Page 14 - Nclt

NCLAT adjourns hearing on IDBI's insolvency plea against Zee to Dec 6

The National Company Law Appellate Tribunal (NCLAT) on Wednesday adjourned its hearing to December 6 over the plea of IDBI Bank seeking to initiate insolvency proceedings against Zee Entertainment. A three-member NCLAT bench deferred the hearing after the counsel appearing in the matter sought an adjournment to complete the pleadings. IDBI Bank in its plea has challenged the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which, on May 19, 2023, had set aside the insolvency plea against the media major, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). In its order, the NCLT bench had said that ZEEL, which was the corporate guarantor for the loan availed by Siti Networks -- the principal borrower of IDBI Bank -- has committed a default. However, the default was committed during the timeline specified under section 10A of the IBC. Section 10A mandates no application for initiation of a corporate insolvency resolution ..

Bankers await closure of Reliance Cap acquisition by Hinduja Group

The group may look at raising by pledging shares of other group entities

Power ministry nudges state govts, gencos to take up insolvent assets

The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply

NCLT relief to help Bajaj Hindusthan focus on expansion, growth plans

Sources said the plans, which were on hold due to the NCLT proceedings, will now be restarted with renewed vigour

NCLT dismisses petition against Bajaj Hindustan after withdrawal by SBI

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

'No objection' from stock exchanges for ICICI Securities' delisting plan

Sebi, on its website, has disclosed that it received a No-Objection Certificate (NOC) from the exchange on October 12 and that the brokerage firm's scheme was under process

TMS Ep547: SC on NCLT & NCLAT, airport charges, markets, Mandal Commission

Why is the SC worried about NCLT and NCLAT? Can airport operators raise charges as demand goes up? Will markets bounce back this week? What was the Mandal Commission? All answers here

TMS Ep546: Twitter paid service, mission to moon, FMCG stocks, NCLT & NCLAT

Can paid Twitter help clean up the bot mess? What will it take for an Indian to land on the moon? Is it time to bottom fish FMCG stocks? What are NCLT and NCLAT? All answers here

Delhi HC tells DGCA to clarify stand on MCA notification on moratorium

The court was hearing a case by aircraft and engine lessors of Go First against the DGCA for the release of their aircraft

NCLT approves Himadri, Dalmia Group's joint resolution plan of Birla Tyres

Himadri stated that the Kolkata bench of NCLT had given a 'verbal' approval of the insolvency resolution plan of Birla Tyres

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