NCLAT Upholds Order Directing Dagcon's Former Directors To Contribute ₹10.54 Crore For Fraudulent Transactions

The National Company Law Appellate Tribunal (NCLAT) at New Delhi recently held that the former directors of the realty company Dagcon (India) Pvt. Ltd. must contribute Rs 10.54 crore to the company's assets for fraudulent transactions. The tribunal dismissed an appeal filed by suspended director Rana Sarkar and upheld an order of the National Company Law Tribunal at Kolkata.A bench...

Insolvency Plea Cannot Be Admitted When Information Utility Records Dispute: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT) held that a record of dispute in an Information Utility obligates the tribunal to reject an insolvency application filed by an operational creditor.A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra set aside the order initiating insolvency against OFB Tech Pvt. Ltd. on an appeal filed by the...

Business Law Daily Round-Up: December 12, 2025

TAXCustoms | Goods Cannot Be Confiscated Solely On Local Market Survey/Opinion Without Proof Of Smuggling: CESTAT AllahabadCENVAT Credit Rules | Storage Of Finished Goods Outside Factory Due To Space Constraints Covered Under Rule 2(l); Credit Cannot Be Denied: CESTATIncome Tax Disputes Before HCs Doubled In Value Over Past Four Financial Years: Govt Tells Rajya SabhaCustoms Act | Mens...

IBC Doesn't Allow Extension of Personal Insolvency Process For Revisions Of Repayment Plan: NCLT Delhi

The National Company Law Tribunal (NCLT) at New Delhi has recently held that a personal guarantor cannot be granted repeated opportunities to revise a repayment plan once the statutory process under the Insolvency and Bankruptcy Code has run its course, and refused to allow any further extension of the personal insolvency resolution process. A coram comprising President Ramalingam Sudhakar...

NCLT Mumbai Approves ₹75 Crore IL&FS Financial Services–Siva Green Settlement

The National Company Law Tribunal (NCLT) at Mumbai recently approved a One Time Settlement of Rs 75 crore between Infrastructure Leasing and Financial Services Limited (IL&FS) and Siva Green Power Projects India Private Limited. It held that the proposal aligns with the IL&FS Group Resolution Framework mandated by the National Company Law Appellate Tribunal. A coram of Judicial...

NCLT Chandigarh Clears Demerger Of Freecharge's Business Correspondent And Technology Services Unit

The National Company Law Tribunal (NCLT) at Chandigarh has approved a scheme under which Freecharge Payment Technologies Private Limited will transfer its business correspondent activities and its technology service provider activities to a new entity, Freecharge Business and Technology Services Limited.The order was passed on December 10, 2025, by Judicial Member Khetrabasi Biswal and...

Civil Suit, Anticipatory Bail Application Filed After CIRP Plea Cannot Amount To Pre-Existing Dispute: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi recently held that civil proceedings or anticipatory bail applications filed after a Section 9 CIRP plea cannot be used to claim a pre-existing dispute or block the admission of a valid insolvency petition. The tribunal affirmed the NCLT Indore's order admitting a Section 9-CIRP application against Steelexpert Industries...

Settlement Fixing Payment Terms Doesn't Novate Or Change Debt's Nature: NCLT Mumbai Reaffirms

The National Company Law Tribunal (NCLT) at Mumbai recently reaffirmed that a settlement agreement that merely prescribes the mode and schedule of payment does not extinguish or alter the nature of an operational debt and does not create any pre-existing dispute. A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar, while admitting Sparklet Engineers Pvt Ltd, an oil...

SRA Cannot Seek Interest On Performance Bank Guarantee If Letter Of Intent Does Not Provide For It: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Chennai has ruled that a successful resolution applicant (SRA) whose resolution plan was scrapped after the Committee of Creditors opted for liquidation, cannot claim interest on his performance bank guarantee if the Letter of Intent and the Request for Resolution Plan issued by the Resolution Professional does not provide for it. A coram...

How 2025 Reshaped Boundaries Of Resolution Estate Under Insolvency And Bankruptcy Code 2016

November 2025, brought with it major advancements into the debt restructuring ecosystem of India that reshape the contours of India's resolution estate under the Insolvency and Bankruptcy Code, 2016 ('the Code')[1].First is the circular dated 4th November 2025 ('the Circular') issued by the Insolvency and Bankruptcy Board of India ('IBBI') which permits insolvency professionals to seek restoration of assets attached under the provision of Prevention of Money Laundering Act, 2002 ('PMLA')[2],...

S. 9 IBC | Debtor's Ledger Acknowledging Debt & Post-Notice Payments Negate Defence Of Pre-Existing Dispute: Supreme Court

CIRP cannot be defeated by a corporate debtor by raising "moonshine defence" only to delay the process, the Court said.

Reliance Capital Insolvency: NCLAT Issues Notice On SEBI's Challenge To Plan Clause Allegedly Shielding Subsidiary From Penalties

The National Company Law Appellate Tribunal on Friday issued notice on SEBI's appeal challenging an NCLT Mumbai order that refused to recall or clarify a paragraph in the Reliance Capital resolution plan which, according to SEBI, is being misused to claim that all liabilities of the company's subsidiaries also stand extinguished. SEBI says this interpretation is being deployed by a...