Insolvency and Bankruptcy Code, 2016

A batch of five review petitions was filed challenging the Supreme Court's common judgment and order dated 06‑09‑2022 in Civil Appeals No. 1661 of 2020 and No. 2568 of 2020, which interpreted the interplay between Section 48 of the Gujarat Value‑Added Tax Act, 2003 and Section 53 of the Insolvency and Bankruptcy Code, …

Innoventive Industries Ltd., a corporate debtor, defaulted on its financial obligations and a financial creditor (ICICI Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The debtor argued that a notification under the Maharashtra Relief Undertakings (Special Provisions) Act, …

The Supreme Court examined the corporate insolvency resolution of Dewan Housing Finance Corporation Ltd (DHFL), where Piramal Capital submitted a resolution plan (RP) that allocated recoveries from Section 66 applications to itself. The plan was approved by the Committee of Creditors (CoC) and the National Company Law …

The appellants, who were directors and guarantors of a company, were charged under sections 138 and 141 of the Negotiable Instruments Act for issuing cheques that bounced due to insufficient funds. While the criminal proceedings were pending, they filed personal insolvency applications under section 94 of the Insolvenc…

The appellant, a former director of Ruchi Soya Industries Ltd., challenged the refusal of the resolution professional to furnish resolution plans and related documents to members of the suspended Board of Directors during the corporate insolvency resolution process. The Supreme Court examined the statutory scheme under…

The Union Bank of India (financial creditor) granted loans to R.K. Infratel Ltd. (corporate debtor), which defaulted on 30‑09‑2014, leading to the account being classified as an NPA. The bank filed a recovery suit under the 1993 Recovery of Debts Act and, later, an application under Section 7 of the Insolvency and Bank…

The appellants challenged a petition filed by the respondent under Section 7 of the Insolvency and Bankruptcy Code (IBC) alleging a default of at least Rs.1,00,000. The lower tribunal had held that the IBC’s commencement on 1 December 2016 triggered the limitation period and applied Article 62 of the Limitation Act, tr…

Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Jailaxmi Sugar Products Pvt Ltd, alleging default and seeking initiation of a corporate insolvency resolution process (CIRP). The Debt Recovery Tribunal (DRT) issued a certificate of recovery on 1 November 20…

The appellant, IL & FS Financial Services Ltd., entered into a term loan agreement with the respondent, Adhunik Meghalaya Steels Pvt. Ltd., in 2015, which became a non‑performing asset on 1 March 2018. The appellant filed a Section 7 application under the Insolvency and Bankruptcy Code on 15 January 2024, relying on th…

Kotak Mahindra Bank (the appellant) sought initiation of a Corporate Insolvency Resolution Process (CIRP) against Prasad Properties and Investments Pvt. Ltd. (the corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The corporate debtor had stood as guarantor for loans to three borrower …

The appellant trade union filed a petition under Section 8 of the Insolvency and Bankruptcy Code, 2016 on behalf of about 3,000 workers seeking payment of outstanding dues from the respondent jute mill, which had been closed. The NCLT and subsequently the NCLAT dismissed the petition, holding that a trade union is not …

Shree Aashraya Infra‑Con Ltd was placed under corporate insolvency resolution process (CIRP) and the appointed resolution professional, Hari Babu Thota, submitted a resolution plan drafted by the promoters and approved by the Committee of Creditors. The National Company Law Tribunal (NCLT) dismissed the plan, holding t…

Visa Coke Ltd., an operational creditor, claimed that it had validly served a statutory demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, by sending Form 3 to the Key Managerial Personnel (KMP) of Mesco Kalinga Steel Ltd. at its registered office. The National Company Law Tribunal (NCLT) and th…

The petitioners challenged the constitutionality of sections 34(1), 47(1)(a)(i) and 58(1)(a)(i) of the Consumer Protection Act, 2019, which base the pecuniary jurisdiction of district, state and national consumer commissions on the value of consideration paid rather than the compensation claimed. The challenge arose fr…

The Supreme Court examined the corporate insolvency resolution of Hindustan National Glass and Industries Ltd., where AGI Greenpac's resolution plan was approved by the Committee of Creditors (CoC) without prior approval from the Competition Commission of India (CCI) as required by the proviso to Section 31(4) of the I…

The Supreme Court considered whether a secured creditor, Kotak Mahindra Bank, could file a winding‑up petition under the Companies Act, 1956 after obtaining a decree and recovery certificate from the Debts Recovery Tribunal. The petitioners argued that Sections 17, 18 and 34 of the Recovery of Debts Act barred the wind…

The appellant, a former managing director of Sri Lakshmi Hotel Private Ltd., challenged the e‑auction of the company's property, alleging that the reserve price was under‑valued, that the liquidator failed to form a Stakeholders’ Consultation Committee, and that the liquidator violated Regulation 33 by not cancelling t…

The respondents, K.P. Jayaram and another, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) claiming they were financial creditors of M/s. Radha Exports (India) Pvt. Ltd. for a loan of Rs.2.10 crore advanced between 2002 and 2005, alleging that part of the loan was converted into share…

The Operational Creditor (OC) filed a petition under section 9 of the Insolvency and Bankruptcy Code (IBC) against Manpasand Beverages Ltd., which was admitted by the NCLT and a CIRP was initiated. Within two days, the OC and the corporate debtor (CD) settled the dispute and the OC received full payment before a Commit…

The Supreme Court examined a batch of writ petitions filed by Hindustan Construction Company Ltd seeking to strike down Section 87 of the Arbitration and Conciliation (Amendment) Act, 2019 and the deletion of Section 26 of the 2015 Amendment, arguing that they revived an automatic‑stay of arbitral awards and removed th…

State Bank of India (SBI) appealed an order of the NCLT rejecting its IBC petition against India Power Corporation Limited. The appeal was filed three days after the statutory 30‑day period, and SBI sought condonation of delay, relying on a free certified copy of the NCLT order sent under Rule 50. A split decision aros…

NDMC entered into a purchase order with Minosha India Ltd, terminated it for alleged non‑performance and the latter invoked the arbitration clause on 7 June 2016. Before the arbitration could commence, the corporate debtor was admitted to corporate insolvency resolution on 14 May 2018, a moratorium was imposed under Se…

The Supreme Court considered a contempt petition filed by JSW Steel Ltd., which had become the successful resolution applicant for the insolvent Monnet Ispat and Energy Ltd. After the National Company Law Tribunal approved the resolution plan, the State of Chhattisgarh issued demand notices for sales tax, VAT and entry…

Electrosteel Castings Ltd., a guarantor, filed a civil suit seeking a declaration that an assignment deed executed by the financial creditor in favour of UV Asset Reconstruction Co. was fraudulent and that the assignee was not a secured creditor. The suit was dismissed by the High Court on the ground that Section 34 of…

The liquidator of ABG Shipyard sought release of goods stored in customs bonded warehouses without payment of customs duty, invoking the moratorium under the Insolvency and Bankruptcy Code (IBC). The Central Board of Indirect Taxes and Customs (CBIC) issued demand notices and sought to sell the goods under the Customs …

The corporate debtor, ABG Shipyard Ltd., was placed under liquidation after a failed resolution process. The liquidator conducted five e-auctions without success and then adopted a Swiss Challenge Process, naming R.K. Industries as the anchor bidder. Before the process could conclude, the liquidator, with the approval …

M/s Orator Marketing Pvt. Ltd., the assignee of a Rs 1.60 crore interest‑free term loan given to M/s Samtex Desinz Pvt. Ltd. for working‑capital, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate a corporate insolvency resolution process (CIRP). The National Company Law Trib…

Union Bank of India extended a term loan to Mahaveer Construction, a proprietorship firm, and obtained a guarantee from Surana Metals Ltd, a corporate entity. After the loan was declared a non‑performing asset on 30‑01‑2010, the bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in Fe…

Indus Biotech Private Ltd sought arbitration against Kotak India Venture Fund and related entities over the formula for converting optionally convertible redeemable preference shares into equity shares, claiming no default existed. Kotak filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeki…

Jaypee Infratech Ltd (JIL) mortgaged its land to secure loans taken by its holding company Jaiprakash Associates Ltd (JAL) from a consortium of banks. The Interim Resolution Professional (IRP) applied to the NCLT for avoidance of these transactions under Sections 43, 45 and 66 of the Insolvency and Bankruptcy Code, 201…

The petitioners, shareholders of La‑Fin Financial Services Pvt. Ltd., challenged a winding‑up petition filed by IL&FS under Section 433(e) of the Companies Act, 1956, which had been transferred to the NCLT as a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The dispute arose from a 2009 share pur…

The Supreme Court examined whether the security deposit amounts payable by a sales promoter under service agreements with Mount Shivalik Industries Ltd. constitute a financial debt or an operational debt under the Insolvency and Bankruptcy Code, 2016. The Court clarified that a "debt" exists only when there is a claim …

Ajay Gupta, leading a consortium, was a resolution applicant in the CIRP of B.B. Foods Pvt. Ltd. He sought to amend his resolution plan to uncap CIRP costs and reduce the plan term from 180 to 90 days, but the resolution professional rejected the amendment. The adjudicating authority (NCLT) allowed the amendment and, t…

The Supreme Court examined the constitutional validity of several provisions of the Insolvency and Bankruptcy Code, 2016, including the classification of financial versus operational creditors, the powers of the resolution professional, the evidentiary status of private information utilities, and the requirements of Se…

Shri Gurudatta Sugars Marketing Pvt. Ltd. entered into agreements with Cane Agro Energy Ltd., which failed to supply sugar and issued two cheques that were later dishonoured for insufficient funds. The appellant filed a complaint under the Negotiable Instruments Act and obtained an order of interim compensation under S…

The Supreme Court considered appeals concerning the corporate insolvency resolution process (CIRP) of Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code, 2016. The resolution plan submitted by NBCC (India) Ltd. was approved by the Committee of Creditors (CoC) with a 97.36% voting share, but various…

Tata Consultancy Services Ltd (TCS) terminated a Facilities Agreement with SK Wheels Private Limited, the corporate debtor, alleging service deficiencies. The corporate debtor, represented by the Resolution Professional, sought relief under the Insolvency and Bankruptcy Code (IBC) invoking the National Company Law Trib…

The appellant, GLAS Trust Company LLC, a financial creditor of Think & Learn Pvt Ltd (the corporate debtor), challenged the National Company Law Appellate Tribunal's (NCLAT) approval of a settlement between the corporate debtor and the Board of Control for Cricket in India (BCCI) and the setting aside of the NCLT order…

The Transmission Corporation of Andhra Pradesh Ltd. (appellant) awarded contracts to Equipment Conductors and Cables Ltd. (respondent) which led to arbitration where claims on invoices 1‑57 were held time‑barred and no award was made. The respondent unsuccessfully sought execution of those amounts, then issued a Sectio…

The Supreme Court considered a dispute where a financial creditor had obtained a loan of Rs 100 crore from a corporate debtor (Gujarat Hydrocarbon and Power SEZ Ltd.) secured by a corporate guarantee furnished by its holding company, ACIL. After the corporate debtor defaulted, the creditor initiated insolvency proceedi…

Home buyers booked flats in various projects of the Amrapali Group of companies in Noida and Greater Noida, paying substantial amounts between 2010-2014. The builders failed to deliver possession within the promised 36 months and did not pay dues to the Noida and Greater Noida Authorities or repay loans taken from bank…

The appellants, shareholders of RBT Private Ltd., filed a contempt petition alleging that the respondent, a fellow shareholder, willfully violated court and arbitral orders by removing assets and failing to pay loan EMIs. A Single Judge of the Delhi High Court on 5 December 2023 held the respondent guilty of contempt a…

The Small Scale Industrial Manufactures Association and several other industry groups filed writ petitions under Article 32 seeking a mandamus directing the Union of India, the Ministry of Finance and the Reserve Bank of India (RBI) to grant a total waiver of interest, extend the loan moratorium, provide sector‑wise re…

The Committee of Creditors (CoC) of Amtek Auto Ltd., through Corporation Bank, filed a contempt petition against Deccan Value Investors (DVI) after the Supreme Court rejected DVI's application seeking to renegotiate its approved resolution plan on the ground of COVID‑19. DVI also moved a rectification application alleg…

The appellant, a suspended director of the corporate debtor, challenged the admission of a Section 7 application initiating a Corporate Insolvency Resolution Process (CIRP) by UCO Bank, arguing that the debtor's balance‑sheet entries did not constitute a clear, specific acknowledgment of debt required under Section 18 …

The appellant, V. Nagarajan, challenged an order of the National Company Law Tribunal (NCLT) dated 31 December 2019 that dismissed his application for interim relief in a liquidation proceeding. He filed an appeal before the National Company Law Appellate Tribunal (NCLAT) on 8 June 2020, relying on a free certified cop…

The Financial Creditor advanced a Rs 6 crore loan to Premier Ltd and secured it by a pledge of shares held by Doshi Holdings. When Premier defaulted, the creditor filed separate petitions under Section 7 of the IBC against both Premier and Doshi Holdings, contending that Doshi Holdings was also a borrower under the loa…

The corporate debtor, Seya Industries Ltd., and its investors, including Beacon Trusteeship Ltd., entered into a debenture arrangement which later gave rise to arbitration and a claim for payment. While arbitration was pending, the investors filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) i…

The appellant, a resolution professional for National Plywood Industries Ltd., challenged a High Court order that allowed an operational creditor (Respondent No.1) to operate its bank account despite a moratorium imposed under the Insolvency and Bankruptcy Code (IBC). The appellant alleged that the creditor had receive…

The petitioners, Sesh Nath Singh and others, challenged the National Company Law Tribunal's (NCLT) order admitting a Section 7 application by Baidyabati Sheoraphuli Co‑operative Bank to initiate corporate insolvency resolution against the corporate debtor. The issue was whether the three‑year limitation period for fili…

The Supreme Court examined a corporate insolvency resolution process (CIRP) involving United Seamless Tubular Private Ltd., where the successful resolution applicant, Maharashtra Seamless Ltd. (MSL), had offered an upfront payment of Rs. 477 crore, which was below the average liquidation value of Rs. 597.54 crore deter…

The Supreme Court examined the approval of a resolution plan for ACIL Ltd., where the Committee of Creditors (CoC) had approved a plan with an 88.56% majority after multiple revisions. The National Company Law Tribunal (NCLT) had stayed the plan and ordered a re‑valuation of ACIL's assets by the Official Liquidator, a …

Mobilox Innovations Pvt Ltd, an operational creditor, filed an application under the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of corporate insolvency against Kirusa Software Pvt Ltd for an unpaid operational debt of Rs.20,08,202.55. The corporate debtor raised a dispute, alleging breach of a non‑di…

The petitioners, who were personal guarantors to corporate debtors, challenged a Central Government notification dated 15‑Nov‑2019 that brought certain provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) into force only for personal guarantors. They argued that the notification exceeded the power conferred by …

Electrosteel Steel Ltd. (now ESL Steel Ltd.) filed a petition under Article 227 challenging an order that directed it to comply with an arbitral award dated 06.07.2018 passed by the West Bengal MSME Facilitation Council in favour of Ispat Carrier Pvt. Ltd. The award was rendered after the corporate debtor’s insolvency …

Zenith Infotech Ltd filed a reference under the Sick Industrial Companies (Special Provisions) Act, 1985 before the Board for Industrial and Financial Reconstruction (BIFR). The Registrar of the Board refused to register the reference on the ground that the company was not an "industrial company" within the meaning of …

The appellant, Reliance Asset Reconstruction Company Ltd., was assigned the loan of Hotel Poonja International Pvt. Ltd. (the corporate debtor) after the latter defaulted on a Rs.40 lakh term loan and was declared a non‑performing asset in 1993. A settlement was reached in 2001, a recovery certificate was issued by the…

The appeal concerned a corporate debtor, Tehri Iron and Steel Casting Ltd., whose resolution plan was approved by the NCLT on 21 May 2019. The plan listed certain statutory and contingent liabilities, but omitted income‑tax demands for assessment years 2012‑13 and 2013‑14. After the plan’s approval, the Income Tax Depa…

LMJ International Ltd. and Sleepwell Industries Ltd. entered into two separate contracts for the sale of Thai rice, governed by GAFTA 48 with disputes to be arbitrated under GAFTA 125 in London. Two foreign arbitral awards were rendered in favour of the respondent, who then filed execution petitions under Section 48 of…

The Supreme Court heard three contempt petitions filed by Ericsson India Pvt. Ltd. against Reliance Communications Ltd., Reliance Telecom Ltd. and Reliance Infratel Ltd. (collectively the Reliance Companies) for failing to honour a settlement of INR 550 crore that was ordered to be paid by 30 September 2018, with a lat…

The Supreme Court examined whether several foreign banks that had extended loans to Reliance entities could be treated as "financial creditors" of Reliance Infratel Ltd (the corporate debtor) under Section 5(7) of the Insolvency and Bankruptcy Code, 2016. The dispute arose because the corporate debtor, Reliance Communi…

M/s Kaledonia Jute and Fibres Pvt. Ltd. (appellant) sought to recover a debt from M/s Axis Nirman and Industries Ltd. (first respondent) and filed a petition under Section 7 of the IBC before the NCLT. Simultaneously, a winding‑up petition against the first respondent was pending before the Allahabad High Court, which …

The appellant, Tech Sharp Engineers, sought initiation of a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the IBC against the respondent, Sanghvi Movers, for unpaid crane‑hire invoices dated 2012‑13. The respondent had earlier filed a winding‑up petition in the Madras High Court, which was pending w…

The operational creditor, Mis. Surendra Trading Co., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the corporate debtor, Mis. Juggilal Kamlapat Jute Mills Co. Ltd. The adjudicating authority identified procedural defects and gave the creditor seven days to cure them. The cred…

The Insolvency and Bankruptcy Board of India (IBBI) filed a criminal complaint under Sections 73(a) and 235A of the Insolvency and Bankruptcy Code, 2016 (IBC) against the former directors of SBM Paper Mills for non‑compliance with a One‑Time Settlement ordered by the NCLT. The Sessions Judge issued process, but the res…

The appellants, workmen and employees of ABG Shipyard Ltd., claimed wages, salaries and statutory dues for the period of the Corporate Insolvency Resolution Process (CIRP). They argued that these amounts should be treated as insolvency resolution process costs under s.5(13) of the IBC and thus enjoy priority under s.53…

The Supreme Court examined whether the Karnataka High Court was justified in using its writ jurisdiction under Article 226 to halt personal insolvency proceedings against Farooq Ali Khan under Section 95 of the Insolvency and Bankruptcy Code (IBC). The bank had filed an application for personal insolvency after the gua…

The Supreme Court examined whether Section 14(1)(d) of the Insolvency and Bankruptcy Code, 2016 bars the Maharashtra Housing and Area Development Authority (MHADA) from taking possession of land that was licensed to a corporate debtor under a Tripartite Joint Development Agreement during the moratorium period. The corp…

The applicant‑appellant filed a miscellaneous application seeking clarification of a Supreme Court judgment dated 12 September 2023 in Civil Appeal No. 2085 of 2022, specifically the use of the term “unsecured creditor” in paragraph 20. The Court, after hearing counsel, held that the term should be read as “secured cre…

The case arose from a family dispute between Rama Narang (petitioner) and his sons Ramesh and Rajesh Narang (respondents) who were directors of a company. The Supreme Court had earlier ordered a settlement (Consent Order) requiring joint management of the company, but the petitioner alleged that the respondents violate…

The petitioners challenged Sections 3, 4, and 10 of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, which introduced threshold requirements for allottees and certain financial creditors to initiate corporate insolvency resolution process (CIRP), clarified that a corporate debtor can initiate CIRP against anot…

The case arose when the Odisha High Court ordered the auction of a large parcel of land belonging to Hirakud Industrial Works Ltd. (the corporate debtor) while a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was pending before the National Company Law Tribunal (NCLT), which had already decl…

The appellant, managing director of Totem Infrastructure Ltd., challenged the admission of a Section 7 Insolvency and Bankruptcy Code (IBC) application filed by State Bank of India (SBI) before the NCLT, arguing that the claim was barred by limitation and the doctrine of election. The banks had earlier obtained three r…

The appellant sought to initiate a corporate insolvency proceeding under Section 7 of the Insolvency and Bankruptcy Code (IBC) to recover a debt that had become due on 21 July 2011. The National Company Law Tribunal (NCLT) admitted the application, applying Article 62 of the Limitation Act, 1963, which pertains to suit…

The Industrial Development Bank of India (IDBI), as a secured creditor, sought to enforce its charge over imported machinery that had been stored in a private bonded warehouse and remained unpaid of customs duty. The company was wound up on 1 December 2003, and the Official Liquidator applied for possession of the good…

Indian Overseas Bank (IOB) had taken possession of two secured assets of M/s RCM Infrastructure Ltd. and conducted an e‑auction under the SARFAESI Act, selling the assets to bidders who paid 25% of the price and were later allowed to pay the balance by 8 March 2019. The corporate debtor filed a petition under Section 1…

State Bank of India (SBI) filed an application before the NCLT on 19 September 2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of a Corporate Insolvency Resolution Process (CIRP) against Krishidhan Seeds Private Limited, alleging default on a financial debt dated 10 June 2014 w…

The Supreme Court examined a dispute arising from the resolution of Jet Airways Ltd., where the Successful Resolution Applicant (SRA) sought to meet its Rs 350 crore payment obligation by adjusting the last Rs 150 crore tranche against a Performance Bank Guarantee (PBG). The lenders, led by State Bank of India (SBI), h…

The Supreme Court examined the scope of Section 29A(h) of the Insolvency and Bankruptcy Code, 2016, which bars persons who have executed an enforceable guarantee that has been invoked by a creditor from being a resolution applicant. The Court held that the disqualification arises when the guarantee is invoked, applies …

The Supreme Court examined a dispute arising from the corporate insolvency resolution process (CIRP) of Meghalaya Infratech Ltd., where four resolution applicants submitted bids and Ngaitlang Dhar emerged as the highest bidder (H‑1). The losing bidder, Panna Pragati Infrastructure Pvt. Ltd. (PPIPL), sought additional t…

Paschimanchal Vidyut Vitran Nigam Ltd (PVVNL) supplied electricity to Raman Ispat Pvt Ltd, which defaulted on payments. PVVNL attached the debtor's assets and, after the corporate insolvency resolution failed, the matter proceeded to liquidation under the Insolvency and Bankruptcy Code (IBC). PVVNL contended that secti…

The Supreme Court examined whether the New Okhla Industrial Development Authority (NOIDA), as the lessor in a 90‑year lease of land for a residential project, could be treated as a financial creditor under the Insolvency and Bankruptcy Code, 2016. The Court held that the lease does not qualify as a financial lease unde…

The Supreme Court examined the winding‑up petition filed by Antrix Corporation against Devas Multimedia Private Ltd under section 271(c) of the Companies Act, 2013, alleging fraud in the formation and conduct of the company. The petition was never advertised, and the petitioners challenged the order on grounds of lack …

The appeal arose from a corporate insolvency resolution process under the IBC where the appellant’s claim was listed in the Information Memorandum (IM) under “List of Other Creditors” rather than under “Claims of Operational Creditors”. The appellant contended that the classification was incorrect and that the claim sh…

The appellant, a former director of a corporate debtor, was served a notice under Section 138 of the Negotiable Instruments Act for dishonoured cheques drawn before the commencement of insolvency proceedings. While the insolvency process and a moratorium under Section 14 of the IBC were imposed on 25 July 2018, the dem…

Action Ispat and Power Pvt. Ltd. filed a winding‑up petition against Shyam Metalics and Energy Ltd. for unpaid dues. The Company Judge admitted the petition, appointed an Official Liquidator and seized the appellant's premises. State Bank of India, a secured creditor, filed an IBC application and sought transfer of the…

The Supreme Court examined two pivotal questions arising under the Insolvency and Bankruptcy Code, 2016: (i) whether the requirement in Section 9(3)(c) to attach a certificate from the financial institution confirming non‑payment of an operational debt is a mandatory condition precedent, and (ii) whether a demand notic…

The Municipal Corporation of Greater Mumbai (MCGM) owned several plots that were leased to SevenHills Healthcare for a 1500‑bed hospital, but the project was not completed and lease rent was in default. MCGM issued a show‑cause notice and, before the notice period expired, the corporate debtor was admitted to insolvenc…

The Supreme Court examined the corporate insolvency resolution of Essar Steel India Ltd, where ArcelorMittal's resolution plan was approved by the Committee of Creditors (CoC) but later altered by the NCLAT, which imposed an equal treatment rule for all creditors and re‑distributed payments. The Court held that the CoC…

M/S S.S. Engineers, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate a Corporate Insolvency Resolution Process (CIRP) against Hindustan Petroleum Corporation Ltd.'s subsidiary, HPCL Biofuels Ltd (HBL). The National Company Law Tribunal (NCLT) admitted the…

The Asset Reconstruction Company (India) Ltd., a consortium of lenders, filed a Section 7 application before the NCLT seeking initiation of corporate insolvency proceedings against Corporate Power Ltd. after the latter defaulted on its loans. The NCLT admitted the application, relying on entries in the debtor's balance…

The Tourism Finance Corporation of India advanced a Rs 30 crore loan to Rainbow Papers Ltd, whose Managing Director Ajay Kumar Goenka signed a post‑dated cheque that was later dishonoured. A demand notice under Section 138 of the Negotiable Instruments Act was issued and a criminal complaint was filed against the compa…

The corporate debtor Gujarat NRE Coke Ltd (GNCL) initiated a corporate insolvency resolution process, but its promoter Arun Kumar Jagatramka was deemed ineligible to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). After the liquidation order, Jagatramka filed an application under…

The appellant, a registered valuer, was appointed by the resolution professional (RP) to value plant and machinery of Kavveri Telecom Infrastructure Ltd during a Corporate Insolvency Resolution Process (CIRP). His fee of Rs 7.5 lakhs and expenses were ratified by the Committee of Creditors, but after the National Compa…

The appellant society, representing homebuyers, challenged the NCLAT's order admitting Takshashila Heights India Private Ltd (the corporate debtor) into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by Edelweiss Asset Reconstruction Company Ltd (the financial creditor). The society also contest…

The appellants, a group of home buyers, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Bharath Hi Tech Builders for defaulting on a repayment of Rs 33.84 crore. The National Company Law Tribunal (NCLT) declined to admit the petition and instead directed the corporate debtor to …

The appeal concerned a order of the National Consumer Disputes Redressal Commission (NCDRC) that condoned a 100‑day delay in filing the respondent's written statement in a consumer complaint. The condonation was granted on 25 February 2020, a few days before the Supreme Court’s Constitution Bench judgment in New India …

Essar Steel deposited roughly Rs 35 crore and Rs 47 crore as refundable security deposits with Essar House Private and Essar Services respectively. After Essar Steel entered corporate insolvency resolution, the resolution applicant Arcelor Mittal Nippon Steel (Arcellor) sought repayment of those deposits and filed Sect…

National Spot Exchange Ltd (NSEL) filed a claim of Rs.673.85 crore against Dunar Foods Ltd in the insolvency proceedings initiated by the State Bank of India. The Interim Resolution Professional (IRP) rejected the claim on the ground of no privity of contract and no guarantee, a decision upheld by the NCLT. NSEL appeal…

The corporate debtor Veer Gurjar Aluminium Industries defaulted on its loans on 08 July 2011. The financial creditor, JM Financial Assets Reconstruction Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in March 2018 to initiate a corporate insolvency resolution process, stating …

The appellant (KCPL) challenged a Section 9 petition filed by the respondent (Vijay Nirman) which sought to treat an arbitral award as an undisputed operational debt. The award, favouring the respondent, was under challenge in a Section 34 petition under the Arbitration and Conciliation Act. The Supreme Court held that…

State Bank of India (SBI) sought recovery of a loan from a corporate debtor whose managing director, V. Ramakrishnan, had also given a personal guarantee. After the corporate debtor defaulted, SBI invoked SARFAESI provisions and the debtor filed an insolvency petition under the Insolvency and Bankruptcy Code (IBC) 2016…

The respondents filed a summary suit under Order XXXVII of the CPC seeking recovery of Rs. 1,04,16,576 and later submitted a memo under Rule 3(6)(b) asking the trial court to decree the suit. The trial court rejected the memo, but the Karnataka High Court set aside that order and directed the trial court to accept the …

The Supreme Court examined whether secured creditors could claim priority over assets attached under the Prevention of Money Laundering Act (PMLA) and the Maharashtra Protection of Investors and Depositors Act (MPID Act) by invoking the SARFAESI Act and the Recovery of Debts and Bankruptcy (RDB) Act. It also considered…

The Supreme Court considered a dispute arising out of a corporate insolvency resolution process involving Avani Towers (the corporate debtor), Energy Properties (the ostensible owner of a 10.19‑acre land), and Victory Iron Works (a licensee of a 10,000 sq ft portion). The corporate debtor had financed the purchase of t…

Prakash Corporates filed a money suit against Dee Vee Projects Limited on 21‑12‑2020. The defendant failed to file a written statement within the 30‑day period and sought extensions, which were granted up to 15‑04‑2021, but the 120‑day deadline fell on 06‑05‑2021. The trial court and the High Court refused further exte…

The appellant, an ex‑director of the corporate debtor, contested the admission of an application filed by the operational creditor under section 9 of the Insolvency and Bankruptcy Code (IBC) alleging a debt for coal supplied under a purchase order. The creditor claimed the coal was of inferior quality, leading to email…

The appeal arose from an order of the National Company Law Appellate Tribunal (NCLAT) that, on the basis that the corporate debtor Springfield Shelters Pvt. Ltd. was an MSME, the promoter need not compete with other resolution applicants to regain control of the debtor. The Resolution Professional, acting under the Ins…

The Supreme Court considered three appeals where successful resolution applicants sought to withdraw or modify their resolution plans after approval by the Committee of Creditors (CoC) but before approval by the Adjudicating Authority under the Insolvency and Bankruptcy Code (IBC), 2016. The Court held that the IBC doe…

India Resurgence ARC Private Ltd., a dissenting secured financial creditor, challenged the approval of a resolution plan for VSP Udyog Pvt. Ltd. on the ground that the Committee of Creditors (CoC) failed to consider the full value of its security interest, alleging denial of fair and equitable treatment. The CoC had ap…

The Supreme Court considered the corporate insolvency case of Orissa Manganese & Minerals Ltd., where the National Company Law Tribunal approved a resolution plan submitted by GMSPL. The Court examined whether, after approval of a resolution plan under Section 31 of the Insolvency and Bankruptcy Code (I&B Code), the pl…

The employees' union of Jaipur Metals & Electricals Ltd challenged a High Court order that refused to transfer winding‑up proceedings, filed under Section 20 of the Sick Industrial Companies Act, to the National Company Law Tribunal (NCLT) and set aside an NCLT order admitting a Section 7 insolvency application by Alch…

The Supreme Court examined whether the appellants, who entered into buy‑back memoranda of understanding for residential units, were "speculative investors" and thus barred from filing Section 7 insolvency petitions, and whether the 2019 Insolvency and Bankruptcy Code (Amendment) Ordinance and the subsequent 2020 Amendm…

Axis Bank Limited (appellant) appealed against the admission of a Section 7 petition filed by State Bank of India (respondent No.2) against Shreem Corporation Limited (the corporate debtor). The dispute centered on whether the petition was time‑barred under the three‑year limitation period, given that the debtor was de…

Vidarbha Industries Power Ltd., a power generating company, sought a stay of the Corporate Insolvency Resolution Process (CIRP) initiated by its financial creditor, Axis Bank Ltd., arguing that pending regulatory disputes and a favourable APTEL award of Rs.1,730 crore rendered the admission of the petition inappropriat…

The appellant, Angelwoods Apartment Allottees Association, challenged the approval of its resolution plan by the NCLT, which was appealed by respondent M Lalitha, a financial creditor, under Section 61 of the Insolvency and Bankruptcy Code. Lalitha filed the appeal on the last permissible day but failed to attach a cer…

The appeal concerned PTC India Financial Services Ltd (PIFSL) who, after a corporate debtor defaulted, invoked a pledge over 31,80,678 dematerialised shares of NEVPL under a pledge deed and sought to enforce its rights under the Contract Act, 1872. The National Company Law Appellate Tribunal had held that the pledge cr…

The Greater Noida Industrial Development Authority (GNIDA) claimed that it had submitted a claim of Rs 43.40 crore as a financial creditor against JNC Construction Ltd., but the resolution professional treated it as an operational creditor and the resolution plan approved by the NCLT omitted its claim and undervalued i…

The Ansal Crown Heights Flat Buyers Association, representing flat buyers, entered into agreements with Ansal Crown Infrabuild Pvt. Ltd. (ACIPL) for possession of apartments, which were not delivered. The association filed two consumer complaints against ACIPL and its directors/promoters; the National Consumer Disputes…

The Supreme Court considered an appeal by B.K. Educational Services Pvt. Ltd. challenging the applicability of the Limitation Act, 1963 to applications under Sections 7 and 9 of the Insolvency and Bankruptcy Code (IBC) and the retrospective effect of the newly inserted Section 238A. The Court examined the Insolvency La…

RPS Infrastructure Ltd entered into a development agreement with KST Infrastructure Pvt Ltd, which later led to an arbitral award in favour of RPS in 2016. While the award was under challenge under Section 34 of the Arbitration Act, a corporate insolvency resolution process (CIRP) was initiated against KST Infrastructu…

Canara Bank (successor to Syndicate Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against its corporate debtor, Kranthi Edifice Pvt. Ltd., alleging default on a secured overdraft facility and bank guarantees. The National Company Law Tribunal (NCLT) admitted the petition a…

The petitioner, a single home buyer, filed a writ petition under Article 32 of the Constitution seeking cancellation of agreements, refund of monies, or completion of the Sushant Megapolis real estate project, along with directions for a monitoring committee, forensic audit, and investigations by various agencies. The …

Bank of Rajasthan Ltd. (now part of ICICI Bank) granted a term loan and overdraft facility to VCK Shares & Stock Broking Services Ltd., which defaulted. The bank sought recovery of the debt before the Debts Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDB Act). …

Kay Bouvet Engineering Ltd. (appellant) contested a Section 9 petition filed by Overseas Infrastructure Alliance (India) Private Ltd. (respondent) which sought initiation of corporate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). The dispute centred on an advance payment of Rs 47.12 crore…

The operational creditors (Pratap Technocrats and others) challenged the NCLT's approval of a resolution plan for Reliance Infratel Ltd., alleging that they were not given fair and equitable treatment and that the plan improperly excluded certain financial creditors and omitted the value of preference shares from the l…

The suspended director of Ambro Asia Private Limited, Nitendra Kumar Tomer, appealed to the NCLAT against the NCLT's order admitting an operational creditor's application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The appeal was filed in the name of the corporate debtor even though an interim resoluti…

The corporate debtor Ricoh India Ltd. initiated a corporate insolvency resolution process under the IBC, inviting resolution plans. Kotak Investment Advisors Ltd. (KIAL) submitted its plan on time, while Kalpraj submitted a belated plan which was later accepted by the Committee of Creditors (CoC) and approved by the NC…

Hindustan Petroleum Corporation Ltd. (HPCL) floated a tender for a tank‑truck locking system and awarded a purchase order to AGC Networks Ltd., which later engaged BCL Secure Premises Pvt. Ltd. (BCL) as a sub‑vendor. HPCL alleged non‑performance by AGC and denied any contractual relationship or payment liability to BCL…

Electrosteel Steels Ltd. obtained environmental clearance (EC) and consent to establish a steel plant at a specified site in Bokaro, but later shifted the plant 5.3 km away, allegedly encroaching forest land. The Ministry of Environment and the Jharkhand State Pollution Control Board (JSPCB) revoked the EC, leading the…

The appellant IFCI Ltd. had subscribed to Compulsorily Convertible Debentures (CCDs) issued by ICTL, a special purpose vehicle of IVRCL, for financing a highway concession project. When ICTL defaulted, the CCDs were treated as equity under the project’s concession agreement and the Resolution Professional rejected IFCI…

The petitioners challenged the constitutional validity of sections 95 to 100 of the Insolvency and Bankruptcy Code, 2016, alleging violations of Articles 14 and 21 and the denial of a hearing before a resolution professional is appointed. They argued that the resolution professional’s powers to seek information and the…

The appellants, homebuyers who paid Rs.57,56,684 for an apartment in the IREO Rise project, sought possession after the developer defaulted on delivery. Their claim was filed initially on 11‑01‑2019 and resubmitted on 07‑02‑2020, after which the Resolution Professional verified it and included it in the list of financi…

The Supreme Court considered a batch of writ petitions challenging the constitutional validity of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, which classifies home‑buyers/allottees of real‑estate projects as "financial creditors" under the Code, thereby permitting them to invoke Section 7 and to be…

Jaypee Infratech Ltd (JIL) defaulted on a loan from IDBI Bank, prompting the bank to initiate a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Home buyers filed a writ petition alleging that the CIRP ignored their interests and sought a pro‑rata refund of the Rs 750…

Ramesh Kymal, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) on 11 May 2020 alleging a default by Siemens Gamesa Renewable Power Ltd on 30 April 2020. While the petition was pending, Section 10A was inserted into the IBC by the 2020 amendment (effective 5 June 2020…

The corporate insolvency resolution process (CIRP) was initiated against Rave Scans Pvt. Ltd. under Section 10 of the IBC, and the resolution applicant offered Rs. 54 crore against a liquidation value of Rs. 36 crore. The approved resolution plan gave the dissenting financial creditor, Hero Fincorp Ltd., only 32.34% of…

The petitioners, home buyers in a Gurgaon housing project, obtained a refund order with interest from the NCDRC, which was stayed by the Delhi High Court. An operational creditor later initiated a corporate insolvency proceeding against the developer (Today Homes & Infrastructure Pvt Ltd) under Section 9 of the IBC, le…

The Supreme Court examined whether borrowers classified as wilful defaulters under RBI's 2015 Revised Circular could be represented by lawyers before the in‑house committees that determine such classification. The Court held that the First and Review Committees are administrative bodies, not tribunals vested with judic…

Gujarat Urja Vikas Nigam Ltd (GUVNL) allocated a 25‑MW solar project to Astonfield Solar (the corporate debtor) under a 25‑year Power Purchase Agreement (PPA) executed in 2010. After severe flood damage the plant operated at a fraction of capacity and the corporate debtor was declared a non‑performing asset, prompting …

Punjab & Sind Bank appealed against a High Court order that upheld the State of Punjab's claim of priority over tax dues under the Punjab Value Added Tax Act, 2005, which it alleged superseded the bank's charge on the borrower’s immovable property. The State asserted a first charge under Section 35 of the 2005 Act for …

The Supreme Court examined the dispute between State Bank of India and other creditors (petitioners) and the consortium of Murari Lal Jalan and Florian Fritsch (respondent SRA) over the implementation of the approved resolution plan for Jet Airways. The core issue was whether the Performance Bank Guarantee (PBG) of Rs.…

Goqii Technologies (appellant) entered a Master Services Agreement with Sokrati Technologies (respondent) containing an arbitration clause (Clause 18.12). After paying over Rs 5.5 crore, Goqii raised concerns based on an independent audit reporting alleged overcharges and fraudulent practices, and invoked arbitration u…

The appellant, Tata Steel Ltd., had its resolution plan for Rohit Ferro‑Tech Ltd. approved by the NCLT on 7 April 2022. A minority shareholder, Respondent No. 1, filed an appeal to the NCLAT on 23‑24 May 2022, seeking condonation of delay beyond the 30‑day statutory period. The dispute centered on when the limitation p…

The developer Experion Developers failed to deliver possession of an apartment to the consumer, Sushma Ashok Shiroor, within the 42‑month period stipulated in the Apartment Buyer’s Agreement. The consumer filed a complaint before the National Consumer Disputes Redressal Commission, which ordered the developer to refund…

M/S Wizaman Impex Pvt Ltd, the corporate debtor, challenged a Section 9 application filed by Kedrion Biopharma Inc., an operational creditor, which sought to initiate corporate insolvency proceedings. The NCLT rejected the application, holding it was time‑barred under the three‑year limitation period. On appeal, the NC…

The Union of India sought to retain Rs.134.66 crore that it had encashed from bank guarantees of Reliance Communication Ltd (RCL) and Reliance Telecom Ltd (RTL) after they failed to pay deferred spectrum charges of Rs.774.25 crore. The respondents furnished fresh bank guarantees for the same amount and petitioned the T…

The Supreme Court heard appeals arising from the corporate insolvency resolution process (CIRP) of Jaypee Infratech Ltd., a subsidiary of Jaiprakash Associates Ltd., after IDBI Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) and home buyers sought clarification on their voting share in…

The appellants, home buyers in a real‑estate project, obtained a decree from the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) ordering a refund of their investments with interest. While insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) were pending, the resolution professional propo…

Eva Agro Feeds Private Ltd bid the reserve price of Rs.10 crore for a corporate debtor's property in an e‑auction and was issued a certificate of winning on 20 July 2021. The liquidator cancelled the auction the next day under Clause 3(k) of the E‑Auction Process Information Document without giving any reasons, prompti…

The State Tax Officer (appellant) claimed GST and CST dues of about Rs. 47.36 crore from Rainbow Papers Limited (respondent) during a corporate insolvency resolution process. The claim was filed after the deadline prescribed in the IBBI Regulations and was waived by the Resolution Professional, leading to the approval …

The financial creditor, Karur Vysya Bank, advanced loans to three non‑corporate borrowers who defaulted. Maharaja Theme Parks and Resorts Private Limited (MTPR) had given corporate guarantees for those loans. The bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate a Corpora…

The Supreme Court examined an appeal under Section 62 of the Insolvency and Bankruptcy Code filed by the successful resolution applicants, Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd., who sought to withdraw their approved resolution plan for Metalyst Forgings Ltd., alleging fraud by the resolution professio…

The appellant UV Asset Reconstruction Company claimed that Electrosteel Castings Ltd (ECL), as promoter of borrower Electrosteel Steels Ltd (ESL), had provided a guarantee for a Rs 500 crore loan from SREI, based on Clause 2.2 of a Deed of Undertaking which required ECL to arrange infusion of funds to help ESL meet fin…

The NOIDA Special Economic Zone Authority (appellant) claimed INR 6.29 crore as an operational creditor against Shree Bhoomika International Ltd., the corporate debtor, whose lease of a plot in the SEZ had defaulted. The claim was admitted, but the National Company Law Tribunal (NCLT) approved a resolution plan that aw…

Kotak Mahindra Bank Ltd., a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate a Corporate Insolvency Resolution Process (CIRP) against Kew Precision Parts Pvt. Ltd. after the debtor defaulted on loans. The debtor had offered a one‑time settlement on 20 December…

The Supreme Court examined the Corporate Insolvency Resolution Process (CIRP) of Earth Infrastructures Limited (EIL) and whether the lease‑hold lands held by its subsidiaries could be treated as assets of the corporate debtor. The Court found that the subsidiaries were merely fronts for EIL, which was the real develope…

The Supreme Court considered appeals by K. Sashidhar challenging the rejection of resolution plans for two corporate debtors, KS&PIPL and IIL, by the Committee of Creditors (CoC). The CoC had approved the plans with less than the statutory 75% voting share of financial creditors, leading the NCLT to deem the plans reje…

M/S Shekhar Resorts Ltd., a corporate debtor, was under a moratorium under the Insolvency and Bankruptcy Code (IBC) from September 2018 until July 2020. While the moratorium was in force, the company applied for the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and was issued Form No.3 requiring a payment of R…

Kotak Mahindra Bank Ltd., a secured creditor, sought possession of mortgaged assets of One Mission Vivacare under the SARFAESI Act after the borrower defaulted. The District Magistrate ordered possession, but the Naib Tehsildar refused, invoking a recovery award under the MSMED Act. The High Court Division Bench held t…

Tata Sons Pvt. Ltd. initiated arbitration against Siva Industries and its promoter under an inter‑se agreement, invoking the London Court of International Arbitration. The sole arbitrator was appointed by the Supreme Court under Section 11(6) of the Arbitration and Conciliation Act, 1996. The arbitration proceeded beyo…

The appellant, a Resolution Professional (RP), was appointed interim RP in a corporate insolvency case and submitted a claim of Rs 14,75,660 for fees and costs, of which Rs 5,66,667 was reimbursed by the respondent bank. The appellant sought the balance of Rs 9,08,993, but the NCLT directed payment of only the expenses…

The appellant, a former director of Evirant Developers Private Ltd, challenged an interlocutory order of the NCLT dismissing his application alleging unauthorized filing of a reply in a Section 7 proceeding. The NCLT heard the matter on 17 May 2023 but did not pronounce a substantive order until it was uploaded on 30 M…

DUNCANS INDUSTRIES Ltd., a corporate debtor managing fourteen tea gardens, defaulted on payments to operational creditor A.J. Agrochem. The creditor filed an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The debtor argued that, because the Central Government had issued a notific…

The Supreme Court examined the eligibility of ArcelorMittal India Private Ltd (AMIPL) and Numetal Ltd to submit resolution plans for Essar Steel India Ltd (ESIL) under the Insolvency and Bankruptcy Code (IBC) after the introduction of Section 29A. The Court held that disqualification under sub‑clause (c) of Section 29A…

The Karad Urban Cooperative Bank Ltd., a financial creditor, filed a Section 7 petition under the Insolvency and Bankruptcy Code (IBC) against M/s Khandoba Prasanna Sakhar Karkhana Ltd., the corporate debtor. The Committee of Creditors (CoC) approved a resolution plan submitted by M/s Sai Agro (India) Chemicals, which …

The appellant Bank (Dena Bank, now Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) in 2018 to initiate a corporate insolvency resolution process against the corporate debtor, C. Shivakumar Reddy, after the debtor defaulted in 2013. The National Company Law Tribunal (NCLT) ad…

The complainant company alleged that the appellants forged documents to obtain a property measurement and sought registration of a FIR. After filing complaints with the Deputy Superintendent of Land Records, the authority declined coercive action and referred the matter to the police, which returned the case to the lan…

The corporate debtor Amtek Auto Ltd pledged 66.77% of its shares in JMT Auto Ltd as security to M/s Vistra ITCL (appellant No.1) for short‑term loans extended to its group companies. Vistra filed a claim as a secured creditor, which was rejected by the resolution professional and later by the adjudicating authority. Th…

The petitioners challenged the West Bengal Housing Industry Regulation Act, 2017 (WB‑HIRA) on the ground that it largely reproduces the provisions of the central Real Estate (Regulation and Development) Act, 2016 (RERA) and therefore violates the doctrine of repugnancy under Article 254 of the Constitution. The Court e…

The appellant, a shareholder and suspended managing director of a corporate debtor, filed two appeals under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) against orders of the National Company Law Tribunal (NCLT) without first applying for condonation of delay. The appellant argued that the limitation perio…

The parties, Ankhim Holdings and Zaveri Construction, formed a partnership to develop an SRA project and later fell into dispute. The Bombay High Court appointed an arbitrator under the Arbitration and Conciliation Act, 1996 to resolve the dispute. While arbitration was pending, the respondent was admitted to corporate…

Consolidated Construction Consortium Ltd (CCCL) entered into a contract with a Proprietary Concern (PC) to supply light fittings for a Chennai Metro Rail Limited (CMRL) project and paid an advance of Rs 50 lakhs, which the PC encashed even after CMRL terminated the project. CCCL later paid back the amount to CMRL and d…

Sabarmati Gas Ltd. entered into a gas‑sale agreement with Shah Alloys Ltd., which later defaulted on payments. The respondent was declared a 'sick company' by the BIFR, invoking a moratorium under SICA that barred legal recovery until the Code came into force on 1‑Dec‑2016. After issuing a demand notice under Section 8…

The corporate debtor, holding a mining lease that was about to expire, sought a deemed extension of the lease through its resolution professional during a corporate insolvency resolution process (CIRP). The Karnataka Government rejected the extension, prompting the resolution professional to obtain a direction from the…

The appellant, a promoter of M/s Siva Industries, sought withdrawal of a Corporate Insolvency Resolution Process (CIRP) that had been initiated against the corporate debtor after the Committee of Creditors (CoC) approved a settlement plan with 94.23% voting share. The Resolution Professional filed an application under …

The Supreme Court examined a batch of appeals challenging the National Company Law Appellate Tribunal's (NCLAT) order that set aside the approval of a resolution plan for Appu Hotels Ltd. The Court held that the resolution applicant, M.K. Rajagopalan, was ineligible to submit a plan because he was the managing trustee …

The appellant, a real‑estate developer, was penalised by the National Consumer Disputes Redressal Commission (NCDRC) with 27 penalties under Section 27 of the Consumer Protection Act for failing to deliver possession of residential units. While insolvency proceedings were initiated against the appellant under Section 9…

The appellant, promoter of Jasmine Buildmart Pvt. Ltd., failed to complete the Krrish Provence housing project after eight years, prompting three home‑buyers (original applicants) to file a Section 7 application before the NCLT seeking initiation of a corporate insolvency resolution process (CIRP) and a refund of Rs 6.…

The appellant, a former employee of Aruna Hotels Ltd., claimed arrears of salary of Rs 1.87 crore for the period 1998‑2013 and filed a Section 9 application under the Insolvency and Bankruptcy Code (IBC) on 21 July 2017. The company contended that the claim was time‑barred. The National Company Law Tribunal (NCLT) admi…

L&T Infrastructure Finance advanced a Rs 40 crore loan to Doshion Ltd., with Doshion Veolia Water Solutions Pvt Ltd (the corporate debtor) providing a non‑disposal undertaking and pledging 40,160 shares of Gondwana Engineers Ltd as security. L&T assigned its rights to Phoenix ARC Pvt Ltd, which claimed to be a financia…

DBS Bank Limited Singapore extended a USD 50 million loan to Ruchi Soya Industries Limited, secured by first charges over immovable assets. A resolution plan was approved by the Committee of Creditors with 96.95% support, but DBS dissented, receiving a pro‑rata distribution that was lower than the liquidation value of …

Bharti Airtel Ltd. and Bharti Hexacom Ltd. entered into spectrum trading agreements with Aircel Ltd. and Dishnet Wireless Ltd., which later led to disputes over bank guarantees and payments. When Aircel entered the Corporate Insolvency Resolution Process (CIRP), Airtel claimed a right to set‑off Rs. 112.87 crore agains…

The appellant claimed a default of Rs 6.7 crore against the respondent, which was declared a non‑performing asset in 1999 and a recovery certificate was issued in 2001. A petition under Section 7 of the Insolvency and Bankruptcy Code was filed in 2017, and the NCLT admitted it on the ground that the default was continu…

The appellant, a suspended director of Essel Infraprojects Ltd., was a corporate guarantor for a loan taken by Pan India Utilities Distribution Company Ltd. from Jammu and Kashmir Bank. The bank filed a Section 7 insolvency petition before the NCLT, which was admitted, and the appellant's appeal before the NCLAT was di…

The petitioners, representing workmen of Moser Baer Karamchari, challenged the constitutional validity of Section 327(7) of the Companies Act, 2013 and the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC), alleging violation of Articles 14 and 21 of the Constitution. The Court examined t…

The petitioners, led by Dharani Sugars and Chemicals Ltd., challenged the constitutional validity of the Banking Regulation (Amendment) Act, 2017 which introduced sections 35AA and 35AB, and contended that the RBI circular of 12‑02‑2018 directing banks and NBFCs to resolve stressed assets within six months was ultra vi…

The Supreme Court examined appeals against a Karnataka High Court order that had stayed the Corporate Insolvency Resolution Process (CIRP) for Associate Decor Ltd, where Mohammed Enterprises (Tanzania) Ltd's resolution plan had been approved by the Committee of Creditors (CoC) on 11 February 2020. The petitioners argue…

The Committee of Creditors (COC) of Amtek Auto Ltd. appealed against the liquidation of the corporate debtor, seeking implementation of a resolution plan approved in July 2020 by Deccan Value Investor (DVI). The Supreme Court examined whether the time limits prescribed under Section 12 of the Insolvency and Bankruptcy …

M/s. Jai Balaji Industries (operational creditor) entered into MOUs with Orissa Minerals Development Company Ltd for iron ore supply, leading to arbitration awards in its favour. The corporate debtor challenged the awards under the Arbitration and Conciliation Act, 1996; the challenges were dismissed in default on 22.1…

The Supreme Court considered the Union of India's demand that telecom service providers (TSPs) pay Adjusted Gross Revenue (AGR) dues as determined in earlier judgments, while several TSPs were under insolvency proceedings. The Court examined whether spectrum, a natural resource licensed under the Indian Telegraph Act, …

The Supreme Court examined an appeal by Asset Reconstruction Company (India) Ltd., a financial creditor, against a NCLAT order that held a Section 7(2) IBC application against V. Hotels Ltd. was time‑barred. The Court clarified that the Limitation Act, 1963 applies to IBC applications and that the three‑year limitation…

The liquidator of a corporate debtor filed an appeal under Section 62 of the Insolvency and Bankruptcy Code (IBC) after the 45‑day filing period but within the 60‑day grace period, and the appeal was marked defective. The liquidator failed to cure the defects within the 28‑day period prescribed by the Supreme Court Rul…

The appellants filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) in June 2021, which the National Company Law Tribunal (NCLT) dismissed on 26 August 2022. They applied for a certified copy of the order, received it on 15 September 2022, and e‑filed an appeal before the National Company Law Ap…

The appellant company failed to honour multiple cheques, leading the respondent to issue statutory notices under Sections 138 and 141 of the Negotiable Instruments Act and file criminal complaints. While the corporate debtor was placed under a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), the…

Kridhan Infrastructure Pvt Ltd (now Krish Steel) submitted a resolution plan for Tecpro Systems Ltd, which was approved by the Committee of Creditors and the NCLT. The appellant deposited Rs 5 crore in escrow but failed to meet further obligations, leading the CoC to vote for liquidation, which was approved by the NCLT…

A. Navinchandra Steels Private Limited, an operational creditor, challenged the admission of a Section 7 petition filed by SREI Equipment Finance Limited before the NCLT, arguing that a winding‑up petition against the same debtor was already pending in the Bombay High Court and that the Companies Act provisions should …

The Supreme Court examined whether Spade Financial Services Ltd. and AAA Landmark Pvt. Ltd. could be treated as financial creditors of AKME Projects Ltd. during its corporate insolvency resolution process. It held that the transactions between the corporate debtor and the two entities were collusive, lacking genuine di…