NCLT Mumbai Approves Ashdan Properties' ₹145.26 Crore Plan To Revive Indo Global Soft Solutions

The National Company Law Tribunal (NCLT) at Mumbai has approved the Rs 145.26 crore resolution plan submitted by Ashdan Properties Private Limited for the revival of Indo Global Soft Solutions and Technologies Pvt Ltd, a company engaged in IT services and software development.The tribunal said that once a resolution plan satisfies the requirements of the Insolvency and Bankruptcy Code,...

Counterclaims, Set-Off Claims No Bar to Insolvency Admission Without Proof of Full Discharge: NCLT Allahabad

The National Company Law Tribunal (NCLT) at Allahabad has held that set-off claims, counterclaims or assertions of business losses cannot defeat the admission of an insolvency application unless they are supported by undisputed material showing that the debtor has completely discharged its liability.The tribunal delivered this finding while admitting Punjab National Bank's (PNB) insolvency...

Bank Cannot Hold OTS Earnest Money Once It Accepts Resolution Plan: NCLT Mumbai

The National Company Law Tribunal (NCLT) at Mumbai has held that once a bank accepts full consideration under an approved resolution plan and issues a No-Dues Certificate, it cannot later claim any right over additional funds or assets belonging to the Corporate Debtor. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, in an order dated 5 December 2025,...

SARFAESI Notice Counts As Valid Invocation Of Personal Guarantee: NCLT Mumbai

The National Company Law Tribunal at Mumbai has recently held that a notice issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002, which empowers a secured creditor to demand repayment of dues within sixty days prior to enforcing its security, can operate as a valid invocation of a personal guarantee...