IBC News
NCLT Chandigarh Rejects Insolvency Plea Against ZTE Telecom India, Cites Pre-Existing Dispute
The National Company Law Tribunal (NCLT) at Chandigarh has recently rejected an insolvency application filed by TVS Supply Chain Solutions Limited against ZTE Telecom India Private Limited, the Indian subsidiary of Chinese telecom giant ZTE Corporation.The Tribunal held that a clear dispute existed between the parties before the insolvency proceedings began.The order was passed by a...
"Insolvency Professionals Acting Like Scavengers Must Be Dealt With Severely": Delhi High Court Slams Practitioner's Misconduct
The Delhi High Court recently slammed the conduct of a senior insolvency professional, warning that such individuals must not become “predators” of companies already in financial distress. In a scathing judgment, the Court said professionals under the Insolvency and Bankruptcy Code (IBC) must uphold the highest ethical standards and 'even a single act of negligence' is sufficient for a disciplinary actionThe judgment, delivered by Justice Subramonium Prasad on September 9, contained strong...
Civil Courts Cannot Grant Ex-Parte Injunction In Shareholder Disputes Due To Bar U/S 430 Companies Act: Calcutta High Court
The Calcutta High Court bench presided over by Justice Aniruddha Roy, has observed that a civil court cannot grant an ex parte ad interim injunction in a shareholder dispute, in light of the bar under section 430 of the Companies Act, 2013. The plaintiff filed a civil suit before the Civil Judge, Senior Division, Alipore, alleging that his shares in the Power Tools and Appliances...
Post-Facto Invocation Of Arbitration Not Valid Defense: NCLT Mumbai Admits Tata Power EV Charging's Insolvency Plea Against Cab-Eez Infra
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising Shri Sameer Kakar (Member-Technical) and Shri Nilesh Sharma (Member-Judicial), has admitted Tata Power EV Charging's insolvency plea against Cab-Eez Infra, observing that the post-facto invocation of the arbitration is not a valid defense. Tata Power EV Charging Solutions Ltd. provided the charging...
NCLT Can Direct Legal Heirs & Power Of Attorney Holders To Execute Sale Deeds To Perfect Title Of Corporate Debtor's Asset: NCLAT
The NCLAT, Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has held that the adjudicating authority can direct the legal heirs and the power of attorney holders to execute the sale deeds to perfect the title of the corporate debtor's asset under section 60(5) of the IBC, 2016. The appeal was filed against the order passed...
IIHL Tells NCLAT It Has RBI Nod For Name Change, Seeks 8 Weeks To Drop 'Reliance' Brand
IndusInd International Holdings Ltd (IIHL), the successful resolution applicant for Reliance Capital, informed the National Company Law Appellate Tribunal (NCLAT) on Friday that it has received approval from the Reserve Bank of India (RBI) to change the company's name and expects the rebranding process to be completed within eight weeks.The submission came amid an ongoing trademark dispute...
NCLAT Cannot Record Settlement After Admission Of CIRP By NCLT: NCLAT New Delhi
The National Company Law Appellate Tribunal, Principal Bench, New Delhi, comprising Justice N. Seshasayee (Member-Judicial) and Arun Baroka (Member-Technical), has refused to record the settlement between the parties and remanded the matter back to the adjudicating authority. The appeal was filed challenging the adjudicating authority's order, which was passed without...
Arbitral Proceedings Cannot Continue Once Moratorium Under IBC Is In Effect, Creditors' Recourse Lies Before Liquidator: Madras High Court
The Madras High Court bench of Justice N. Anand Venkatesh held that arbitration proceedings cannot continue after commencement of liquidation, any order passed thereafter is not legally sustainable. However, considering that continuation of arbitration proceedings would be futile and that the petitioner had not been informed of the commencement of the liquidation, the court...
NBFC's Non-Compliance With RBI Directions Cannot Defeat Classification Of Loan As Financial Debt: NCLAT New Delhi
The NCLAT, Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has held that the non-compliance with the RBI guidelines by an NBFC cannot defeat the classification of a loan as a financial debt u/s 7 of the IBC. Brief Background The appeal was filed challenging the impugned order passed by the NCLT Kolkata. In the...
NCLT Ahmedabad Admits Gensol-Linked Entity Blu-Smart Mobility Tech Into Insolvency
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has recently admitted Blu-Smart Mobility Tech Pvt Ltd into Corporate Insolvency Resolution Process (CIRP) over an unpaid operational debt of ₹5.84 crore.The order , dated October 14, 2025 marks yet another Gensol-linked entity facing insolvency proceedings, following the admission of Gensol Engineering and Blu-Smart Mobility...
Under SARFAESI & RDB Acts, Dues Of Secured Creditors Take Precedence Over Govt Dues: Allahabad High Court
The Allahabad High Court has held that under Section 26-E of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Section 31B of the Recovery of Debts and Bankruptcy Act, 1993, the debts of the secured creditors will take precedence over all over debts including crown debts.The bench of Justice Shekhar B. Saraf and Justice Praveen Kumar...
Tax Demands Raised Post Approval Of IBC Resolution Plan Are Not Enforceable: Karnataka High Court
The Karnataka High Court recently reiterated that tax demands raised by revenue authorities after the approval of a resolution plan under the Insolvency and Bankruptcy Code (IBC) are unenforceable if the claims were not submitted during the Corporate Insolvency Resolution Process (CIRP).A single bench of Justice M Nagaprasanna observed,“There is no jurisdiction to parallelly...