financial creditor of the borrower if he has not advanced any money. A bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri said the insolvency law can be invoked only if there is a financial debt, which...

Amendment Of Date Of Default Allowed Before Final Adjudication: NCLAT Reiterates

The National Company Law Appellate Tribunal at New Delhi has recently held that amendment of the date of default in insolvency proceedings against a personal guarantor is permissible before final adjudication. It ruled that limitation must be examined when the insolvency application is decided on merits. A bench comprising Chairperson Justice Ashok Bhushan, Chairperson, and Technical...