Page 12 - National Company Law Tribunal

Aviva Life settles Apeejay Trust's Rs 27-lakh insolvency case in NCLT

Earlier this month, the NCLT had ordered to initiate insolvency proceedings against Aviva Life Insurance in a case filed by Apeejay Trust

Govt moves NCLT to reopen financial statements of CG Power for FY15-19

The corporate affairs ministry on Monday moved NCLT seeking to reopen and restate the financial statements of CG Power & Industrial Solutions under Section 130 of the Companies Act for financial years 2015 to 2019. Alleging financial irregularities, the CG Power board had on August 30, 2019 in a mid-night drama removed the company promoter Gautam Thapar as the non-executive chairman, a position he had held since July 2006. The National Company Law Tribunal (NCLT) directed the ministry to issue notices to market regulator Sebi, the income tax department and Thapar to file reply within a week and also asked the ministry to file the rejoinder a week later. The tribunal has posted the matter for more hearing to December 16. The company said an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and

RBI to supersede DHFL board, approach NCLT for bankruptcy proceedings

The central bank said it had appointed R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, the administrator for DHFL

Karnataka HC stays NCLT order against Flipkart for defaulting payment

Flipkart had approached the Karnataka High Court after NCLT initiated insolvency proceedings for defaulting on Rs 18 crore payment to one of its suppliers

Essential goods may soon come under IBC regulations: Details here

Electricity, water, telecommunications, and information technology are currently covered under essential goods

Two years on, debt resolution of first dozen firms still not complete

The combined debt of these 12 large accounts was Rs 3.45 trillion; the amount realised so far is Rs 1.01 trillion. The liquidation value of these 12 large accounts was Rs 73,220 crore

Number of cases admitted under insolvency saw a rise in Sep quarter

The number of insolvency cases admitted by the bankruptcy court continued to stay elevated, with 369 companies alone admitted in the Sept quarter.

Tata MF moves NCLT to recover Rs 120 cr from DHFL, others may go legal too

The next hearing on the matter is expected to be held in the second week of November

Central Bank withdraws insolvency application against Aban Offshore

Both parties say they are settling dispute; NCLT dismisses application, permits lender to approach it later

Overweight positions in banks, industrials helped HDFC: CIO Prashant Jain

Given this background, an outperformance of nearly 9 percentage points over the Nifty 100 benchmark is no small feat

Govt constitutes panel to relook at offences under Companies Act

The committee will submit its recommendations on offences - both compoundable and non-compoundable - which could be recategorised as 'civil wrongs'

McLeod Russel moves NCLT to resume tea estate sale to help it repay dues

Tribunal had stayed the sale after a financial creditor moved Kolkata bench of NCLT to recover dues of Rs 100 cr; McLeod says sale is part of restructuring plan, will help revive company

Apollo Hospitals to seek shareholders' nod for hiving off pharmacy biz

Front end of the business to go to a separate firm, which will focus on achieving Rs 10,000 cr revenue and 30% ROCE within 5 years

Govt to banks: Don't use NCLT on daily basis to resolve stressed assets

Anurag Thakur, Minister of State for Finance and Corporate Affairs, assured bankers to take decision to lend to the industry without any fear of 'witch-hunting' in future by any investigative agencies

ARC role in resolution may help pare NPAs to Rs 9.1 trn by March: Crisil

With the share of cash deals rising, discounts could remain high. To make way for newer acquisitions and attract new and repeat investors, ARCs must quickly resolve assets and redeem security receipts

NCLT admits application for initiating insolvency proceedings against HDIL

Insolvency proceedings have been initiated against many real estate developers, including Jaypee Infratech, mainly because of default in loan repayment to banks and delivery of flats to home buyers

In resolution plan, McNally Bharat Engineering looks to raise fresh capital

All major listed entities of B.M. Khaitan Group posted revenue decline in Q1

Jet gets three EoIs, Etihad backs out; applicants to be named on Tuesday

Panama-based fund Avantulo Group is one of the three entities to have expressed an interest

Govt asks NCLT to freeze assets of IL&FS arm's audit partners Deloitte, BSR

Audit firm partners named in SFIO complaint to be allowed withdrawal of Rs 1 lakh a month

Govt moves SC to make NCLT judges stick to deadline for resolving cases

In the latest amendments to the Insolvency and Bankruptcy Code (IBC), the government has made it mandatory for all corporate insolvency procedures, including litigation, to be wrapped up in 330 days