Page 2 - Nclt

NCLT postpones final hearing on Vedanta demerger plan to October 8

The National Company Law Tribunal (NCLT) on Wednesday deferred the hearing on Vedanta's ambitious demerger proposal to October 8, as the Ministry of Petroleum and Natural Gas objected to the scheme, citing a lack of necessary disclosures. The Mumbai bench of NCLT also directed Vedanta and the ministry to file written submissions in five days. The counsel representing the Ministry of Petroleum and Natural Gas told the tribunal that they are asking about the details of the RJ block, and sought clarifications on disclosures. The counsel further said the ministry also wants disclosures on the concealment of facts, which includes showing the exploration blocks as Vedanta's assets and details of the loan taken on the basis of those assets. "As a regulator and a creditor, it is my duty to bring all these facts before the tribunal to show that whether the scheme is clear or it is opaque. We are asking for disclosures on the RJ-ON-90/1 Oil and Gas Block, an operating oil and gas block in ..

Retired judges reluctant to join tribunals due to poor facilities, says SC

The Supreme Court said retired judges hesitate to accept tribunal posts due to inadequate housing, transport and dignity, and asked the Centre to upgrade infrastructure

Indian real estate sector expects wave of reforms after SC judgment

Supreme Court directs reforms in IBC and Rera, declares housing a fundamental right; developers welcome move, seek multi-stakeholder approach for systemic real estate reforms

IDBI Bank again files insolvency plea against ZEEL for over ₹225 cr default

IDBI Bank moves NCLT against ZEEL over ₹225 crore default claim; ZEEL terms plea "malicious" as earlier applications were dismissed by NCLT and NCLAT

Vedanta demerger faces delay as Centre objects, Sebi issues warning

Vedanta's plan to split into six listed entities has been delayed after the Centre objected and SEBI issued a compliance warning, intensifying regulatory scrutiny

NCLT defers hearing on Vedanta demerger after govt flags irregularities

The government flagged concealment and non-disclosure in Vedanta's demerger plan, prompting the NCLT to defer its hearing to September 17

Vedanta shares fall 3% as Centre objects to demerger; NCLT defers hearing

The NCLT deferred the hearing on Vedanta's proposed demerger after serious objections raised by the central government

NCLT declares Kapil Wadhawan bankrupt; what's next for DHFL's ex-promoter

NCLT declares Kapil Wadhawan bankrupt following a Rs 4546 crore default by DHFL, imposing severe personal and professional consequences

IBC Amendment: More clarity, less reform, focuses on incremental fixes

By sidestepping deeper structural issues and leaning on delegated legislation, it offers incremental fixes where the system needs a transformative overhaul

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