NCLAT Sets Aside NCLT Modification Reserving 5% Equity For Public Shareholders In MSME Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) at Delhi has reiterated an insolvency court cannot add new conditions to a resolution plan approved by lenders, and set aside a direction that required 5 percent equity of the corporate debtor to be reserved for public shareholders. A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka said the clause had found...

Foreign Citizenship, No Assets In India No Bar To IBC Proceedings Against Personal Guarantor: NCLT Chennai

The National Company Law Tribunal (NCLT) at Chennai recently held that insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, can be initiated against a personal guarantor even if he is a foreign citizen and does not own any assets in India. The tribunal said nationality and absence of property in India do not prevent the Code from applying. A coram of Judicial Member...

NCLT Admits Gensol EV's Insolvency Plea Against Mindra EV Over ₹1.61 Crore Default

The National Company Law Tribunal (NCLT) at Ahmedabad has recently admitted an insolvency petition filed by Gensol EV Lease Limited, a debt ridden company that was itself admitted to insolvency in June 2025, against Mindra EV Private Limited. The plea was admitted over a default of Rs 1.61 crore after the corporate debtor failed to appear or contest the case despite being served with...

Self-Prepared Interest Calculations Cannot Substitute Contractual Proof In CIRP: NCLT Indore

The National Company Law Tribunal (NCLT) at Indore has held that self-prepared interest calculations, such as Excel sheets, cannot be the basis for admitting interest claims in insolvency proceedings without supporting contractual or statutory records. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta said that interest can form part of financial debt...

Personal Guarantor's Failure To Submit Repayment Plan Leads To Bankruptcy: NCLT Hyderabad

The National Company Law Tribunal (NCLT) at Hyderabad has ordered bankruptcy proceedings against P Kameswari, the personal guarantor of Viceroy Hotels Limited. The tribunal said that when a repayment plan is not filed or does not receive creditor approval, the law treats it as a rejection of the repayment plan under the Insolvency and Bankruptcy Code. Viceroy Hotels is a...

NCLT Hyderabad Holds Ex-KVK Nilachal Liquidator In Contempt For Not Disclosing Contractor Equipment To Bidders

The National Company Law Tribunal (NCLT) at Hyderabad has recently held Rajendra Prasad Tak, the former liquidator of KVK Nilachal Power, guilty of civil contempt for deliberately ignoring its directions on third party equipment that had been kept outside the liquidation estate. A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, in an order dated December 3, 2025,...

Directors No Longer Need Annual KYC, MCA Moves Filing To Three-Year Cycle

The Ministry of Corporate Affairs has relaxed compliance requirements for company directors by moving Director Know Your Customer filings from an annual exercise to once every three years. The change was notified on December 31, 2025, through the Companies (Appointment and Qualification of Directors) Amendment Rules, 2025, and will take effect from March 31, 2026. As per the new...

LiveLawBiz: Business Law Daily Round-Up: January 04, 2026

TAXExporters Not Using Letters Of Credit Cannot Be Denied Rice Export Duty Exemption: Chhattisgarh High Court Directs ₹2.1 Crore RefundCBIC Extends Anti-Dumping Duty On Flexible Slabstock Polyol Imports From Saudi Arabia And UAEGST Refund Is Vested Right, Cannot Be Limited By Retrospective Application Of 2019 Amendment: J&K&L High CourtIGST | Marketing & Technical Support...

LiveLawBiz: Business Law Daily Round-Up: January 03, 2026

TAX Flavoured Milk Is Not 'Beverage'; Taxable At 5% GST: Karnataka High Court Provides Relief To Dodla DairyNotification Defining Jurisdiction Does Not Automatically Empower All Officers To Invoke S. 122 CGST Act: AP High CourtUnion Govt Notifies Trade Deals With New Zealand, Switzerland, Norway & Iceland; Eliminates Duty On 100% Of Indian ExportsForeign Trade Policy | Natural Honey...

IBC Cannot Waive Statutory Requirements Under Other Laws: NCLT Mumbai

The National Company Law Tribunal at Mumbai has recently held that the Insolvency and Bankruptcy Code does not wipe out the need for statutory approvals or licenses required under other laws, even after a resolution plan is approved or a company is sold as a going concern during liquidation. The tribunal made it clear that the insolvency framework is meant to streamline timelines, not to...

NCLT Chandigarh Approves Merger Of HPCL-Mittal Pipelines With HPCL-Mittal Energy

The National Company Law Tribunal (NCLT) at Chandigarh has approved the merger of HPCL-Mittal Pipelines Limited into HPCL-Mittal Energy Limited, a public–private joint venture between state-owned Hindustan Petroleum Corporation Limited and the Mittal Group. The order allows the pipeline company to be dissolved without winding up.The order was passed by a coram of Judicial Member...

NCLT Chandigarh Clears First Motion For NIIT Merger With Wholly Owned Subsidiaries

The National Company Law Tribunal (NCLT) at Chandigarh has cleared the first step in a merger plan involving NIIT Limited, a listed Gurugram-based company best known for skills training and talent development, and its two wholly owned subsidiaries.A coram of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh allowed the first motion and waived meetings of...