Page 5 - Nclt Cases
NCLAT sets aside Dhanuka's resolution plan for debt-laden Orchid Pharma
NCLT had approved Dhanuka's resolution plan on June 25, 2019
 "NCLAT sets aside Dhanuka's resolution plan for debt-laden Orchid Pharma")
NCLT starts insolvency proceedings against Rolta India, appoints EY as RP
The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against IT firm Rolta India Ltd. A two-member Mumbai bench of the tribunal admitted the plea of -- Value Partner Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund -- claiming a default of around Rs 1,060 crore. The NCLT has also appointed Shailendra Ajmera of the consultancy firm E&Y as the interim professional of the company to complete the Corporate Insolvency Resolution Process. "The debts and default of the corporate debtor (Rolta) have been established and the appliacation deserves to be admitted," said the NCLT. The tribunal has also declared moratorium, prohibiting the lenders of the company to recover any amount the period. Rolta India, the parent company of Rolta LLC and Rolta Americas LLC, had given corporate guarantee for these step down firm, who were the principal borrowers. However, the principal borrowers failed to meet their payment obligations, following .
 "NCLT starts insolvency proceedings against Rolta India, appoints EY as RP")
Housing projects under litigation not covered under Rs 25k cr fund: Govt
The Union Cabinet had on Wednesday approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects.
 "Housing projects under litigation not covered under Rs 25k cr fund: Govt")
Lavasa CoC rejects bids of Haldiram, Deshpande; seeks more time from NCLT
Lenders expect the entire debt resolution process to be delayed further as the NCLT takes a call on a single debt resolution for Lavasa and its subsidiaries
 "Lavasa CoC rejects bids of Haldiram, Deshpande; seeks more time from NCLT")
Flipkart gets stay on insolvency proceedings initiated against it at NCLT
CloudWalker Streaming, a Mumbai-based supplier of LED TVs, alleged Flipkart did not honour a purchase agreement and had not paid dues totalling Rs 26.95 crore
 "Flipkart gets stay on insolvency proceedings initiated against it at NCLT")
Consumer complaints should go to RERA before NCLT, say builders
About 450 real estate companies/projects across the country are facing insolvency proceedings under IBC because of default in the delivery of projects to homebuyers as well as repayment of bank loans
 "Consumer complaints should go to RERA before NCLT, say builders")
Relief ahead for banks as deadline for resolving 10 major NCLT cases nears
The pruned second NCLT list comprises 25 companies whose loans have turned into NPAs
 "Relief ahead for banks as deadline for resolving 10 major NCLT cases nears")
