Page 7 - National Company Law Tribunal

NCLT extends Reliance Capital resolution process deadline to Jan 31

The National Company Law Tribunal (NCLT) has for the third time extended the deadline for debt-ridden Reliance Capital's resolution process to January 31. The earlier deadline was November 1, 2022. This is the third extension as the timeline has been extended twice in the past, sources said. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of RCL within 180 days, by June 3, 2022. Earlier, the lenders of Reliance Capital had given an extension of 30 days to the bidders for submission of binding bids, along with an EMD of Rs 75 crore, by October 31. The bidders were not happy with this 30 days extension as most of them had sought an extension by 2-4 months. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Two options are available for the bidders. The fir

Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements

Jaypee-owned firm undergoing bankruptcy process

99.99% of Zee Entertainment shareholders vote for merger with Sony

Attention will likely shift back to the Competition Commission, which had granted conditional approval to the proposed deal last week

Singapore Airlines confirms Vistara-Air India merger discussions

SIA, however, has cautioned its investors that there is no certainty of a deal

Shriram Group waits for NCLT approval of merger, ready for integration

Group conducting trial run at branches, preparing super app for merged entity called Shriram Finance

Anil Agarwal-led Vedanta group gets shareholder nod to rejig capital

The development acquires significance since Vedanta's holding company, Vedanta Resources, will receive nearly 70 per cent of the dividend to be distributed

Adani Ports receives NCLT approval to acquire 58.1% in Gangavaram Port

Deal to be a share swap, with issuance of 47.7 million APSEZ shares to the erstwhile GPL promoters; post-transaction, GPL will become a fully-owned subsidiary of APSEZ

EPFO looks to hire law firms to provide legal opinion, associated services

The approved law firms will be empanelled with the EPFO headquarters in New Delhi for an initial period of one year, which can be extended to three years

SBI files 'insolvency petition' against Jaiprakash Associates in NCLT

JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, wind/thermal power plants at various locations all over India.

Ahead of IDBI privatisation, Centre working on tightening disclosure rules

Bidders will have to share the details of legal proceedings against them, if any, until the completion of sale transactions

PVR shareholders to mull Inox merger on Oct 11, creditors' meet same day

Investors' meet over videoconference comes after Mumbai NCLT's directive to PVR; both Inox Leisure and PVR had said this June that they had received clearances for their merger NSE and BSE

After lay-offs, edtech startup Lido Learning files for insolvency

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016

Bad loan recovery process can get worse

Apart from creating a distinction between financial creditors and operational creditors, the latest Supreme Court judgment also leads to the creation of a new category of default - temporary default

Lenders agree to RNTL-Reliance Industries' takeover deal: Report

Two years after the deal was approved by the NCLT, banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to Mukesh Ambani-owned Reliance Industries

Top Headlines: Common charger for all mobiles; banks rush to woo depositors

At a time when growth in bank credit is outstripping that of deposits, several lenders, including the country's largest bank, State Bank of India (SBI), have raised deposit rates ahead of the festival

Future Ent to quantify receivables from FRL and submit claims before IRP

The National Company Law Tribunal on Wednesday ordered insolvency resolution proceedings against Future Retail

Defaulting firm's debt includes both principal and interest: NCLAT

Case related to a company that challenged insolvency proceeding against it for delaying payments to borrower

Lenders in talks with ARCs to sell Reliance Naval & Engineering loans

Lenders worried over their Rs 14,000-cr exposure in shipyard

Power to admit insolvency application not binding even when debt owed: SC

The bench said NCLT failed to appreciate the question of time-bound initiation and completion of corporate insolvency resolution process could only arise if companies were bankrupt or insolvent

Insolvency regulator working to bring mediation in insolvency cases

A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.