Tag: NCLAT

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Vedanta Challenges Adani’s ₹14,535-Crore Jaiprakash Bid in SC

NEW DELHI: Mining giant Vedanta Ltd has filed an appeal in the Supreme Court seeking to stay the NCLT’s approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The appeal was submitted on March 25, following the National Company Law Appellate Tribunal’s (NCLAT) refusal to stay the plan’s implementation. Adani Enterprises Ltd has also filed a caveat with the Supreme Court, requesting an opportunity to be heard before any decision is made regarding Vedanta’s petition. On March 24, the insolvency appellate tribunal denied an interim stay on Vedanta’s plea against the NCLT ruling that approved Adani’s bid…

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NCLT Approves Withdrawal of Insolvency for ATS Knightsbridge

NEW DELHI: The National Company Law Tribunal (NCLT) has sanctioned the withdrawal of insolvency proceedings against ATS Knightsbridge, a residential project in Noida, following an agreement with lenders under Section 12A of the Insolvency and Bankruptcy Code (IBC). The insolvency process, initiated by ASK Trusteeship Services under section 7 of the IBC in 2023, was formally dismissed by the NCLT’s New Delhi bench on March 13, 2026. Consequently, the Corporate Insolvency Resolution Process (CIRP), which began in April 2024, has been officially concluded. The project, developed by ATS Heights, is in the advanced stages of construction, with all five towers…

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Calcutta HC Cancels Builder’s Bail, Rejects ‘Sinful’ Protection

KOLKATA: The Calcutta High Court has revoked the bail granted to a builder involved in a cheating case by a lower court, stating that the liberty of an accused cannot be safeguarded by an order “born in sin”. Justice Uday Kumar noted that a bail order that is unsigned or partially initialed, lacks a rationale addressing the victim’s specific objections, and disregards witness intimidation history, constitutes a perverse ruling that the high court must annul. “This case showcases a troubling scenario where the liberty of the accused overshadowed the victim’s safety through an order that fails the fundamental requirements of…

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NCLAT Orders Insolvency Withdrawal for Mahagun Settlement

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has ordered the withdrawal of insolvency proceedings against Mahagun Realty after the company reached a settlement with its financial creditor. A two-member bench of NCLAT acknowledged the settlement agreement between Mahagun (India) and IDBI Trusteeship, dated February 12, 2026. A request was submitted by the financial creditor to the NCLAT to retract the insolvency proceedings against Mahagun. “During the pending matter before this Adjudicating Authority, the parties have entered into a settlement agreement dated 12.02.2026. The Applicant/Financial Creditor wishes to withdraw IB-112(ND)/2025,” stated the NCLAT in its order. The NCLAT subsequently…

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NCLAT to Review ₹919 Crore Bid for Hotel Horizon by Oberoi

NEW DELHI: The Insolvency Appellate Tribunal (NCLAT) will review an appeal against an NCLT decision that sanctioned a ₹919 crore bid from an Oberoi Realty-led consortium for Hotel Horizon. A two-member bench of the NCLAT, based in Delhi, has accepted the appeal and ordered that no equity should be granted to the successful resolution applicants. Previously, on January 29, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by a consortium consisting of Oberoi Realty, Shree Aman Developers, and JM Financial Properties and Holdings. Hotel Horizon features a strategically positioned land parcel of approximately…

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SC aids Supertech buyers, upholds NCLAT order for NBCC takeover

NEW DELHI: The Supreme Court has intervened to assist thousands of frustrated homebuyers who have waited nearly two decades for their dream homes. On Thursday, the court upheld an NCLAT directive for the state-owned NBCC to swiftly complete 16 housing projects by the financially troubled realty firm Supertech Limited. The court has prohibited all tribunals and high courts from issuing orders that could hinder construction efforts by the National Buildings Construction Corporation (NBCC) Limited. A bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, invoked its extraordinary powers under Article 142 of the Constitution, affirming the December 12, 2024,…

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NCLAT Backs Lucknow Body in Ansal Insolvency Case

LUCKNOW: In a significant decision for the Lucknow Development Authority (LDA), the National Company Law Appellate Tribunal (NCLAT) has ruled that no actions regarding the insolvency proceedings of Ansal Properties and Infrastructure Ltd can proceed without hearing from the Authority. This case involves alleged breaches of the High-Tech Township policy by the Ansal Group, including the non-delivery of plots, flats, villas, and commercial units booked by thousands of homebuyers in Lucknow since 2009. The NCLAT had previously accepted the insolvency petition, declared the real estate firm as bankrupt, and appointed an interim resolution professional, raising concerns about the interests of…

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Insolvency Cases Surge, Straining NCLT amid Infra Issues

NEW DELHI: The Insolvency and Bankruptcy Code (IBC) framework in 2025 faced increasing stress on timelines and capacity, with resolution processes often extending beyond statutory deadlines. This scenario persists despite the National Company Law Tribunal’s (NCLT) efforts to manage its limited resources. Senior advocates and legal experts have raised alarms over systemic delays, indicating that nearly 10,000 cases remain stuck at the admission stage, with over Rs 10 lakh crore in distressed assets at stake. Additionally, nearly 24 out of 30 NCLT courts are operating on half-day schedules. The delays can be attributed to a combination of limited capacity, repeated…

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NCLAT Orders Chronos Properties to Renew Bank Guarantee for IL&FS

NEW DELHI: On Friday, the National Company Law Appellate Tribunal (NCLAT) instructed Brookfield-backed Chronos Properties to renew the bank guarantee for the acquisition of the flagship Bandra Kurla Complex property from Infrastructure Leasing and Financial Services Ltd (IL&FS). In an interim order, NCLAT also prohibited the debt-laden IL&FS group from creating third-party rights on its headquarters until the appeal is resolved. NCLAT emphasized the necessity for Chronos to renew the Performance Bank Guarantee to avoid disqualification in acquiring the IL&FS headquarters. Both parties have been directed to finalize pleadings, file replies, and rejoinders by January 16, with the next hearing…

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NCLAT: Creditors Can Appoint Liquidator, Not NCLT

NEW DELHI: The authority to appoint a liquidator for a company in debt undergoing insolvency procedures lies solely with the Committee of Creditors (CoC), not the National Company Law Tribunal (NCLT), in instances where a Resolution Professional has not provided written consent, as per the National Company Law Appellate Tribunal (NCLAT). In a ruling concerning two similar cases where the NCLT had appointed liquidators for two struggling companies, the NCLAT overturned those decisions, emphasizing that “only the CoC has the authority to select a candidate to replace the RP.” The NCLAT clarified that while the NCLT serves as the designated…