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The Tribunal initiated CIRP under Section 7 after finding undisputed debt exceeding ₹10.91 crore and admission of insolvency by the Corporate Debtor.
ICSI has urged the government to set up an NCLT Bench in Pune citing 30,600 pending cases and prolonged insolvency timelines. The move aims to ease pressure on Mumbai and ensure faster dispute resolution.
With insolvency cases taking up to 853 days against the 330-day mandate, concerns over NCLT backlog have intensified. A new bench at Patna is proposed to reduce pendency and improve time-bound corporate resolution.
Jacob P P Vs Alka Ventures Pvt Ltd (NCLT Kochi) Homebuyers in the SKYWINGS Township Project filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process (CIRP), moratorium, and appointment of an Interim Resolution Professional (IRP) against the corporate debtor. The petitioners represented 98 allottees […]
The Tribunal examined allegations of oppression and mismanagement and found no supporting material. The petition was dismissed in limine, reaffirming that mere assertions without substantiation cannot sustain such proceedings.
NCLT Indore held that Superintendent of CGST is guilty of contempt for non-complying with the direction issued by Adjudicating Authority to refund the amount to Corporate debtor that was recovered during moratorium.
The Tribunal held that amounts forfeited due to failure to implement the resolution plan cannot be treated as CIRP costs. Supreme Court directions on forfeiture and encashment were binding and decisive.
NCLT Mumbai held that the Corporate Debtor [Damara Gold Private Limited] has committed a default in repaying the financial debt to the Financial Creditor [M/s. Punjab National Bank]. Accordingly, application u/s. 7 of IBC for initiation of CIRP admitted.
NCLT Allahabad held that financial creditor duly established existence of financial debt and default thereon on the part of the Corporate Debtor i.e. Bhagwati Rice Mills Pvt. Ltd. hence application filed u/s. 7 for initiation of Corporate Insolvency Resolution Process admitted.
NCLT Mumbai held that resolution plan for Latakisan Construction P. Ltd. as submitted by Successful Resolution Applicant stands approved as approved by 100% Committee of Creditors. Accordingly, resolution plan is allowed.
