Page 2 - Nclt

NCLAT upholds insolvency proceedings against Supertech Realtors

NCLAT has upheld an NCLT order to begin insolvency proceedings against Supertech Realtors over a ₹168 crore default, rejecting a revised settlement proposal from its promoter

NCLT allows Jagan's plea to cancel transfer of Saraswati Power shares

In a relief to YS Jagan Mohan Reddy, the NCLT on Tuesday allowed a petition filed by the former Andhra Pradesh Chief Minister seeking a direction to cancel the "illegal transfer" of shares held by him and his wife in a company to his sister YS Sharmila and their mother. In the petition filed on September 3, 2024, Jagan had sought the National Company Law Tribunal (NCLT) Hyderabad bench to cancel, annul and nullify the transfer of shares held by him and his wife Bharathi in the company and sought reinstating their names in Saraswati Power and Industries Pvt. Ltd. "Jagan Mohan Reddy's petition has been allowed. We are waiting for the order copy. There are some directions also. The petition filed by Jagan Mohan Reddy contending that the transfer of shares in Saraswati Power has been allowed," the YSRCP chief's counsel Y Suryanarayana told PTI. When contacted, K Devi Prasanna Kumar, Sharmila's advocate said they will file an appeal against the order either in Appellate Tribunal or High

Parliamentary panel for dedicated NCLT, NCLAT courts for IBC cases

A parliamentary panel recommends dedicated NCLT and NCLAT courts to expedite IBC cases and urges the RBI Governor to support banking correspondents, who are facing increasing challenges in their roles

Aakash Educational escalates tussle with EY over professional misconduct

Indian test-prep company claims consulting giant advised rival Allen Career Institute while handling its own financial affairs and Byju's insolvency case

Reliance to consolidate consumer brands under New RCPL subsidiary

RIL said that the spin-off is aimed at attracting investors beyond those backing its retail unit

NCLT approves Adani Properties' bid for two HDIL assets in Mumbai

The National Company Law Tribunal (NCLT) has approved the resolution plans of Adani Properties for two HDIL assets, including Project BKC in Bandra Kurla Complex and Shahad Maharal Lands in Thane district as part of its insolvency process. This was part of the corporate insolvency resolution process (CIRP), with Adani Properties being the sole bidder meeting the Insolvency and Bankruptcy Code (IBC) requirements for the two assets of Housing Development and Infrastructure Limited (HDIL). The Mumbai bench of NCLT approved the resolution plans under Section 31 of the IBC, 2016, on June 27. The committee of creditors (CoC) had cleared both plans, which are valued at over Rs 2,000 crore, with a 66.08 per cent voting share in November 2022. Initially, HDIL's resolution professional sought interest in resolving the entire company in February 2020, but received no proposals. Due to unfinished residential properties, the National Company Law Appellate Tribunal (NCLAT) allowed a project-wis

Vedanta edges higher ahead of NCLT's decision on demerger scheme

Vedanta's plea to demerge into four distinct entities is listed for final approval before the NCLT on Wednesday; stock rises 1.1 per cent ahead of the tribunal's decision

Gensol Engineering admitted to insolvency by NCLT on Ireda petition

Ireda called for immediate oversight, stating Gensol had essentially become 'headless' following the departure of its senior leadership during the regulatory investigation

Gensol insolvency: NCLT admits Ireda's plea on ₹510 crore default

NCLT Ahmedabad admits two Gensol entities to insolvency proceedings under IBC on Ireda's plea, citing defaults totalling ₹729 crore; resolution professional to be appointed

NCLAT rejects Byju's plea on Aakash shareholding status quo directive

The appellate tribunal said the NCLT order was a consensual interlocutory directive that did not determine rights, and thus no interference was warranted at this stage

NCLT asks SpiceJet lessors to submit valid Power of Attorney by July 3

Tribunal defers hearing after SpiceJet flags expired authorisation; lessors directed to file valid Power of Attorney to proceed with insolvency petition

NCLAT refuses to lift asset freeze on Gensol Engineering, related firms

NCLAT directs Gensol Engineering and related entities to approach the NCLT for relief after denying plea to lift freeze on assets, accounts, and lockers amid fraud probe

Gensol, BluSmart face insolvency heat as NCLT issues fresh notices

Last week, NCLT also allowed the Centre to freeze the bank accounts and lockers of Gensol Engineering Ltd and many of its subsidiaries after investigations revealed major financial irregularities

NCLAT upholds insolvency order against Jaypee Cement, dismisses appeal

The National Company Law Appellate Tribunal confirms insolvency proceedings against Jaypee Cement Corporation Ltd, rejecting appeal and reinforcing earlier tribunal ruling on debt defaults

NCLT allows govt to freeze Gensol Engineering accounts in fraud probe

NCLT says Gensol moved funds meant for specific purposes to related parties, violating corporate governance norms under the Companies Act, 2013

IBBI to set up IP panel for faster appointments from July to December

The new zone-wise panel of insolvency professionals will be valid from July 1 to December 31, 2025, aimed at reducing delays in NCLT and DRT appointments

IBC not meant to shield violators of consumer rights from prosecution

The Supreme Court observed that staying the penalties imposed by the National Commission would set a dangerous precedent, allowing developers to delay justice by invoking insolvency proceedings

NCLAT tells NCLT to decide on Jaiprakash Power, Jaypee Fertilisers EOI stay

The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence

Over 92% NSEL traders approve Rs 1,950 crore one-time settlement plan

The settlement scheme filed with NCLT proposes a payout to 5,682 traders to resolve the 2013 NSEL crisis, with rights transferred to 63 moons upon approval

NCLT to hear Ireda's plea seeking insolvency against Gensol Engineering

NCLT to hear Ireda's plea against Gensol Engineering over a ₹510 crore default, but denies appointment of an IRP, citing the need to hear the company's side first