Special Situations & Event Driven › Sub-category
Insolvency / Bankruptcy
52 articles
The Indian insolvency landscape remains active, with numerous appeals and proceedings ongoing before the National Company Law Appellate Tribunal (NCLAT). Cases span a range of sectors, including distilleries, real estate, and manufacturing, reflecting broader economic challenges and corporate restructurings. Recent developments include adjournments in appeals related to Innovative Studios, Empee Distilleries, and Maximaa Systems, alongside proceedings involving Canara Bank and BHEL. Additionally, NCLAT has stayed an auction of personal guarantors' assets and is addressing disputes concerning share ownership and resolution plans, highlighting the complexities and protracted timelines often associated with insolvency resolution processes. These ongoing proceedings underscore the continued need for careful legal navigation and risk assessment within the Indian corporate sector.
NCLAT Adjourns Innovative Studios Liquidation Appeals
NCLAT Chennai adjourns two company appeals related to the liquidation of Innovative Studios Pvt. Ltd.
The appeals were listed for a hearing on 17th August 2026 but were postponed to 8th September 2026
NCLAT Chennai Adjourns Empee Distilleries Share Ownership Appeals
NCLAT Chennai hears interconnected appeals concerning ownership of 87% pledged shares in Appollo Distilleries & Breweries Pvt Ltd.
Appeals challenge CIRP admission of Appollo Distilleries and dismissa
NCLAT Adjourns Income Tax vs Maximaa Systems Appeal
NCLAT adjourns hearing for Income Tax Department's appeal against Maximaa Systems Ltd.'s resolution professional to September 30, 2026.
The appeal involves a dispute between the tax authority and the
Canara Bank Appeals Against Personal Guarantors
Canara Bank files three appeals at NCLAT against personal guarantors of Integrated Caps Pvt. Ltd.
Appeals target Surya Kant Kaipuria, Biren Sabhrawal, and Bubbles Sabhrawal as personal guarantors.
NCL
NCLAT Lists BHEL Insolvency Appeals for Hearing
NCLAT lists two insolvency appeals involving Bharat Heavy Electricals Ltd for hearing on 18 August 2026.
Appeal 500 involves Avil Menezes as liquidator of Sunil Hitech Engineers Ltd versus an unnamed
Vijaya Malhotra vs Hotel Horizon RP Adjournment
NCLAT adjourns insolvency appeal Comp. App. (AT) (Ins) No. 667 of 2026 to September 18, 2026.
Appellant Mrs. Vijaya Malhotra challenges Resolution Professional Pravin R Navandar of Hotel Horizon Pvt.
NCLAT Stays Tamilnad Mercantile Bank Guarantor Auction
NCLAT stays auction of personal guarantors' assets scheduled for August 20, 2026, conditional on Rs 5 crore payment by August 18.
Appellants have repaid Rs 1 crore and promise additional Rs 5 crore ag
NCLAT Adjourns Empee Distilleries Share Ownership Appeals
NCLAT Chennai adjourns hearing for four interconnected appeals concerning ownership of Appollo Distilleries shares pledged by Empee Distilleries.
Appeals challenge orders related to CIRP of both Empee
TV Vision Q1 FY27 Net Loss ₹362.35 Lakhs Under CIRP
TV Vision Limited reports unaudited standalone net loss of ₹362.35 lakhs for Q1 FY27 amid Corporate Insolvency Resolution Process (CIRP) initiated by NCLT.
Auditors issue qualified review report citin
Rajasthan Tube Q1 Net Loss ₹6.49 Lakh
Rajasthan Tube Manufacturing reported a standalone net loss of ₹6.49 lakh for Q1 June 2026, compared to a profit of ₹1.81 lakh in the year-ago quarter.
Bharat Road Network Limited reported a massive c
Multiple Companies Q1 FY27 Financial Results Disclosures
Arihant Foundations reported Q1 standalone net profit of ₹2.99 crore on income of ₹47.91 lakh, with EPS of ₹2.78.
Tamilnadu Telecommunications disclosed Q1 standalone net loss of ₹3.41 crore with nega
Maxgrow India Submits Omitted Q1 FY27 Financial Results
Maxgrow India submitted previously omitted consolidated financial results for Q1 June 2026 due to inadvertent oversight from lacking a Company Secretary.
Standalone results show minimal profit of ₹0.2
Black Rose Industries FY26 Results: Dividend, Subsidiary Closure
Black Rose Industries reported FY26 consolidated PAT of ₹224.24 crore and revenue of ₹3,230.14 crore, declaring a final dividend of ₹1.25 per share.
The company achieved record acrylamide volumes and
SEBI Auctions Royal Twinkle Star Properties
SEBI announces e-auction of properties belonging to Royal Twinkle Star Club and Citrus Check Inns per Supreme Court order.
Four properties with total reserve price of ₹11.79 crore include Pune, Chiplu
Parsvnath Developers NCLAT Appeal Hearing Scheduled
NCLAT lists insolvency appeal involving Parsvnath Developers Ltd for hearing on August 20, 2026.
Appeal filed by Rajeev Dhawan against Interim Resolution Professional Manoj Kumar Anand.
Tribunal bench
NCLAT Adjourns Garden Court Distilleries Appeals
NCLAT adjourned two interconnected appeals involving State Bank of India and Garden Court Distilleries to August 13, 2026.
The appeals relate to insolvency proceedings with State Bank of India as appe
Winsome Yarns NCLT Resolution Plan Delays Q1 Results
Winsome Yarns discloses delay in Q1 FY2027 results due to NCLT-approved resolution plan under IBC.
Company cites Regulation 33(3) proviso allowing 90-day filing extension post-resolution plan approval
NCLAT Postpones Xrbia Insolvency Appeal to September
NCLAT postpones hearing for appeal filed by erstwhile Resolution Professional of Xrbia North Hinjewadi Developers.
Appeal involves dispute between Sanjay Vijay Jeswani and Asset Reconstruction Company
NCLAT Adjourns Ashiana Ispat Director Appeal
NCLAT Principal Bench adjourned an insolvency appeal filed by Naresh Chand, suspended director of Ashiana Ispat Pvt Ltd.
The appeal, listed for hearing on August 13, 2026, was deferred due to the Benc
Rajesh Bansal NCLAT CIRP Stay Plea Hearing
Appellants seek NCLAT order to restrain Resolution Professional from issuing Form G and proceeding with CIRP.
Delhi High Court had earlier directed appellant to pay ₹3.80 Crores to Axis Bank in 3 inst
NCLAT Stays Axis Bank Insolvency Against Rajesh Bansal
NCLAT orders Rajesh Bansal to deposit Rs 4.46 crore with tribunal registrar via FDR to show settlement bona fides.
Tribunal directs Resolution Professional to withhold Form-G issuance until next heari
Pramod Goel Appeals NCLAT Against Surya Foundry Insolvency
Pramod Kumar Goel appeals NCLAT order initiating insolvency against him as a corporate guarantor for Surya Foundry.
Appellant claims corporate guarantees from 2016 and its extension are fraudulent and
NCLAT Rejects Kumud Jain's Interim Stay Against Kotak
NCLAT rejects interim stay application by Kumud Jain against Kotak Mahindra Bank's CIRP initiation order.
Appellant argued CIRP was based on time-barred debt and improper pleading of OTS agreement in
NCLAT Lists IndusInd Bank vs Yes Bank Appeal
NCLAT lists IndusInd Bank's appeal against NCLT order admitting Ideal Real Estate to CIRP.
Appeal disputes inclusion of two projects where IndusInd holds exclusive charge in CIRP.
Case adjourned to Se
MBL Infrastructure Corporate Presentation FY26
MBL Infrastructure Ltd. provides a corporate overview highlighting its civil engineering projects in roads, buildings, and urban infrastructure.
The company's Resolution Plan under IBC was implemented
RCOM DoT Invokes ₹802 Crore Spectrum Bank Guarantees
DoT invoked financial bank guarantees worth ₹801.91 crore due to RCOM's alleged default on deferred spectrum payments.
The invocation covers guarantees from Yes Bank, Punjab National Bank, Canara Bank
Maxgrow India Auditor Resigns, Approves Q1 FY27 Results
Maxgrow India's Board approved Q1 June 2026 standalone and consolidated unaudited financial results.
Statutory auditor R.B. Jain & Associates resigned effective August 14, 2026, citing preoccupation w
SVP Global Textiles Q1 Net Loss ₹511.59 Crore
SVP Global Textiles reported a consolidated net loss of ₹511.59 crore for Q1 FY27, with zero revenue from operations.
The company appointed Mrs. Aradhana Nayak as an Independent Director, subject to s
Aksh Optifibre Q1 Net Profit Rs 537.74 Lakhs
Aksh Optifibre reported unaudited standalone net profit of Rs 537.74 lakhs for Q1 June 2026, a significant improvement from Rs 33.83 lakhs in Q4 March 2026.
The company is undergoing Corporate Insolve
NCLAT Adjourns Vipul Ltd Insolvency Appeals for Settlement
NCLAT adjourns two insolvency appeals against Vipul Ltd to allow parties time to negotiate a settlement.
Appellants Augment Finvest and Surya Dealtrade are financial creditors seeking recovery from Vi
NCLAT Adjourns Isolux Corsan Liquidator Appeal
NCLAT adjourns hearing for Comp. App. (AT) (Ins) No. 101 of 2024 to August 11, 2026.
Appeal filed by liquidator of Isolux Corsan India Engineering against State Tax Officer.
No substantive proceedings
NCLAT Adjourns Howrah Mills JM Financial ARC Appeals
NCLAT adjourned three interconnected appeals involving Howrah Mills Company Ltd. and JM Financial ARC until August 18, 2026.
The appeals involve a financial creditor (JM Financial ARC), operational cr
Reliance Infrastructure Auditor Disclaims Q1 FY27 Opinion
Auditors disclaimed opinion on Reliance Infra's Q1 FY27 results due to inability to assess recovery of ₹4,705.74 crore economic rights and multiple regulatory proceedings.
Consolidated net profit stoo
Hotel Horizon Insolvency Appeal Adjourned to August 13
NCLAT adjourns Hotel Horizon Pvt Ltd insolvency appeal hearing to August 13 after partial rebuttal submissions.
The appeal involves suspended director Vishal Sharma versus a consortium including Obero
NCLAT Adjourns Hotel Horizon Insolvency Appeal
NCLAT adjourned an insolvency appeal filed by Hotel Horizon's suspended director to a future date.
The appeal is against a consortium including Oberoi Realty and JM Financial Properties.
The matter wa
NCLAT Continues Interim Order in Jet Airways Appeal
NCLAT schedules Mack Star Marketing's appeal against Jet Airways liquidator for hearing on September 2, 2026.
The appellate tribunal orders the continuation of an existing interim order until the next
NCLAT Adjourns Jet Airways Liquidation Appeals to September
NCLAT adjourns three appeals by Delhi and Mumbai International Airports against Jet Airways liquidator to September 21, 2026.
The appeals challenge actions or decisions related to the liquidation proc
Incred Financial Withdraws NCLAT Insolvency Appeals
Incred Financial Service Ltd. withdrew two insolvency appeals against Resonance Eduventures Ltd. at NCLAT.
The withdrawal was unconditional as the appellant had assigned the underlying debt to an asse
NCLAT Adjourns SBI vs Garden Court Distilleries Appeals
NCLAT Principal Bench adjourns two interconnected insolvency appeals to next hearing date.
Appeals involve State Bank of India and Garden Court Distilleries Pvt. Ltd. with liquidator representation.
M
NCLAT Adjourns Shree Ram Urban Insolvency Appeals
NCLAT Principal Bench adjourns multiple interconnected appeals and contempt cases related to Shree Ram Urban Infrastructures Ltd's insolvency to September 21, 2026.
Cases involve Resolution Profession
SEBI Dismisses PACL Investor RTI Appeal on Refund Status
SEBI Appellate Authority dismisses RTI appeal seeking PACL India refund status for three investor accounts.
Authority upholds CPIO response that refund information is not held by SEBI but by Justice L
ED Appeals NCLAT Order in Kute Sons Insolvency
Directorate of Enforcement files appeal against Resolution Professional Aegis Services in Kute Sons Dairy insolvency case.
NCLAT Principal Bench lists the appeal for next hearing on September 1, 2026.
NCLAT Adjourns Grey's Exim Insolvency Appeals to August 24
NCLAT Principal Bench adjourns two interconnected insolvency appeals filed by Mehul Sedani, the Successful Resolution Applicant for Grey's Exim Pvt. Ltd.
The appeals are listed for the next hearing on
Talwalkars Fitness Q1 FY27 Net Loss ₹2.96 Lakh
Talwalkars Fitness reports Q1 FY27 unaudited standalone net loss of ₹2.96 lakh with zero revenue from operations.
Company operates under NCLT relief order with pre-transfer liabilities extinguished, b
ICSA India Q1 Results Show Zero Revenue Post-Liquidation
ICSA India reports zero revenue and profit for Q1 FY27 following its liquidation process completion in 2023.
Company sold assets including land for ₹900 lakhs and a car for ₹3.05 lakhs during liquidat
Lasa Supergenerics Q1 FY27 Net Loss ₹357.87 Lakh
Lasa Supergenerics reported a standalone net loss of ₹357.87 lakh for Q1 FY27, with operations completely halted since a May 2025 factory fire.
The company faces severe operational disruption, unable
NCLAT Directs Swift Resolution Plan Hearing for Syska LED
NCLAT disposes appeal against NCLT order excluding Gurumukh Uttamchandani's resolution plan for Syska LED Lights.
Tribunal directs NCLT Mumbai to decide exclusion application IA No.3015/2026 within 7
NCLAT Stays Corporate Debtor's 80,400 Sq Mtr Land Possession
NCLAT issues notice and grants interim stay on possession of 80,400 sq mtrs land linked to a Corporate Debtor's insolvency resolution plan.
Appellants challenge an order allowing the Monitoring Commit
Bloom Dekor Q1 FY27 Net Loss ₹35.38 Lakh
Bloom Dekor reported a standalone net loss of ₹35.38 lakh for Q1 FY27, with revenue from operations at ₹87.92 lakh.
The company's net worth remains negative at ₹1,465.01 lakh, raising material uncerta
Modison Q1 FY27 Net Profit at ₹3.38 Crore
Modison Limited reported standalone Q1 FY27 net profit of ₹3.38 crore on total income of ₹27.31 crore.
The company incurred an exceptional loss of ₹27.70 lakh from silver hedging and forex mark-to-mar
Colinz Laboratories Open Offer for 26% at ₹54/share
Saffron Capital issued a reminder advertisement for an open offer by Annjana Dugar, Likhitta Dugar, and Antariksh Dugar with PAC Padam Dugar to acquire 654,966 shares (26%) of Colinz Laboratories at ₹
Radha Madhav Promoter Allotment 1.12 Cr Shares
• Radha Madhav Corp discloses promoter allotment of 1.12 crore shares under SEBI Takeover Regulations.
• Plug & Play Retail and Vijay Patel's holding increases to 69.30% post-allotment from 94.91% pre