Insolvency Proceedings Cannot Be Reopened After Settlement Without Proof Of Fresh Default: NCLT Ahmedabad

The National Company Law Tribunal (NCLT) at Ahmedabad has dismissed an insolvency plea against Shukla Dairy Private Limited, holding that once parties settle and the case is closed, an operational creditor cannot reopen insolvency proceedings without clear bank records showing a fresh default. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said bare allegations...

Fraud Has No Look-Back Period, Directors Cannot Use Lapse Of Time As Shield : NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has held that allegations of fraudulent and wrongful trading are not restricted by any fixed look-back period, and directors cannot avoid personal liability merely by arguing that the conduct took place long ago. It therefore directed the suspended directors of a Kochi-based insolvent company to jointly contribute Rs 11.95 crore to the...

NCLT Ahmedabad Orders Recovery of ₹2 Lakh Costs From Personal Guarantor As Arrears of Land Revenue

The National Company Law Tribunal (NCLT) at Ahmedabad has directed that costs of Rs 2 lakh imposed earlier on a personal guarantor be recovered as arrears of land revenue, after finding that he had repeatedly ignored its order and failed to pay the amount. A coram of Judicial Member Justice Shammi Khan and Technical Member Sanjeev Sharma noted that the personal guarantor had shown continued...

Business Law Daily Round-Up: January 05, 2026

TAX Mandatory Pre-Deposit For Customs Appeal Cannot Be Waived For Financially Sound Appellant: Karnataka High CourtMere Apprehension of Business Loss In State Does Not Confer Writ Court Territorial Jurisdiction: Calcutta High CourtCustoms Cannot Withhold Part Of Consignment After Accepting Full Bond, Guarantee : CESTAT KolkataHotels Can Now File Specified Premises Opt-In Online On GST...

IBBI Simplifies Liquidation Reporting With Four New Online Forms

The Insolvency and Bankruptcy Board of India (IBBI) has introduced a simplified framework for reporting liquidation updates to the board. To facilitate the same, the Board has introduced four new online forms that track a company's liquidation from start to finish. In a circular issued on Monday (Januray 5) , the Board said the revised system applies from January 1, 2026, and replaces...

Insolvency & Bankruptcy Code: Important Judgments By Supreme Court In 2025

In this article, LiveLaw brings to you a summary of important judgments rendered by the Supreme Court in 2025 in connection with the Insolvency and Bankruptcy Code, 2016. The same are as follows:1. 'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRPCase: Mohammed Enterprises (Tanzania) Ltd. v. Farooq Ali Khan & Ors. [Citation:...

NCLT Mumbai Approves Merger Of THPL Warehousing Services Into Booker India

The National Company Law Tribunal at Mumbai has approved the merger of THPL Support Services Ltd into Booker India Ltd, allowing the subsidiary company to be dissolved without winding up as part of a group level corporate restructuring exercise. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar in an order dated January 5 observed, “From the...

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...