National Company Law Tribunal Rules, 2016

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 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…

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…

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 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 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 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 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…

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 appellants, who claimed to have purchased 94.8% of the equity shares of M/s. Lexus Technologies Pvt. Ltd., filed a company petition before the NCLT seeking rectification of the Register of Members under Sections 59 and 88 of the Companies Act, 2013 and relief for oppression, mismanagement and fraud. The NCLT, and s…

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 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 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.…