IBC Monthly Digest: June 2025

Nominal Index: Alok Gaur, Suspended Board of Director of Jaypee Cement Corporation Ltd. Versus State Bank of India & Anr, Company Appeal (AT) (Insolvency) No.1565 of 2024 & I.A. No. 8141 of 2024 Mr. Abhinav Bhatnagar Versus Bank of Baroda And Ors., Company Appeal (AT) (Insolvency) No. 615 & 616 of 2025 Taguda Pte Ltd. Versus State Bank of India & Anr., Company Appeal (AT) (Insolvency) No. 351 of 2024 Anuj Gaur & Ors. Versus Rabindra Kumar Mintri RP of Som Resorts Pvt. Ltd. & Anr., Company Appeal (AT) (Insolvency) No. 312 & 313 of 2025 Anil Kumar & Ors. V/s Manjinder Singh Sandhu & Ors., Company Appeal (AT) (Insolvency) No. 833 & 834 of 2025 Vinod Singh V/s Chandra Prakash Jain, Company Appeal (AT) (Insolvency) No. 800 of 2025 Devika Resources Pvt. Ltd. v. MAA Manasha Devi Alloys Pvt. Ltd., Comp. App. (AT) (Ins) No.938 of 2024 & I.A. No. 3418, 3419 of 2024 Anil Biyani Suspended Director of Future Ideas Company Ltd. Versus Axis Trustee Services Ltd. & Anr., Company Appeal (AT) (Insolvency) No. 611 of 2025 Think & Learn Private Limited vs. Aakash Educational Services Limited & Ors., Company Appeal (AT) (CH) No. 68 / 2025 (IA No. 701 / 2025) Indian Bank v. K R Tirumuruhan, Company Appeal (AT) (CH) (Ins) No.150/2025 M/s Rajputana Constructions Pvt. Ltd. V/s M/s Rajasthan Land Holdings Limited & Ors., Company Appeal (AT) (Insolvency) No. 853 of 2023 Mr. Sunil Gutte vs. Mr. Avil Menezes & Ors., Company Appeal (AT) (Insolvency) No. 515 of 2025 Canara Bank Versus M/S Syska E-Retails LLP, CP(IB)No. 548/MB/2024 M/s Liberium Global Resources Private Limited V/s Amritsar MSW Limited, Company Petition IB/142/ND/2024 Sunil Chopra V/s CAPL Hotels & SPA Private Limited, Company Petition IB/251/ND/2023 Fashion Suitings Pvt. Ltd., Company Petition IB/689/ND/2023 M/S Imperial Banqeuts & Dining Pvt. Ltd., Company Petition IB/370/ND/2024 NCLAT Mere Execution Of Restructuring Agreement Does Not Extinguish Corporate Debtor's Liability When Restructuring Scheme Is Not Approved By NCLT: NCLAT Case Title: Alok Gaur, Suspended Board of Director of Jaypee Cement Corporation Ltd. Versus State Bank of India & Anr Case Number: Company Appeal (AT) (Insolvency) No.1565 of 2024 & I.A. No. 8141 of 2024 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 if the restructuring subsequently fails. It cannot be presumed that liabilities have been transferred solely due to the existence of a restructuring agreement. For such a transfer or extinguishment to be valid, the conditions under Section 62 of the Indian Contract Act—specifically, mutual agreement between the original parties for substitution or novation—must be satisfied. Continued Reflection Of Debt In Balance Sheet Amounts To Acknowledgement U/S 18 Of Limitation Act: NCLAT Case Title: Mr. Abhinav Bhatnagar Versus Bank of Baroda And Ors. Case Number: Company Appeal (AT) (Insolvency) No. 615 & 616 of 2025 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 no fresh borrowing was undertaken during that time. In such circumstances, the continued inclusion of the liability constitutes a clear acknowledgment of debt under Section 18 of the Limitation Act. Therefore, the period of limitation for filing an application under Section 7 of the Insolvency and Bankruptcy Code stands extended, even if the Financial Creditor's name is not expressly mentioned in the balance sheets. Liquidation Of Corporate Debtor Can Be Ordered If Successful Resolution Applicant Cannot Obtain Necessary Approvals Within One Year: NCLAT Case Title: Taguda Pte Ltd. Versus State Bank of India & Anr. Case Number: Company Appeal (AT) (Insolvency) No. 351 of 2024 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) of the Insolvency and Bankruptcy Code, 2016—liquidation of the corporate debtor must follow as a necessary consequence. Resolution Plan Providing Contingencies...

IBC Monthly Digest: June 2025

Mohd Malik Chauhan

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