Page 16 - Nclt

NCLT approves NARCL's resolution plan for two Srei group companies

The National Company Law Tribunal's Kolkata bench has approved National Asset Reconstruction Company Ltd's resolution plan for two Srei group companies, according to a regulatory filing. NARCL emerged as the winning bidder for the two Srei group firms -- Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) -- through an insolvency resolution process in February. The NCLT has orally pronounced an order on August 11 approving the resolution plan submitted by NARCL with respect to the corporate insolvency resolution process of the companies, SIFL said in the regulatory filing on Friday. "A detailed disclosure shall be made upon the written order being made available -- which shall inter alia contain the details on the treatment of existing securities of the corporate debtors under the approved resolution plan, as required under the Listing Regulations and the Guidance," it said. The Reserve Bank of India (RBI) superseded the boards of SIFL and SEFL in October 2

NCLAT stays insolvency of Coffee Day Global till next hearing on Sep 20

In a relief to Coffee Day Global Ltd (CDGL), which owns and operates popular Cafe Coffee Day chain, the National Company Law Appellate Tribunal (NCLAT) on Friday stayed an order of NCLT that directed initiation of insolvency proceedings against the company. Passing an interim order, a two-member tribunal of the Chennai bench of the appellate tribunal, issued notices to the Interim Resolution professional and its financial creditor IndusInd Bank and stayed the operations of the order passed by the Bengaluru Bench of the National Company Law Tribunal (NCLT). The NCLAT said it has "found that there are arguable points involved in this appeal, therefore, we issue a formal notice to the Respondents who are already on caveat, enabling it to file its reply." It has directed IRP and IndusInd Bank to file a reply within two weeks up to August 25, 2023, and a rejoinder, if any, be filed by CDGL within two weeks and directed to list the matter for hearing on September 20, 2023. "In the ...

NCLT approves Zee Ent-Sony India merger, dismisses all objections

Zee Entertainment soars 18% after merger clearance

NCLT approves Zee Entertainment-Sony India merger, dismisses all objections

In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses, and both companies approached the tribunal to seek approval for the merger

SpiceJet insolvency plea maintainable, engine lessor WLFC tells NCLT

WLFC's submission came in response to Spicejet's challenge to the maintainability of WLFC's petition to initiate insolvency proceedings against the airline

May withdraw NCLAT appeal if Jalan-Kalrock deposits Rs 350 cr: Jet lenders

The appeal filed by the State Bank of India, the chief creditor to Jet Airways, is related to the transfer of the ownership of Jet Airways to the Jalan-Kalrock consortium

Go First insolvency: NCLT directs RP to file details on recent developments

The National Company Law Tribunal (NCLT) on Friday directed the resolution professional of cash-strapped grounded airlines Go First to submit details of the subsequent developments. A two-member bench of NCLT, comprising Mahendra Khandelwal and Rahul P Bhatnagar, directed the resolution professional (RP) to file an additional affidavit in the next 10 days, including the status of the maintenance of the leased aircraft. Moreover, the insolvency tribunal has also asked the RP to file the reply over the pleas filed by three new Go First lessors in two weeks and a rejoinder, if any, by them next week. It has directed to list the matter on September 1 for the next hearing. The three new lessors are - DAE (SY 22) 13 Ireland, EOS Aviation 12 Ireland and Accipiter Investments Aircraft 2 Ltd. Pleadings on the petitions filed by six other lessors have been completed. During the proceeding, Senior Advocate Ramji Srinivasan, representing the RP, informed the tribunal that Go First has approach

PC Jeweller faces insolvency plea by SBI, NCLT adjourns hearing till Aug 21

Public sector lender State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default. A Delhi-based principal bench of NCLT had issued a notice to PC Jeweller last week directing it to file a reply over the plea filed by its financial creditor SBI under section 7 of the Insolvency & Bankruptcy Code. The principal bench headed by its President Justice Ramlingam Sudhakar had directed the matter to be listed as SBI's plea on August 2 for further consideration. However, when the matter was adjourned on Wednesday the counsel appearing for PC Jeweller sought more time to file a reply over the notice issued over SBI's plea. Following this, the insolvency tribunal has directed to list the matter on August 21 for the next hearing. PC Jeweller has been engaged in the business of trade, manufacturing and sale of gold, diamond, silver, ...

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Over 96,000 companies voluntarily wound up operations in last five years

From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act

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, ..