Page 12 - Nclt

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

Jaypee Infratech insolvency: Panel seeks nod for Suraksha's resolution plan

In a regulatory filing Jaypee Infratech said there would be a delay in filing of its annual results for 2022-23 fiscal and the results for the first three quarters of the current financial year

Demystifying significant beneficial ownership of a company

The present corporate structure requires a company to be well-founded if it wishes to play long innings. By well-founded, I mean transparent, ethically managed, and profitable

Zee shareholder files fresh plea in NCLT against Sony's move on merger pact

Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), on Friday filed a fresh application in the National Company Law Tribunal seeking an order to refrain Sony from proceeding contrary to the NCLT's earlier decision sanctioning merger of the two media companies. Sony had last month terminated the agreement with ZEEL to merge its two Indian entities -- Culver Max Entertainment (earlier known as Sony Pictures Network India) and BEPL-- with the Indian media company. The termination notice came months after the Mumbai bench of NCLT on August 10, 2023 approved the scheme of merger of ZEEL with Sony group entities. In its fresh plea on Friday, Mad Men Film Ventures sought the Mumbai bench of NCLT's urgent intervention to restrain Sony Pictures India Networks from proceedings against the tribunal's order dated August 10 as the matter is scheduled for hearing on March 12. The fresh plea came after Sony initiated an arbitration proceedings before Singapore-based ...

NCLT issues notice to Sony in plea by Zee Ent to implement merger

The plea of Mad Men Film Ventures, a shareholder of Zee, seeking enforcement of the merger has been clubbed together with ZEEL's plea and will be heard on the same date

NCLT issues notice on Zee's plea seeking directions for Sony merger

NCLT has granted two weeks to Sony to file its reply and listed the case for hearing on March 12

Go First's lenders to seek extension of insolvency process by 60 days

Under the country's Insolvency and Bankruptcy Code, the National Company Law Tribunal (NCLT) has the authority to extend the resolution timeframe to a maximum of 330 days

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