The NCLT Bengaluru admitted the CIRP application after finding that the corporate debtor had expressly acknowledged the operational debt and default. It held that financial hardship did not defeat admission under the IBC.
The NCLT Chennai directed meetings of shareholders and unsecured creditors to consider a composite scheme involving demerger and amalgamation. The order lays down the process for stakeholder approval under Sections 230–232 of the Companies Act.
The NCLT Chennai waived equity shareholder meetings after both shareholders of the transferor and transferee companies consented to the amalgamation through affidavits. It directed meetings only for unsecured creditors.
NCLT Guwahati restored the company’s name after finding that it continued to own immovable property and had contemporaneous records showing business operations before its strike-off. The Tribunal held that these facts justified restoration under Section 252(3), while directing compliance with all pending statutory requirements.
The NCLT Bengaluru permitted amendment of the date of default in a Section 9 petition after holding that the change merely aligned the pleadings with the existing factual foundation. It ruled that the amendment did not introduce a new cause of action.
NCLT Chennai permitted revision of the company’s FY 2019-20 financial statements after finding that the Inter Corporate Deposit, interest income, and cash flow entries were inadvertently misclassified. The Tribunal held that the corrections were necessary to present a true and fair view under Section 129 and satisfied the requirements of Section 131 of the Companies Act.
The NCLT Chennai admitted a Section 9 insolvency petition after holding that the corporate debtor failed to establish a genuine pre-existing dispute. It found that the objections regarding quality and adjustments were unsupported by contemporaneous evidence.
The NCLT held that any registered member can seek restoration of a struck-off company under Section 252(3), irrespective of the extent of shareholding. It directed restoration after finding the application maintainable and within limitation.
NCLT Mumbai allowed the first motion application for the merger after noting the secured creditors’ consent and dispensed with their meetings. It directed meetings of equity shareholders and unsecured creditors before further consideration of the Scheme.
NCLT Chandigarh held that failure to hand over possession of plots or refund the amounts received from allottees constituted default under the IBC. It admitted the developer into CIRP after finding financial debt and default.
