Page 36 - Nclat

NCLAT sets aside insolvency plea of bauxite exporter Ashapura Minechem

The appellate tribunal observed that plea to initiate insolvency against it was filed by Ashapura Minechem under Section 10 of the IBC without any prior approval of the AGM

NCLAT decision on Jet's CoC meetings a welcome signal to foreign investors

The NCLAT's decision is based on a 'Cross Border Insolvency Protocol' agreed upon by the Dutch insolvency court administrator and the Indian Resolution Professional of debt-laden Jet Airways

IL&FS approaches NCLAT to recover Rs 145 crore from Gujarat discom

Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued notice to the Gujarat Urja Vikas Nigam over the IL&FS plea. NCLAT has directed to list the matter for next hearing on October 15. According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to payment of five IL&FS wind energy companies. IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there. IL&FS Group, which has a total debt of above Rs 90,000 crore, is going through debt resolution plan. The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code and is supervised by Justice D K Jain.

NCLAT asks 3 firms to file claims before liquidator of Lanco Infratech

The companies are KSB Shanghai Pump Co, TLT-Tourbo (Sichuan) Co and Beijing Power Equipment Group Co

Dutch court administrator, Jet Airways' RP agree to cooperate in insolvency

Jet is facing insolvency proceedings in the Netherlands, which is a regional hub for the Euro operations of the airline

Lenders okay Rs 5,071-crore debt recast plan for 3 IL&FS group firms

NCLAT takes on record new board's plan, debt restructuring for nine more amber category firms soon

Three IL&FS entities turn green after signing terms sheet with lenders

This will help the IL&FS board in its stated objective of asset monetisation

NCLAT refuses to entertain RCom resolution professional, sends him to NCLT

RCom RP had approached NCLAT with plea that Ericsson India refund Rs 577 crore given to it by RCom

NCLAT keeps Bakshi deal with McDonald's on hold, bars him from going abroad

Two-member bench headed by Justice S J Mukhopadhaya says prima facie there is a case for deal to be stayed for now and the case to be heard on merits

IL&FS board files affidavit with NCLAT; 3 amber entities may become green

The total debt of three entities that may be reclassified as green is around Rs 5,071 crore - Rs 3,242 crore from secured lenders and Rs 1,829 crore from the unsecured ones

NCLAT directs Jet Airways IRP, Dutch court administrator to coordinate

NCLAT also asks interim resolution professional to submit copy of draft agreement in two weeks, to hear matter on Sep 20

NCLAT rejects govt claims of $314 mn from Videocon for Ravva offshore

The ministry had on October 22 last year sent Videocon a demand notice for payment of govt's share of profit petroleum

NCLAT bars petroleum ministry from recovering Rs 2,245 crore from Videocon

Appellate tribunal upholds NCLT Mumbai order, says ministry free to approach RP with its claims

McDonald's row: NCLAT gives Bakshi last chance to settle dispute with Hudco

The appellate tribunal was hearing an intervention plea by HUDCO, claiming dues of Rs 195 crore from Bakshi

NCLAT seeks Jet lenders' response on Dutch insolvency administrator's plea

Appellate tribunal asks Jet lenders to file affidavit in a week, to next hear the case on September 4

NCLAT asks Jet lenders if they would cooperate with Dutch administrator

A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhyay asked the Committee of Creditors (CoC) of Jet Airways to file an affidavit within a week in this regard

NCLAT declines interim relief to Deloitte, BSR Associates in IL&FS case

The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to give any interim relief to auditing firms Deloitte Haskins & Sells LLP and B S R Associates LLP with regard to a ban imposed on them in the IL&FS case. The NCLT Mumbai will continue its scheduled hearing in the case of their alleged role in the IL&FS fraud matter, a three-member bench headed by Chairperson Justice S J Mukhopadhaya said. The NCLAT, however, said that the NCLT will not pass any final order till its next hearing on September 20. Listing the matter for September 20, the NCLAT also issued a notice to the Ministry of Corporate Affairs to file its reply within two weeks. The NCLAT was hearing appeals filed by Deloitte and BSR against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on August 9, rejected their pleas of challenging its jurisdiction to ban them from the business for five years for their omissions and commissions in the IL&FS Group scam. The

Amtek Auto heads for liquidation; NCLAT clears the way for the process

Amtek Auto's total debt stands at Rs 12,603 crore, liquidation value of assets nearly Rs 4,120 crore

NCLAT raps MCA, IL&FS board over delay in presenting resolution plan

Appellate tribunal to next hear matter on September 5, asks MCA, IL&FS board to file progress report by September 3

Will challenge IBC amendments: Essar Steel operational creditors tell SC

Supreme Court agrees to hear operational creditors on August 19, asks them to file amended applications in a week