IBC News
Excluding Liquidation Time After Extension On Same Grounds Amounts To Review: NCLT Ahmedabad
The National Company Law Tribunal (NCLT) at Ahmedabad has rejected a liquidator's request to exclude the first year of liquidation of Nakoda Limited from the statutory timeline, holding that once additional time is granted for delays, the same period cannot later be wiped out altogether. In an order dealing with a plea to modify its earlier decision granting a one-year extension of...
Kerala High Court Revives Two KELTRON Subsidiaries After Two Decades, Recalls Winding Up Orders
The Kerala High Court has recalled its winding up orders against two subsidiaries of Kerala State Electronics Development Corporation Ltd (KELTRON), allowing the revival of Keltron Power Devices Ltd (KPDL) and Keltron Rectifiers Ltd (KRL). The court noted that there was no legal or procedural bar to reopening the companies in view of changed circumstances and fresh government...
LiveLawBiz: Business Law Daily Round-Up: December 16, 2025
TAX Centre Projects ₹47,700 Crore Revenue Loss Amid GST Rate-RationalisationCustoms Act | Penalty U/S 112 Cannot be Imposed Solely On Co-Accused's Statement Without Corroborative Evidence: CESTAT KolkataDelhi High Court Directs To Re-Assess Bills Of Entry, Allows Infra Cess Exemption On E-Golf Carts Owing To Technical GlitchDelhi High Court Upholds GST Adjudication Despite SCN Being Signed...
Sales Tax Dues Must Be Treated as Secured Claims Under IBC: NCLT Ahmedabad Reaffirms
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has recently reiterated that tax dues backed by a statutory charge must be treated as secured claims under the Insolvency and Bankruptcy Code. It directed the resolution professional of Amul Industries Pvt. Ltd. to treat the Rs 6.64 crore Central Sales Tax (CST) claim of the Gujarat State Tax Officer as a secured debt. The tribunal...
NCLT Ahmedabad Dismisses Insolvency Plea Against Polycab India As Claim Fell Below ₹1 Crore After Adjustments
The National Company Law Tribunal (NCLT), Ahmedabad, has dismissed an insolvency petition against Polycab India Limited, one of India's largest manufacturers of electrical wires, cables and fast-moving electrical goods, holding that the alleged default fell below the Rs 1 crore threshold prescribed under the Insolvency and Bankruptcy Code (IBC). A bench of Judicial Member Shammi Khan...
Civil Court Cannot Grant Injunctions In NCLT Matters, High Court Can Set Them Aside: Kerala High Court
The Kerala High Court has recently reiterated that civil courts have no jurisdiction to entertain suits in matters that fall within the exclusive domain of the National Company Law Tribunal (NCLT). The court held that injunctions granted in violation of the Insolvency and Bankruptcy Code are "patently illegal" and liable to be struck down. The ruling was delivered by a single bench of...
Personal Guarantor Who Participated In NCLT Proceedings Can Appeal Insolvency Admission: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has held that a personal guarantor who was permitted to participate in proceedings before the Adjudicating Authority qualifies as an “aggrieved person” entitled to maintain an appeal under the Insolvency and Bankruptcy Code against the admission of insolvency proceedings. The ruling came in an appeal filed by Ashwin Smith,...
Homebuyers Can Invoke IBC Against Developer Despite Pending RERA Case Over Project Delay: NCLT Kochi
The National Company Law Tribunal (NCLT) at Kochi has held that homebuyers are not barred from invoking insolvency proceedings merely because complaints over project delays are pending before the Real Estate Regulatory Authority (RERA, as long as financial default and distress are established under the Insolvency and Bankruptcy Code. Admitting a Section 7 application filed by 30...
NCLT Mumbai Clears Capital Reduction of Company Behind Tax Sutra
The National Company Law Tribunal (NCLT) at Mumbai has approved the reduction of share capital of Realtime Taxsutra Services Pvt Ltd from Rs 1.61 lakh to Rs 1.46 lakh, clearing the proposal of the company that operates an online platform providing real-time updates on tax disputes, judicial rulings and regulatory developments. The approval was granted by a bench comprising Judicial Member...
NCLT Mumbai Approves Ashdan Properties' Rs 900 Crore Plan To Revive Rolta India
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 900 crore resolution plan submitted by Ashdan Properties Pvt Ltd to revive debt-laden Rolta India Ltd, holding that once a plan complies with insolvency law, the tribunal cannot interfere with the commercial decisions taken by lenders. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat...
IBC | All Property, Including Alleged Benami Assets, Shielded From Action Over Pre-Resolution Offences: Madras High Court
The Madras High Court has recently held that once a resolution plan is approved under the Insolvency and Bankruptcy Code, authorities cannot proceed against any property standing in the name of a corporate debtor for offences committed before the insolvency process, even if such property is alleged to be held benami. A single bench of Justice G R Swaminathan ruled that Section 32A(2) of...
