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FTI Consulting India Pvt. Ltd. Vs MGF Developments Ltd. (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT), Delhi, considered an appeal challenging the order dated 31.10.2025 passed by the National Company Law Tribunal (NCLT), New Delhi, which had rejected a Section 9 application filed by the appellant seeking initiation of the Corporate Insolvency Resolution […]
The appellate authority held that RTI applies only to existing records. Authorities cannot be compelled to generate Action Taken Reports, analyses, or explanations not maintained in official records.
The appellate authority clarified that under the RTI framework, public authorities are only required to provide information already available on record and cannot be compelled to create or interpret data for applicants.
The Tribunal admitted the voluntary insolvency application after examining financial statements, bank records, and other documents showing continuing default. It held that the application was complete and complied with Section 10 of the Insolvency and Bankruptcy Code.
NCLT Mumbai admitted a Section 10 application after finding the company had defaulted on over ₹65 crore in financial and operational debt and was unable to repay its liabilities.
NCLT Chandigarh held that successive written acknowledgments by the borrower extended the limitation period under Section 18 of the Limitation Act. The tribunal admitted the Section 7 IBC petition as it was filed within the extended limitation period.
Liquidator, in discharge of duties under Section 35, was entitled to take custody and control of the assets of the Corporate Debtor forming part of the liquidation estate and recover outstanding dues.
The appellate authority allowed disclosure of internal file notings but refused to release documents submitted by valuers, holding them exempt under Section 8(1)(d) of the RTI Act due to commercial confidentiality.
The Tribunal admitted the insolvency petition after determining that the borrower failed to repay outstanding dues despite recall notice and partial payment. A moratorium under Section 14 of the IBC was declared.
SC held that creditors may initiate insolvency proceedings against both principal debtor and corporate guarantor simultaneously. Ruling confirms that co-extensive liability permits parallel CIRP under IBC.
