IBC Overrides ‘Defunct’ Companies Act Schemes; Supreme Court Restores Insolvency Proceedings Against Corporate Debtor

The Supreme Court of India has set aside an order of the National Company Law Appellate Tribunal (NCLAT) that had stayed insolvency proceedings against a Corporate Debtor due to a pending Scheme of Arrangement (SOA) under the Companies Act, 1956. A Bench comprising Justice Sanjay Kumar and Justice K. Vinod Chandran held that “judicial discipline”…

NTPC, MAHAGENCO complete acquisition of 1,350 MW Sinnar Thermal Power plant, ETEnergyworld

NTPC said the consortium completed the acquisition on February 24, 2026, in terms of the resolution plan approved by the National Company Law Tribunal (NCLT). State-run NTPC and Maharashtra State Power Generation Company (MAHAGENCO) on Wednesday said that their consortium has completed the acquisition of Sinnar Thermal Power Ltd (STPL) under the Insolvency and Bankruptcy…

Luxury Platform Balaan Declared Bankrupt 11 Months After Filing for Rehabilitation

Luxury platform company Balaan declares bankruptcy 11 months after filing for court receivership Balaan, a luxury online platform that had been struggling with a liquidity crisis, has finally gone bankrupt, 11 months after filing for corporate rehabilitation. According to legal sources on the 25th, the 15th Rehabilitation Division of the Seoul Bankruptcy Court (Presiding Judge…