Page 24 - Nclat

Recoveries by financial creditors under IBC shrink to 33%, shows data

It was 39.3 per cent as of March 2021, and as high as 46 per cent till March 2020, according to the Insolvency and Bankruptcy Board of India (IBBI) data

NCLAT reserves its order on Amazon's plea challenging CCI ruling

NCLAT has reserved its order on Amazon's plea challenging the decision of regulator CCI to suspend approval for the e-commerce major's deal with Future Coupons.

Amazon-Future case: CCI filing may hinge on power to revoke order

Amazon during the argument questioned the CCI order, arguing it did not have power to suspend or place its own order in abeyance

Supertech insolvency: NCLAT stays formation of committee of creditors

During the proceedings before the appellate tribunal, Supertech Ltd's counsel requested for adjourning the matter for a week to enable it to approach the bank for negotiations.

SC stays NCLAT order in DHFL case on Piramal's appeal

NCLAT in January this year had directed the lenders of Dewan Housing Finance Corporation to reconsider their decision regarding the valuation of the financial firm's avoidable transactions

DHFL case: SC stays NCLAT order; to hear appeals of Piramal, banks in May

It may be pointed out that in its resolution plan, Piramal had ascribed Re 1 value against Rs 40,000 crore assets that have been fraudulently diverted by erstwhile promoters of DHFL

DHFL Case: CoC members nix recovery of Rs 40k cr, want Re 1 ascribed value

Some secured creditors of DHFL have filed a petition in SC against NCLAT order, which gives them more money than what they had bargained for.

CCI rejects petition against Shopee; CAIT likely to move NCLAT next

Shopee, launched at the end of last year, also took the e-commerce market by storm by becoming the second most downloaded app after Meesho

CCI cannot question pleadings of a party before a court: Amazon tells NCLAT

The US e-commerce giant made this argument related to CCI's show-cause notice issued to it in June last year

SC to hear Mistry's plea to delete remarks against him in case vs Tata Sons

Supreme Court on Monday said it would hear after 10 days the plea of CIPL for expunction of certain remarks made against Cyrus Mistry in the 2021 verdict setting aside the NCLAT's order

SC directs Amazon, Future to NCLAT for speedy disposal of CCI case

Amazon has challenged Competition Commission's order cancelling its 2019 deal with Future Coupons

SC asks Amazon, Future to urge NCLAT to decide on plea against CCI order

The bench deferred the hearing after brief arguments on being told that the NCLAT is hearing another appeal of Amazon related to the merger deal

NCLAT allows RARCL plea to initiate insolvency against Narendra Plastics

The National Company Law Appellate Tribunal on Tuesday set aside an NCLT order that rejected an appeal by Reliance Asset Reconstruction Company Ltd (RARCL) to initiate insolvency proceeding against Narendra Plastics. The NCLAT also directed the NCLT to initiate the insolvency proceedings against the company. A three-member NCLAT bench headed by Chairperson Justice Ashok Bhushan set aside the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) which on August 13, 2021, rejected RARCL's plea to initiate insolvency proceedings. The NCLT had said the RARCL's plea was barred under limitations as it was filed beyond the prescribed limit of three years after default. The tribunal had said the RARCL had filed a petition under section 7 of the Insolvency & Bankruptcy Code on May 8, 2019, while Narendra Plastics' account was declared as NPA on June 30, 2014, which was prima facie filed after more than five years. This was challenged by RARCL, which is registered as

IFIN recovers Rs 2,300 cr from third party borrowers, external investments

IFIN had placed 62 non-performing asset (NPA) accounts worth Rs 4,297 crore on sale, which was to be done through the 'Swiss Challenge' route

NCLAT adjourns hearing on Amazon plea seeking stay on CCI order to Feb 25

The two-member Bench expressed difficulty in taking up the matter on Monday, as one of the members was retiring in the next four days

IL&FS group to resolve debt of Rs 55,000 crore by March 2022

IL&FS group would resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has stated in its affidavit filed before the NCLAT

IL&FS to distribute Rs 20,000 cr proceeds to creditors by March end

The decision of interim distribution was taken because the group is expected to have a considerable amount of distributable assets, both in cash and InvITs, by March

Adani, Jindal Power join race to buy Videocon's consumer durable business

The Adani group's surprise entry into the race has raised hopes of the lenders who are now expecting an early resolution of Videocon's Rs 64,000 crore of debt

NCLAT will hear Amazon's interim plea on CCI order on February 14

A three-member bench on Monday directed to list Amazon's plea on February 14 to pass an interim order and stay the operations of order passed by CCI in December last year

DHFL: NCLAT sets aside order that directed to consider Wadhwan's 2nd offer

The National Company Law Appellate Tribunal (NCLAT) has set aside an earlier order of the Mumbai bench of the NCLT, which had directed the administrator of the debt-ridden DHFL to put the second settlement proposal by erstwhile promoter Kapil Wadhwan before its lenders for consideration. The appellate tribunal observed that NCLT has passed directions to consider the second proposal from Wadhwan, despite the fact that the Committee of Creditors (CoC) of DHFL had already by an overwhelming majority approved the Piramal Capital & Housing Finance's resolution plan and the administrator had applied before it for its approval. Citing a recent judgement passed by the Supreme Court in the case of Ebix Singapore, the NCLAT said "there was no scope for negotiations between the parties once the CoC has approved the resolution plan". "The said exercise was beyond the jurisdiction of the adjudicating authority (NCLT), hence unsustainable and liable to be set aside," said a three-member NCLAT ..