Page 12 - Nclt

NCLAT dismisses BHEL's pleas against REC over Hiranmaye Energy insolvency

Insolvency appellate tribunal NCLAT on Monday set aside a BHEL petition seeking to halt REC from initiating insolvency proceedings against Hiranmaye Energy, formerly India Power Corp (Haldia). The NCLAT said it sees no reason to interfere in the order passed by the Kolkata bench of NCLT admitting REC's insolvency plea against Hiranmaye Energy, and said claims filed by BHEL against the debt-ridden thermal power company should be dealt with in accordance with the law. The National Company Law Tribunal (NCLT) on January 2, 2024, directed to initiate a Corporate Insolvency Resolution Process (CIRP) against Hiranmaye Energy, admitting the plea filed by REC, formerly known as Rural Electrification Corporation. Challenging this, BHEL moved the appellate tribunal NCLAT, where it filed two petitions. In the first plea, it challenged the admission of insolvency plea by the NCLT and also the order of January 5, 2024, in which PSU's intervention application filed by it was rejected. BHEL ...

Disclosure in US court counters narrative by four investors, says Byju's

Byju's said this counters the fake narrative by four investors at the National Company Law Tribunal (NCLT) that the amount was siphoned off

Edtech major Byju's says it is beneficial owner of $533 million US fund

Ahead of a US court hearing on the whereabouts of the USD 553 million funds Byju's had parked in an American investment firm, the edtech company on Sunday evening said its subsidiary in the US remains the beneficial owner of the fund. On Saturday, Byju's stated that it had no money to pay salaries to employees after just-raised funds through the rights issue were locked (in a separate account) after a dispute with investors. It is not clear if Byjus is the beneficial owner of USD 533 million, then why it could not use them for paying salaries. "Camshaft, in its latest submission, has disclosed to the Delaware Court that the USD 533 million was transferred from BYJU'S Alpha to another 100 per cent Think & Learn owned subsidiary, Inspilearn LLC (a Delaware firm). "As BYJU's has indicated previously - the funds continue to remain in a Think and Learn subsidiary, contrary to the false allegation made by a select list of investors before the NCLT in India," Byju's said in a ...

Iffco moves NCLT against Triumph Offshore, Swan Energy for restrain orders

IFFCO has moved the NCLT against Swan Energy Ltd (SEL) and their joint venture Triumph Offshore to restrain their JV firm from passing any resolution without its approval and issuing any share/security to the lenders against loans. Seeking an injunction against any such proposal, IFFCO, in its petition filed before the Ahmedabad bench of the NCLT, alleged that Triumph Offshore is pre-paying the debt, which may result in dilution of its shareholding in the joint venture firm and is detrimental to its interest. IFFCO has moved the NCLT under sections 241 and 242 of the Companies Act 2013, alleging oppression and mismanagement. It has prayed to restrain Swan Energy and Triumph Offshore "from passing any board resolution without the prior written approval of petitioner (IFFCO), with reference to the substitution of the bank term loan with promoters loan or from issuing any shares/security or any instrument convertible into equity in favour of R2 (SEL) or any third party, which may resul

NCLT asks Byju's to keep funds via rights issue in escrow account

NCLT has also directed Byju's to consider the extension of the closure date of the rights issue

SpiceJet settles $30 mn dispute with Celestial Aviation outside tribunal

SpiceJet had announced on February 22 that it had raised a second tranche of Rs 316 crore under the preferential issue of equity and warrants

SpiceJet settles Rs 250 cr dispute with aircraft lessor Celestial Aviation

Both parties reached out to the National Company Law Tribunal (NCLT) last week, and now the matter will officially be withdrawn on March 1

Edtech major Byju's, investors slug it out in NCLT over rights issue

NCLT has directed the parties to file written submissions of their contentions in three days. It has also issued notice to Ministry of Corporate Affairs (MCA) and Registrar of Companies (ROC)

NCLT approves Hinduja firm IndusInd's resolution plan for Reliance Capital

The National Company Law Tribunal on Tuesday approved Hinduja Group firm IndusInd International Holdings' Rs 9,650-crore resolution plan for Reliance Capital. The Mumbai bench of the NCLT approved the plan submitted by IIHL (IndusInd International Holdings Limited) in June 2023 in the second round of bidding for the debt-laden company. A detailed order in the matter is expected later in the day. In November 2021, the Reserve Bank had superseded the board of the Reliance Capital on governance issues and payment defaults by the Anil Dhirubhai Ambani Group company. The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company. Reliance Capital had a debt of over Rs 40,000 crore, and four applicants had initially bid with resolution plans. However, the committee of creditors rejected all the four plans for lower bid values and a challenge mechanism was initiated where IIHL and Torrent Investments participated. In June

Matter 'practically settled' with Celestial Aviation: SpiceJet to NCLT

Counsel for Celestial told the tribunal that while they have received payments, the airline missed certain agreed-on deadlines for payment

Reached settlement with Celestial Aviation, formalities remain: SpiceJet

SpiceJet informs NCLT of near resolution in dispute with aircraft lessor Celestial Aviation requested an adjournment to finalise the settlement process

Byju's EGM: Investors vote to remove CEO Byju Raveendran from board

Company calls resolutions at EGM 'invalid'; shareholders move NCLT

NCLT allows Tata Steel's proposal to withdraw merger with TRF Ltd

The NCLT has approved Tata Steel's proposal to withdraw merger with TRF Ltd, according to an exchange filing. On February 7, Tata Steel had said that its board has decided not to pursue the amalgamation of TRF Ltd, as the associate company is witnessing a turnaround in its business performance. "We would like to inform that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated February 8, 2024, has allowed the withdrawal of the scheme," the steel major said in the filing. Tata Steel had earlier announced the amalgamation of nine of its strategic businesses, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd, S & T Mining Company. As per Tata Steel, TRF Ltd is in the business of undertaking turnkey projects of material handling for the infrastructure sector such as power and ports and the industrial sector such as steel plants, cement, fertilisers and mining. TRF is ...

NCLT orders Mehul Choksi-promoted Gitanjali Gems' liquidation under IBC law

The National Company Law Tribunal (NCLT) has ordered liquidation of jewellery retailer Gitanjali Gems, promoted by absconding diamantaire Mehul Choksi, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The bench also appointed Santanu T Ray as the liquidator, who will complete the liquidation process as per the provisions of the IBC, 2016, according to an NCLT order, filed on BSE. The resolution professional of the jewellery retailer, Vijay Kumar Garg, filed the application for liquidation in NCLT. Garg informed the tribunal that on account of the alleged fraud perpetrated by Gitanjali Gems and its officers, the affairs were under investigation by multiple law enforcement agencies like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). He said that the ED had issued orders attaching the properties of Choksi. In his application, Garg informed the tribunal that immediately after the appointment he wrote to various investigation authorities ..

NCLAT stays NCLT ruling in Dream 11 case, bars IRP actions until Feb 23

The National Company Law Appellate Tribunal on Wednesday stayed the NCLT Mumbai bench order to initiate a corporate Insolvency Resolution Process (CIRP) against Sporta Technologies, which operates the fantasy sports platform Dream 11. However, it has also directed the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal (NCLT) after suspending the board of Dream 11, not to take any further steps till the next date of hearing, scheduled for February 23. A three-member bench of the appellate tribunal also issued notice to the IRP of Sporta Technologies and Resolution Professional of Reward Business Solution, directing them to file a reply within a week. "List this Appeal on 23.02.2024," the National Company Law Appellate Tribunal (NCLAT) order said, adding that "In the meantime, the order impugned shall remain stayed. No steps, till the next date shall be taken by the IRP in the CIRP". NCLAT directions came over an urgent petition moved by Dream11 ...

Seeking a change of guard: Key investors likely to drag Byju's to NCLT

Earlier this month, these shareholders had issued a notice calling for an EGM to address "persistent issues", including a change in management

NCLT extends deadline for Go First's insolvency for another 60 days

The three parties who have expressed interest in the airline are expected to submit their resolution plan for the airline's revival by February 15

NCLT extends deadline for Go First's insolvency for another 60 days

The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP). Diwakar Maheshwari, appearing for RP, argued that so far three parties have submitted their expression of interest for Go First and deposited the earnest money. These firms are expected to submit resolution plans for Go First which has been undergoing CIRP since May 10, 2023. This is the second such extension granted by the NCLT. The tribunal had on November 23 last year granted an extension of 90 days, which ended on February 4. The three firms, including budget carrier Spicejet, Sharjah-based Sky One, and African continent-focused firm Safrik Investments, have shown interest in buying Go First. The Insolvency & ...

IBBI asks resolution professionals to share reports with creditors, debtors

By sharing reports, which contain evaluations and recommendations for the approval or rejection of the application, the IBBI aims to ensure transparency and informed decision-making

Ashneer files plea in NCLT, seeks exemptions in petition against BharatPe

BharatPe co-founder and former managing director Ashneer Grover has filed a plea before NCLT seeking waiver over a petition earlier filed by him alleging oppressive conduct and mismanagement by the board of the fintech firm. On this, the Delhi bench of National Company Law Tribunal (NCLT) on Monday issued a notice, seeking reply from BharatPe and other respondents and listed the matter for the next hearing in April. Last December, Grover had filed a plea before NCLT alleging oppressive conduct and mismanagement by the board of Resilient Innovations Pvt Ltd, which is doing business as BharatPe, under sections 241 and 242 of the Companies Act 2013. However, section 244 of the Act also mandates that the shareholder, to file an appeal under section 241, should have a minimum of 10 per cent of the shares of the company. It also empowers NCLT "may, on an application made to it in this behalf, waive all or any of the requirements specified" so as to enable a petitioner to apply under sect