Page 14 - Nclt

What are NCLT and NCLAT? Why has the Supreme Court accused them of 'rot'?

The NCLT and NCLAT are quasi-judicial bodies that hear cases related to Indian companies and came in for criticism from the Supreme Court on Wednesday

Jaiprakash Associates share prices jump 12% on Adani deal reports

The Adani group, currently operating at a capacity of 70 million tonnes per annum, aims to double this figure to 140 million tonnes within the next five years

Sony-Zee merger may be finalised by November despite appeals from banks

IDBI Bank and Axis Finance have both filed pleas National Company Law Appellate Tribunal (NCLAT) challenging the merger

NCLT has considered SBI petition for withdrawal: Bajaj Hindusthan Sugar

The company owed banks around Rs 4,771 crore and had availed itself of two debt-restructuring schemes, leading to steep haircuts taken by the lenders

Spicejet, lessor reach interim settlement, next hearing in February

SpiceJet is supposed to pay over $2 million to the engine lessor by January according to settlement terms

Engine lessor and SpiceJet arrive at $2 million interim settlement: Report

The engine lessor has agreed not to pursue the stay application against SpiceJet for the time being

Jindal Power submits expression of interest for insolvent Go First

Go First's resolution professional invited EoIs for the carrier's sale in July. Sources have confirmed that JPL has filed an EoI for Go First in the National Company Law Tribunal (NCLT)

Go First case: New NCLT bench to hear petitions of airline, lessors

The NCLT bench had asked the registry to list the matter before the tribunal president for clarification, while hearing applications filed by 10 lessors in the Go First case

NCLT directs Swan Energy to make upfront payment for Reliance Naval

The Ahmedabad bench of NCLT has asked Swan Energy, the firm that had won the bid to buy Reliance Naval and Engineering Ltd in an insolvency proceeding, to make the upfront payment it had proposed in the resolution plan, sources said. Swan Energy is yet to make the upfront payment of around Rs 250 crore as proposed in the resolution plan, even as the second extended deadline ended on September 14. The company has once again approached the NCLT seeking an unprecedented third extension of two months. Sources said, the Ahmedabad bench of NCLT heard Swan Energy's plea on October 5, and directed the company to make the payment as proposed in the resolution plan, before it could consider its application for a third extension. The next hearing in this matter is scheduled on November 22. Swan Energy couldn't be immediately reached for comments. As per the resolution plan approved by the NCLT Ahmedabad, Swan Energy was to make an upfront payment of Rs 293 crore to the lenders of RNEL by Ma

Delay looms over Go First's revival as another bench will now hear matter

The bench highlighted that since the requests made by all involved parties were based on similar grounds, a fresh bench could determine the outcomes

After filling most NCLT vacancies, Centre eyes faster resolution

After boosting NCLT's strength, the MCA has asked the body to expeditiously dispose of crucial cases, especially M&A, under the Companies Act

Insolvency & Bankruptcy Code cannot be used as tool for recovery: NCLT

Insolvency & Bankruptcy Code (IBC) cannot be used as a "tool for recovery", the NCLT observed on Tuesday while dismissing a plea by two unit buyers of a commercial complex. The Principal Bench of the National Company Law Tribunal (NCLT) was hearing the plea for initiating insolvency against Orris Infrastructure over an alleged default of Rs 3.60 lakh. The NCLT bench observed that the purchaser of the Office space/Retail Unit has already received full and final payment from Orris Infrastructure in lieu of the assured returns towards the allotted unit, as per the agreement. The amount has been paid in excess of the default amount and counsel for the applicant has also acknowledged the receipt of the demand draft from the realty firm, which was developing a commercial building complex, known as Floreal Tower, at Sector 83, Gurgaon (Haryana), said insolvency tribunal. "We are of the view that in the present case, the applicants are already having demands drafts of the amount exceeding

NCLT orders liquidation of Overnite Express with immediate effect

The NCLT on Monday ordered the liquidation of Overnite Express after admitting the plea of its lender Deutsche Bank AG against a resolution plan submitted by a member of the debt-ridden company's suspended board. While the Insolvency and Bankruptcy Code (IBC) bars promoters of a corporate debtor from submitting a resolution plan under the CIRP, there is relaxation for MSMEs. The resolution plan was submitted citing that the company is an MSME under the Corporate Insolvency Resolution Process. A two-member bench of the National Company Law Tribunal (NCLT) ordered the liquidation of corporate debtor Overnite Express "with immediate effect" as a time frame of more than 330 days of the Corporate Insolvency Resolution Process (CIRP) has already elapsed. It also appointed Tarun Jain as liquidator of the corporate debtor to carry on the liquidation process as per the relevant provision of the IBC 2016. A resolution plan was submitted on behalf of a member of the suspended board of Overni

Future Retail's insolvency deadline extended again, deadline now Sept 15

The Mumbai bench had provided a 33-day extension to FRL's administrator to complete the proceedings of its insolvency process on July 19

Top headlines: IT companies' forex revenue, falling global debt and more

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NCLT rejects Torrents's plea; to hear Hinduja's plan for RCL on Sep 26

The National Company Law Tribunal (NCLT) will hear on September 26 the resolution plan for debt-ridden Reliance Capital submitted by Hinduja Group firm Indusind International Holdings Ltd (IIHL) as Torrent Investments' plea to keep the decision in abeyance has been rejected. The Mumbai bench of the insolvency tribunal has rejected the Torrent's plea to keep the application for approving IIHL's resolution plan in abeyance till a final order is passed by the Supreme Court in the matter. The matter was listed for hearing on Tuesday before the insolvency tribunal, however, it has now been adjourned to September 26. The NCLT said the Supreme Court on the plea filed by Torrent has 'abundantly' made it clear that it would be kept in abeyance until the parties have had an opportunity to obtain circulation and interim orders of stay in the proceedings. However, so far "Supreme Court did not stay the proceedings before us," said a two-member NCLT bench on September 1, 2023. Besides, it was

Coffee Day Global settles with creditor; NCLAT sets aside insolvency order

On July 20, the Bengaluru bench of NCLT had directed the initiation of insolvency proceedings against CDGL

NSE-BSE IFSC units may file merger plea before NCLT by September-end

Insiders suggest the possibility of an all-share amalgamation of arch rivals

Settle issues with creditor Celestial Aviation Services: NCLT asks SpiceJet

The National Company Law Tribunal (NCLT) on Tuesday suggested that SpiceJet settle the issues with lessors that have sought initiation of insolvency proceedings against it. The tribunal's suggestion came against the backdrop of the crisis-hit carrier issuing shares in lieu of dues to nine aircraft lessors. On Tuesday, the NCLT was hearing a plea filed by Celestial Aviation Services Ltd, an operational creditor that had filed a plea to initiate insolvency proceedings against the airline. A two-member NCLT bench observed that the airline is settling with some of aeroplane lessors by converting debt into equity. "SpiceJet seems to be settling with other lessors by giving shares, Why don't you settle with these lessors as well?," the bench, comprising M M Khandelwal and Rahul Prasad Bhatnagar, said. This was in reference to Celestial Aviation Services and four other lessors who have filed pleas against the airline. Further, the bench said that in its opinion, it is in its best intere

Insolvency proceedings: Gujarat High Court stays NCLT order against Rasna

In a major relief for Rasna, the Gujarat High Court on Monday stayed the NCLT order directing the initiation of insolvency proceedings against the homegrown beverage brand. Last week, the Ahmedabad bench of the National Company Law Tribunal (NCLT) directed initiation of the Corporate Insolvency Resolution Process (CIRP) against Rasna over a default of Rs 71.27 lakh and had appointed an interim resolution professional suspending the board. The National Company Law Tribunal (NCLT) order was challenged by the promoters of Rasna Industries before the high court, which stayed the verdict till an appeal filed against it before the National Company Law Appellate Tribunal is listed. "Considering the aforesaid, by way of ad-interim relief, the said order dated 01.09.2023 is directed not to be acted upon till the statutory appeal which is filed before the NCLAT is listed for hearing in the peculiar facts of the present case," an order passed by Justice V D Nanavati stated on Monday. NCLT had