Page 18 - Nclt

ITC Limited, Vidya Polymer submit resolution plans for Shakti Bhog

Shakti Bhog food which has defaulted on Rs 7,000 crore of bank loans

NCLT approves 180 resolution plans involving Rs 51,424 cr in FY23

Insolvency tribunal NCLT approved 180 resolution plans in FY23, the highest-ever number so far, resulting in a total realisation of Rs 51,424 crore from stressed assets. While, in terms of realisation of the amount for creditors, this is the second highest after FY19, when the total realisation was Rs 1.11 lakh crore after completing 77 insolvency proceedings including some big-ticket matters such as Essar Steel and Monnet Ispat. This has helped creditors of debt-ridden firms in FY23 to realise 36 per cent of their total admitted claims of Rs 1,42,543 crore for the year ended March 31, 2023. The combined total liquidation value of the assets of 180 corporate debtors (CD) was at Rs 39,110.10 crore and the creditors received 131 per cent higher than it, according to data released by the Insolvency and Bankruptcy Board of India (IBBI). Moreover in FY23, the National Company Law Tribunal (NCLT) admitted 1,255 applications from creditors for initiation of the Corporate Insolvency ...

Returning aircraft to lessors will render Go First 'dead': NCLT's IRP to HC

From denying bail to Manish Sisodia in the excise policy case to hearing a plea of the bankrupt Go First, here are important cases heard by the Delhi High Court today

NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The appellate tribunal set aside the NCLT order on grounds of "violation of principles of natural justice"

Go First extends flight cancellations till May 28, promises full refund

This comes a day after the Directorate General of Civil Aviation (DGCA) granted 30 days to cash-strapped airline to submit a restructuring or revival plan

NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment. It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequate opportunity by the NCLT to present its side and it didn't follow the principles o

NCLAT to hear Zee Entertainment's plea challenging NCLT order today

NCLT had directed Indian bourses to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment, formerly called Sony Pictures India

Spicejet insolvency: NCLT defers hearing of plea by Aircastle to June 1

Aircastle had filed a plea over unpaid dues for an order amounting to Rs 49 crore

NCLAT asks 3 more Go First lessors to approach NCLT for recovery of planes

The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed three aircraft lessors of Go First to approach NCLT over their claims for possession of aircraft, whose leases were terminated by them prior to initiation of insolvency proceedings against the Wadia group entity. The appellate tribunal directed Accipiter Investments Aircraft 2, Eos Aviation 12 (Ireland) and ACG Aircraft Leasing Ireland to go to NCLT over the applicability of the moratorium on their aircraft. "The facts and submissions raised in these appeals are same as has been considered and decided by our judgment and order dated May 22, 2023" hence these "also deserve to be decided in the same terms". On May 22, the NCLAT upheld the order of the Delhi-based Principal bench of the National Company Law Tribunal (NCLT), which had earlier this month admitted the plea of Go First to initiate voluntary insolvency resolution proceedings and appointed an interim resolution professional (IRP) to suspend the company

BOC Aviation files NCLT application to secure aircraft leased to Go First

Appellate court has upheld NCLT order admitting Go First's insolvency petition, hurting lessors' plans to secure plans

Go First insolvency: NCLAT rules in favour of airline, upholds NCLT order

Some lessors are likely to approach NCLT for relief, said a lawyer privy to the matter

NCLAT upholds NCLT order admitting Go First's plea for voluntary insolvency

The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an NCLT order allowing crisis-hit Go First's voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency, to approach National Company Law Tribunal (NCLT) for any remedy. "The order dated May 10, 2023 allowing insolvency is upheld," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan. The direction came on a batch of four petitions filed by aircraft lessors opposing Go First's insolvency proceedings. The lessors are SMBC Aviation Capital Ltd, GY Aviation, SFV Aircraft Holdings and Engine Leasing Finance BV (ELFC).

NCLT rejects IDBI Bank's insolvency plea against Zee Entertainment

Lender has the option to move appellate tribunal to appeal against the order

Space Mantra, five other firms lead race to acquire Future Retail

The CoC had provided two options in the EoI and the last date for submission was April 7

NCLT to hear Spicejet insolvency plea on May 25 as talks with lessor fail

Tribunal gives SpiceJet a week to respond to Dublin-based Aircastle, which sought initiation of insolvency proceedings against the airline under IBC over unpaid dues of Rs 49 crore

With Go First gone, rivals Air India, IndiGo, others ramp up flights

The government of India has also allotted cash-strapped Go First slots after representations that airports will lose money if they are not utilised

Govt may expedite Bill that assures lessors on repossession of aircraft

NCLT had on May 10 barred lessors from repossessing their planes from insolvent Go First

Lessors seek status quo on aircraft, NCLAT to hear matter on Monday

This means that nobody would be able to touch the aircraft for any work until a final order is passed by the Tribunal. The next hearing is on Monday

NCLT dismisses Central Bank insolvency plea against Simplex Infrastructures

EPC firm's balance sheets do not show negative net worth, says tribunal's Kolkata bench

Zee Media board approves submission of bid to pave way for RBNL takeover

In its company filing, Zee Media said that a resolution had been passed on May 5, 2023, that granted approval to the company to submit its EOI with the CIRP of RBNL