Page 3 - Nclt Cases

NCLT Mumbai approves sale of Reliance Communications real estate assets

Insolvency tribunal NCLT Mumbai has approved the sale of some of the real estate assets of telecom company Reliance Communications, a regulatory filing said on Wednesday. The filing attached an order of the National Company Law Tribunal's Mumbai bench in the matter of application filed by the resolution professional of Reliance Communications (RCom), seeking approval from the NCLT for undertaking the sale of certain unencumbered assets of the company. "...this Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor (as described in Para 1 above) under Regulation 29 of the CIRP Regulations after submission of the resolution plan for approval by this Tribunal," the NCLT order dated December 7 said. Resolution professional can sell assets of the company after submission of the resolution plan for approval by the tribunal, according to the order. "This Tribunal accords its approval to the Applicant to conduct the sale of the Assets of the Corporate Debtor in te

How India's bankruptcy code framework is undergoing a quiet makeover

The insolvency regulator has in fact sought public comments on all the regulations it has notified under the code

NCLT approves Tata Steel Long Products' amalgamation with Tata Steel

Tata Steel Long Products Ltd on Thursday said the National Company Law Tribunal (NCLT) has approved the amalgamation of the company with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself. In a regulatory filing, Tata Steel Long Products said the NCLT's Cuttack bench, on October 18, sanctioned the scheme of amalgamation of the company with Tata Steel. Earlier, Tata Steel CEO & MD T V Narendran had said the merger of the subsidiary companies with itself is expected to be completed in 2023-24. The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

Finolex case: SC issues notices to NCLAT judicial member, technical member

In an unusual move, the Supreme Court on Wednesday issued notices to the National Company Law Appellate Tribunal judicial member Rakesh Kumar and technical member Alok Srivastava, asking them why contempt proceedings be not initiated against them for defying apex court orders in Finolex Cables disputes matter. A bench headed by Chief Justice DY Chandrachud took strong exception to the passing of a judgement by the NCLAT bench. The top court set aside the NCLAT bench's October 13 judgement relating to the annual general meeting (AGM) of Finolex Cables without going into its merit. The bench also comprising Justices JB Pardiwala and Manoj Misra said the case would be heard by NCLAT chief Justice Ashok Bhushan. "NCLAT has got down to a rot now. This case is an illustration of that rot.We are prima facie of the view that the members of the NCLAT have failed to disclose correct facts. "We are of the view that it is necessary to pass orders to ensure that the dignity of this court is ..

Resolution professional questions timing of cos cancelling Go First leases

Engine lessors tell NCLT moratorium for airline doesn't apply; arguments to continue on Sept 22

NCLAT allows Go First's airplane lessor Jackson Square to inspect planes

The National Company Law Appellate Tribunal (NCLAT) has permitted Jackson Square Aviation Ireland Ltd to inspect aircraft that it has leased to crisis-hit airline Go First. A two-member NCLAT bench on Thursday disposed of the plea filed by the aircraft lessor for inspection. Jackson Square Aviation Ireland is the second lessor that has been allowed by the NCLAT to inspect its assets leased to now grounded Go First. Earlier, on August 18, 2023, the NCLAT allowed the Engine Lease Finance BV, the company that had leased the engine to Go First, to inspect its assets. During the proceedings, counsel appearing for Jackson Square Aviation Ireland submitted the order passed by the NCLAT on August 18, 2023, and sought similar direction. Consenting to this NCLAT said: "We are of the view that this Appeal is fully covered by the aforesaid judgment. This Appeal is also disposed of in terms of the order dated August 18, 2023." Earlier NCLT had rejected Go First lessors' petitions to take back

State Bank of India takes PC Jewellers to NCLT over loan account default

The bank, who filed an insolvency plea against the jewellery company in NCLT, had classified PC Jeweller's loan account as a non-performing asset in June, 2021

Future Retail insolvency proceedings: NCLT extends deadline to Aug 17

The debt-laden firm has requested multiple extensions in the past

Zee Entertainment-Sony merger: NCLT sets hearing for June 10

The merger was previously approved by all regulatory bodies and was expected to be completed by September

NCLT to hear second plea of Aircastle against Spicejet on June 17

The NCLT on Tuesday asked Aircastle's counsel to explain how the second plea was maintainable against the same defaulter(SpiceJet)

No-frills carrier Go First extends booking hold-up; NCLT plea today

Lenders' meeting on the crisis remains inconclusive, to resume today

Tata Coffee Q4 result: A look at how it performed in previous quarters

Tata Group in March 2022 announced a merger between Tata Coffee and Tata Consumer Products, NCLT's nod is expected soon

Zee Entertainment jumps 6% as NSE reincludes stock in F&O segment

The stock of TV broadcasting & software production had dipped 15 per cent in past six trading days between February 17 and February 27.

How to trade Zee Entertainment as NCLT places it under insolvency process

Death Cross on the Zee Entertainment may push stock in the bear grip

Sintex Industries resolution: NCLT approves joint bid of RIL, ACRE

The National Company Law Tribunal (NCLT) has approved the joint bid of Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden textiles maker Sintex Industries. The Ahmedabad bench of the NCLT in an oral order on Friday approved the resolution plan by RIL and ACRE, Sintex Industries said in a regulatory filing. "NCLT has orally pronounced an order" on Friday "approving the resolution plan submitted jointly by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Ltd," Sintex Industries said. The approved Reliance-ACRE plan contains the reduction of share capital and delisting of equity shares with nil value, it added. The company would make updated disclosure upon the written order being made available, it added. According to reports, RIL-ACRE had offered around Rs 3,650 crore. The lenders of Sintex Industries had voted in favour of the joint bid of RIL & ACRE, following which the resolution professional of the company in ..

NCLT asks RCap lenders, administrator to reply on Torrent's plea by Monday

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Srei CoC offers window for resolution applicants to revise bids by Dec 15

The Consolidated Committee of Creditors (CoC) of two debt-ridden Srei companies are likely to ask bidders to improve their resolution plans by December 15, a top official said on Sunday. The CoC, however, remains committed to the January 5 (2023) deadline offered by the adjudicating authority to complete the corporate insolvency resolution process, he said. The Kolkata-based Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL), which are undergoing a resolution process in the National Company Law Tribunal (NCLT), have received three bids. "Intense negotiations are taking place with each of the bidders, and after another meeting slated on December 12, bidders will be offered to submit their revised bids by December 15," a top official involved in the process told PTI. The CoC will "vote on the resolution plans after the revised bids are submitted and the RBI nod will be taken" before submitting to the NCLT, he said. "The deadline of January 5 to conclude the

Clouds of resolution period delay, NCLT manpower crunch over IBC 'sheen'

The insolvency law might have helped resolve more than 500 cases in six years but manpower shortage at the NCLT and average resolution period being much higher than the stipulated 330 days pose challenges in tackling stressed companies in a time-bound manner. While the Insolvency and Bankruptcy Code (IBC) timeframe for resolution is 330 days, inclusive of time taken for litigation, the 517 cases that yielded resolution plans took an average of 460 days for conclusion till the end of June. And the recovery rate for creditors against the claims made was around 31 per cent. Delay in admission of a case as well as the resolution period also results in erosion in value of the assets. Experts opined that litigations, shortage of manpower at the National Company Law Tribunal (NCLT) benches, infrastructure woes and the pandemic-induced disruptions have adversely impacted the envisaged time-bound resolution process, resulting in delays. Amid concerns in various quarters over the delays and

Ready for talks to settle Murugappa family dispute: Valli Arunachalam

Eldest daughter of former Murugappa Group exec chairman M V Murugappan was the one who had taken family members to NCLT

Future Retail: NCLT reserves order on Amazon petition against BoI's plea

The National Company Law Tribunal (NCLT) on Monday reserved its order on the petition filed by Amazon opposing Bank of India's plea to initiate insolvency resolution proceedings against Future Retail