On 6 October 2025, the National Company Law Appellate Tribunal’s (NCLAT) Principal Bench, New Delhi, delivered a terse but telling reminder that the Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code, 2016 is triggered by default, not the degree of disbursement or the robustness of security. In Company Appeal (AT)(Ins) No. 1216 of 2023, Justice Ashok Bhushan (Chairperson) and Mr. Arun Baroka (Technical Member) dismissed the challenge mounted by Mr. Ammeet Kamal Agarwal, suspended director of Supreme Transport Organisation Private Limited, against the admission order dated 8 September 2023 passed by the National Company Law Tribunal (NCLT), Delhi. The ruling not only affirms Axis Bank Limited’s…
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