New Delhi, August 29, 2025 – In the dynamic landscape of India’s corporate and insolvency laws, the National Company Law Appellate Tribunal (NCLAT) continues to play a pivotal role as the appellate authority, ensuring fairness, efficiency, and compliance in legal proceedings. Established to streamline corporate disputes and insolvency resolutions, NCLAT has been at the forefront of landmark decisions this year, addressing issues from insolvency initiations to competition law violations. As economic pressures mount and regulatory frameworks evolve, the tribunal’s rulings in 2025 underscore its commitment to upholding corporate integrity while navigating complex intersections with other statutes.
Establishment and Evolution of NCLAT
The National Company Law Appellate Tribunal was constituted under Section 410 of the Companies Act, 2013, and became operational on June 1, 2016, alongside its counterpart, the National Company Law Tribunal (NCLT). Headquartered in New Delhi with a bench in Chennai, NCLAT serves as the appellate body for appeals against NCLT orders under the Companies Act and the Insolvency and Bankruptcy Code (IBC), 2016. It also hears appeals against decisions of the Competition Commission of India (CCI), the Insolvency and Bankruptcy Board of India (IBBI), and the National Financial Reporting Authority (NFRA).
Comprising a Chairperson, judicial members, and technical members, the tribunal blends legal expertise with domain knowledge in areas like finance, accounting, and industry. This structure aims to expedite resolutions in corporate matters, reducing the burden on higher courts. Over the years, NCLAT has handled thousands of cases, contributing to India’s improved ranking in the World Bank’s Ease of Doing Business index by fostering a robust insolvency framework.
In 2025, the tribunal has emphasized procedural efficiency, issuing guidelines for video conferencing, physical hearings, and grievance submissions. Recent office orders, such as the formation of an internal complaints committee on sexual harassment, reflect its focus on internal governance and transparency. However, operational challenges persist, with notices in August 2025 adjourning hearings in key courts due to unforeseen circumstances, highlighting the need for resilient infrastructure.
Key Functions and Jurisdiction
NCLAT’s jurisdiction extends to a wide array of corporate and competition matters. Under the IBC, it reviews admissions of insolvency petitions, resolution plans, and creditor disputes, ensuring adherence to timelines and stakeholder interests. In competition law, it scrutinizes CCI orders for abuse of dominance, anti-competitive agreements, and mergers. The tribunal’s decisions can be appealed to the Supreme Court on questions of law within 60 days, providing a layered judicial oversight.
A critical aspect of NCLAT’s role is balancing speedy resolutions with equitable outcomes. For instance, the Supreme Court in May 2025 reinforced this by ruling that delays beyond 45 days in filing IBC appeals are statutorily barred, overturning an NCLAT order that had condoned such delays. This judgment emphasizes strict compliance, potentially streamlining appellate processes but raising concerns about access to justice for litigants facing genuine hurdles.
Landmark Rulings in 2025: Shaping Corporate and Insolvency Landscape
2025 has seen NCLAT deliver several influential verdicts, reflecting the tribunal’s adaptability to emerging legal complexities.
Insolvency Proceedings Against Supertech Realtors
In a significant blow to the beleaguered real estate sector, NCLAT on August 15, 2025, paved the way for insolvency proceedings against Supertech Realtors, a subsidiary of Supertech Ltd., upholding an NCLT order from June 2024. The case stemmed from a petition by Bank of Maharashtra over a default exceeding Rs 990 crore. Despite settlement proposals from promoter Ram Kishore Arora, including a one-time settlement backed by co-developer Parmesh Construction, the consortium of banks rejected them. NCLAT declined to intervene in the banks’ commercial decision, allowing the formation of a Committee of Creditors (CoC) to proceed with the Corporate Insolvency Resolution Process (CIRP). This ruling impacts the Supernova project in Noida, valued at over Rs 2,300 crore, and signals stricter scrutiny for real estate firms amid financial turmoil.
Google Abuse of Dominance Case
Earlier in the year, on March 28, 2025, NCLAT partially upheld CCI’s 2022 order against Google for abusing its dominant position in Android’s app ecosystem. The tribunal affirmed Google’s discriminatory practices with its Google Play Billing System (GPBS) and leveraging dominance to favor its UPI payment apps. Six of eight remedies were upheld, but the penalty was slashed from Rs 936 crore to Rs 217 crore based on relevant turnover. NCLAT stressed the need for a “competition effects analysis,” requiring evidence of actual or imminent harm, setting a precedent for future antitrust cases in the tech sector.
IBC vs. PMLA: No Override
In July 2025, NCLAT ruled that the IBC cannot override the Prevention of Money Laundering Act (PMLA), 2002, in a decision that prioritizes anti-money laundering enforcement over insolvency resolutions. This clarification ensures PMLA proceedings, including asset attachments, take precedence, potentially complicating resolutions for companies under money laundering probes. The ruling aligns with broader efforts to combat financial crimes but may delay IBC timelines, affecting creditors and resolution professionals.
June 2025 Round-Up: Insolvency Focus
June 2025 featured a slew of insolvency-related rulings, including upholding proceedings against Jaypee Cement Corporation and dismissing appeals by personal guarantors in cases like Bank of Maharashtra and Neelkanth Township. NCLAT also set aside an NCLT order in the IL&FS auditors’ case, criticizing unauthorized amendments, and directed reviews in employee-related probes at Gensol Engineering. These decisions highlight NCLAT’s emphasis on procedural integrity and creditor rights.
Other notable cases include dismissing an insolvency petition against PepsiCo India Holdings and rejecting appeals in competition matters against Asian Paints.
Implications and Future Trends
NCLAT’s 2025 rulings demonstrate a balanced approach, reinforcing investor confidence while addressing systemic issues like delays and inter-statutory conflicts. However, challenges remain, including backlog management and adapting to digital hearings. The Supreme Court’s March 2025 judgment on CCI approvals in insolvency processes further integrates competition oversight, altering regulatory practices.
Looking ahead, experts anticipate increased focus on real estate insolvencies and tech antitrust, with potential reforms to enhance NCLAT’s capacity. As India aims for a Viksit Bharat by 2047, the tribunal’s role in fostering a transparent corporate environment will be crucial.
This year, NCLAT not only adjudicated but also evolved, proving indispensable in India’s legal ecosystem.