Page 14 - Nclat

Jaypee Infratech defers approval of financial statements for March quarter

Jaypee Infratech, which is facing insolvency proceedings, on Monday said the company has deferred the approval of financial statements for the quarter and fiscal ended March 2023, as it has not been finalised in view of pending cases in the appellate tribunal. On March 7, the National Company Law Tribunal (NCLT) approved the resolution plan of Mumbai-based realty firm Suraksha Group to take over Jaypee Infratech. An Implementation and Monitoring Committee (IMC) has been set up for taking all necessary steps for expeditious implementation of the resolution plan. In a regulatory filing, Jaypee Infratech informed that the meeting of the IMC was held on Monday, "wherein the approval of the financial statements of the company was deferred/postponed for seeking an extension by way of making necessary application...". "We would like to submit that, for finalisation of accounts and to capture the effects of the accounting treatment in the books of accounts of the company, few accounting ...

NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The appellate tribunal set aside the NCLT order on grounds of "violation of principles of natural justice"

Jet Airways revival: Consortium gets 107-day extension to pay dues to SBI

National Company Law Appellate Tribunal passes order based on consortium's application

NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment. It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequate opportunity by the NCLT to present its side and it didn't follow the principles o

NCLAT to hear Zee Entertainment's plea challenging NCLT order today

NCLT had directed Indian bourses to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment, formerly called Sony Pictures India

NCLAT defers Zee Entertainment's plea over merger approval to Friday

The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing to Friday on Zee Entertainment's petition against the NCLT order, directing bourses NSE and BSE to reconsider their approval for its merger with Culver Max Entertainment. A two-member NCLAT bench on Thursday directed the counsel appearing for Zee Entertainment Enterprise Ltd (ZEEL) to remove defects in the petition and directed to list the matter for the next day for hearing. The appellate tribunal was hearing the appeal filed by ZEEL against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment (earlier known as Sony Pictures Networks India). It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequ

NCLAT asks 3 more Go First lessors to approach NCLT for recovery of planes

The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed three aircraft lessors of Go First to approach NCLT over their claims for possession of aircraft, whose leases were terminated by them prior to initiation of insolvency proceedings against the Wadia group entity. The appellate tribunal directed Accipiter Investments Aircraft 2, Eos Aviation 12 (Ireland) and ACG Aircraft Leasing Ireland to go to NCLT over the applicability of the moratorium on their aircraft. "The facts and submissions raised in these appeals are same as has been considered and decided by our judgment and order dated May 22, 2023" hence these "also deserve to be decided in the same terms". On May 22, the NCLAT upheld the order of the Delhi-based Principal bench of the National Company Law Tribunal (NCLT), which had earlier this month admitted the plea of Go First to initiate voluntary insolvency resolution proceedings and appointed an interim resolution professional (IRP) to suspend the company

Jet Airways case: NCLAT to pass order on JKC's plea against SBI on May 30

In the Jet Airways case, appellate tribunal NCLAT on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore. Amid continuing differences between lenders of bankrupt-Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline. Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier. On Monday, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) concluded its hearing on the interim ...

NCLAT upholds NCLT order admitting Go First's plea for voluntary insolvency

The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an NCLT order allowing crisis-hit Go First's voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency, to approach National Company Law Tribunal (NCLT) for any remedy. "The order dated May 10, 2023 allowing insolvency is upheld," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan. The direction came on a batch of four petitions filed by aircraft lessors opposing Go First's insolvency proceedings. The lessors are SMBC Aviation Capital Ltd, GY Aviation, SFV Aircraft Holdings and Engine Leasing Finance BV (ELFC).

Jet Airways revival: NCLAT to rule on consortium plea against SBI on May 30

Lender says Jalan-Kalrock has not paid dues that had a deadline of May 15

NCLAT to pass crucial orders in Go First insolvency case on Monday

The Appellate Tribunal's orders would decide if lessors are allowed to take possession of the aircraft or if the planes remain under the airline's control

Jalan Kalrock Consortium moves NCLAT to stop SBI for invoking guarantee

The appellate tribunal will hear the matter on May 22

After settlement between parties NCLAT set aside case against McLeod Russel

The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings against leading bulk tea producer McLeod Russel following a settlement between the promoter and IL&FS Infrastructure Debt Fund. A supplementary affidavit was filed before NCLAT by the appellant (Aditya Khaitan), whereby an agreement between the parties dated May 5, 2023 was brought on record, The financial creditors also informed the appellate tribunal they already settled the matter with the promoter Khaitans and there are no issues between the parties. Following this, a two-member NCLAT bench closed the Corporate Insolvency Resolution Process (CIRP) initiated by the Kolkata bench of the National Company Law Tribunal (NCLT) on February 10, 2023. "In view the aforesaid, settlement agreement is taken on record, we close CIRP initiated by order dated 10.02.2023. Order dated 10.02.2023 is set aside," said NCLAT order, which was uploaded on the website on Tuesday evening. During the ...

Engine Leasing Finance moves to NCLAT against Go First's insolvency

After three aircraft lessors, Engine Leasing Finance BV has moved the National Company Law Appellate Tribunal (NCLAT), opposing the insolvency resolution proceedings initiated against Go First. Ireland-based Engine Leasing Finance is a leading engine financing and leasing company. It is a group entity of Japan-based Mitsubishi HC Capital Inc. A two-member NCLAT bench on Tuesday heard the plea of Engine Leasing Finance and reserved its order. The appellate tribunal said it will pass the order on May 22 along with the other three petitions. "Orders on 22.05.2023. Short written notes may be filed within two days by both the parties," it said. Three aircraft lessors -- SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings -- have moved the NCLAT against Go First's insolvency resolution proceedings. These lessors have leased out around 21 aircraft to Go First. On May 10, the National Company Law Tribunal (NCLT) allowed the voluntary insolvency resolution plea by Go First.

NCLAT closes Insolvency case against Marvel Realtors & Developers

The National Company Law Appellate Tribunal (NCLAT) has closed the Corporate Insolvency Resolution Process (CIRP) against Marvel Realtors & Developers Ltd after taking on record settlement with its financial creditor. A two-member bench of NCLAT headed by Chairperson Ashok Bhushan said that the realtor has submitted a settlement letter dated 08th May 2023 with its financial creditor IDFC First Bank. "We take the settlement letter dated 8th May 2023 on record, close the CIRP against the Corporate Debtor setting aside the Order dated December 23, 2022," said NCLAT order. Moreover, it also rejected the plea of Catalyst Trusteeship, which had filed an intervention application opposing the withdrawal of CIRP against Marvel Realtors & Developers. "Intervener is at liberty to take its own proceeding in accordance with the law to protect it," it said. The appellate tribunal observed that in the present case, a Committee of Creditors (CoC) has not yet been constituted and rejected the

NCLAT allows withdrawal of CIRP for McLeod Russel India, says IRP

Sources close to the development indicated that the settlement between McLeod promoters and IL&FS included a combination of payment of an amount and land

With Go First gone, rivals Air India, IndiGo, others ramp up flights

The government of India has also allotted cash-strapped Go First slots after representations that airports will lose money if they are not utilised

Go First insolvency: NCLAT to pass order on lessors' petitions on May 22

A two-member bench headed by Chairperson Justice Ashok Bhushan on Monday reserved its order after completing the hearing on the the three petitions

AWG's warning to India is to influence NCLAT ahead of hearing: Wadia Group

The recent action of issuing a "watch list notice" by AWG (Aviation Working Group) is laced with double standards, a spokesperson with the Wadia Group which owns the struggling airline Go First, said on Sunday.AWG should focus on ensuring that its own members abide by international arbitration awards rather than issuing threatening watch list notices to India and quoting the Cape Town Convention (CTC) to influence the proceedings currently being heard in the National Company Law Appellate Tribunal (NCLAT), the Wadia Group spokesperson said further.The Wadia Group spokesperson also advised the AWG to first address the root cause by advising Pratt & Whitney to comply with the law and abide by the award issued by the emergency arbitrator appointed in accordance with the 2016 Arbitration Rules of the Singapore International Arbitration Centre (SIAC) to which, Pratt and Whitney voluntarily submitted themselves.The membership of AWG constitutes companies like Airbus, Boeing, Pratt ...

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