NCLT Delhi Admits Canara Bank's Insolvency Plea Against Equinox Over ₹372 Crore Guarantee Default

The National Company Law Tribunal (NCLT) at New Delhi has admitted Canara Bank's insolvency petition against Equinox India Developments Limited, earlier known as Indiabulls Real Estate Limited, for defaulting on Rs 372.35 crore for loans extended to Sinnar Thermal Power Limited for its coal-based thermal power project in Maharashtra. The tribunal rejected the company's claim that the case...

Undertakings To Infuse Equity Or Retain Control Not Guarantees; NCLT Delhi Dismisses CIRP Plea Against RattanIndia

The National Company Law Tribunal at Delhi has dismissed Canara Bank's insolvency petition against RattanIndia Enterprises Limited, holding that promoter undertakings relating to equity infusion and management control do not constitute a corporate guarantee or a financial debt under the Insolvency and Bankruptcy Code. A bench of Judicial Member Manni Sankariah Shanmuga Sundaram and...

Complaints Against Auditors Or Company Secretaries No Ground To Seek Probe Into Company: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad recently held that complaints of professional misconduct against auditors or company secretaries cannot form the basis for seeking an SFIO investigation into a company under Sections 212 or 213 of the Companies Act. It said such disciplinary action concerns only the individual professional and does not give the complainant any right...

Costs Incurred For Scheme Of Compromise Or Arrangement Not Included In Liquidation Cost: NCLT Kolkata

The National Company Law Tribunal at Kolkata has clarified that expenses incurred by a Liquidator in exploring a compromise or arrangement for the corporate debtor cannot be treated as liquidation cost, and the same cannot be reimbursed to the liquidator. It reiterated the framework under the Liquidation Regulations makes a mandatory distinction between “liquidation cost”...

NCLT Refuses To Condone 384 Day Delay In Filing Reply In CIRP Citing Voluminous Records

The National Company Law Tribunal (NCLT) at Ahmedabad has refused to condone a 384 day delay in filing a reply to an interlocutory application, holding that reasons such as the volume of documents, a change of advocates and internal communication issues do not amount to “sufficient cause” under Section 5 of the Limitation Act. Invoking the principle of dura lex sed lex (The law is...

Acknowledgment Of Creditor's Email Ledger Sufficient To Prove Debt Even Without Invoices: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that a corporate debtor's email acknowledgment of a creditor's ledger is sufficient acknowledgment of operational debt and is enough to justify admission of a Section 9-CIRP application.The tribunal ruled that once such acknowledgment is on record, the absence of invoices cannot defeat a claim or prevent crystallization...

Business Law Daily Round-Up: December 09, 2025

TAX Service Tax | No Reverse Charge Liability On Software Maintenance Consumed Abroad; Hotel Expenses Not 'Sponsorship Services': CESTAT Bangalore Foreign Markings On Gold Biscuits Not Enough To Prove Smuggling: CESTAT Kolkata Sets Aside Confiscation Staff Reimbursement, Training, And Hospital Management In Joint Venture Not Taxable Under Service Tax: CESTAT Chennai Income Tax Act | Long...

Insolvency Plea Cannot Be Dismissed For Alleged Malice Without Cogent Proof: NCLT Ahmedabad

The National Company Law Tribunal at Ahmedabad has clarified that an insolvency application cannot be dismissed on allegations of fraudulent or malicious filing unless clear and cogent evidence of mala fides is shown. While admitting insolvency proceedings against Turnrest Resources Pvt Ltd, a coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said, “Section 65 of...

Company Cannot Seek Rectification Of Fraudulent Share Transfers Without Ownership Proof: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has held that a company cannot seek rectification of its register to undo fraudulent share transfers when it cannot produce the original shareholders' titles or any evidence of ownership. A coram of Judicial Member Chitra Hankare and Technical Member V G Venkata Chalapathy in an order dated December 3, 2025 said Symphony Limited had...

NCLAT Orders Adani Infrastructure To Pay 12% Interest For Delayed Payment In Ahmedabad Land Auction

The National Company Law Appellate Tribunal (NCLAT) has directed Adani Infrastructure & Developers to pay 12% interest on the delayed Rs 305-crore payment for Ahmedabad land bought in a liquidation auction. It held that a successful bidder cannot escape mandatory payment timelines by citing a tax attachment when the auction terms made clear that the buyer would have to take the property...

Family Ties Between Debtor Promoters And SRA Shareholders No Disqualification Under IBC: NCLT Kolkata

The National Company Law Tribunal (NCLT) at Kolkata has ruled that family or marital ties with a corporate debtor's promoters cannot, by themselves, render a resolution applicant ineligible under Section 29A of the Insolvency and Bankruptcy Code. The tribunal held that the disqualification arises only when the relative in question is independently barred under the Code, emphasising that...

Inactivity Of Company For Two Years No Bar To Insolvency Proceedings: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently ruled that a company cannot avoid insolvency proceedings simply because it has not been operating for two years. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra while upholding insolvency proceedings against Sant Kripa Appliances said, “the mere fact that CD was not functioning for...