Page 17 - Nclat

NCLAT allows another round of bidding for bankrupt firm Reliance Capital

Torrent may move Supreme Court against rebidding

RCap resolution: NCLAT allows lenders' plea for another round of bidding

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was ...

NCLAT dismisses plea challenging insolvency against Avantha Power

The National Company Law Appellate Tribunal (NCLAT) has set aside the petition filed against the initiation of corporate insolvency resolution process against Avantha Power and Infrastructure, which was a corporate guarantor for loans availed by Korba West Power Company. The appellate tribunal dismissed the plea by Anil Bhargava, director of the suspended board of Avantha Power and Infrastructure Ltd (APIL), and said it was "fully in agreement with the reasons assigned" by the NCLT for admitting the insolvency plea. The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on August 16, 2021, had admitted an insolvency plea against APIL, over a petition filed by Axis Bank claiming a due of Rs 480.54 crore. The loan pertained to Korba West Power Company Ltd (KWPCL), which was the principal borrower, and the funds were for setting up a 2x600 MW Thermal Power Plant in Chhattisgarh. To part finance the project, KWPCL had availed loan facilities from a consortium of lenders led b

NCLAT upholds Adani bid; asks Shapoorji Pallonji to pursue arbitration

The National Company Law Appellate Tribunal (NCLAT) has upheld the 2019 Resolution Plan of Adani Power's bid for Korba West Power and has asked Shapoorji Pallonji & Co to pursue arbitration proceedings for pending claims. A two-member NCLAT bench said "there is no illegality in the order of the approval of the resolution plan by the Adjudicating Authority (NCLT) and it does not see any reason to set aside the resolution plan by Adani Power. The appellate tribunal was deciding over a petition filed by Shapoorji Pallonji & Co, against an order passed by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on June 24, 2019 approving the resolution plan by Adani Power. Shapoorji Pallonji & Co has claims of Rs 45.22 crore and an arbitration was going for the same. However, Korba West Power has itself triggered the Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy Code. Following this, the company came under moratorium ...

NSE withdraws decision to drop Zee Entertainment from F&O segment

NSE said post the NCLAT order, ZEEL will move out of IBC framework, hence the surveillance action in the stock shall be reverted and the F and O contracts with May 2024 will be available

More value to be discovered, NCLT has usurped powers of CoC: Reliance

The lenders of Reliance Capital have submitted before the National Company Law Appellate Tribunal (NCLAT) that the Committee of Creditors (CoC) of the corporate debtor Reliance Capital Ltd

NCLAT stays insolvency against Zee Entertainment on Punit Goenka plea

Goenka moved the NCLAT on Thursday, a day after the Mumbai bench of the NCLT admitted insolvency proceedings against Zee on a plea filed by IndusInd Bank -- a financial creditor of Zee

NCLAT stays insolvency proceedings against Zee; final hearing on March 29

The move came after Punit Goenka, chief executive of Zee, challenged the insolvency proceedings against the company

Zee Entertainment insolvency: NCLAT to hear Punit Goenka's appeal today

Goenka had appealed the NCLT's decision to allow IndusInd Bank to file for insolvency proceedings against Zee

Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief

Says taking all necessary steps to protect interest of stakeholders and achieve timely completion of proposed merger with Sony

Android case: CCI's Rs 1,337 crore fine unreasonable, Google tells NCLAT

The tech giant also said CCI itself had recognised that Google's Mobile Application Distribution Agreement (MADA) was beneficial to Original Equipment Manufacturers (OEMs)

Zee's Goenka moves NCLAT to challenge admission of bankruptcy proceedings

Zee Enterprises' managing director and chief executive Puneet Goenka on Thursday moved appellate tribunal NCLAT challenging the order of the National Company Law Tribunal which admitted an IndusInd Bank plea for insolvency proceedings against the firm. The appeal seeking relief against the National Company Law Tribunal's Mumbai bench order was filed by Goenka in the National Company Law Appellate Tribunal (NCLAT) on Thursday, as per an official statement from the company. "Goenka is taking all the necessary steps as per law to protect the interests of all stakeholders of Zee Entertainment Enterprises (ZEEL) and to achieve a timely completion of the proposed merger with Culver Max Entertainment," the statement said. A division bench of judicial member H V Subba Rao and technical member Madhu Sinha had on Wednesday admitted the plea by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a defa

Some relief for Khaitans as McLeod Russel gets interim stay in CIRP

Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement

RCap Resolution: NCLAT concludes hearing, reserves order on lenders' plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday concluded its hearing and reserved its order over the petition filed by lenders of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Senior advocate Mukul Rohatgi, representing Torrent Investments concluded his arguments and submitted that the Insolvency & Bankruptcy Code (IBC) intends for maximisation of the value, but the focus should be on the revival of the assets. Rohatgi contended that IBC is not a debt recovery platform and the Committee of Creditors should look beyond their individual recovery. "Focus should be on viability and feasibility," he said. On Monday, senior advocate Kapil Sibal representing for lenders had submitted that the intent of IBC is to maximise the value of the assets and the Committee of Creditors are free to negotiate the terms NCLAT was hearing a petition filed by Vistra ITCL (India), one of the .

Free to negotiate for maximising asset value: RCap lenders to NCLAT

Lenders of Reliance Capital on Monday told appellate tribunal NCLAT that there are no fetters on the power of creditors for negotiating over resolution plans in pursuit of higher valuation for the stressed asset. The intent of the Insolvency & Bankruptcy Code (IBC) is to maximise the value of the assets and the Committee of Creditors are free to negotiate with the terms for that, advocate Kapil Sibal said concluding arguments on behalf of lenders. Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm. The Mumbai bench of the NCLT (National Company Law Tribunal), on February 2, had said the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of Torrent Investments at Rs 8,640 crore being the highest. Sub-clause (1-A) to Regulation 39 of IBC allows the lenders power for negotiations on the resolution .

Free to negotiate for maximising asset value, RCap lenders tell NCLAT

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

SC stays over Rs 800 cr penalty imposed on beer companies for cartelisation

The Supreme Court stayed the order of the NCLAT, which upheld the penalty of Rs 751.83 cr and recovery proceeding imposed on Heineken's Indian subsidiary by the Competition Commission of India (CCI)

CCI order unfair imposition, rival apps not restricted: Google tells NCLAT

Tech giant Google on Friday submitted before the NCLAT that there was "unfair imposition" by the competition watchdog CCI over its mobile app distribution agreement with device makers as it does not restrict from installing other apps, including that of rivals. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan on Friday said it will start day-to-day hearing of the matter from February 23, the next date of hearing. Google while arguing its matter before the National Company Law Appellate Tribunal (NCLAT) said that the placement of its apps on devices through pre-installation under MADA (Mobile Application Distribution Agreement) is not "unfair" as there is no restriction from installing other apps and enough space is available for them. The appellate tribunal was hearing a plea filed by Google against Rs 1,337 crore penalty imposed by the fair trade regulator CCI for abusing its dominant position in relation to Android mobile devices. Under MADA, OEMs (original ..

NCLAT halts NCLT's order allowing insolvency proceedings against Zee Learn

The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order allowing insolvency proceedings against the Essel group firm Zee Learn and directed the Mumbai bench of NCLT to pass a fresh order. Earlier on February 10, the National Company Law Tribunal (NCLT) had admitted the plea filed against Zee Learn by its financial creditor Yes Bank Ltd (YBL) and directed to initiate insolvency proceedings against it. This was immediately challenged by Zee Learn before the appellate tribunal NCLAT, which "allow this Appeal and set aside the order dated February 10, 2022". The appellate tribunal has said the corporate debtor (Zee Learn) had also moved an interim application before NCLT requesting to dismiss the Section 7 Application against it. This was entertained by NCLT and notices to YBL and others were issued on January 19, and the date of February 21 was fixed for a hearing. "We are of the view that the Adjudicating Authority (NCLT), it having already issued notice on t

No deviation in inviting 'challenge mechanism', RCap lender to NCLAT

Lenders of Reliance Capital on Friday submitted before the insolvency appellate tribunal NCLAT that there was no deviation from procedures in the 'challenge mechanism' adopted by them for the resolution of Reliance Capital case. The efforts were towards maximisation of assets and it is for the lenders to decide the value, submitted senior advocate Kapil Sibal representing Vistra ITCL (India) Ltd, one of the lenders of Reliance Capital. The adjudicating authority (NCLT) can not restrain the Committee of Creditors (CoC) from exercising their commercial wisdom, he said. "Ultimately we (CoC) have to decide the value," Sibal said, adding in this case, lenders decided not to cancel the bid after finding it suboptimal but to go for the "challenge mechanism". Sibal further submitted that the National Company Law Tribunal (NCLT) can not decide the value. Hinduja group firm Indusind International Holdings Ltd (IIHL) has also approached the National Company Law Appellate Tribunal (NCLAT), ..