Page 16 - Nclt

Reliance Naval debt resolution stuck as bidder seeks more time to pay

Hazel Mercantile sought additional time to pay the upfront cash as it cited market upheaval for its inability to raise funds by the deadline

Go First resolution professional seek NCLT permit for tickets refunds

Go First has approached the National Company Law Tribunal (NCLT) seeking permission to refund money to passengers who had booked their tickets for travel on and after May 3, the day when the cash-strapped airline suspended operations. The Resolution professional of Go First has filed a new application before the Delhi bench of NCLT, requesting "to permit the applicant/CD to make payment of refund to passengers of the CD whose airline tickets have been cancelled since May 3, 2023." Applicant here refers to resolution professional and CD refers to corporate debtor or Go First. The application is scheduled to be heard by an NCLT bench comprising Mahendra Khandelwal and Rahul P Bhatnagar on Monday. If permitted by the insolvency tribunal, this would be a significant relief for those air passengers, whose money is stuck with the Go First after the initiation of the Corporate Insolvency Resolution Process (CIRP) against the air carrier. Go First had stopped flying May 3, 2023 and had ..

NCLAT to decide over NCLT order on insolvency against Coffee Day Global

An appeal has been filed before the National Company Law Appellate Tribunal (NCLAT) challenging the NCLT order to initiate insolvency proceedings against Coffee Day Global Ltd (CDGL), which owns and operates the popular chain Cafe Coffee Day. Malavika Hegde, the suspended Director of CDGL, has approached the Chennai bench of NCLAT against the National Company Law Tribunal (NCLT) order to initiate Corporate Insolvency Resolution Process (CIRP) against Coffee Day Global. The application, seeking a stay on the NCLT order, was listed for hearing before a NCLAT bench comprising Justice Rakesh Kumar Jain and Shreesha Merla on Friday. Earlier on July 20, the Bengaluru bench of the NCLT passed an order over a plea filed by IndusInd Bank, a financial creditor of the company, claiming dues of Rs 94 crore. The NCLT had also appointed Shailendra Ajmera as the interim resolution professional after suspending the board. The order has been challenged by Malavika Hegde, a director on the suspende

Flights until 30 July cancelled due to 'operational reasons': Go First

In May, Go First declared insolvency due to a cash crunch and its application was admitted by the NCLT

NCLT gives green signal to Go First to fly aircraft if registered

The tribunal also denied requests of lessors to inspect the leased engines of the aircraft

CCD's parent firm Coffee Day Global admitted for insolvency by NCLT

Based on a petition filed by IndusInd Bank, the NCLT passed an oral order on Thursday to admit the unlisted company for corporate insolvency

NCLT approves Rs 1,814 cr resolution plan for Lavasa; Darwin winning bidder

The National Company Law Tribunal has approved a Rs 1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. Darwin Platform Infrastructure Ltd (DPIL) has emerged as the winning bidder for Lavasa Corporation Ltd, which is primarily in the business of the development of the private hill station by the same name in Pune. In August 2018, the NCLT admitted the petition of lenders of the debt-ridden Lavasa Corporation, the real estate firm of HCC, for the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of Rs 1,814 crore. "The Resolution Plan contemplates an investment of Rs 1,814 crore, including a 'Resolution Plan Amount of Rs 1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being ...

NCLT approves Rs 1,814 cr resolution plan for Lavasa, DPIL wins bid

The National Company Law Tribunal has approved a Rs 1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. Darwin Platform Infrastructure Ltd (DPIL) has emerged as the winning bidder for Lavasa Corporation Ltd, which is primarily into the business of the development of the private hill station by the same name in Pune. In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of Rs 1,814 crore. The amount includes a "resolution plan amount of Rs 1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being equity, Project inflows, loans, advances or a combination thereof," the order said. The corporate debtor is Lavasa. A monitoring committee comprising the insolvency professional (earlier resolution professional), one representative each from financial creditors and Darw

NCLT clears Lavasa Corporation takeover by Darwin Platform Infrastructure

The NCLT nod will help the new developer to start work on the project which would help thousands of home buyers to get keys to their property

NCLT extends deadline for completion of Future Retail insolvency to Aug 17

The National Company Law Tribunal (NCLT) has extended the deadline for completion of insolvency proceedings of debt-ridden Future Retail Ltd (FRL) to August 17, 2023. The Mumbai bench has allowed the plea of FRL to exclude 33 days from the corporate insolvency resolution process (CIRP), the company informed in a regulatory filing. "In furtherance of the above, the NCLT on July 17, 2023, heard the application and granted the said exclusion of 33 days' from CIRP of FRL," said FRL. It further added: "Consequently, the last date for completion of CIRP of FRL is August 17, 2023." According to FRL, this is based on an oral pronouncement by NCLT bench and a written order is awaited. Earlier in April, the NCLT bench had granted FRL an extension of 90 days till July 15, 2023 for concluding the CIRP. The Insolvency & Bankruptcy Code (IBC) mandates to complete CIRP within 330 days, which includes time taken during litigations. The CIRP was initiated against FRL by NCLT on July 20, 2022, ..

Spicejet argues against maintainability of petition filed by lessors

Aircastle (Ireland) told the NCLT that it is entitled to file multiple petitions against SpiceJet for breach of multiple contracts

ZEE shareholders reject reappointment of Alicia Yi as independent director

Shareholders of Zee Entertainment Enterprises Ltd (ZEEL) have rejected a proposal for reappointment of Alicia Yi as an independent director on the company board. The special resolution for reappointment of Alicia Yi got only 42 per cent votes in favour as compared to 57.97 per cent against it. "Based on the votes cast by the members, the special resolution pertaining to reappointment of Alicia Yi as an independent director of the company for a second term of 3 years has failed to receive a requisite number of votes in favour," ZEEL said in a late-night regulatory filing on Thursday. Hence, she vacates the office of independent director with effect from July 13, 2023, it added. "The board shall take necessary steps for complying with the requirement of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the purpose of having the optimum composition of Board of Directors of the company," it said ..

RCap Administrator submits name of IIHL as successful bidder for NCLT's nod

Debt-ridden Reliance Capital on Wednesday said the RBI-appointed administrator has submitted the name of IndusInd International Holdings Limited (IIHL) as a successful bidder to National Company Law Tribunal (NCLT) for consideration. It is to be noted that the Committee of Creditors (CoC) has voted in the favour of resolution plan submitted by Hinduja Group company IIHL. IIHL has made the highest cash offer of Rs 9,661 crore in the second round of the auction held on April 26. The administrator has filed an application under Section 30 (6) of the Insolvency and Bankruptcy Code, 2016, for submission of the resolution plan of IIHL as approved by the Committee of Creditors of Reliance Capital Limited, with the Adjudicating Authority National Company Law Tribunal (NCLT), Mumbai Bench, RCap said in a regulatory filing. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appoint

NCLT dismisses plea seeking insolvency proceedings against Religare

The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held that the petition filed by Ligare Aviation Ltd against Religare Enterprises was "not maintainable" and does not fall under the definition of "Corporate Debtor", which means a corporate person who owes a debt to any person. "We are of the considered view that the corporate debtor (Religare Enterprises) as alleged does not come within the meaning of corporate person and therefore, we are unable to accept the prayer of the applicant to initiate the CIRP against the Corporate Debtor," said NCLT. Ligare Aviation has approached NCLT against Religare Enterprises, which is a corporate guarantor of the principal borrower Auriga ...

Jalan-Kalrock's plan for Jet Airways unworkable, lenders tell Supreme Court

The lenders have filed a challenge to the NCLAT order of May 26 which granted the Jalan-Kalrock consortium three-and-a-half months more to make payments

NCLAT sets aside NCLT order rejecting insolvency plea against Uniworth

The National Company Law Appellate Tribunal on Monday set aside the order of the Kolkata bench of NCLT, which had rejected the plea of Asset Reconstruction Company to initiate insolvency proceedings against Uniworth Textiles Ltd (UTL), and remanded the matter back to hear it again. A two-member NCLAT bench comprising justices Rakesh Kumar Jain and Naresh Salecha said the NCLT had erred in rejecting the application filed under Section 7 of the Insolvency & Bankruptcy Code by Asset Reconstruction Company on the ground of limitation. "The appeal therefore succeeds and the impugned order dated March 17, 2020 is set aside. The case is remanded back to the Adjudicating Authority (NCLT) for decision on the merit of the application in accordance with the law," said NCLAT in its 36-page order. It had directed both parties to appear before the NCLT on July 28, 2023. Meanwhile, NCLAT also clarified it is not expressing any opinion regarding the merits of the case and the same needs to be ...

NCLT reserves order in Zee Entertainment, Sony India merger case

The NCLT approval is an important legal milestone for the merger scheme to come into effect

NCLT starts live streaming proceedings of principal bench on YouTube

The National Company Law Tribunal (NCLT) on Thursday started live streaming of the proceedings on YouTube. The live streaming of the proceedings of the principal bench headed by NCLT President Justice S Ramalingam was started on a pilot basis. This initiative to livestream has been taken by the NCLT and the Ministry of Corporate Affairs (MCA) to "promote transparency in the court proceedings for the benefit of litigants and stakeholders. "As a pilot, the proceedings of the Principal Bench of NCLT presided by Justice Sudhakar Ramalingam and Member Avinash Srivastava were on live broadcast on YouTube today," MCA said in a tweet. After the pandemic, several high courts, tribunals, including NCLT and NCLAT and the Supreme court, went for virtual proceedings. In late 2022, the Supreme Court started live streaming for the first time. Set up under section 408 of the Companies Act, 2013 in June 2016, the NCLT has eleven benches, including the principal bench in the national capital. It h

NCLT approves demerger of financial services unit of Reliance Industries

Reliance Industries Ltd on Thursday said the National Company Law Tribunal has given its nod to the demerger of the company's financial services undertaking and its listing. Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). "We wish to inform you that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated June 28, 2023, has sanctioned the Scheme," it said in a stock exchange filing. It went on to state that the company will now take necessary steps for the demerger. "The company and Reliance Strategic Investments Limited will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments Limited," it said without giving timelines for the same. According to brokerage BofA Securities, by separating financial services from the core business, Reli

HC allows Go First lessors to inspect aircraft, carry out maintenance

The Delhi High Court Wednesday allowed crisis-hit Go First's lessors to inspect their aircraft at least twice a month and carry out maintenance. The high court said there can be no denial of the fact that the aircraft of the petitioner lessors are highly valuable and sophisticated equipment and require maintenance for their preservation. Justice Tara Vitasta Ganju also restrained Go First and its representatives, and the Interim Resolution Professional (IRP) appointed by the NCLT, from removing, replacing or taking out any part or components, or records of the 30 aircraft except with the prior written approval of the lessor of the particular airplane. The high court passed the interim order on multiple applications filed by the lessors to alleviate any further losses. The interim applications were filed in the main petitions by lessors seeking deregistration of their planes by aviation regulator DGCA so they could take them back from the airline. The high court asked the Director