Tag
Insolvency and Bankruptcy Code
13 articles
Several Indian companies are currently navigating insolvency proceedings, as detailed in recent NCLT and NCLAT rulings. Gensol EV Lease, Kartik Babulal Jain, and Munnidevi Jain are all facing ongoing insolvency applications, with hearings adjourned to June 2026. Additionally, Bandaram Pharma Packtech's proceedings have been transferred to the Bengaluru Bench, while C&C Constructions reported significant FY26 losses amid its acquisition and ongoing liquidation transition. These developments, alongside cases involving Bihar Sponge Iron, Rajeswari Infrastructure, and Rajalakshmy Packaging, highlight the continued activity within India's insolvency and bankruptcy framework.
Suryachakra Power Q1 Reports Zero Revenue
Board approved Q1 FY25 financial results showing zero revenue and ₹3.83 lakh net loss.
Company remains under NCLT liquidation with ongoing takeover process by Indo Aquatics Limited.
Auditors issued mo
NCLT Ahmedabad Reserves Order in Gayatri Engimech Insolvency Petition
NCLT Ahmedabad bench reserves order in Section 7 IBC insolvency petition filed by Gayatri Engimech.
Case involves corporate debtor Specifec Glass Mosaic India Limited as respondent.
Both parties repre
Avani Towers Seeks Intervention in Energy Properties Insolvency
NCLT allows Avani Towers' intervention application to be impleaded in IA No. 90/2025 concerning Energy Properties' CIRP.
Avani holds 99.97% of EPPL's debt and alleges serious accusations of fraud agai
IREDA vs Gensol EV Lease NCLT Insolvency Proceeding Update
NCLT Ahmedabad hears Section 7 IBC insolvency application filed by Indian Renewable Energy Development Agency against Gensol EV Lease Limited.
Committee of Creditors presented a counteroffer to the co
NCLT Adjourns UCO Bank Insolvency Proceeding to June
NCLT Ahmedabad adjourns UCO Bank's Section 95 IBC insolvency proceeding against Kartik Babulal Jain and PG Surat Super Yarn Park Limited to June 19, 2026.
The matter involves a report under Section 99
Omkara ARC NCLT Adjournment for Arguments
• NCLT Ahmedabad adjourned Omkara ARC's insolvency proceeding against Munnidevi Jain to June 1, 2026 for arguments.
• Omkara ARC's legal head appeared but failed to submit an explanation for prior pro
Omkara ARC NCLT Adjournment for Arguments
NCLT Ahmedabad lists Omkara ARC's insolvency application for arguments on 01/06/2026 after procedural delays.
Omkara ARC's Legal Head and new counsel appeared but failed to submit required explanation
Bandaram Pharma Packtech NCLT Transfer to Bengaluru
NCLT orders transfer of Bandaram Pharma Packtech's insolvency proceedings from Hyderabad to Bengaluru Bench.
Transfer granted due to change in registered office location to Bengaluru post-resolution p
C&C Constructions Posts FY26 Loss Amid Liquidation Transition
C&C Constructions reported audited standalone and consolidated net losses of ₹287.93 crore and ₹287.98 crore respectively for FY26, following its acquisition out of liquidation.
The company was acquir
State Bank of India vs Govind Todi Insolvency Adjournment
NCLT adjourns State Bank of India's insolvency application against Govind Prasad Todi to June 2026.
Case IB/626/ND/2021 involves Section 95(1) of the Insolvency and Bankruptcy Code, 2016.
Hearing was
NCLT Adjourns Anand Infoedge Insolvency Hearing
NCLT adjourned an insolvency hearing for Anand Infoedge Pvt. Ltd. to 05.05.2026.
The matter involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Counsel for the petitioner,
Bihar Sponge Receives ₹1.98 Cr Insolvency Demand Notice
Bihar Sponge Iron received a demand notice for ₹1.98 crore operational debt from Gohil Enterprises under IBC 2016.
The company has not acknowledged or admitted the claim and is reviewing legal steps t
Rajeswari Infrastructure Auditor Issues Disclaimer Opinion
Auditor issues disclaimer of opinion on Rajeswari's FY25 results due to inability to obtain sufficient audit evidence across multiple areas.
Company concluded CIRP with NCLT approving Mr. Guruswamy Ra