Tag
Insolvency
86 articles
The Indian insolvency landscape remains active, with numerous appeals and proceedings ongoing before the National Company Law Appellate Tribunal (NCLAT) and High Courts. Recent developments highlight a focus on procedural delays and disputes over asset ownership within insolvency resolution processes. Cases involving Vatika Limited, Furnace Fabrica, and Vikram Structures illustrate ongoing challenges related to timelines, shareholder actions, and property disputes. Simultaneously, courts are addressing issues like GST demands and secured asset possession, underscoring the complex legal and financial considerations inherent in corporate insolvency. These ongoing proceedings suggest continued scrutiny and potential for further judicial interpretation of the Insolvency and Bankruptcy Code, impacting the efficiency of debt recovery and restructuring efforts.
Supreme Court Dismisses Vatika Appeal as Time-Barred
Supreme Court of India dismissed the appeal filed by Kamal Kishan Sharma & ors against M/s. Vatika Limited as time‑barred.
The appeal was delayed 52 days beyond the filing deadline, prompting dismissa
NCLAT Lists Furnace Fabrica Insolvency Appeals for December
NCLAT Chennai lists three interconnected insolvency appeals for Furnace Fabrica (India) Ltd for hearing on December 16, 2026.
The appeals involve shareholders and FF International Ltd challenging acti
NCLAT Directs Hearing on Axiomata Elevators Property Attachment
NCLAT disposes appeal by siblings challenging their impleadment in liquidation attachment proceedings.
Appellants claim property belongs to deceased father's estate and was partitioned excluding suspe
Bank of India Tirupur Surya Textiles Liquidation Appeal Adjourned
NCLAT Chennai lists Bank of India's appeal against Tirupur Surya Textiles liquidator for hearing on 21 December 2026.
The appeal challenges actions or decisions of the liquidator, CA GV Ravikumar, in
NCLAT Adjourns Canara Bank Insolvency Appeals Hearing
NCLAT Chennai adjourns three interconnected insolvency appeals against Canara Bank to October 6, 2026.
The Tribunal grants respondents 30 minutes for arguments and extends interim relief until next he
NCLAT Adjourns Canara Bank Insolvency Appeals Hearing
NCLAT Chennai adjourns three interconnected insolvency appeals against Canara Bank to October 6, 2026.
The Tribunal grants respondents 30 minutes for arguments and extends interim relief until next he
NCLAT Adjourns Santhosh Hospitals Liquidation Appeal
NCLAT Chennai adjourns IA No. 715/2021 to November 30, 2026, due to an ongoing Supreme Court stay order.
The appeal involves Dr. P. Mahalingam versus the liquidator and others of Santhosh Hospitals Pv
NCLAT Orders Vikram Structures Liquidator Affidavit on Property Dispute
NCLAT Chennai directs liquidator Surender Devasani to file affidavit detailing property sale particulars in Vikram Structures liquidation.
Appellant Manish Kapoor claims purchase of commercial space a
NCLAT Orders Vikram Structures Liquidator Affidavit on Property Dispute
NCLAT Chennai directs liquidator Surender Devasani to file affidavit detailing property sale particulars in Vikram Structures liquidation.
Appellant Manish Kapoor claims purchase of commercial space a
Bindawala Banijya Ltd NCLAT Remands ₹21.91 Crore Plan
NCLAT sets aside NCLT order and remands case back for reconsideration of resolution plan implementation.
Appellant successful resolution applicant challenged NCLT order delaying implementation recordi
NCLAT Chennai Admits Tata Capital Appeal with 4-Day Delay
NCLAT Chennai condones a 4-day delay in filing an appeal by Ramachandran Radhakrishnan against Tata Capital Ltd.
The Appellate Tribunal issues notice to the respondents, Tata Capital Ltd. and another
Kalyani Steels NCLAT Appeal Adjourned to December
NCLAT Chennai adjourns Kalyani Steels Ltd's appeal against Southern Power Distribution Company of TG Ltd to 7 December 2026.
The appeal concerns insolvency proceedings, with only the appellant's couns
SREI Equipment Finance GST Demand Rs 1.85 Cr Quashed
The Calcutta High Court quashed a GST demand of Rs 1.85 crore plus penalty for FY 2021‑22 against SREI Equipment Finance Ltd.
The court held the claim extinguished by the approved insolvency resolutio
PNB Housing Finance Secured Asset Possession Order
The Bombay High Court disposed of three writ petitions filed by PNB Housing Finance Ltd against the State of Maharashtra.
The court confirmed that the petitioner has taken physical possession of the s
NCLAT Lists Telangana Trade Corp Appeal
NCLAT Chennai lists appeal filed by Telangana State Trade Promotion Corporation against AP Gems & Jewellery Park.
Case scheduled for next hearing on November 4, 2026.
Appeal challenges previous order
IOB DRT Order Not Quashed by HC
The High Court of Jharkhand dismissed Rajan Kumar Gupta's writ seeking to quash the DRT Ranchi order dated 31‑08‑2022.
The petition alleged the DRT order was ex‑parte and violated natural justice due
PNB Housing Finance Secured Asset Possession Order
The Bombay High Court disposed of three writ petitions filed by PNB Housing Finance Ltd against the State of Maharashtra.
The court confirmed that the petitioner has taken physical possession of the s
NCLAT Adjourns SBI Insolvency Appeals Hearing
NCLAT Chennai adjourns hearing for two insolvency appeals filed against State Bank of India to October 7, 2026.
Appellants Debashis Bose and Pragya Jhunjhunwala are challenging actions by SBI and its
Commercial Ahmedabad Mills Claim Rs 1.08L Paid
Court ordered Official Liquidator to verify and pay applicant's claim of Rs 1,07,715 after Chartered Accountant verification.
Verification report by M/s Amal Datta & Associates LLP assessed the claim
Commercial Ahmedabad Mills Claim Rs 1.08L Paid
Court ordered Official Liquidator to verify and pay applicant's claim of Rs 1,07,715 after Chartered Accountant verification.
Verification report by M/s Amal Datta & Associates LLP assessed the claim
NCLAT Extends Solar Semiconductor Interim Order
NCLAT Chennai extends an interim order from September 2025 until the next hearing date in December 2026 for two connected insolvency appeals.
The appeals involve Pradeep Kumar Sekar and Sri Nandi Buil
Madhucon Infra NCLAT Appeal Adjourned to November
NCLAT Chennai adjourns Madhucon Infra Ltd's appeal against State Bank of India to 27 November 2026.
The appeal concerns insolvency proceedings, with the appellant represented by Advocate KVS Madhumita
NCLAT Adjourns Baron Infotech Insolvency Appeal
NCLAT Chennai adjourns hearing for Company Appeal No. 516/2026 to October 1, 2026.
Appeal involves Vivek Kumar Ratakonda, Resolution Applicant of Baron Infotech Ltd.
Case is against Resolution Profess
NCLAT Lists Mainfield Sports Appeal for October Hearing
NCLAT Principal Bench lists Company Appeal (AT) (Ins.) No. 1864 of 2026 for hearing on 08.10.2026.
Appeal involves Mainfield Sports Private Limited as appellant versus Mohit Chawla & Ors. as responden
NCLAT Lists Concept Eduventures Insolvency Appeals
NCLAT Principal Bench lists two connected insolvency appeals filed by Kamal Agarwal, Monitoring Professional for Concept Eduventures Pvt. Ltd.
The appeals (Comp. App. (AT) (Ins) No. 1680 & 1703 of 202
NCLAT Adjourns Chemical Suppliers vs Yansefu Appeal
NCLAT Principal Bench adjourns Company Appeal (AT) (Insolvency) No. 1450 of 2024 due to paucity of time.
The appeal involves Chemical Suppliers India Pvt. Ltd. as appellant versus Yansefu Inks and Coa
NCLAT Adjourns Isolux Corsan India Appeal to November 2026
NCLAT Principal Bench adjourns Insolvency Appeal No. 314 of 2024 filed by Isolux Corsan India against South East U.P. Power Transmission Company.
The matter was listed for hearing on September 30, 202
NCLAT Adjourns Tayo Rolls Insolvency Appeals
NCLAT adjourned multiple appeals related to Tayo Rolls Ltd.'s insolvency proceedings to November 25, 2026.
Appeals involve Tata Steel Ltd., Jharkhand Bijli Vitran Nigam Ltd., and Suresh Narayan Singh
NCLAT Lists CFM ARP vs SDB Developers Appeal
NCLAT schedules final hearing for CFM Asset Reconstruction's appeal against SDB Developers on October 28, 2026.
Appellant counsel agrees early listing addresses grievance in this insolvency appeal mat
NCLAT Adjourns Avani Projects Insolvency Appeals
NCLAT adjourns multiple interconnected appeals related to Avani Projects & Infrastructure Ltd. insolvency proceedings to October 6, 2026.
Appellants include State Bank of India, Adone Hotels, and Kolk
NCLAT Adjourns Multiple Avani Projects Insolvency Appeals
NCLAT adjourns five interconnected appeals related to Avani Projects & Infrastructure Ltd's insolvency proceedings to September 29, 2026.
Appellants include State Bank of India, Adone Hotels & Hospita
NCLAT Adjourns Marathe Hospitality Appeals to November 2026
NCLAT adjourns two appeals filed by Marathe Hospitality against the Resolution Professional of Phadnis Resorts and Spa India Ltd.
The matters were not taken up due to paucity of time and are now liste
NCLAT Issues Notices in Fly-Hi Marine, Gautam Chopra Appeals
NCLAT Principal Bench admits two connected appeals filed by Fly-Hi Marine Travels Pvt. Ltd. and Gautam Daniel Chopra against a common order.
The Tribunal directs issuance of notice to the sole respond
NCLAT Adjourns P.V Media Vision vs Saikrupa Photo Appeal
NCLAT adjourned Company Appeal (AT) (Insolvency) No. 1489 of 2024 due to paucity of time.
The appeal involves P.V Media Vision Pvt. Ltd. as appellant and Saikrupa Photo Offset Pvt. Ltd. as respondent.
NCLAT Lists Gigeo Construction Insolvency Appeals
NCLAT lists five interconnected appeals related to Gigeo Construction Company's insolvency proceedings for next hearing.
Appeals involve challenges from Subhash Buty HUF, Durga Patel, and MKS Constro
NCLAT Schedules VAS Infrastructure Insolvency Appeals Hearing
NCLAT lists four interconnected appeals related to VAS Infrastructure Ltd.'s insolvency for final hearing on October 9, 2026.
All respondents consented to not file replies to the appeals and agreed to
NCLAT Schedules VAS Infrastructure Insolvency Appeals Hearing
NCLAT lists four interconnected appeals related to VAS Infrastructure Ltd.'s insolvency for final hearing on October 9, 2026.
All respondents consented to not file replies to the appeals and agreed to
NCLAT Adjourns Gurudatt Sugars Appeals to November 2026
NCLAT adjourned two interconnected insolvency appeals involving Gurudatt Sugars Marketing and Raigaon Sugar & Power.
The matters were listed for further hearing on November 25, 2026, due to time const
Revive Realty NCLAT Appeal Hearing Adjourned
NCLAT adjourned hearing for Comp. App. (AT) (Ins) No. 381 of 2024 due to paucity of time.
The appeal involves Revive Realty Ltd. versus Kamal Kishore Gurnani and other respondents.
The matter has been
Revive Realty NCLAT Appeal Listed September 30
NCLAT lists Revive Realty Ltd.'s insolvency appeal for hearing on September 30, 2026.
The appeal is against Kamal Kishore Gurnani and others regarding Pranav Construction System.
Legal counsels for bo
NCLAT Stays Roadway Solutions CIRP Subject to Deposit
NCLAT grants interim stay on CIRP of Roadway Solutions India Infra Ltd, subject to depositing Rs 2.36 crore.
Appellant director claims a pre-existing dispute over alleged fraudulent transactions by an
Roadway Solutions India NCLAT Appeal Adjourned to October 13
NCLAT adjourns Navjeet Singh Gadhoke's appeal against Roadway Solutions India Infra Limited's IRP to October 13, 2026.
Existing interim order remains in operation until the next hearing date.
The appe
NCLAT Lists Revive Realty Appeal for September 2026
NCLAT Principal Bench lists Company Appeal (AT) (Insolvency) No. 381 of 2024 for next hearing on 22nd September 2026.
The appeal involves Kamal Kishore Gurnani (Erstwhile RP of Pranav Construction Sys
Supreme Court Dismisses CBT Appeal, 332‑Day Delay
Supreme Court dismissed the Central Board of Trustees' civil appeal under Section 62 of the IBC, citing lack of merit.
The appeal was rejected due to a 332‑day filing delay, rendering it time‑barred u
SEBI vs Pancard Clubs: Rs 1,433 cr Committee
Supreme Court set up a Sale Committee chaired by Justice Sudhanshu Dhulia to oversee valuation and auction of Pancard Clubs Ltd assets.
Committee’s valuation finds total PCL and subsidiaries assets at
Orix Leasing Secures Asset Possession via Court
Bombay High Court disposed Writ Petition No.11078/2026 filed by Orix Leasing and Financial Services India Ltd against Maharashtra State.
Court confirmed physical possession of the secured asset was ha
J.M. Financial Assets Dismissed After Rs 4.45L
Court granted limited interim protection, requiring petitioners to deposit Rs 4 lakhs to prevent seizure of secured asset.
Petitioners deposited total Rs 4,45,000, including additional Rs 45,000, lead
Mahaalaxmi Texpro 33rd AGM Voting Results Unanimous Approval
Mahaalaxmi Texpro Ltd discloses unanimous shareholder approval for all six resolutions at its 33rd AGM held via video conference on September 30, 2026.
All resolutions passed with near-unanimous 99.99
NCLAT Grants Accord Industries Liquidator Reply Time
NCLAT Principal Bench hears three connected appeals filed against the liquidator of Accord Industries Ltd.
The liquidator's counsel requests and is granted two weeks to file a formal reply to the appe
NCLAT Adjourns ATS Infrastructure Appeals to November
NCLAT adjourns multiple appeals against ATS Infrastructure Ltd. to November 18, 2026.
Appeals filed by Rahul Munjal and Vandana Raheja involve insolvency proceedings against the company.
The tribunal
NCLAT Adjourns Catalyst Trusteeship Appeal Hearing
NCLAT adjourns hearing for Catalyst Trusteeship Ltd.'s appeal to October 5, 2026, due to time constraints.
Parties reach consensus to dispose of the appeal at admission stage without formal respondent
Indian Overseas Bank NCLAT Appeal Hearing Postponed
NCLAT postpones hearing of Indian Overseas Bank's appeal due to lack of time.
The appeal is against Srigopal Choudhary, the erstwhile Resolution Professional.
The matter has been rescheduled for a hea
Axis Bank vs Austin Distributors NCLAT Hearing Adjourned
NCLAT adjourns Axis Bank's insolvency appeal against Austin Distributors due to paucity of time.
The appeal hearing has been rescheduled for a future date of November 25, 2026.
Appellant Axis Bank was
GMP Technical Solutions vs Swiss Garnier Appeal Adjourned
NCLAT Chennai adjourns insolvency appeal hearing between GMP Technical Solutions and Swiss Garnier Genexiaa Sciences.
Appeal listed for next hearing on 09 December 2026 from original 30 September 2026
Bank of India Insolvency Appeal Hearing Postponed
NCLAT Chennai postpones hearing for Bank of India's insolvency appeal to December 2026.
Appeal involves liquidator CA GV Ravikumar and Tirupur Surya Textiles Pvt Ltd.
No appearance was recorded from t
Shriram Land Development NCLAT Affidavit Quality Order
NCLAT Chennai issues procedural order in Shriram Land Development insolvency appeal.
Tribunal finds affidavit of service quality inconvenient, directs appellant to refile.
Appeal listed for next heari
NCLAT Extends Solar Semiconductor Interim Order
NCLAT Chennai extends an interim order dated 10.09.2025 in an insolvency appeal concerning Solar Semiconductor Energy Systems.
The order will continue to operate until the next hearing date scheduled
Siti Networks Discloses ₹1,206 Crore Loan Default
Siti Networks discloses ₹1,206.03 crore total default on bank loans and financial indebtedness as of September 30, 2026.
Company is under Corporate Insolvency Resolution Process since NCLT admission o
SITI Networks Defaults on ₹1,149 Crore Bank Loans
SITI Networks discloses default on term loan installments totaling ₹1,149 crore to multiple lenders including ARCIL and IDBI Bank.
The default occurred on August 31, 2026 and continues beyond 30 days
India Power CIRP Subsidiary Directors Vacate Office
India Power Corporation Limited discloses vacation of office by two directors in material subsidiary IPCL Power Limited due to non-conduct of AGM.
Company is undergoing Corporate Insolvency Resolution
Orris Infrastructure Appeals Partially Allowed, CIRP Restored
Supreme Court partially allowed civil appeals filed by Orris Infrastructure, Greenopolis Welfare Association, and Safalta Goel, setting aside multiple NCLAT orders.
The Court restored CIRP proceedings
LIC Housing Finance Asset Stay Ordered
High Court of Odisha disposed of writ petition at admission stage concerning SARFAESI proceedings against petitioner Epari Arvind Kumar.
Court directed DRT Kataka Bench to decide IA No.733/2026 in SA
Saraswat Bank Wins Dismissal of Mulik Petition
Court dismissed writ petition filed by Bharati Vidyanand Mulik against Saraswat Co-operative Bank over defaulted loan of Rs 23.20 lakh.
Earlier interim order had restrained bank from taking possession
Kohinoor Steel Writ Dismissed by Jharkhand HC
The High Court of Jharkhand dismissed Kohinoor Steel's writ petition seeking to quash a 2010 order, citing lack of interest.
The petition challenged an Executive Engineer's order dated 06‑07‑2010, whi
Ansal Properties FY26 Standalone Net Loss ₹162.93 Crore
Ansal Properties reported audited standalone FY26 results with a net loss of ₹162.93 crore and disclosed inability to file consolidated results due to CIRP in subsidiaries.
The Board noted it will not
Aban Offshore Q2 FY27 Results Under CIRP
Aban Offshore reported unaudited standalone net profit of ₹330.25 million for Q2 FY27 while undergoing corporate insolvency resolution process.
Auditors issued disclaimer of conclusion due to material
McNally Bharat Q1 FY27 Clarifies NSE Financial Results Queries
McNally Bharat Engineering responded to NSE observations on its Q1 FY27 financial results, clarifying signatory authorization and submission of machine-readable formats.
The company reported a standal
Praxis Home Retail Q1 FY27 Net Loss ₹11.06 Crore
Praxis Home Retail provided NSE clarification on inadvertent filing errors in its Q1 FY27 unaudited financial results submission.
Company reported a net loss of ₹11.06 crore for quarter ended June 30,
DBG Requests Rathi Steel Promoter Reclassification Post-Insolvency
Rathi Steel received a request from DBG Leasing to reclassify its 4.44% holding from promoter to public category.
DBG's request follows its takeover by new management after an NCLT-approved insolvency
Supreme Engineering Q1 Profit on Exceptional Gain
Supreme Engineering reported Q1 FY27 standalone net profit of ₹98.98 lakh, driven by an exceptional gain of ₹3245.70 lakh from a settled property dispute.
The company faces a material uncertainty rega
Praxis Home Retail Q1 FY27 Net Loss ₹11.06 Crore
Praxis Home Retail submitted unaudited Q1 FY27 results to NSE, reporting a net loss of ₹11.06 crore and negative net worth of ₹88.18 crore.
Auditor's review highlights material uncertainty over going
CMI Limited Q3 FY26 Net Loss of ₹179.30 Lakh
CMI Limited files unaudited financial results for Q3 and 9M FY26, reporting a net loss of ₹179.30 lakh and ₹786.70 lakh respectively, under the ongoing Corporate Insolvency Resolution Process (CIRP).
Shivom Investment CIRP Exit Regularizes Backlogged Results
Board approved audited financial results for Q4 FY25 and Q1 FY26 to clear backlog from CIRP period.
NCLT approved resolution plan on 18-Aug-2025 cancels existing capital, issues new shares to creditor
Nova Iron & Steel Q1 Net Profit Rs 85.87 Lakh
Nova Iron & Steel reported Q1 FY27 unaudited net profit of ₹85.87 lakh versus a loss of ₹534.79 lakh in Q4 FY26.
The company transitioned from manufacturing to steel trading after losing its manufactu
Nova Iron Steel Q1 FY27 Loss with Material Uncertainty
Nova Iron & Steel reported a standalone net loss of ₹85.87 lakh for Q1 FY27, with auditors qualifying their review due to unrecorded interest costs.
The company faces material uncertainty as a going c
Shree Ram Proteins Reports Severe Losses, Defaults
Board approved unaudited Q1 FY27 results showing a net loss of ₹6.36 crore and audited FY26 results with a net loss of ₹101.09 crore.
Auditors issued an adverse opinion citing material uncertainty ove
Nova Iron Steel FY26 Net Loss ₹1596.91 Lakhs
Nova Iron Steel reported FY26 net loss of ₹1596.91 lakhs with auditors issuing qualified opinion over multiple compliance and disclosure issues.
Company disposed charged assets to lender Shree Balaji
Starlite Components FY26 Net Loss ₹7.09L Amid CIRP
Starlite Components filed its FY25-26 annual report, disclosing a net loss of ₹7.09 lakhs on sharply declined revenue of ₹186.32 lakhs.
The company's Corporate Insolvency Resolution Process concluded
Nutraplus India Limited FY26 Net Loss ₹34.01 Lakh
Nutraplus India reported a net loss of ₹34.01 lakh for FY 2025-26, with negative net worth of ₹569.02 lakh and complete erosion of equity.
The company's operations are severely impaired as all assets
Rathi Graphic Post-CIRP Annual Report Submission
Rathi Graphic Technologies submitted its FY25-26 annual report and notice for its 2nd post-CIRP AGM scheduled for September 30, 2026.
The company reported no operational revenue and a net loss of ₹106
Neogem India Limited FY26 Annual Report Submission
Neogem India submitted its FY25-26 Annual Report to BSE, reporting zero revenue and a net loss of ₹20.86 lakh due to halted manufacturing operations since January 2018.
The company's bank accounts are
Procal Electronics Suspended with ₹4.12 Lakh Loss
Procal Electronics India Ltd. submitted its FY25-26 Annual Report and notice for its 34th AGM to be held virtually on September 29, 2026.
The company reported a net loss of ₹4.12 lakh for FY26 with ze
Mahaalaxmi Texpro 33rd AGM Notice and FY26 Results
Company convened its 33rd AGM on 30 September 2026 to seek shareholder approval for director appointments, auditor reappointment, and material related party transactions.
Reported FY26 revenue of ₹8.0
Gayatri Projects Exits CIRP with ₹2,047 Crore PAT
Gayatri Projects exited Corporate Insolvency Resolution Process (CIRP) in September 2025 via NCLT-approved withdrawal under Section 12A of IBC, resulting in a dramatic financial turnaround.
The compan
Shree Rajeshwaranand Paper Mills Post-CIRP Annual Report
Company filed its Annual Report for FY 2025-26 and notice for 35th AGM to be held on September 26, 2026 via video conference.
Report discloses a net loss of ₹30.46 lakhs with minimal revenue of ₹0.02
Galada Power 54th AGM Notice and FY26 Results
Galada Power to hold 54th AGM on September 30, 2026, to adopt FY26 accounts and reappoint director Thiyagarajan Loganathan.
Company reported FY26 net profit of ₹1216 lakhs versus ₹36 lakhs in FY25, pr