Topic
The National Company Law Tribunal hears company-law cases and corporate insolvency cases under the Insolvency and Bankruptcy Code.
33 storiesLatest 8 Oct 2026, 01:13 IST
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The Supreme Court in K. Sashidhar vs Indian Overseas Bank (5 February 2019) held that neither the NCLT nor the NCLAT can review a Committee of Creditors' rejection of a resolution plan under the IBC.
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The Supreme Court's 2019 Embassy Property ruling holds that NCLT cannot review a government's sovereign decisions under the IBC - here is the forum map, procedure and borrower defences that follow.
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The Supreme Court's Vidarbha Industries ruling made NCLT admission of an IBC Section 7 insolvency petition discretionary, not automatic. Here is how borrowers can use that defence, settle, or appeal.
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How a financial creditor uses IBC Section 7 to force a corporate borrower into CIRP over a Rs 1 crore default, the NCLT procedure, and the borrower defences from Innoventive (2017) to Vidarbha (2022).
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Section 29A of the Insolvency and Bankruptcy Code bars ten classes of bidder from a resolution plan. What ArcelorMittal v. Satish Kumar Gupta settled about NPAs, control and timing.
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Lalit Kumar Jain (21 May 2021) holds that approval of a corporate debtor's resolution plan does not ipso facto discharge the personal guarantor. What survives paragraph 111, and what does not.
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The Supreme Court upheld IBC Sections 95 to 100 on 9 November 2023 in Dilip B Jiwrajka, but read natural justice into Section 100: a personal guarantor gets a full hearing and a reasoned order.
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Once the NCLT admits a company into insolvency, Section 14 IBC declares a moratorium that statutorily freezes SARFAESI enforcement, DRT suits and asset recovery against the corporate debtor.
Enforcement
Six different machines act on builder fraud in India, and they do different jobs: RERA refunds, consumer compensation, police prosecution, CBI conspiracy cases, ED attachment, and insolvency completion. Most stuck buyers use the wrong one first. Here is the map, drawn from the cases on record.
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The Supreme Court's 15 November 2019 Essar Steel judgement made the Committee of Creditors' commercial wisdom near-final, confining the NCLT and NCLAT to a narrow Section 30(2) IBC compliance check.
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Vidarbha Industries (12 July 2022) read may in IBC Section 7(5)(a) as NCLT discretion to refuse a CIRP admission despite a proven Rs 1 crore default - and how 2023 narrowed it.
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Innoventive Industries (2018) 1 SCC 407 fixed the IBC Section 7 test: prove a default and the NCLT must admit. The narrow defences a borrower actually keeps, and the 14-day clock.
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How the IBC Section 96 interim moratorium protects a personal guarantor from the filing date, and why Jiwrajka (2023 INSC 1018) reserves the guarantor's hearing for the Section 100 stage.
Enforcement
The RBI superseded Aviom India Housing Finance's board in January 2025 over governance concerns, and the NCLT admitted it to insolvency. A complaint against its then directors is under examination.
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Vidarbha (2022) held 'may' in IBC Section 7(5)(a) lets the NCLT refuse admission even when debt and default are proven; Suresh Kumar Reddy (2023) confined that discretion to exceptional cases.
Enforcement
The NCLT admitted Supertech to insolvency over a bank default while the ED alleges homebuyer funds were diverted, per the courts; the Supreme Court upheld promoter Ram Kishor Arora's arrest.
Enforcement
The NCLT dismissed Wave Megacity Centre's own Section 10 insolvency petition with Rs 1 crore costs, finding it filed to defraud stakeholders; the NCLAT upheld the order.
Enforcement
UP RERA de-registered two Ansal API pockets at Sushant Golf City under Section 7, recording 'diversion and siphoning of funds', as NCLT insolvency runs in parallel.
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In Essar Steel (2019) the Supreme Court held the Committee of Creditors' commercial wisdom on plan distribution is non-justiciable, confining NCLT and NCLAT review to Section 30(2) IBC compliance.
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On 11 May 2023 the Supreme Court in M. Suresh Kumar Reddy v Canara Bank confined Vidarbha and held the NCLT has hardly any discretion to refuse a Section 7 IBC admission once a Rs 1 crore default is proven.
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In Vidarbha Industries v Axis Bank (12 July 2022), the Supreme Court read "may" in Section 7(5)(a) IBC as tribunal discretion to decline a CIRP petition despite default. Here is what survives after 2023.
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The Supreme Court held that 'may' in Section 7(5)(a) IBC is discretionary, so the NCLT can decline to admit a financial creditor's insolvency petition even when a Rs 1 crore default is admitted.
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Mobilox v Kirusa (2018): the Supreme Court held that a plausible, bona fide dispute raised before the Section 8 demand notice bars an operational creditor's Section 9 IBC petition.
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On 25 January 2019 the Supreme Court in Swiss Ribbons (2019) 4 SCC 17 upheld the entire Insolvency and Bankruptcy Code, validating creditor classification and the Section 29A promoter bar.
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Section 7(5)(a) of the IBC 2016 says the NCLT "may admit" a bank's insolvency petition. Vidarbha Industries (2022) made that word matter, and M. Suresh Kumar Reddy (2023) reined it back in.
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When the NCLT admits an insolvency petition, Section 14 of the IBC, 2016 freezes SARFAESI, DRT and all recovery action against a corporate debtor. Here is how the moratorium works and where it stops.
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After Lalit Kumar Jain (21 May 2021), approval of a corporate resolution plan does not discharge the personal guarantor. Here is the IBC Part III procedure, the defences that survive, and how banks now pursue guarantors through the NCLT.
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Since 24 March 2020 a financial creditor needs a Rs 1 crore default to file under IBC Section 7. Here is the statute, the 14-day admission, 330-day CIRP timeline and borrower defences.
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The Supreme Court in Lalit Kumar Jain (21 May 2021) upheld the 15 November 2019 IBC notification on personal guarantors and confirmed NCLT jurisdiction under Section 60(2) IBC.
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Section 7 of the IBC, 2016 lets a financial creditor push a corporate debtor into insolvency on a Rs 1 crore default. The admission test, the 14-day window, and the defences that work.
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Sections 241 and 242 of the Companies Act 2013 govern oppression and mismanagement petitions before the NCLT. The 2021 Tata-Cyrus ruling redrew the lines.
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Once a financial creditor files under IBC Section 7, the corporate debtor has roughly 14 days to mount every threshold, limitation and Vidarbha discretion defence before admission turns irreversible.
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Part III of the IBC went live for personal guarantor insolvency on 15 November 2019. Sections 94, 95, 96, 100 and the 2021 Lalit Kumar Jain Supreme Court ruling explained.
