The Supreme Court on Friday dismissed appeals filed by Bindu Kapoor, suspended director of Bliss Abode Pvt. Ltd. and Bliss House Pvt. Ltd., refusing to interfere with the National Company Law Appellate Tribunal’s (NCLAT) decision upholding the admission of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC).
A Bench of Justice Sanjay KumarandJustice Sanjeev Sachdeva held that no case had been made out to interfere with the NCLAT’s judgment dated May 29, 2026, which had affirmed the orders admitting the companies into the corporate insolvency resolution process.
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“Having heard the learned senior counsel appearing for the parties, we find no grounds made out to interfere with the impugned judgment and order dated 29.05.2026 passed by the National Company Law Appellate Tribunal… confirming the orders of admission under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeals are, accordingly, dismissed.”
The proceedings arise out of loan defaults exceeding ?640 crore involving the two Rana Kapoor-linked companies. The NCLAT had earlier upheld JC Flowers Asset Reconstruction Pvt. Ltd.’s invocation of a Material Adverse Effect (MAE) clause following the arrest of Yes Bank co-founder Rana Kapoor in March 2020. It also held that the continuing default over nearly six years sufficiently established the existence of debt and default for initiating proceedings under Section 7 of the IBC.
