NCLT Delhi Clears DCM Shriram's Scheme to Reorganise Its Businesses

The National Company Law Tribunal (NCLT) at New Delhi has approved a composite amalgamation and demerger scheme for DCM Shriram Industries and three group entities The bench of Judicial Member Ashok Kumar Bhardwaj and Technical Member Ravindra Chaturvedi cleared the plan on November 21, 2025 while making it clear that the tax department's recovery rights remain untouched and that any default...

NCLT Mumbai Approves Ashdan Properties' ₹145.26 Crore Plan To Revive Indo Global Soft Solutions

The National Company Law Tribunal (NCLT) at Mumbai has approved the Rs 145.26 crore resolution plan submitted by Ashdan Properties Private Limited for the revival of Indo Global Soft Solutions and Technologies Pvt Ltd, a company engaged in IT services and software development.The tribunal said that once a resolution plan satisfies the requirements of the Insolvency and Bankruptcy Code,...

Resolution Professional Has No Vested Right To Be Liquidator, Mid-Process Replacement Unwarranted: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has held that a resolution professional has no "vested right to be appointed as liquidator" and that replacing the liquidator midway through the process is inappropriate when it risks additional costs and the majority creditor supports the incumbent. A bench of Judicial Member Justice N Seshasayee and Technical Members Arun...

Business Law Daily Round-Up: December 08, 2025

TAX Revenue Cannot Adjudicate Decade-Old SCNs On NPV Sales Tax Retention: Bombay High Court KeralaHigh Court Upholds Over ₹15 Lakh Motor Vehicle Tax Demand OnPuducherry-Registered Car Found Used In Kerala Customs| Bills Of Entry Cannot Be Reassessed After Clearance Merely To Claim Refund Based On Later SC Judgment: CESTAT Mumbai Sales Tax Discharged Through NPV Under State Incentive Scheme...

Counterclaims, Set-Off Claims No Bar to Insolvency Admission Without Proof of Full Discharge: NCLT Allahabad

The National Company Law Tribunal (NCLT) at Allahabad has held that set-off claims, counterclaims or assertions of business losses cannot defeat the admission of an insolvency application unless they are supported by undisputed material showing that the debtor has completely discharged its liability.The tribunal delivered this finding while admitting Punjab National Bank's (PNB) insolvency...

Supreme Court Stays Kerala HC Order Summoning Byju's Resolution Professional In Contempt Case Over Sale Of Subsidiaries

The Supreme Court on Friday stayed the Kerala High Court's orders which had directed issuance of show-cause notices and directed Byju's Resolution Professional Shailendra Ajmera, GLAS Trust representative Sunil Thomas, and Ernst and Young Chairman Rajiv Memani to personally appear before the High Court in contempt proceedings over the sale of Byju's foreign subsidiaries Epic! Creations Inc....

Byju's RP Moves NCLAT After Aakash Withholds Rights-Issue Shares Over FEMA Concerns

The resolution professional of debt-laden ed-tech Think and Learn Pvt Ltd (Byju's) has moved an application before the National Company Law Appellate Tribunal (NCLAT), Chennai after Aakash Educational Services refused to allot shares to the company in its recently concluded rights issue, even though forums from NCLT to Supreme Court had earlier declined to halt the process. Aakash has...

Registered Homebuyer Society Can Initiate Insolvency Against Builders Only With Consent From All Buyers: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has ruled that a registered society of homebuyers can file an insolvency application, but only if each homebuyer individually authorises it to act on their behalf. A resolution passed only by the society's core committee does not meet this requirement, a bench of Chaiperson Justice Ashok Bhushan and Technical Member Barun Mitra...

Bank Cannot Hold OTS Earnest Money Once It Accepts Resolution Plan: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has held that once a bank accepts full consideration under an approved resolution plan and issues a No-Dues Certificate, it cannot later claim any right over additional funds or assets belonging to the Corporate Debtor. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, in an order dated 5 December 2025,...

Business Law Daily Round-Up: December 07, 2025

TAX Madras HC Quashes SCNs Against Apollo Tyres & MRF; Says S.74 GST Act Cannot Be Invoked When Tax Was Paid Voluntarily GST Demand Cannot Exceed Amount Mentioned In Show Cause Notice: J&K& L High Court ITAT Cannot Re-Adjudicate Issues Under Guise Of Rectification U/S 254(2)Income Tax Act: Madras High Court Manufacturing& Packaging Of Cement Not Civil Construction Activities;...

Business Law Daily Round-Up: December 06, 2025

TAXServices To Marriott Hotel In Hong Kong Are 'Export Of Services': CESTAT Mumbai Sets Aside Service Tax DemandLimitation For ITAT Rectification Runs From Date Of Receipt Of Order, Not Date Of It's Passing: Bombay High CourtGSTR-3B To Become Non-Editable November Onwards: GSTN Issues FAQs On Return Filing, Advisory On Automatic Suspension Of GST RegistrationBombay Sales Tax Act | High Court...

NCLT Ahmedabad Admits Another Blu-Smart Subsidiary Into Insolvency Over ₹16.25 Crore Default

The National Company Law Tribunal (NCLT) at Ahmedabad has admitted another subsidiary of the Blu-Smart electric mobility group into insolvency, holding that Blu-Smart Fleet Pvt Ltd had defaulted on an operational debt of Rs 16.25 crore owed to Reliance BP Mobility Limited. Blu-Smart Fleet provides fleet-management services exclusively to its parent company, Blu-Smart Mobility Ltd, a...