academy Icon academy Icon lawbiz Icon
Subscribe Premium

 IBC News

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...

NCLT Bengaluru Sanctions Merger of Amazon Indias Logistics Arm With Marketplace Unit

The National Company Law Tribunal (NCLT) at Bengaluru has approved the merger of Amazon Transportation Services Private Limited into Amazon Seller Services Private Limited, Amazon's marketplace arm in India consolidating of its logistics and marketplace operations . A Bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the final order on December...

NCLT Indore Holds CGST Superintendent Guilty of Contempt For Not Refunding Tax Collected During Moratorium

The National Company Law Tribunal (NCLT) at Indore has held a senior GST officer guilty of civil contempt for refusing to return tax due collected from a insolvency bound company during moratorium. The tribunal found that a Superintendent of Central GST and Central Excise, Pithampur willfully disobeyed its order to refund Rs 26.26 lakh that was recovered from Bhagwan Motors Pvt Ltd while...

Delayed Litigant Cannot Seek Benefit Of Liberal Approach In Restoration Pleas: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has recently ruled that a party cannot seek restoration of a dismissed case by invoking a “liberal approach” if it has failed to act within the time prescribed by law. Refusing to revive an application filed by Eastern Power Distribution Company of Andhra Pradesh Ltd, the tribunal observed that while courts generally take a lenient view...

Criminal Action For Forged Documents Lies Only If It Occurs In Tribunal Custody: NCLT Chennai Reaffirms

The National Company Law Tribunal (NCLT) at Chennai has recently reiterated that that it cannot invoke its criminal jurisdiction for alleged forgery or fabrication of evidence unless the offence is shown to have been committed while the document was in its custody It observed, “It is not the case that, Respondent No.1 had given a false evidence under oath or fabricated a false...

IBC Resolution Doesnt Extinguish Statutory Claims Left Open By NCLT: Calcutta High Court

The Calcutta High Court has clarified that approval of a resolution plan under insolvency law does not wipe out claims that were specifically excluded and left open by the tribunal at the time of approval.A Division Bench of Justices Madhuresh Prasad and Supratim Bhattacharya, in an order dated December 8, 2025, dismissed an appeal filed by S.S. Natural Resources Pvt Ltd and upheld a demand...

Can Arbitral Award Convert Operational Debt Into Financial Debt? NCLT Delhi Refers Issue To Tribunal President

The National Company Law Tribunal (NCLT) at Delhi, has referred to its President whether an arbitral award based on a supply contract can be treated as financial debt for initiating insolvency under the Insolvency and Bankruptcy Code. It has also sought clarity on whether a single insolvency petition under section 7 is maintainable when a creditor's claim involves both operational dues...

NCLT Hyderabad Clears Kalburgi Cements ₹213.41 Crore Merger Deficit Adjustment Against Securities Premium

The National Company Law Tribunal (NCLT) in Hyderabad has approved Kalburgi Cement Private Limited's move to clean up a large merger-related loss, treating it as a legitimate internal corporate decision so long as creditors are safeguarded and the statutory framework is followed. A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri has allowed the company to set off...

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...