Litigants Are Not Trained Advocates, Restoration Application Can't Be Dismissed Due To Counsel's Failure To Inform Of Proceedings: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member) and Mr. Indevar Pandey (Technical Member) has held that the restoration application under Rule 48(2) of the National Company Law Tribunal (NCLT) Rules, 2016 cannot be dismissed if the application is filed within 30 days from the date...

Mere Execution Of Restructuring Agreement Does Not Extinguish Corporate Debtor's Liability When Restructuring Scheme Is Not Approved By NCLT: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that the mere signing of a Master Restructuring Agreement, wherein a third party undertakes to discharge the liabilities of the Corporate Debtor, does not result in the extinguishment of the Corporate Debtor's obligations...

Continued Reflection Of Debt In Balance Sheet Amounts To Acknowledgement U/S 18 Of Limitation Act: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that a default in repayment obligations is said to occur when the debt is continuously reflected in the Corporate Debtor's balance sheets over an extended period, particularly when...

Liquidation Of Corporate Debtor Can Be Ordered If Successful Resolution Applicant Cannot Obtain Necessary Approvals Within One Year: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that when a successful resolution applicant fails to obtain all necessary approvals within one year from the date of approval of the resolution plan— as mandated under Section 31(4)...

Resolution Plan Providing Contingencies To Ensure Compliance With Building Norms Can't Be Deemed Unviable: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that one of the contingencies outlined in the resolution plan has been accepted, and Successful Resolution Applicant (SRA) has expressed readiness to execute the construction in accordance with...

Court Records Can't Be Disputed Without Filing Correction Application: NCLAT Delhi

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) & Barun Mitra (Technical Member), dismissed an appeal challenging the National Company Law Tribunal's refusal to accept a reply filed after the closure of arguments. The Tribunal held that the record of the Court is correct until and unless an application is made to the...

NCLT Lacks Authority To Restrain Replacement Of Liquidator In Voluntary Liquidation: NCLAT Delhi

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) held that the National Company Law Tribunal can't compel the corporate debtor to retain the same liquidator once a valid board resolution has been passed for their replacement under...

Application U/S 7 Of IBC Can Be Admitted In Absence Of NeSL Certificate If Loan Disbursal & Default Are Proved By Other Documents: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench of Justice V.G Bisht, (Retd). and Prabhat Kumar (Technical Member ) has held that even in the absence of a NeSL certificate, an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be admitted if the disbursal of the loan amount and occurrence of default are established through other reliable and...

Payment Made During Pendency Of CIRP Application Cannot Be Considered For Calculating Threshold U/S 4 Of IBC: NCLAT New Delhi

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, comprising Justice Rakesh Kumar Jain (Member-Judicial) and Naresh Salecha (Member-Technical), has allowed an appeal filed by the operational creditor. The issue before the tribunal was whether the threshold has to be seen at the time of filing of the application or at the time of admission of...

If Rights Under Debenture Deed Are Transferred Without Prior Approval From Holders, Liabilities Of Corporate Debtor Remain Undischarged: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that when a debenture deed mandates prior approval of the Debenture Trustee for any transfer of rights or liabilities, any such transfer made through an Acquisition Agreement without obtaining...

IBC Monthly Digest: May 2025

Nominal Index: Riju Ravindran Versus Pankaj Srivastava, C.A. No. 6613 of 2025 TATA STEEL LTD Versus Raj Kumar Banerjee & Ors., 2025 LiveLaw (SC) 542 Kalyani Transco Versus M/s Bhushan Steel and Power Ltd and connected appeals, C.A. No. 1808 of 2020 VISA COKE LIMITED Versus M/s MESCO KALINGA STEEL LIMITED, 2025 LiveLaw (SC) 505 NCLT Advocates Bar Association &...

NCLAT Chennai Dismisses Appeal By Bjyu's Challenging NCLT Interim Order In Aakash Shareholding Dispute

The National Company Law Appellate Tribunal (NCLAT) Chennai bench comprising Justice Sharad Kumar Sharma (Judicial Member) and Jatindranath Swain (Technical Member) has dismissed the appeal filed by Think & Learn Private Limited (Byju's) against Aakash Educational Services Limited and others. The Tribunal held that the impugned order under challenge was interlocutory in nature and...