National Company Law Tribunal

NCLT stays Aakash's EGM resolution to amend Articles of Association

The National Company Law Tribunal (NCLT) on Wednesday stayed a resolution related to amendment in the Articles of Association (AoA) of Aakash Educational Services which allegedly seeks to dilute the rights of petitioners including Singapore VII Topco I. An Extra Ordinary General Meeting (EGM) of Aakash Educational Services was scheduled to be held on Wednesday to consider and approve alteration in the AoA, which was objected to by the petitioners. " ... in the interests of justice, this Tribunal directs the Respondents No.1 to 11 (Aakash Educational Services and others) not to give effect to the resolutions, if passed, in relation to the Agenda Item No 8 in the Extra Ordinary General Meeting to be held on today i.e. 20.11.2024, till the disposal of the main Petition," said NCLT in its interim order. The Bengaluru bench of NCLT directed that the matter will be listed for the next hearing on December 19, 2024. NCLT order came over a petition filed by Singapore VII Topco I Pte Ltd and

NCLT directs initiation of insolvency proceedings against Raheja Developers

The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Raheja Developers on a petition filed by flat allottees of its Gurgaon-based Shilas project. The NCLT said Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it for Corporate Insolvency Resolution Process (CIRP). "The Application bearing... filed by the Applicants under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating CIRP against Raheja Developers Ltd is, hereby, admitted," the NCLT said. A two-member NCLT bench, comprising its President Justice Ramalingam Sudhakar and AK Srivastava, has also appointed Manindra K Tiwari as the Interim Resolution Professional for Raheja Developers. "There is a default on the part of the CD (corporate debtor), in terms of nonpayment of the debt due (delivery of the units) against the amount raised from them under the real ..

Utkarsh SFB's reverse merger expected within a year, says MD & CEO

According to these guidelines, promoters are required to reduce their shareholding to 26 per cent within 15 years of starting banking operations

IDBI Bank launches OTS scheme for retail NPA borrowers to boost recovery

Outstanding principal of Rs 2,300 crore in focus

NCLT dismisses Philips India plea to buy minority stake over valuation gap

The National Company Law Tribunal has dismissed the petition by Philips India to buy out the remaining 3.87 per cent from its minority shareholders, observing a "huge difference" between values determined by the company-appointed valuer and its minority investors. The Kolkata bench of NCLT though agreed with the "discounted cash flow method" adopted by the valuers appointed by Philips India and its minority shareholders but pointed out a "huge difference" between the price of the share determined by them. "While petitioner (Philips India) appointed valuer has valued it at Rs 740 per share, the respondent (minority shareholders) appointed valuer has valued in excess of Rs 4,500, by suggesting a range between Rs 4,605 to Rs 6,119," it said. The tribunal suggested that the situation may require a direction to the registered valuer to disclose the parameters factored while determining the price under the discounted cash flow method to reconcile two vastly different prices determined by

RBI gives approval for Aditya Birla Finance's merger with parent

To move NCLT to complete amalgamation

NCLT approves delisting of ICICI Securities; firm's shares see major drop

ICICI Securities shareholders will receive 67 ICICI Bank Ltd shares for every 100 shares they hold as per the approved scheme

NCLT orders insolvency proceedings against Supertech Township Projects

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..

EaseMyTrip is expecting a positive cashflow from ops this year: CEO

Notably, the company's biggest revenue drivers over the last few quarters have been its non-air segments and increased hotel bookings

Vedanta demerger plan awaits NCLT's green light, says Anil Agarwal

Vedanta announced it will demerge into six different, listed entities - Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd

ZEE can withdraw its merger implementation application: NCLT

ZEEL had filed the application following the termination of the merger agreement by Culver Max and Bangla Entertainment on January 22, citing a breach of the merger cooperation agreement

Will rethink India plan if B777 aircraft deal fails, says Ace Aviation

Last Inspection of Three Jet Planes Was Two Years Ago

NCLT extends insolvency resolution process for Go First by 60 days

The National Company Law Tribunal warned the airlines that this would be the final extension offered

Suspended board of Jaiprakash Associates moves NCLAT over insolvency order

The suspended board of debt-ridden Jaiprakash Associates has moved appellate tribunal NCLAT challenging last week's NCLT order which directed initiation of insolvency proceedings against the firm. The petition was listed before a vacation bench of the National Company Law Appellate Tribunal (NCLAT), which declined to grant an interim stay on the NCLT order. On June 3, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC. The NCLT rejected JAL's contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and changes in government policies. It has been held by the Supreme

NCLT allows insolvency against Himalayan Mineral Water on J-K Bank's plea

The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Himalayan Mineral Waters, allowing Jammu & Kashmir Bank's plea for default of a corporate guarantee given for LeeL Electricals. The Allahabad bench of NCLT has also appointed Bhoopesh Gupta as the interim resolution professional (IRP) for this Dehradun-based firm's Corporate Insolvency Resolution Process (CIRP). "We are satisfied that the Applicant/Financial Creditor (J&K Bank) has proved the debt and the default, which is more than the threshold limit... the application u/s 7 is found to be fit for initiation of the CIRP against the Corporate Debtor (Himalayan Mineral Waters," said a two-member bench in the order passed last Monday. Jammu & Kashmir Bank had claimed a default of Rs 50 crore against Himalayan Mineral Waters, engaged in the business of manufacturing of beverages, being the corporate guarantor for the credit facilities availed by the Leel Electricals. LeeL ...

Cash-strapped Byju's may pay salary to employees for April this week

Last month, Byju Raveendran, the founder and chief executive of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees

How to make insolvency law solvent

IBC has served purpose by creating the fear of god among rogue promoters. It's time to plug the loopholes in the law and make the defaulters understand that the IBC isn't just all bark and no bite

Edtech company Byju's shareholders approve $200 million rights issue

The culmination of the rights issue will also set the stage for the launch of Byju's 3.0, the suite of AI-first products

NCLAT shuns insolvency plea against Parsvnath Landmark Developers

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer. The appellate tribunal upheld the orders of the Principal bench of the National Company Law Tribunal (NCLT), which on October 17, 2023, rejected their plea on technical grounds as the number of petitioners was only four, while the total number of allottees by Parsvnath Landmark is 488. The matter relates to La Tropicana Khyber Pass, a Delhi-based project of the realty firm. Section 7(1) of the Insolvency and Bankruptcy Code (IBC) mandates a petition on behalf of the homebuyers (as financial creditors) is maintainable only if either 100 in number or 10 per cent of the allottees join the petition. Moreover, the appellate tribunal also rejected the plea of flat buyers that they are of a different class, having an order from Delhi RERA directing the developer to refund the

Byju's seeks arbitration on NCLT trial; hearing adjourned to April 23

The plea for arbitration is interesting, as this will mean that the case will be moved away from NCLT's jurisdiction