Page 18 - Nclt

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

NCLT questions maintainability of insolvency plea filed against SpiceJet

The National Company Law Tribunal (NCLT) on Tuesday questioned the maintainability of the insolvency plea filed against air carrier SpiceJet by one of its operational creditors Willis Lease Finance Corporation. A two-member NCLT bench comprising Members Mahendra Khandelwal and Rahul Prasad Bhatnagar observed that Willis Lease Finance Corporation has withdrawn its insolvency plea for the same dispute in March 2023 and has approached again with a new plea. The bench wanted to know as Willis Lease Finance Corporation, an aircraft lessor, had filed again for a similar cause of action within a few months. The NCLT posted the matter on July 21 for the next hearing over the plea moved by Willis Lease Finance Corporation, the US-based firm whose core business is leasing commercial aircraft engines to airlines. During the proceedings of the insolvency tribunal, Willis' counsel submitted that they had withdrawn after the court's permission and refiled it, and hence, it is maintainable. Will

NCLT to hear on July 21 maintainability of lessor's plea against Spicejet

Willis Lease says the low-cost carrier has defaulted on $6.87-mn payment

Lenders may move NCLT on Reliance Naval & Engineering debt resolution

In talks with Hazel Mercantile to extend the deadline of payment

Flights to remain suspended till June 25, says cash-strapped Go First

The crisis hit airlines had earlier announced that its operations would remain cancelled till June 22

NCLT approves appointment of Ajmera as Resolution Professional of Go First

The Insolvency Tribunal NCLT on Thursday approved the decision of lenders of Go First to appoint Shailendra Ajmera as the Resolution Professional of the company. The tribunal also directed him to file a reply within a week over the lessors' plea seeking their aircraft and engine back in their possession from crisis hit air carrier. Earlier, the National Company Law Tribunal (NCLT) had appointed Abhilash Lal as the Interim Resolution Professional on May 10, 2023, while admitting the plea of Go First to initiate voluntary insolvency resolution proceedings after suspending the board of the company. The NCLT direction came over a plea moved by the Central Bank of India, which was also approved by other members of the Committee of Creditors of Go First. "We approve the appointment of Shailendra Ajmera as RP of the Corporate Debtor," said a two-member NCLT bench. It also directed the RP to file a reply within a week over the lessors seeking possession of their aircraft and engines back

NCLT approves Ace Infracity resolution plan for debt-ridden 3C Homes

The NCLT has approved the resolution plan by Ace Infracity Developers for the debt-ridden 3C Homes. The NCLT bench observed the resolution plan submitted by Ace Infracity Developers has been approved by the Committee of Creditors (CoC) with 100 per cent votes and it can not "interfere with the "commercial wisdom" of the lenders. Earlier, the National Company Law Tribunal (NCLT) had denied its approval following opposition filed by some of the allottees and was challenged before the appellate tribunal NCLAT, which had remanded the matter back with certain directions. The resolution plan offers "100 per cent of the principal of farmer's compensation (Rs 71.66 crore), which is included in Rs 173.46 crores agreed to pay to Yamuna Expressway Industrial Development Authority (YEIDA)". In its 27-page long order, the NCLT said it is "satisfied that the Resolution Plan has made adequate provisions with respect to all the objections raised by" it over dues to the YEIDA, acquiring of the Land

Go First creditors seek complete control over the resolution process

After replacing the interim resolution professional, lenders are now also looking to also replace other bankruptcy-related appointments made by the NCLT

NCLT issues notice to Go First resolution professional on Delhivery plea

Insolvency tribunal NCLT on Thursday issued a notice to the Interim Resolution Professional (IRP) of crisis-hit airlines Go First over a plea filed by supply chain company Delhivery. In its plea, Delhivery had alleged Go First's insolvency process as a sham and said the airline took payments of Rs 57 lakh from Delhivery on May 2, the day it filed for insolvency. The airline took payments despite knowing that it was filing for voluntary insolvency before NCLT, Delhivery said. A two-member bench of the National Company Law Tribunal (NCLT) directed the IRP to file a reply within two weeks and listed the matter on July 24 for the next hearing. Go First is presently going through Corporate Insolvency Resolution Process (CIRP). The NCLT on May 10 admitted the plea of Go First to initiate voluntary insolvency resolution proceedings and appointed Abhilash Lal of Alvarez & Marsal as IRP of the airline. Delhivery has requested the tribunal to allow it as an intervener in the company ...

Govt seeks applications for 15 judicial, technical jobs at NCLT, NCLAT

The government has sought applications for a total of 15 positions of judicial and technical members at the National Company Law Tribunal (NCLT) as well as the appellate tribunal NCLAT. As many as 15 posts, including that of 5 judicial members and 5 technical members, are to be filled up at the NCLT. Besides, applications have been invited for 3 judicial members and 2 technical members at the National Company Law Appellate Tribunal (NCLAT). The last date for submission of the applications online for NCLAT is July 5 and for NCLT is July 19, according to two separate notices issued by the corporate affairs ministry on Tuesday. Among other requirements for the positions at NCLT and NCLAT, the applicants should be at least 50 years old. A person should have been a judge of a high court or a judicial member of the NCLT for five years or has a minimum 10 years of experience to be considered for the post of judicial members at the NCLAT. Those with "proven ability, integrity and standing

NCLT to hear Go First lessors' plea, directs IRP to file reply in one week

Insolvency tribunal NCLT on Monday directed the interim resolution professional of crisis-hit Go First to file a reply within one week over petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm. The three lessors, which approached the National Company Law Tribunal (NCLT), are BOC Aviation (Ireland), Jackson Square Aviation Ireland and Engine Lease Finance BV. A two-member NCLT bench has directed the IRP (interim resolution professional) to file a reply within 2 weeks and a rejoinder, if any, by the lessors. It had directed to list the matter on June 15 for the next date of hearing. Jackson Square Aviation Ireland has leased around 8 aircraft while Engine Lease Finance BV leased four engines to Go First. The lessors had moved to the NCLT after the appellate tribunal NCLAT had last month directed them to approach the insolvency tribunal over issues regarding the moratorium on their planes. Earlier, the NCLT on May 10, 2023, admi

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"