Page 16 - Nclt

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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

NCLT directs to initiate insolvency proceedings against Imperia Structures

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Delhi NCR-based realty firm Imperia Structures and has appointed an interim resolution professional. Admitting a joint plea filed by 28 unit holders of its Gurugram-based project 'Imperia Mindscape', the insolvency tribunal said after examining the records, it is clear that there is a debt and a subsequent default by the realty firm for an amount of Rs 36.79 crore as it could not provide assured returns as promised. "The petition establishes that the corporate debtor is in default of a debt due and payable and that the default is for an amount which is more than the minimum amount of pecuniary threshold stipulated under section 4 (1) of the Code. The instant petition... for initiating CIRP against Imperia Structures Limited, the corporate debtor, stands admitted and CIRP of Imperia Structures Limited is initiated," said NCLT. NCLT has also appointed Gaurav Katiyar as Interim Resolution .

Murugappa Group resolves longstanding family dispute, strikes deal

Necessary transactions to take place within the next 90 days; no impact on listed entities

Corporate affairs ministry assessing need to ramp up bench strength of NCLT

While industry stakeholders are calling for dedicated benches to handle insolvency matters, the government is reportedly not in favour of this proposal

NCLAT allows Go First lessor to conduct inspection, modifies NCLT order

Lessors told appellate tribunal each aircraft engine is valued at $15 mn and needs upkeep

NCLT approves Vedanta's acquisition of Meenakshi Energy at Rs 1,440 crore

Meenakshi Energy holds a substantial coal-based power plant generating 1,000 MW of electricity

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Future Retail resolution professional moves NCLT against Kishore Biyani

The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT. "RP of FRL has filed an application before National Company Law Tribunal, Mumbai, against certain persons, to seek avoidance of transaction under the applicable provisions of the Insolvency & Bankruptcy Code 2016," it said. As per the disclosure, the estimated amount involved is Rs 40.53 lakh. The report has also named one entity ...

Dadheech Infra case: NCLAT upholds NCLT's insolvency proceedings verdict

The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a petition against the NCLT order allowing the initiation of insolvency resolution proceedings against Dadheech Infrastructures. While upholding the National Company Law Tribunal's ruling in the case, the NCLAT also flagged that "unreasonable and unexplained delays in delivering verdicts are not desirable". The NCLT had reserved its order in December 2022 and pronounced the order only in June this year. The Kolkata bench of the National Company Law Tribunal (NCLT) in June this year allowed initiating Corporate Insolvency Resolution Process (CIRP) against Dadheech Infrastructures on a plea filed by SREI Equipment Finance, which itself is undergoing CIRP. The decision of the NCLT was challenged by way of a petition by Sanjeev Kumar Sharma, who was a director on the now-suspended board of Dadheech Infrastructures. A two-member NCLAT bench said it was satisfied with the findings recorded by the Kolkata Bench of t

NCLT seeks reply from Go First on Delhivery plea as settlement talks fail

Currently, Delhivery and Go First are operating within the period of a further extension, although this has yet to be formalised in writing, according to the plea

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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