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...

Asset Transfers After SARFAESI Notice Void, NCLAT Upholds Order Against Aaj Ka Anand Ex-Directors

The National Company Law Appellate Tribunal (NCLAT) at New Delhi on Friday held that agreements transferring a company's business after issuance of a bank recovery notice under the SARFAESI law are void and unenforceable. A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra upheld the order passed by the National Company Law Tribunal, Mumbai, which had...

Business Law Daily Round-Up: December 19, 2025

TAX “Illegal, Arbitrary & Colourable Exercise Of Power": Karnataka High Court Quashes Consolidated GST Show Cause Notice Clubbing Multiple FYsSVLDR Scheme Can't Be Invoked For Fresh SCN Issued After Deadline Even If Arising From Same Dispute: Delhi High CourtWrit Petition Not Maintainable After GSTAT Becomes Functional; Assessees Must Avail Remedy U/S 112 GST Act: Orissa High CourtGST Act...

Refusal Of Demand Notice at MCA-Registered Office Amounts To Valid Service: NCLAT

The National Company Law Appellate Tribunal at New Delhi has ruled that a demand notice sent by an operational creditor and returned with the postal endorsement “refused” from the corporate debtor's MCA-registered office amounts to valid service under the insolvency rules. A bench of Justice Mohd Faiz Alam Khan and Technical Member Indevar Pandey set aside an order of the National...

GST Amnesty Relief Cannot Be Granted By Tribunal, Parties Must Approach Writ Courts: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has held that it has no jurisdiction to relax conditions or grant benefits under a statutory GST immunity or amnesty scheme. Such relief, it said, can be granted only by constitutional courts exercising writ jurisdiction. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar said the tribunal's powers under...

Parliamentary Panel Pushes For Fast-Track Insolvency Courts, More NCLT Benches

A Parliamentary Standing Committee on Finance has recently recommended exploring the creation of dedicated fast-track insolvency benches for fixed periods to shoulder insolvency resolution burden of existing benches. Besides that, the committee has also highlighted urgency to increase the number of National Company Law Tribunal (NCLT) benches across India to tackle pending and growing delays...

NCLT Delhi Clears First Stage of Haryana Distillery's Plan to Acquire 10 Companies

The National Company Law Tribunal (NCLT), New Delhi, has cleared the first motion of a composite scheme under which Delhi based-Haryana Distillery Limited proposes to acquire and merge 10 privately held group companies into itself. The tribunal however directed that shareholder meetings must be held even though more than 90% of shareholders had consented to the scheme. A bench of Judicial...

Suspended Director Cannot Dispute Admitted Claim After Company Initiates CIRP On Same Debt: NCLAT

The National Company Law Appellate Tribunal has held that when a company itself triggers insolvency proceedings on the basis of a bank's debt, its suspended directors cannot later turn around and claim that the lender's dues are time-barred.“When the Appellant itself claim that insolvency resolution process be initiated against the CD on the basis of debt of SBI which application was filed...

RP Cannot Revisit Or Re-Decide RERA's Findings While Verifying Claims: NCLT Allahabad

The National Company Law Tribunal (NCLT), Allahabad Bench, has held that a Resolution Professional has no power to re-litigate or sit in judgment over findings recorded by a real estate regulator while verifying claims during insolvency proceedings. The tribunal ruled that where such findings are under challenge in appeal, the Resolution Professional is justified in treating the claim...

Relinquishment Of Development Rights Does Not Amount To Financial Debt: NCLT Delhi

The National Company Law Tribunal (NCLT) New Delhi, has refused to admit an insolvency plea against real estate firm Vipul Ltd, holding that the surrender of development and land-related rights under a joint development arrangement does not amount to “financial debt” under the Insolvency and Bankruptcy Code.A bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member...

NCLT Mumbai Approves Timezone's Merger Plan To Consolidate Leisure And Entertainment Business

The National Company Law Tribunal (NCLT) at Mumbai on Thursday approved the merger of Leisure and Allied Industries India Private Limited with arcade operator Timezone Entertainment Private Limited, allowing the group to consolidate its family entertainment and leisure business under a single company. A bench of Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan held that...

Related Parties Misused Insolvency To Wipe Out Public Shareholding, NCLAT Sets Aside Techindia CIRP

The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside insolvency proceedings against Techindia Nirman Limited, holding that the Corporate Insolvency Resolution Process was fraudulently and collusively initiated by a related-party financial creditor to wipe out public shareholding. It imposed a cost of Rs 25 lakh on the financial creditor for abusing the...