Page 12 - Nclt

Zee Entertainment, Sony Pictures square off in SIAC, starting today

NCLT grants 3 weeks to Sony to file reply

NCLT rejects Wilmington Trust's insolvency petition against SpiceJet

In a relief to low-cost carrier SpiceJet, the National Company Law Tribunal (NCLT) on Monday dismissed an insolvency petition filed against the company by aircraft lessor Wilmington Trust SP Services. A Delhi-based bench of NCLT comprising members Mahendra Khandelwal and Rahul Prasad Bhatnagar dismissed the petition of the aircraft lessor based in Dublin, Ireland. Wilmington moved the insolvency plea against SpiceJet in June 2023 over unpaid dues. Last month NCLT had dismissed an insolvency petition by another aircraft lessor, Willis Lease Finance Corporation, which was also claiming dues. SpiceJet faced insolvency pleas filed by its aircraft lessors, including Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation. However, NCLT has issued notice only on the petition filed by Aircastle so far. Earlier, the Delhi High Court directed SpiceJet to pay USD 4 million to its two engine lessors, Team France 01 SAS and Sunbird France 02 SAS, by February 15.

Pay $4 million to engine lessors by February 15, Delhi HC tells SpiceJet

The airline had sought more time for payment and said they could pay $1 million upfront. SpiceJet is supposed to pay close to $11 million to the lessors

Zee moves NCLT, SAIC against Sony Pictures post collapse of merger deal

Meanwhile, Sony India is going full steam ahead with its plans without Zee and said it is looking for both organic and inorganic growth opportunities in India

NCLAT sets aside notice against lenders over liquidation without bids

The National Company Law Appellate Tribunal (NCLAT) on Wednesday set aside an order of the NCLT, which had issued a show cause notice for recommending liquidation of realty firm SARE Realty Projects, without exploring the possibility of finding a buyer. The appellate tribunal said there is an "error in the approach" of the National Company Law Tribunal (NCLT) for taking a decision regarding the liquidation of a corporate debtor (CD) and the lenders have to complete all the steps regarding resolution. "The CoC has the jurisdiction to pass the order of liquidation of the CD, approving it by not less than 66 per cent of the voting share, but it should be before the confirmation of the resolution plan," said NCLAT. Earlier, the New Delhi Bench of NCLT had on March 16, 2023 issued a show cause notice to the lenders asking why penalty stipulated under Section 65 of the Insolvency & Bankruptcy Code should not be imposed on them. NCLT had said that "it was prima facie of the opinion that .

NCLT sanctions merger of Tata Metaliks into its parent Tata Steel

The National Company Law Tribunal has sanctioned the amalgamation of Tata Metaliks Ltd into its parent Tata Steel, which led to the cancellation of board meeting ahead of financial results announcement of the subsidiary firm. According to a regulatory filing by Tata Metaliks, the board meeting, scheduled for January 12, to declare company's financial results has been cancelled. The National Company Law Tribunal (NCLT) Mumbai on Thursday pronounced the order sanctioning the scheme of amalgamation amongst Tata Metaliks into parent Tata Steel Ltd, the company said. "With the pronouncement of the order...the financial results of Tata Metaliks for the quarter and nine months ended December 31, 2023, shall be considered along with the financial results of Tata Steel," the filing said. Shares of Tata Metaliks were trading 0.96 per cent higher at Rs 1,067.55 apiece on the BSE.

Merger into Air India likely by mid 2025, says Vistara CEO Kannan

Kannan emphasised that the airline is cash flow positive and will not require any capital infusion from its stakeholders in the near future

Swan Energy takes management control of Reliance Naval & Engineering

Swan Energy on Thursday said it has formally taken the management control of Reliance Naval & Engineering. The company had emerged as the winning bidder under an insolvency resolution process. The National Company Law Tribunal-appointed monitoring committee has handed over the management control of the company with the approval of the committee of creditors to Swan Energy, according to a statement. Swan Energy has constituted a board with its managing director Nikhil Merchant as the executive director, and Paresh Merchant and Bhavik Merchant as board members of Reliance Naval. It will finalise plans to put in place a top management structure to oversee operations of Reliance Naval. A special purpose vehicle -- Hazel Infra -- floated by Swan Energy had submitted as Rs 2,100 crore-bid for Reliance Naval. Swan Energy owns 74 per cent in Hazel Infra and the remaining 26 per cent is owned by Hazel Mercantile, in which Swan is a strategic investor. The acquisition of Reliance Naval ..

Missed timelines, manpower crunch pose challenges for insolvency resolution

Resolution of most of the stressed assets under the insolvency law missed their timelines amid a shortage of staff at the National Company Law Tribunal (NCLT) and the appellate tribunal this year, which also saw aviation players seeking solace in insolvency provisions albeit without much success. As the Insolvency and Bankruptcy Code (IBC) timelines stretched well beyond their specified limits, the companies undergoing the resolution process saw an erosion in the value of their assets. As of September this year, creditors have realised Rs 3.16 lakh crore by way of resolutions under the IBC since it came into force in December 2016, as per data from the Insolvency and Bankruptcy Board of India (IBBI). In 2024, NCLT and the National Company Law Appellate Tribunal (NCLAT) are expected to conclude important Corporate Insolvency Resolution Processes (CIRPs), including that of Future Retail, Go First and Reliance Capital. The latest data showed that 67 per cent of the ongoing CIRPs misse

IBBI forms panel of 787 professionals to expedite resolution process

This move by the insolvency regulator aims to avoid delays and preserve asset value amid rising stressed cases

Axis Bank files corporate insolvency plea against Zee Learn with NCLT

Zee Learn said that the firm is compiling information to verify the facts claimed in the said petition

Resolution professional seeks EOI for Future Enterprises, sets deadline

The Kishore Biyani-promoted company has two garment manufacturing units located at Tarapur-Palghar in Maharashtra and Mahadevapura-Bengaluru in Karnataka

NCLAT dismisses JKC's plea challenging sale of Jet Airways aircraft

Additional Solicitor General (ASG) Venkatraman, representing the lenders, said they were losing public money to keep the airline afloat due to maintenance costs

Lawyers say Byju's in good health, BCCI's plea to be heard on Jan 17

Byju's gave this response when the NCLT inquired about the company's current status during the hearing of the insolvency plea filed by BCCI against the company

NCLT approves resolution plan for Reliance Communications Infrastructure

Last week, the NCLT gave its approval for the sale of specific real estate properties of Reliance Communications Limited

Lanco Amarkantak Power creditors to vote on Adani Power's Rs 4,100 cr bid

An unsolicited bid of Rs 3,650 crore was submitted by Adani Power, which was later improved to Rs 4,100 crore

Ashneer Grover approaches NCLT seeking reinstatement as BharatPe MD

Ashneer Grover also sought the revocation of the termination of his wife Madhuri Jain Grover and directions to revert any new shares issued by the firm since his resignation

SpiceJet-Wilmington Trust SP Services in deadlock over rental agreement

Spicejet said that as per the repayment schedule of arrears they received, the total amount due from February to December alone was $1,560,011

Explained: Epic Games' win against tech giant Google in US Federal Court

A US Federal Court has said that Google has turned the Google Play app store and Google Play Billion service into an illegal monopoly. But what is the Epic vs Google case? Here's all you need to know

NCLT grants time to SpiceJet till Jan to explore settlement with lessor

The NCLT on Monday dismissed Willis Lease Finance's plea to initiate insolvency against SpiceJet over unpaid dues due to some technical defects in their plea