Page 9 - National Company Law Tribunal

NCLT has disposed of 62,000 cases out of about 83,000 filed: Official

The National Company Law Tribunal (NCLT) has disposed of nearly 62,000 cases out of nearly 83,000 cases filed before it, Rajesh Verma, Secretary, Ministry of Corporate Affairs said on Saturday.Addressing a national level Colloquium on the subject 'NCLT- The Road Ahead' organised by the NCLT, Verma said NCLT is an institution of pride and it has led to faster resolution of corporate disputes under the Company Act and the Insolvency & Bankruptcy Code (IBC).Verma emphasised that the IBC Code has seen a roller coaster ride with six amendments that have been made in the main legislation so far. He further stated that many provisions of IBC have come out unscathed when challenged (in the higher courts) and the Supreme Court of India had settled the jurisprudence on various aspects of this new law at an unprecedented pace and passion.In his address as the chief guest, Justice (retd) Ramalingam Sudhakar said that India is envisioning a multi-trillion dollar economy. Industry and ...

SC allows Future Retail to move HC to seek resumption of NCLT proceedings

Senior advocate Harish Salve, representing Future Retail, argued that the proceedings before the NCLT have reached the stage listed at serial no 8 (meeting of the shareholders and creditors)

SC junks Devas Multimedia's appeal against NCLAT order to wind up company

The Supreme Court junked an appeal filed by Devas Multimedia challenging an order to wind up the company

Hughes, Airtel form JV to provide satellite broadband services in India

Combined India VSAT operations of both companies to offer wide range of satellite and hybrid network solutions to business and government customers

Centre says taking all steps to strengthen National Company Law Tribunal

19 new members have been appointed at the tribunal recently

Axis MF, Inversion Advisory launch AIF to invest in underperforming firms

Plans to raise Rs 3,500 cr; Axis AMC to be investment manager of the fund, Inversion to provide operational and turnaround expertise

Resolution plan submitted before NCLT can't be modified or withdrawn: SC

The Supreme Court on Monday held that CoC approved resolution plan submitted to the National Company Law Tribunal (NCLT) cannot be modified or withdrawn as it would create another tier of negotiations

Siva tests IBC: NCLAT's choice between judicial wisdom & commercial wisdom

Siva Industries, a machinery part-maker, was admitted to the bankruptcy court on July 5, 2019

NCLT admits application for initiating CIRP against McLeod Russel

Once the world's largest tea producer, McLeod Russel, part of the Brij Mohan Khaitan group company, is now India's largest with about 31 estates

Best of BS Opinion: Repeal UAPA, bankruptcy process needs a re-look & more

Here are the best of Business Standard's opinion pieces for Friday

Bankruptcy process needs a re-look

A mechanism is needed to ensure bank-led resolution- not the NCLT- is the first resort for lenders

Headless NCLT awaits reforms to speed up resolution of pending cases

Over 20K cases pending and more than half linked to insolvency, bankruptcy

Siva lenders to receive Rs 5 crore cash upfront, take 94% haircut

To receive Rs 318 crore of total dues amounting to Rs 4,863 crore

Piramal, DHFL merger: The road ahead remains bumpy due to legal hurdles

Former promoter moves Supreme Court, debt investor 63 moons vows to move court to recover dues

Lenders terminate bankruptcy proceedings against Lavasa Corporation

Lenders who have run up Rs 7,700 cr bad loans will call for fresh bids

Games promoters play

If a promoter knows that he can afford not to repay loans and buy back his company in the bankruptcy court at a discount with a reduced debt burden, he has a strong incentive to drive his firm aground

Best of BS Opinion: DHFL resolution, the collapse of Indian cinema & more

Here are the best of Business Standard's opinion pieces for Friday

NCLT initiates insolvency proceedings against Ahluwalia Contracts

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor. The New Delhi-based NCLT bench allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd against Ahluwalia Contracts, claiming default of Rs 14.10 crore, and appointed an interim resolution professional. Ahluwalia Contracts had engaged A2 Interiors Products for interior, furnishing and allied civil and electrical works at various project sites. It had supplied materials to Ahluwalia Contracts as part of various work orders issued for six projects at different locations in the country, according to the NCLT order. It had raised invoices against each work order, which were duly received by Ahluwalia Contracts, however, it failed to release the full payment. Later, in May 2019, A2 Interiors had issued a notice to Ahluwalia Contracts under the Insolvency & Bankruptcy Code (IBC) demanding Rs

Top headlines: Money laundering case on Franklin, APSEZ to buy 31.5% in GPL

The government may cut the reserve price of spectrum ahead of the 5G auction, given 63 per cent of spectrum remained unsold at this week's auction, CLSA said in its investor note

Govt non-committal on Jet Airways' historical rights on flight slots

DGCA and Civil Aviation ministry informed the Mumbai bench of NCLT that Centre will favourably consider application of slots to revive the company