IBC Laws

29/04/2026

DRT-Chennai
Section 17(1) of the Act, 2002: Forty-five day limitation for filing securitisation application is mandatory and Debts Recovery Tribunal has no jurisdiction to condone delay

In an application seeking condonation of 13 days’ delay in filing a securitisation application under Section 17(1) of the SARFAESI Act, 2002 to challenge a Section 14 order, the Tribunal held that the statutory period of forty-five days prescribed by Section 17(1) is mandatory and, in the absence of any enabling provision, the Debts Recovery Tribunal has no jurisdiction to....

Read More: https://ibclaw.in/jj-fuels-and-ors-vs-shriram-city-union-finance-ltd-drt-chennai/

Reported at: (2026) ibclaw.in 279 DRT

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29/04/2026

High Court-Delhi
An arbitral award must disclose intelligible and adequate reasons in terms of Section 31(3) of Arbitration and Conciliation Act, 1996; where the award reflects a mechanical acceptance of one party’s case, contains merely conclusory observations, and fails to disclose any coherent or logical adjudicatory pathway linking material on record to the ultimate conclusion, it suffers from an “acute reasoning deficit” amounting to unintelligible reasoning

and Act, 1996 (Sections 34, 28, 31)—Challenge to arbitral award in relation to Claim No. 2—Held that an arbitral award must disclose intelligible and adequate reasons in terms of Section 31(3); where the award reflects a mechanical acceptance of one party’s case, contains merely conclusory observations, and fails to disclose any coherent or logical adjudicatory pathway linking material....

Read More: https://ibclaw.in/indian-oil-carporation-vs-metro-builders-orissa-pvt-ltd-delhi-high-court/

Reported at: (2026) ibclaw.in 2142 HC

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29/04/2026

DRT-Chennai
Challenge to NPA classification and Section 13(2) demand notice is an independent cause of action and cannot be introduced by amendment in a Securitisation Application (SA) confined to a sale notice | Interlocutory relief cannot restrain future measures not impugned in the Securitisation Application

In a Securitisation Application under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 confined to a challenge against a sale notice dated 04.09.2025, the applicants sought (i) amendment/substitution of relief to challenge alleged defects in classification and validity of the Section 13(2) demand notice, and (ii) a direction making an....

Read More: https://ibclaw.in/challani-ranka-jewellery-and-ors-vs-authorised-officer-indian-overseas-bank-drt-chennai/

Reported at: (2026) ibclaw.in 276 DRT

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29/04/2026

NCLT-Kolkata Bench
The Adjudicating Authority (NCLT) at admission of application under Section 9 of IBC, is to see whether there exists a real, plausible, pre-existing dispute and not undertake a detailed trial

Insolvency and Bankruptcy Code, 2016 – Sections 5(6), 8(1), 9(1), 9(5)(ii)(d) – Operational creditor sought initiation of CIRP on alleged unpaid invoices for supply of polypropylene cement bags under a stated verbal arrangement. Held that in view of the statutory scheme and the test in Mobilox Innovations Pvt. Ltd. v. Kirusa Software Pvt. Ltd. and K. Kishan v. Vijay Nirman....

Read More: https://ibclaw.in/mittal-polysacks-pvt-ltd-vs-burnpur-cement-ltd-nclt-kolkata-bench/

Reported at: (2026) ibclaw.in 1127 NCLT

Bench: Ms. Bidisha Banerjee (Judicial Member) and Shri Cmde Siddharth Mishra (Retd.) (Technical Member)

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29/04/2026

NCLT-Mumbai Bench
The threshold limit for invoking the provisions of Section 95 of the IBC, 2016, with respect to the Personal Guarantor to a Corporate Debtor, would be Rs. One Crore | The provisions of IBC, 2016 override the provisions of SARFAESI Act, 2002 and also of RDDB Act, 1993 | Invocation of provisions of SARFAESI Act and filling of an OA before Ld. DRT does not invalidate the filling of application u/s 95 of IBC, 2016

Insolvency and Bankruptcy Code, 2016 Sections 95, 99, 100, 101 read with Rules, 2019 Rule 7; SARFAESI Act, 2002 Section 13(2); Indian Contract Act, 1872 Section 126 – Petition by financial creditor to initiate insolvency resolution process against personal guarantor – Guarantor contended that the instrument dated 21.02.2019 was an indemnity and not a guarantee, that Section....

Read More: https://ibclaw.in/canara-bank-vs-deepak-nagjibhai-patel-nclt-mumbai-bench/

Reported at: (2026) ibclaw.in 1074 NCLT

Bench: Shri Nilesh Sharma (Judicial Member) and Shri Sameer Kakar (Technical Member)

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29/04/2026

NCLT-Bengaluru Bench
Suspended director of MSME who twice defaulted on EMD timelines forfeits opportunity to submit resolution plan; belated non-binding investor support cannot reopen CIRP after CoC has approved a plan

Insolvency and Bankruptcy Code, 2016 (Sections 60(5), 30(2), 31, 66) read with NCLT Rules, 2016 (Rule 11) – Suspended director of an sought directions to permit submission/consideration of his resolution plan after securing investor support and to restrain progression towards liquidation. Held that the CIRP is a strict time-bound process and, where the applicant had already been afforded an....

Read More: https://ibclaw.in/ramachandran-radhakrishnan-vs-naveen-kumar-jain-rp-of-stellence-pharmscience-pvt-ltd-and-ors-nclt-bengaluru-bench/

Reported at: (2026) ibclaw.in 1066 NCLT

Bench: Shri Sunil Kumar Aggarwal (Judicial Member) and Shri Radhakrishna Sreepada (Technical Member)

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29/04/2026

NCLT-Chennai Bench
IBC mandates protection of the interests of creditors, and the Adjudicating Authority (NCLT) cannot permit diminution of value on account of conduct attributable to a contracting party

Insolvency and Bankruptcy Code, 2016 Section 60(5)(c) – Application seeking (i) direction for fresh expert valuation of transfer assets under a terminated licence arrangement and (ii) adjustment/set-off of applicant’s admitted/disputed claim amounts against compensation payable for transfer – Valuation of project assets already conducted in June 2021 by NTCPWC, IIT Madras, on an “as is where is” basis under the....

Read More: https://ibclaw.in/kamarajar-port-ltd-vs-n-veerapandian-liquidator-of-sical-iron-ore-terminal-ltd-nclt-chennai-bench/

Reported at: (2026) ibclaw.in 1086 NCLT

Bench: Shri Jyoti Kumar Tripathi (Judicial Member) and Shri Ravichandran Ramasamy (Technical Member)

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29/04/2026

NCLT-Chennai Bench
An order of attachment passed by an Arbitral Tribunal is a protective measure and does not equate to the creation of a security interest as defined under Section 3(31) of IBC | A decree-holder or an award holder does not automatically acquire the status of a Secured Creditor under the IB

and Code, 2016 – Sections 42, 3(31) (also referring to Sections 5(8), 5(21)) – claim – Applicants sought setting aside of liquidator’s communication and directions to admit claim of Rs.62.72 crore, reclassify them as financial creditors, and exclude property from liquidation estate on the basis of an arbitral award and a subsequent compromise/MoU. Held that once a....

Read More: https://ibclaw.in/savithri-naidu-and-ors-vs-ebenezar-inbaraj-liquidator-for-landmark-housing-projects-chennai-pvt-ltd-nclt-chennai-bench/

Reported at: (2026) ibclaw.in 1088 NCLT

Bench: Shri Jyoti Kumar Tripathi (Judicial Member) and Shri Ravichandran Ramasamy (Technical Member)

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29/04/2026

NCLT-Chennai Bench
While the Adjudicating Authority (NCLT) has jurisdiction to adjudicate disputes arising out of the CIRP, such jurisdiction cannot be exercised to reopen or revive claims that stand settled in terms of an approved Resolution Plan | For an expense (lease expense) to qualify as Insolvency Resolution Process Costs (IRPC) under CIRP Regulation 31, it must ordinarily be incurred by the IRP/RP for conduct of CIRP/going concern and be placed before and approved/ratified by the CoC

Insolvency and Bankruptcy Code, 2016 Sections 60(5), 31, 30(2), 53 and (CIRP) Regulations, 2016 Regulations 31 and 33 – Claim for lease rentals for premises allegedly occupied by the corporate debtor during CIRP and reimbursement of expenses incurred by the CIRP applicant sought as insolvency resolution process costs. Held that the residuary jurisdiction under Section 60(5)(c) cannot be invoked....

Read More: https://ibclaw.in/dbs-bank-india-ltd-vs-orchid-pharma-ltd-and-ors-nclt-chennai-bench/

Reported at: (2026) ibclaw.in 1083 NCLT

Bench: Shri Jyoti Kumar Tripathi (Judicial Member) and Shri Ravichandran Ramasamy (Technical Member)

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29/04/2026

-New Delhi
Whether surplus cash flow/ profit generated during CIRP, before the approval and implementation of Resolution Plan, belongs to Successful Resolution Applicant (SRA), or it must be distributed amongst stakeholders/creditors in accordance with Section 53 of the ?

Insolvency and Bankruptcy Code, 2016 – Sections 31, 53, 61 – CIRP surplus/profits – Resolution plan silent on appropriation – Whether successful resolution applicant entitled. Held that the surplus cash flow (about Rs. 1 crore to Rs. 1.42 crore) was generated during CIRP while the corporate debtor was managed by the resolution professional under CoC oversight and before the appellant....

Read More: https://ibclaw.in/manjeet-cotton-pvt-ltd-vs-phoenix-arc-pvt-ltd-nclat-new-delhi/

Reported at: (2026) ibclaw.in 584 NCLAT

Bench: Mr. Justice Ashok Bhushan (Chairperson) and Mr. Indevar Pandey (Technical Member)

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28/04/2026

NCLT-Kolkata Bench
If any dispute arises due to misconduct of the liquidator, resulting in litigation which eventually leads to a stay of the entire proceedings, the liquidator ought not to be granted the benefit of exclusion of such time periods, for the purpose of remuneration

Insolvency and Bankruptcy Code, 2016 (ss. 35(1)(n), 42, 53(1)(f), Chapter VI) and IBBI (Liquidation Process) Regulations, 2016 (Regs. 4(2)(b), 44) — Liquidator sought exclusion of periods covered by stays granted by NCLAT and the Supreme Court so as to claim fee on amounts realised/distributed under Reg. 4(2)(b). Held that where litigation and resultant stay of liquidation proceedings arose in the....

Read More: https://ibclaw.in/anil-goel-liquidator-of-visa-power-ltd-nclt-kolkata-bench/

Reported at: (2026) ibclaw.in 1133 NCLT

Bench: Shri Labh Singh (Judicial Member) and Ms. Rekha Kantilal Shah (Technical Member)

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28/04/2026

NCLT-Chennai Bench
Whether the arbitral award/attachment constituted a security interest capable of protecting the applicants’ rights against liquidation sale

Insolvency and Bankruptcy Code, 2016 – Sections 60(5) and 52; National Company Law Tribunal Rules, 2016 – Rule 11 – Application to set aside concluded e-auction of schedule property in liquidation and restrain issuance of sale certificate on plea of charge/security based on arbitral award and attachment. Held that the subject property had been transferred to the corporate debtor and....

Read More: https://ibclaw.in/savithri-naidu-and-ors-vs-ebenezar-inbaraj-liquidator-for-landmark-housing-projects-chennai-pvt-ltd-nclt-chennai-bench-2/

Reported at: (2026) ibclaw.in 1089 NCLT

Bench: Shri Jyoti Kumar Tripathi (Judicial Member) and Shri Ravichandran Ramasamy (Technical Member)

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