Page 5 - National Company Law Tribunal

Zee Media board approves submission of bid to pave way for RBNL takeover

In its company filing, Zee Media said that a resolution had been passed on May 5, 2023, that granted approval to the company to submit its EOI with the CIRP of RBNL

JC Flowers ARC makes claim on Subhash Chandra's no-compete fees

ARC says no-compete fees received from Sony should be used to repay local debt

Weekend Bites: Corporate Samurai keels over, and big deal that's Met Gala

In which we munch over the week's platter of news and views

Nuvama Wealth aims to list by August, sets ambitious biz growth targets

Wealth management company Nuvama is aiming for a listing by August this year once its demerger from Edelweiss Financial Services gets through, a top official said on Wednesday. Edelweiss Financial Services' shareholders have already given their nod for the demerger. Nuvama, which was earlier called as Edelweiss Wealth Management, will be approaching the National Company Law Tribunal (NCLT) later this month for its approval for the scheme, Nuvama's chief executive and managing director Ashish Kehair told reporters. We would like to do the listing as soon as possible. I feel it will get listed by July or August, he added. Over 55 per cent of Nuvama is owned by private equity fund PAG, while Edelweiss' Rashesh Shah and Venkat Ramaswamy will have a 9 per cent ownership between them, he said. Kehair also announced the company's targets on the business growth front, stating that the wealth management space is under-penetrated in the country. The company, which has client assets of Rs 2

IBC provisions cannot be turned into debt recovery proceeding: NCLAT

The National Company Law Appellate Tribunal on Monday said the provisions of the Insolvency & Bankruptcy Code (IBC) cannot be turned into a debt recovery proceeding as the idea of this special code is to bring a debtor company back on its feet. Setting aside an order of the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Coppertun Brewing, the appellate tribunal observed it "clearly fell in error" in admitting the plea "while turning a blind eye" on the evidence of pre-existing disputes between parties. When an operational creditor seeks to initiate an insolvency process against a Corporate Debtor, it can only be done in clear cases where no real dispute exists between the two, said the National Company Law Appellate Tribunal (NCLAT) bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. "What also heavily weighs on our mind is that both in terms of the objectives of the IBC and settled proposition of law as expressed and ...

NCLAT allows another round of bidding for bankrupt firm Reliance Capital

Torrent may move Supreme Court against rebidding

Despite NCLT setback, analysts remain positive on Zee Entertainment

Their sum-of-the-parts valuations ranges between Rs 275 and Rs 390, which indicates uncertainty

Adani Power receives NCLT's approval for merger of six subsidiaries

As many as nine Adani Group firms were trading in the negative territory, while one company was trading in the green

Kishore Biyani resigns as executive chairman and director of Future Retail

Biyani's resignation was also received by the resolution professional on January 24

NCLT directs lenders to maintain status quo on Reliance Capital matter

The National Company Law Tribunal (NCLT) on Friday directed the lenders of Anil Ambani-promoted Reliance Capital to maintain the status quo and asked all applicants to submit written notes. The tribunal on Wednesday postponed the second auction for Reliance Capital, which was scheduled for January 19, to January 23 (Monday) as the NCLT Mumbai bench could not complete the hearing of arguments of all applicants. The NCLT Mumbai bench, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, has been hearing the applicants on a day-to-day basis since January 9, when Torrent Investments approached the tribunal seeking to halt the Committee of Creditors's move for a second round of auction or 'Challenge Mechanism'. After the hearing was completed on Friday, applicants including the CoC represented by Kapil Sibal, Torrent Investments represented by Darius Khambata, IIHL represented by (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi among others wished to ..

NCLT asks lenders to delay round of second auction for Reliance Capital

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Google dials NCLAT against CCI's Android order, Rs 1,337-crore fine

Says CCI order presents a major setback for its Indian users and businesses who trust Android's security features

CCI likely to appeal against NCLAT order in DLF matter: Sources

The Commission in 2018 had found DLF in contravention of the Competition Act for abusing its dominant position and discriminatory practices

NCLAT upholds CCI's Rs 870 cr fine on Kingfisher, Carlsberg manufacturers

Throws out the appeals of the beer makers, who were accused of cartelisation in the sale and supply of the beverage in various states and UTs

IL&FS resolves Rs 56,943 cr debt as of Sept, addresses 93% of target

Infra lending firm's affidavit says it has reduced the number of entities under it from 302 to 101

European cargo airline moves NCLT to acquire 3 Jet Airways aircraft

Fresh challenge for reviving Jet as union opposes sale of assets until employees get provident fund and gratuity

Lenders purposely delaying Jet Airways revival: Jalan-Kalrock tells NCLT

'Can't take off if relief not granted'

JSPL acquires Monnet Power for Rs 410 cr through insolvency process

Monnet Power has a 1050 MW under-construction plant in Odisha's Angul

HDFC Bank files petition for NCLT approval to the proposed merger

The bank has already received the approval of the equity shareholders, which includes public shareholders, to the proposed merger scheme

Jalan-Kalrock consortium looks to move SC over Jet Airways staffers' dues

The consortium won the bid to revive the grounded airline in October 2020, and its revival plan was cleared by the National Company Law Tribunal in June 2021