Page 21 - Nclt

Homebuyers call NCLT order on Jaypee Infratech case 'real Holi gift'

Homebuyers on Tuesday described NCLT's order on Jaypee Infratech as a "real Holi gift" and hoped that the successful bidder Suraksha group will deliver the flats as per the schedule proposed in the resolution plan. On Tuesday, the National Company Law Tribunal (NCLT) approved Suraksha group's bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. The ruling, which also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha group's offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region. "Homebuyers of Jaypee are happy and it is a real Holi gift for them. We expect Suraksha to start the construction as prescribed in the resolution plan and deliver them as per the schedule ...

Lenders put assets of former unit of ailing Amtek group on block

These assets and operating assets were carved out as part of a resolution plan approved by the NCLT in 2022

Jalan-Kalrock in discussions to order 200 aircraft for Jet Airways

The airline wants to maintain a fleet that allows them to tap the market opportunity in India

Top headlines: India Inc commits Rs 11.87 trn to AP, RBI fines Amazon Pay

Business Standard brings you top headlines at this hour

NCLT allows merger of HDFC's two subsidiaries with HDFC Capital Advisors

The National Company Law Tribunal (NCLT) on Friday gave its approval for the merger of HDFC Property Ventures and HDFC Venture Capital with HDFC Capital Advisors, taking the merger of the parent with HDFC Bank a step closer. The tribunal is yet to approve the merger of its two insurance arms and the asset management company as also the patent into the bank as part of the USD 40-billion reverse merger. In its final order, the NCLT sanctioned a composite scheme of amalgamation of HDFC Property Ventures and HDFC Venture Capital into HDFC Capital Advisors, HDFC said in an exchange filing. The amalgamation will result in simplification, streamlining and optimisation of the group structure and efficient administration, the order said. Early this week, the tribunal had reserved the order for its approval of the HDFC and HDFC Bank merger after the parties sought 180 days more for the process. HDFC has already received the required approvals from the Securities and Exchange Board, sharehol

RCap resolution: NCLAT allows lenders' plea for another round of bidding

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was ...

FRL fails to get revival plan, lenders to decide further course of action

The date of submission of the resolution plans for the company was February 20 after subsequent extensions were granted by the lenders, the company said

NCLT admits insolvency plea against Sintex Plastics Technology Ltd

The National Company Law Tribunal (NCLT) has admitted the insolvency plea against Sintex Plastics Technology Ltd (SPTL), a leading maker of water storage tanks and plastic-based interiors. The Ahmedabad bench of NCLT admitted the application filed by its Financial creditor Asset Reconstruction Company (India) Ltd claiming an outstanding amount of Rs 350.28 crore, which includes Rs 215.77 crore principal amount and Rs 134.50 crore towards interest. The NCLT appointed Kshitiz Chhawchharia as the Interim Resolution Professional for the company. Insolvency proceedings against SPTL were triggered as it was a corporate guarantor of loans given to Sintex BAPL Ltd (SBL). SBL is presently going through Corporate Insolvency Resolution Process (CIRP), and a bid of Rs 1,251 crore is pending for approval. However, NCLT said the claim of the Financial Creditor is not fully met in the CIRP of SBL, hence it also directed to initiate insolvency against SPTL. SPTL is a holding company of SBL, which

NCLAT upholds Adani bid; asks Shapoorji Pallonji to pursue arbitration

The National Company Law Appellate Tribunal (NCLAT) has upheld the 2019 Resolution Plan of Adani Power's bid for Korba West Power and has asked Shapoorji Pallonji & Co to pursue arbitration proceedings for pending claims. A two-member NCLAT bench said "there is no illegality in the order of the approval of the resolution plan by the Adjudicating Authority (NCLT) and it does not see any reason to set aside the resolution plan by Adani Power. The appellate tribunal was deciding over a petition filed by Shapoorji Pallonji & Co, against an order passed by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on June 24, 2019 approving the resolution plan by Adani Power. Shapoorji Pallonji & Co has claims of Rs 45.22 crore and an arbitration was going for the same. However, Korba West Power has itself triggered the Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy Code. Following this, the company came under moratorium ...

Investors eyeing asset sale of GoMechanic; decision likely in a week

The firm reportedly did not maintain inventory records for receipts and issuance of goods directly received by the customers

Despite NCLT setback, analysts remain positive on Zee Entertainment

Their sum-of-the-parts valuations ranges between Rs 275 and Rs 390, which indicates uncertainty

NCLT admits plea for insolvency proceedings against ZEEL, Siti Networks

The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor. The private sector lender has also filed a separate insolvency petition against Siti Networks at the NCLT. The NCLT has appointed Mohit Mehra as the resolution professional in this matter. The NCLT has admitted the plea at a time when ZEEL is in advanced stages of merging with Sony in one of the biggest deals in the media and entertainment sector. According to experts, the development is bound to create hurdles in the deal, with some opining that the powers of a company board stand superseded with the

NCLT admits IndusInd Bank's insolvency petition against Zee Entertainment

The company is currently undergoing a merger with the Sony India which is pending with the regulatory authorities and the court

Free to negotiate for maximising asset value, RCap lenders tell NCLAT

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

NCLAT halts NCLT's order allowing insolvency proceedings against Zee Learn

The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order allowing insolvency proceedings against the Essel group firm Zee Learn and directed the Mumbai bench of NCLT to pass a fresh order. Earlier on February 10, the National Company Law Tribunal (NCLT) had admitted the plea filed against Zee Learn by its financial creditor Yes Bank Ltd (YBL) and directed to initiate insolvency proceedings against it. This was immediately challenged by Zee Learn before the appellate tribunal NCLAT, which "allow this Appeal and set aside the order dated February 10, 2022". The appellate tribunal has said the corporate debtor (Zee Learn) had also moved an interim application before NCLT requesting to dismiss the Section 7 Application against it. This was entertained by NCLT and notices to YBL and others were issued on January 19, and the date of February 21 was fixed for a hearing. "We are of the view that the Adjudicating Authority (NCLT), it having already issued notice on t

NCLT directs Insolvency proceeding against Zee Learn, after Yes Bank's plea

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Zee Learn, following a petition filed by private sector lender Yes Bank Ltd. Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company. Out of the default amount of Rs 468.99 crore, the principal amount was Rs 410.67 crore and Rs 58.32 was interest. The date of default was August 2, 2021. A two-member bench of the Mumbai NCLT said the application made by the financial creditor Yes Bank is complete in all respects as required by law. "It clearly shows that the Corporate Debtor (Zee Learn) is in default of a debt due and payable, and the default is in excess of the minimum amount stipulated under section 4(1) of the IBC," said NCLT. Therefore, the debt and default stand established and there is no reason to deny the admission of the Petition. "In view of this, this Adjudicating Authority (NCLT) admits this Petition and orders initiation of CIRP against the .

NCLT admits application seeking CIRP against McLeod Russel India

IL&FS sought to initiate CIRP against McLeod Russel in connection with a default in payment in 2019

Adani Power receives NCLT's approval for merger of six subsidiaries

As many as nine Adani Group firms were trading in the negative territory, while one company was trading in the green

NCLAT rejects bankruptcy board's plea against telecom tower firm GTL Infra

Corporate debtor's business is sustainable and it is a viable going concern, NCLT had ruled

ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod

Reportedly, ASG has over 50 eye hospitals across 16 states in the country