Nclt Cases

IL&FS moves NCLT to scrap Brookfield's Rs 1,080-cr bid for BKC property

The Infrastructure Leasing and Financial Services Ltd (IL&FS) has approached the National Company Law Tribunal (NCLT) to scrap the Canadian asset management firm Brookfield's Rs 1,080-crore bid for its flagship Bandra Kurla Complex property. IL&FS filed a petition in NCLT Mumbai bench on June 26, seeking to dismiss the Brookfield-backed bid for its flagship BKC property, the IL&FS Financial Centre (TIFC), citing bidder disqualification and non-compliance with bidding conditions. In its petition, IL&FS alleged that an affiliate of Brookfield, Chronos Properties, was required to maintain Performance Guarantee until the execution of definitive agreements. Chronos Properties failed to renew a Rs 108-crore Performance Guarantee, which expired in April, 2025, IL&FS said in the petition, adding that this entitles IL&FS to invoke the performance guarantees in addition to pursue remedies including disqualifying the bidder. "The failure to maintain its bid security has ..

Lenders plan fresh auction of defunct airline Go First's Thane land

The official added the lenders were considering a relaxation of some eligibility criteria because the existing rules had made it difficult to sell the land parcels

Adani, Vedanta, Patanjali among 26 vying for Jaiprakash Associates' assets

JAL was admitted to the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024

NCLT recalls insolvency order against Logix Infra, cites 'mala fide' intent

In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with "fraudulent and mala fide intentions" and a collusive petition was filed by the financial creditor. NCLT said "there is a nexus and connection" between its financial creditor Experts Realty Professionals whose plea for insolvency was initiated against Logix Infrastructure. The corporate tribunal said the entire transaction was "orchestrated" and forum was used "with purported malicious intent". The insolvency petition filed "with an ulterior motive" against Logix Infrastructure and its financial creditor has used this forum for purposes other than the insolvency resolution of the realty firm with purported malicious intent, contrary to the objectives of the IBC, the tribunal said. The National Company Law Tribunal (NCLT) also asked for a thorough probe by the Serious Fraud Investigation Office (SFIO)

Ashneer Grover withdraws NCLT plea against BharatPe after settlement

Ashneer Grover, co-founder and former managing director of BharatPe, withdrew his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the board of the fintech firm. The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024. A copy of the settlement agreement was also placed before the NCLT by the counsel appearing for Grover, who had filed an application for withdrawal of the petition. "... during the pendency of the said petition, parties have arrived with settlement and also executed the settlement agreement dated September 30, 2024, a copy of which is placed on record and in view of the settlement applicant (who ispPetitioner in the main company petition) has sought liberty to withdraw the company petition," the NCLT order dated October 14, 2024, noted. It further said: "Liberty is granted to the applicant to withdraw the company petition...

NCLT dismisses Philips India plea to buy minority stake over valuation gap

The National Company Law Tribunal has dismissed the petition by Philips India to buy out the remaining 3.87 per cent from its minority shareholders, observing a "huge difference" between values determined by the company-appointed valuer and its minority investors. The Kolkata bench of NCLT though agreed with the "discounted cash flow method" adopted by the valuers appointed by Philips India and its minority shareholders but pointed out a "huge difference" between the price of the share determined by them. "While petitioner (Philips India) appointed valuer has valued it at Rs 740 per share, the respondent (minority shareholders) appointed valuer has valued in excess of Rs 4,500, by suggesting a range between Rs 4,605 to Rs 6,119," it said. The tribunal suggested that the situation may require a direction to the registered valuer to disclose the parameters factored while determining the price under the discounted cash flow method to reconcile two vastly different prices determined by

NCLT asks US lenders of edtech company Byju's to file fresh appeal

This means that the US term loan lenders will not be party to the discussion of the CoC

CoC decided to liquidate airline: Bankrupt airline Go First RP to NCLT

The tribunal has now sought a response from the suspended management of the airline regarding the liquidation plea filed by the RP. The case will come up again on October 4

RCap lenders accuse IIHL of using delaying tactics, firm denies allegations

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought. It was not even a part of conditions set out by the NCLT while approving the resolution plan on February 27, 2024. The message sent to IIHL for comments on the issue did not elicit response till the filing of the story. According to sources, 90 days have passed since IIHL submitted the application with DIPP, but the approval is still pending. DIPP approval is required as some of the shareholders o

RCap buy: NCLT directs IIHL to transfer Rs 2.7K cr to lenders in 2 days

Clarifies that interest on the money will accrue to lenders

Plea filed against WazirX, partners in NCLT over crypto asset theft

As per the NCLT website, the case was filed by a law student named Gauransh Vyas from Indore

Vedanta Q1 FY25 results: Net profit rises 36.6% to Rs 3,606 crore

The company's other income was down 59.8 per cent to Rs 934 crore on a Y-o-Y basis

Stock exchanges approve Cohance-Suven Pharma merger; NCLT application filed

The newly formed company is said to focus on three main verticals - Pharma CDMO, Agrochemicals CDMO, and API manufacturing

Strengthening IBC: Extend prepack to big companies, says industry

Both the finance minister and the economic survey have highlighted the success of IBC

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29

Byju's owes its creditors - BCCI, OPPO, Surfer Technologies, Cogent E Services, McGraw Hill Education India, and iEnergizer Services - more than Rs 200 crore

Byju's may challenge NCLT's insolvency proceedings order against its parent

Sources say the company may approach NCLAT in the next few days

Oriental Carbon stock up over 50% in July; what's leading the bull charge?

A combined 1.58 million shares changed hands in trade on Monday, July 15, and there were pending buy orders for 180,000 shares on the NSE and BSE, data showed

No objection to release 4 leased engines to lessors: Go First to NCLT

Go First got a final 60-day extension from the National Company Law Tribunal (NCLT) on June 12 to complete its corporate insolvency resolution process (CIRP)

Long-overdue salaries: 62 ex-staffers plan to take Byju's to NCLT

About 62 former employees of Byju's have come together and sent a notice of filing an insolvency and bankruptcy case against the troubled edtech firm at NCLT if their pending dues are not paid

'Pay salaries or face an audit': NCLT warns crisis-hit edtech firm Byju's

The Bengaluru-based law tribunal told Byju's to pay the outstanding salaries to its employees irrespective of whether it has access to the funds raised through its rights issue