Nclat

NCLAT upholds separate insolvency proceedings for 2 Videocon group entities

Appellate tribunal NCLAT has upheld separate insolvency proceedings for two Videocon group entities -- Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL) -- while setting aside an earlier NCLT order that had directed clubbing of the two cases. Passing a final order, the NCLAT said creditors of VIL and VOVL had intended the Corporate Insolvency Resolution Processes (CIRPs) of the two companies to run independently, considering the distinct nature of their businesses and the need for a specialised resolution. In this, state-owned Bharat Petroleum subsidiary, BPRL has acquired VOVL, exercising its Right of First Refusal (ROFR), which was subsequently approved by NCLT through a June 2024 order, while the CIRP of VIL is still pending. The appellate tribunal in its order said VIL and VOVL operate in starkly different sectors -- with VIL engaged in consumer electronics and VOVL in oil-related businesses -- making it impractical for a single entity to possess the expertise .

NCLAT sets aside ₹301.6 crore CCI penalty on Grasim, orders fresh hearing

Appellate tribunal NCLAT on Tuesday set aside a Rs 301.6-crore penalty imposed on the Grasim Industries by CCI, directing the fair trade regulator to hear the Aditya Birla Group firm again over its alleged dominance in the viscose staple fibre (VSF) market. The tribunal observed that the CCI did not provide a chance to Grasim Industries to present their arguments, after it differed from the findings of DG, its probe Unit. The Competition Commission of India (CCI) had imposed a penalty on Grasim Industries in March 2020 for allegedly abusing its dominant position with respect to supply of VSF to spinners in India in which it has a dominant position. The order was challenged by Grasim before the NCLAT, which is also an appellate authority over CCI, which asked the regulator to hear afresh. A two-member National Company Law Appellate Tribunal (NCLAT) bench said the CCI itself has "differed from findings of the DG", its probe unit, regarding their directions for disclosure of ...

NCLAT quashes insolvency proceedings against Embassy Developments Limited

Bengaluru-based developer financially sound, says in statement

Supreme Court refuses to interfere in NCLAT order restoring Byju's CoC

Supreme Court backs NCLAT decision restoring original CoC in Byju's insolvency case, dismissing founder Byju Raveendran's appeal and allowing probe into IRP conduct

NCLAT upholds Adani's Jaiprakash Associates bid, junks Vedanta plea

Tribunal backs lenders' decision on Adani's resolution plan for Jaiprakash Associates, dismissing Vedanta's challenge over transparency and bid value concerns

NCLAT rejects Vedanta's plea against selection of Adani group's bid for JAL

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the two petitions filed by Vedanta Ltd, where the mining group challenged the selection of Adani Enterprises' bid for debt-ridden Jaiprakash Associates Ltd (JAL). A two-member bench comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra said: "No grounds have been made out by the appellant (Vedanta) to interfere with the decision of the adjudicating Authority (NCLT)." "There is no merit in the appeal. Both appeals are dismissed. There shall be no orders to pass," said NCLAT. The decision of the Committee of Creditors was based on "overall consideration of the respective resolution plan and was taken in its commercial wisdom," said the appellate tribunal. NCLAT also said there has been "no material irregularity committed by Resolution Professional while conducting the plan resolution process." NCLAT also dismissed Vedanta's plea, where it had questioned the evaluation metrics adopted and had said

NCLAT reserves verdict on Vedanta challenge to Adani JAL resolution plan

NCLAT has reserved judgment on Vedanta's appeals challenging Adani Enterprises' resolution plan for JAL, after hearing arguments from lenders and other stakeholders

NCLAT reserves order on Vedanta's pleas of Adani's bid for JAL

The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its order on Vedanta's two petitions against the selection of Adani Enterprises' bid to acquire debt-ridden Jaiprakash Associates Ltd (JAL) through an insolvency process. A two-member NCLAT bench comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra concluded its hearing following arguments from Vedanta and respondents, including the Resolution Professional, Committee of Creditors (CoC) and Adani Enterprises. It asked both parties to submit written submissions within the next two days. Vedanta's counsel questioned the evaluation metrics adopted by JAL lenders, who selected the bid from Adani Enterprises offering Rs 14,535 crore and rejected Vedanta's higher bid of Rs 17,926 crore. On March 24, NCLAT declined any interim stay over the Vedanta Group's plea against the order passed by the NCLT on March 17, approving Adani Group's bid. However, it had said that the plan would be subject to the .

Vedanta was never formally declared as highest bidder for JAL: RP to NCLAT

Resolution professional counters Vedanta's claims in appellate tribunal, says email cited by firm did not amount to formal declaration of highest bid

Vedanta was never declared highest bidder for JAL: RP tells NCLAT

The resolution professional of debt-ridden Jaiprakash Associates Ltd (JAL) told the National Company Law Appellate Tribunal (NCLAT) that there has been no formal declaration identifying Vedanta as the highest bidder in the insolvency process, according to court submissions. Senior Advocate Abhishek Manu Singhvi, appearing for the Resolution Professional (RP) said an e-mail dated September 5 circulated to all bidders only conveyed the highest financial value discovered during the challenge process, and did not constitute an official declaration of a successful bidder. He alleged that Vedanta's claim of being the highest bidder amounted to "suppression of material facts," arguing that its petition lacked a legal and factual basis. Singhvi further told the tribunal that the case presented by the mining group was "completely without foundational facts." "It is a perfectly simple, valid e-mail pointing out what will happen in future. When you do this, then we will evaluate. It's very ...

NCLAT adjourns hearing on Vedanta plea against selection of Adani's JAL bid

The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned its hearing over mining giant Vedanta Group's petitions against the selection of Adani Enterprises' bid for debt-ridden Jaiprakash Associates Ltd (JAL). The insolvency appellate tribunal adjourned the hearing on account of a change in the composition of the bench, which was hearing the two appeals filed by Vedanta Ltd. The change has been made due to the unavailability of a member of the bench. NCLAT will decide the date for the next hearing shortly. Vedanta has filed two petitions, challenging the March 17 order by the Allahabad bench of NCLT, which approved Adani Enterprises Ltd's Rs 14,535-crore bid to acquire JAL through the insolvency process. On March 24, NCLAT declined any interim stay on the order passed by the NCLT approving the Adani Group's bid for acquiring JAL. However, it said the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group. This interim order

NCLAT backs project-specific insolvency proceedings against realty firms

The National Company Law Appellate Tribunal has reaffirmed that insolvency proceedings initiated by homebuyers against realty firms must remain confined to the specific project where default has occurred and cannot extend to other projects of the corporate debtor. The appellate tribunal highlighted that putting all other projects of the realty firms, which are unrelated to the default, is not in the interest of homebuyers and other stakeholders of other projects. "The law is well settled that when financial creditors, homebuyers who belong to one project and who file a Section 7 application on account of default committed by the corporate debtor with respect to the project, the CIRP has to confine to the said projects," said the National Company Law Appellate Tribunal (NCLAT). A two-member NCLAT bench, while deciding an appeal by Navin M Raheja, said jeopardising unrelated projects would not serve the interests of homebuyers and stakeholders elsewhere, making clear that the corporat

Vedanta flags lower Adani bid for JAL, alleges opaque CoC process at NCLAT

Vedanta challenges Adani Group's JAL resolution plan in NCLAT, alleging lower bid value than liquidation and lack of transparency in creditor decision-making

Supreme Court declines to halt Adani's ₹14,543 crore JAL resolution plan

Vedanta alleged its higher bid was overlooked, questioned the lenders' decision to back Adani's proposal

CoC must list reasons for approving resolution plan in new IBC Bill: FM

The amended IBC Bill requires the Committee of Creditors to record reasons for selecting resolution applicants, while introducing timelines for NCLAT and faster approval of plans

Vedanta moves SC against Adani's JAL resolution plan after NCLAT refusal

Vedanta challenges Adani Enterprises' Rs 14,543 crore JAL resolution plan in Supreme Court after NCLAT declines to stay implementation amid dispute over bidding process

Proposed IBC Bill: Govt accepts all suggestions of select committee

Government adopts select committee proposals including NCLAT timelines and cross-border insolvency reforms as part of a broader overhaul of the Code

NCLAT rejects BSE pleas on demat account freezing during insolvency

The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeals filed by BSE, where the leading bourse challenged the power of the NCLT to defreeze the Demat accounts of businesses undergoing insolvency resolution and liquidation process. A two-member NCLAT bench said the National Company Law Tribunal (NCLT) has the jurisdiction under section 60 (5) of the Insolvency & Bankruptcy Code (IBC) to entertain applications for defreezing of the Demat accounts during insolvency and pass a direction also. "...the impugned orders have been passed in valid exercise of such jurisdiction," the NCLAT said while setting aside the two petitions filed by BSE. BSE had contended that the NCLT does not have any jurisdiction under Section 60 (5) of the IBC Code to adjudicate on the issues, which are within the Securities Law Framework and Sebi Circulars. The issues pertain to two companies - Future Corporate Resources and Liz Traders and Agents - where their Demat accounts were frozen by

NCLAT allows Adani JAL plan to proceed, denies relief to Vedanta

NCLAT allowed Adani Enterprises' JAL resolution plan to proceed while refusing interim relief to Vedanta, with execution subject to final outcome of the appeal

Committee of Creditors not beyond judicial oversight, says Supreme Court

The Supreme Court said CoC's commercial decisions are not immune from scrutiny where illegality or jurisdictional lapses are established