NCLT

The NCLT has approved a resolution plan submitted by Ambuja Housing and Urban Infrastructure Company Ltd (AHUICL) to take over and complete the stalled Usshar residential project at Batanagar near Kolkata, a company statement said on Sunday. The decision by the Kolkata bench of the National Company Law Tribunal (NCLT) marks a breakthrough in the "parcel-wise" resolution of the debt-ridden Riverbank Developers Private Ltd (RDPL), the original promoter of the 223.8-acre Calcutta Riverside township. The Usshar project had been in a state of limbo for several years with no progress in construction, leaving hundreds of homebuyers in uncertainty. Ambuja Neotia, which was previously associated with the project restricted to only management consultancy, has now committed to completing the remaining construction and handing over the residences to the buyers. Under the terms of the court-approved plan, AHUICL, a subsidiary of the Ambuja Neotia Group, will acquire the 9.4-acre parcel dedicate

In a relief to Culver Max Entertainment (formerly known as Sony Pictures Network India), appellate Tribunal NCLAT has set aside an NCLT order rejecting the insolvency plea filed by the broadcaster against an Odisha-based fintech firm. The NCLAT has remanded the matter back to the Cuttack bench of the National Company Law Tribunal (NCLT) to hear it afresh. The National Company Law Appellate Tribunal (NCLAT) observed that NCLT should at least give an opportunity to Culver Max to rectify the defect in the application, and said the opportunity was not given in the present case. Hence, the NCLT order, which was passed on April 30, 2024, suffers from illegality and needs to be set aside, said a two-member NCLAT bench comprising Justice Yogesh Khanna (Member, Judicial) and Ajai Das Mehrotra (Member, Technical). "In the circumstances, without expressing any opinion on the merit of the appeal, we set aside the impugned order and remand the matter to the NCLT to provide an opportunity to th

Appellate tribunal NCLAT has rejected Equitas Small Finance Bank's appeal to initiate insolvency proceedings against Jumbo Finvest, upholding a National Company Law Tribunal order in the matter. Earlier, the Jaipur Bench of NCLT had rejected an insolvency plea against Jumbo Finvest, observing that it is a Financial Service Provider within the meaning of 3(17) of the Insolvency & Bankruptcy Code and is not a corporate person against whom a Section 7 application can be initiated. This was challenged by Equitas Small Finance Bank before the National Company Law Appellate Tribunal, contending that Jumbo Finvest was registered as a financial service provider by the RBI. The banking sector regulator on January 16, 2020, barred it from increasing the size of its balance sheet and was prohibited from accessing public funds in any form until further notice, as well as lending. It was submitted that in view of the order of the RBI, Jumbo Finvest actually is not in the business of a ...

From tribunal capacity and procedural certainty to tanker seizures that could hit India's economy, today's Best of BS Opinion also looks at Budget-impact laws, AI agents, and a book on sanctions

Unity Small Finance Bank has emerged as the winning bidder for Aviom India Housing Finance, but completion may take 3-4 months as key regulatory and creditor approvals are pending

The Supreme Court, in one of its judgments, had said that a shortfall of members and the lack of requisite strength has led to tribunals only sitting for a few days of the week or a few hours in a day

The companies had approached the tribunal under Sections 230 to 232 of the Companies Act, seeking approval at the initial stage of the merger, with July 1, 2025 proposed as the appointed date

Brokerages believe Vedanta's demerger represents a value unlocking event with high growth Aluminium and Power business expected to command better valuations.

After clearance at the first motion stage, SEPCO moved an intervention application relating to disputes with Talwandi Sabo Power Limited

The ruling clears way for Vedanta's vast operations to split into five separate units, of which four will focus on aluminum, power, oil & gas, and iron ore, respectively

The NCLT, in its order earlier this week, admitted Canara Bank's plea to initiate insolvency proceedings against Embassy Developments Ltd

Think & Learn challenges Aakash Educational Services' decision to withhold shares worth ₹25 crore; NCLAT to hear the matter on December 16 amid related AWS appeals

The tribunal said the plan, backed by a majority of creditors, is "fair", "reasonable" and not against public policy

The one-time settlement offer agreed would bring a major relief for traders whose monies were stuck in the NSEL payment crisis that happened in July 2013, 63 Moons said in an exchange filing.

Industry body calls for clearing ₹18 trillion in pending tax appeals, TDS rationalisation and tax neutrality for fast-track demergers ahead of Union Budget 2026

The National Company Law Tribunal (NCLT) has directed for initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore. The direction of Cuttack bench of NCLT came after it admitted a plea filed by the company's operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore against supply of coal. A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending the board of the company and putting it under the protection of moratorium against encumbrance of assets through sale, civil suits etc, as per the provisions of the Insolvency & Bankruptcy Code (IBC). "We are inclined to hold that there exists an outstanding operational debt, a default and accordingly the present Application... under Section 9 of the Code read with Rule 6 of Insolvency & Bankruptcy Rules, 2O16 for initiating CIRP of Bhilai Jaypee Cement is ...

NCLT Mumbai approves Reliance Retail's resolution plan for Future Supply Chain, ensuring creditors' recovery and revival of the logistics firm on a going-concern basis

The NCLT has dismissed an insolvency plea against the Indian unit of telecom gear manufacturer ZTE filed by TVS Supply Chain Solutions after observing a pre-existing dispute between the parties. A Chandigarh-based bench of the National Company Law Tribunal (NCLT), the debt claimed by TVS Supply Chain Solutions was disputed and under reconciliation dating back to 2017, well before the statutory demand notice. "In view of these facts, we hold that this being a case of preexisting dispute, the Application under Section 9 is not at all maintainable," said the NCLT bench, comprising members Kaushalendra Kumar Singh and Khetrabasi Biswal. TVS Supply Chain Solutions, earlier known as TVS Logistics Services, had moved the insolvency tribunal claiming a default of Rs 4.27 crore from ZTE Telecom India by filing a plea under section 9 of the Insolvency & Bankruptcy Code. The dispute is for the period June 2012 to February 2019. ZTE, a telecom equipment supplier for companies like Reliance, ..

Logistics operator Allcargo Logistics on Monday said it has received the NCLT approval for its restructuring plan to demerge its international supply chain business into a new listed entity. Under the approved scheme, the international supply chain business of Allcargo Logistics Limited will be demerged into a new listed entity -- Allcargo Global Limited, according to the company. The domestic express and contract logistics businesses, currently housed under Allcargo Gati, Gati Express & Supply Chain and Allcargo Supply Chain, will be consolidated under the listed company Allcargo Logistics Limited, it added. Post-restructuring, Allcargo Group will eventually have four listed strategic business undertakings. Allcargo Global will have an international supply chain business, while domestic logistics will come under Allcargo Logistics (post demerger). Allcargo Terminals Limited and TransIndia Real Estate Limited, which were created through an earlier scheme of arrangement, continue .

The National Company Law Tribunal (NCLT) on Wednesday once again postponed the hearing on Vedanta's demerger proposal to October 29. On September 17, the Mumbai bench of NCLT had deferred the hearing on the matter till October 8, and also directed Vedanta as well as the Ministry of Petroleum and Natural Gas (MoPnG) to file written submissions on the matter within five days. Earlier on August 20, the tribunal had deferred the hearing on the Vedanta demerger to September 17 as market regulator Sebi was yet to complete the scrutiny of the proposal, while the petroleum ministry had raised certain objections and sought time to present its observations on the scheme. The counsel representing the ministry had raised objections to the demerger seeking details on the RJ block, and sought clarifications on disclosures. The counsel said the ministry also wants disclosures on the concealment of facts that includes showing the exploration blocks as Vedanta's assets and details of the loan taken