Jet Airways Liquidation: NCLT Mumbai Rejects Jalan-Kalrock's Plea To Refund ₹370 Crore As CIRP Costs

The National Company Law Tribunal (NCLT) at Mumbai recently refused to grant any refund to the Jalan-Kalrock consortium in relation to the over Rs 370 crores infused by it during the insolvency proceedings of Jet Airways Ltd. In an order dated December 15, a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed the consortium's plea, holding that...

IBC Part Z And Cross-border Insolvency In A Fragmented Global Order

Cross-border insolvency was long imagined as a space governed by cooperation and mutual trust, where courts across jurisdictions would recognise each other's proceedings to preserve value and impose some order on corporate failure. The UNCITRAL Model Law, which underpins India's proposed Insolvency and Bankruptcy Code (IBC) Part Z, rests on this assumption, that recognition and coordination ultimately serve everyone's interests. India's move in this direction, following the Insolvency Law...

Borrower's Debt Acknowledgment Extends Limitation Against Guarantors Too: NCLAT Reaffirms

The National Company Law Appellate Tribunal at Delhi has reiterated that acknowledgment of debt by a principal borrower extends the limitation period for initiating insolvency proceedings against its corporate guarantors.Quoting apex court's ruling in Laxmi Pat Surana vs. Union Bank of India, (2021), the tribunal observed,"There is no quarrel with the proposition that the acknowledgement made...

Business Law Daily Round-Up: December 24, 2025

TAX Condonation Must Be Considered Despite Deemed Service On GST Portal: Rajasthan HC Sets Aside Dismissal Of GST Appeal On LimitationCESTAT Mumbai Holds Amendment Of Bills Of Entry U/S 149 Customs Act Is Legally Recognised Mode Of Modifying AssessmentGSTAT Withdraws Staggered Filing Requirement for GST Second Appeals; Allows Unrestricted E-FilingIncome Tax | Revised 2024 Compounding...

CoC Cannot Modify Distribution Mechanism After Approving Resolution Plan: NCLAT Dismisses Bank of Baroda's Appeal In RCIL CIRP

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has held that once a resolution plan is approved by Committee of Creditors under section 30(4) of the Insolvency and Bankruptcy Code, 2016 (IBC) and the CoC is itself bound by the plan, it cannot subsequently alter or modify the distribution mechanism provided therein. A Bench comprising Justice Ashok Bhushan...

Threat To Cut Electricity To Hotel During Insolvency Violates Moratorium: NCLT Chandigarh

The National Company Law Tribunal (NCLT) at Chandigarh has recently held that electricity is essential to the functioning of a hotel and must continue during insolvency proceedings. The tribunal restrained the Chandigarh Electricity Department from disconnecting power supply to a hotel undergoing the Corporate Insolvency Resolution Process.A bench of Judicial Member Khetrabasi Biswal...

NCLT Kolkata Dismisses UCO Bank's ₹846 Crore Insolvency Plea Against Nicco Uco Alliance

The National Company Law Tribunal (NCLT) at Kolkata has dismissed an insolvency petition filed by UCO Bank against Nicco Uco Alliance Credit Ltd., a listed financial services company over an alleged default of Rs 846 crore. It held that the plea was barred by limitation and could not be entertained. The tribunal found that the bank approached the insolvency forum far too late. It noted a gap...

NCLT Bengaluru Slaps ₹5 Lakh Penalty On Lifestyle International For Non-Disclosure In Capital Reduction Plea

The National Company Law Tribunal (NCLT) Bengaluru has approved a Rs. 6.08 crore reduction in the share capital of Lifestyle International Private Limited, a fashion and lifestyle retail company, but imposed a Rs. 5 lakh penalty for what it termed a “casual approach” to the proceedings. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed...

IBC Cannot Be Used As Recovery Mechanism To Resolve Contractual Disputes: NCLAT Reaffirms

The National Company Law Appellate Tribunal (NCLAT) at Delhi has reiterated that insolvency proceedings under the Insolvency and Bankruptcy Code cannot be used as a recovery mechanism to settle disputed contractual claims. A coram comprising of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra dismissed an appeal filed by FTI Consulting India Pvt. Ltd. against the rejection...

NCLT's Power To Order Forensic Audit Is Self-Ordained, No Separate Application Needed: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Chennai on Tuesday held that the National Company Law Tribunal can direct a forensic audit on its own even if no party has filed a separate application seeking such relief. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey dismissed an appeal filed by Able Automobiles Private Limited and...

Business Law Daily Round-Up: December 23, 2025

TAX CESTAT Mumbai Grants Major Relief To Capgemini; Holds IT/ITES Services Eligible For CENVAT CreditGSTAT Directs Builder To Return Over ₹20 Lakhs Benefit To Diya Greencity Homebuyers With InterestSecurity & Scavenging Services To Govt Hospitals Qualify As "Pure Services", Exempt From GST: West Bengal AARGST | Delhi High Court Grants Interim Relief To ICICI Bank Over Demand Of...

Reconstituted CoC Cannot Reopen Resolution Plan Approved By Earlier CoC: NCLAT Reiterates

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently reaffirmed that a mere reconstitution of the Committee of Creditors does not invalidate or reopen a resolution plan that has already been approved by the earlier CoC and placed before the adjudicating authority for approval. A bench led by Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra set aside...