The National Company Law Tribunal (NCLT) has ordered the liquidation of Hero Electric Vehicles Pvt. Ltd. after efforts to revive the company through the insolvency resolution process failed to produce an approved plan, the Times of India reported. The order was passed by the NCLT’s New Delhi Bench on March 3, 2026. The tribunal noted that no resolution proposal received the required support from creditors within the timeline set under the Insolvency and Bankruptcy Code (IBC). As a result, the provisions related to liquidation under the code were triggered.
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Sonata Software Ltd has filed an involuntary bankruptcy petition in a US court against a retail client over unpaid dues of about $10.65 million, an amount equivalent to roughly 6.6% of the company’s incremental revenue last fiscal, LiveMint.com reported. The claim highlights the financial exposure from a client ramp-down in Sonata’s retail segment, which contributes about $100 million, or 8% of the company’s revenue, and comes as the firm is also grappling with a reduction in business from Microsoft Corp.
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Corporate dispute appellate tribunal NCLAT has set aside an appeal filed by Reliance Realty seeking insolvency proceedings against Altruist Customer Management, the Economic Times of India reported. A three-member bench of the appellate tribunal upheld the order of the Delhi-based National Company Law Tribunal (NCLT) which had rejected the insolvency plea after it observed a pre-existing dispute between the parties. The NCLT, on October 5, 2024, dismissed the plea after it observed a dispute of over Rs 24.34 crore.
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The National Company Law Tribunal (NCLT) has ordered to initiate the insolvency proceedings against Marvel Group promoter Vishwajeet Jhawar, the Economic Times of India reported. The NCLT Mumbai order, pronounced by Justices Prabhat Kumar and Sushil Mahadeorao Kochey on January 30, was passed on a petition filed by APRN Enterprises (APRN), formerly known as Ansapack, for outstanding debt of Rs 226.89 crore.
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The appellate tribunal NCLAT has dismissed petitions filed by two Dhoot brothers - Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot, challenging the initiation of personal insolvency against them over a default committed by debt-ridden Videocon Industries, the Economic Times of India reported. Personal Insolvency against the Dhoot brothers was initiated after SBI had issued a demand notice of Rs 5,353.78 crore over defaults by Videocon Industries, the principal borrower, for which they were the personal guarantors.
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Mahagun Group has entered into a settlement with IDBI Trusteeship Services that had initiated insolvency proceedings against the real estate developer, giving hope to homebuyers associated with its ongoing project in Noida, the Economic Times of India reported. The National Company Law Tribunal (NCLT) on February 17 allowed withdrawal of the insolvency petition following a request from IDBI Trusteeship, which represents holders of Mahagun's non-convertible debentures, according to court documents.
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