Tag: NCLT

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Creditors Recovered ₹4 Lakh Cr; ₹14 Lakh Cr Settled Pre-Admission

NEW DELHI: Creditors have successfully recovered over Rs 4 lakh crore through resolution processes enabled by the insolvency law, which has been operational for a decade. Additionally, more than 30,000 cases, totaling nearly Rs 14 lakh crore, have been addressed at the pre-admission stage before the National Company Law Tribunal (NCLT). The Insolvency and Bankruptcy Code (IBC), which was implemented in 2016, emphasizes a time-bound and market-linked approach to resolving stressed assets. “As of March 2026, 1,419 cases have generated resolution plans, leading to the realization of over Rs 4 lakh crore for creditors. This amounts to 95% and 167%…

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IBBI Unveils Guidelines to Faster Appoint Insolvency Pros

NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has released new guidelines for the empanelment of insolvency professionals, facilitating faster appointments in corporate insolvency and bankruptcy cases. These guidelines detail the procedure for creating a panel of insolvency professionals (IPs) to serve as Interim Resolution Professionals (IRPs), liquidators, resolution professionals (RPs), and bankruptcy trustees (BTs). In a circular issued on Monday, it was stated that applicants for empanelment must not be under suspension or debarment, nor engaged in any pending disciplinary actions. They must also declare if they have faced any criminal convictions in the last three years.…

Latest StoriesRegulatory

NCLT Accepts Insolvency Plea for Supreme Housing & Hospitality

MUMBAI: The National Company Law Tribunal (NCLT) has accepted Canara Bank’s insolvency petition against Supreme Housing and Hospitality Private Limited, a Mumbai-based real estate firm, over outstanding dues exceeding ₹567 crore. This move follows several unsuccessful attempts at a one-time settlement and extended litigation. The Mumbai bench of the tribunal commenced the corporate insolvency resolution process (CIRP) against Supreme Housing on May 13 under Section 7 of the Insolvency and Bankruptcy Code (IBC). Canara Bank indicated a default amounting to ₹567.43 crore as of October 31, 2025, which includes a principal amount of ₹175.83 crore and interest dues of ₹391.60…

Latest StoriesRegulatory

NCLT Permits Withdrawal of Insolvency for Nobility Estates

NEW DELHI: The National Company Law Tribunal (NCLT) has permitted the withdrawal of the corporate insolvency resolution process (CIRP) against Nobility Estates, the developer of ATS Group’s residential project Le Grandiose in Noida, following an agreement reached between lenders and the previous management. The order was issued by the NCLT Principal Bench, led by Acting President Bachu Venkat Balaram Das and Member (Technical) Ravindra Chaturvedi on May 5, 2026. The application was submitted by resolution professional Hitesh Goel under Section 12A of the Insolvency and Bankruptcy Code (IBC) along with related regulations. Insolvency proceedings against Nobility Estates commenced on November…

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Noida: Ajnara India fined ₹1.7L for flat handover delay

NOIDA: The District Consumer Disputes Redressal Commission (DCDRC) has ordered M/s Ajnara India Ltd, a Noida-based real estate developer, to compensate a customer with Rs 1.71 lakh plus 6% interest within 30 days, after they failed to deliver a flat booked in 2018 or refund the booking amount. The developer is also required to pay Rs 4,000 as a penalty for litigation costs and causing mental distress. The order, issued by Commission president Anil Kumar Pundir and member Anju Sharma on Saturday, stipulates that the interest on the outstanding amount will be calculated from the filing date of the complaint…

Latest StoriesRegulatory

NCLT Approves Mantra Properties’ Mulund Project Buyout

MUMBAI: The bankruptcy court in Mumbai has sanctioned the acquisition of a Nirmal Lifestyle project in Mulund, spanning four acres, by Pune-based Mantra Properties. This project, which has a total development potential of approximately Rs 1,900 crore, was initiated by Nirmal Developers in 2017. The company has liabilities amounting to Rs 1,491 crore, while the bidder has proposed Rs 215 crore as part of the resolution plan. “The approval of the resolution plan will not invalidate any existing consents, approvals, licenses, concessions, authorizations, or permits granted to the corporate debtor, or for which the debtor has applied for renewal,” stated…

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Gurugram County Revives Housing for 400 Buyers, ETRealty

NEW DELHI: NCR-based real estate developer County Group has taken over two stalled housing projects in Gurgaon, providing relief to approximately 400 homebuyers who have faced delays of over ten years. This acquisition will provide the developer with roughly 2.6 million square feet of saleable space, projecting potential revenues of Rs 4,000 crore. The group secured Ashiana Landcraft through the National Company Law Tribunal (NCLT). This project involves a 14-acre residential development along the Dwarka Expressway in Gurgaon. “Around seven acres of this project were partially developed, leaving 326 homebuyers stranded since 2014. We revamped the existing buildings and common…

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India to Establish NCLT Bench for Faster Cross-Border Insolvency

NEW DELHI: India is set to establish a dedicated bench within the National Company Law Tribunal (NCLT) that will focus on cross-border insolvency cases, aiming to expedite legal proceedings following the notification of new bankruptcy regulations, according to sources familiar with the development. The cross-border framework, which received approval last month as part of amendments to the Insolvency and Bankruptcy Code (IBC), will draw from a UN model law but will be tailored to better fit India’s requirements. This initiative is designed to simplify access for creditors to the foreign assets of distressed companies and facilitate India’s collaboration with international…

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NCLT Clears Merger of Nirmal Lifestyle and Oberoi Realty

NEW DELHI: The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the merger of Nirmal Lifestyle Realty with Oberoi Realty, according to a regulatory filing from the company. This merger will take effect once the NCLT order is filed with the Registrar of Companies. Nirmal Lifestyle Realty will be dissolved without winding up as part of this merger. Since the transferor company is wholly owned by the listed entity, there will be no shares issued under the scheme, resulting in the cancellation of its entire share capital. The objective of this merger is to streamline the group’s…

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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…