NCLAT affirms that a pre-existing dispute bars insolvency action against Voltas, reinforcing that the IBC cannot be misused as a debt-recovery tool. The tribunal highlights documentation gaps, commercial disputes, and Mobilox principles to dismiss the Section 9 petition.

The NCLAT upheld Nuvoco’s ₹1,800 crore takeover of Vadraj Cement, rejecting employee objections and reaffirming the primacy of CoC’s commercial wisdom under the IBC. The ruling clears hurdles for resolution and strengthens predictability in India’s insolvency regime.

The National Company Law Appellate Tribunal (NCLAT) has ruled that a Look-Out Circular (LOC) cannot be issued mechanically against a personal guarantor to a corporate debtor. In Ramesh Jain v. State Bank of India, the tribunal held that the creditor must provide specific, credible reasons to believe the guarantor is a flight risk. This decision safeguards the guarantor's fundamental right to travel abroad and prevents LOCs from being used as a tool for harassment by financi

NCLAT rules CoC-approved resolution plans can’t be modified after submission to the Adjudicating Authority.

Insolvency is not just a tool for debt recovery—analyzing the legal framework in GLAS Trust v. Byju Raveendran.