Page 23 - Nclt

Lenders approve second round of auction for bankrupt Reliance Capital

In the first round, Torrent group emerged as the highest bidder by offering Rs 8,640 crore

NCLT rejects Torrent's plea to halt RCap's CoC voting for second auction

The National Company Law Tribunal (NCLT) on Monday rejected a plea by Torrent Investments -- one of the bidders for the Anil Ambani-promoted Reliance Capital -- that sought to halt the Committee of Creditors' voting to hold a second round of auction. The NCLT, comprising justice PN Deshmukh and Shyam Babu Gautam, declined to grant a stay on Torrent Investments' plea, seeking to stop the Reliance Capital CoC's voting on the second round of auction. The tribunal has kept the matter for hearing on January 12. IndusInd International Holdings (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi, also pleaded to be a party in the matter. Ravi Kadam represented the administrator, while Vikram Nankani appeared for the Torrent Group. Torrent Investments and Hinduja Group company IndusInd International Holdings are in the fray for Reliance Capital. The Hinduja Group entity submitted its bid 24 hours after the auction deadline, which was higher than the top offer made within the

NCLT admits insolvency plea filed against Future Supply Chain Solutions

The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL). Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default. "NCLT has pronounced its Order today i.e. January 05, 2023, allowing the admission of the said petition of DHL E-commerce (India) Private Limited on for default of outstanding amount payable to operational creditor," the regulatory filing said. DHL Ecommerce has filed the plea as an operational creditor under the Insolvency & Bankruptcy Code (IBC). Besides, this FSCSL was also facing insolvency petitions filed by two other operational creditors - Best Roadways Ltd and Leap India Pvt Ltd - before the NCLT. In November, both had served an advance intimation of filing an application against the company for their payments. FSCSL operates warehouses across the country. In Nagpur, FSCSL has

Torrent group now offers Rs 8,640 crore upfront for Reliance Capital

Banking sources said the Challenge Mechanism auction process in the Reliance Capital resolution provided for bidding of only the NPV (net present value) amount and not the payment terms

OYO writes to NCLT to expedite inquiry on FHRAI executive committee

The travel firm has further requested to make the same available to members of the hospitality industry and the public at large

The spirit of the law

Post-auction bids will delay insolvency resolution

NCLT stays Reliance Cap resolution process on Torrent Group's plea

The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21. A day after the e-auction, Hinduja Group, the promoter of IndusInd Bank, revised its offer from Rs 8,110 crore to Rs 9,000 crore. This is the first time that an e-auction of this scale is taking place for the resolution of an NBFC (non-banking financial company) under the Insolvency and Bankruptcy Code (IBC). The decision of e-auction was taken at the behest of LIC and EPFO, which together control 35 per cent of th

NCLT gives interim relief to Torrent, puts Hinduja's RCap offer on hold

During the auction, Hinduja made an offer of Rs 8,110 crore, but raised it to Rs 9,000 crore and offered 100 per cent upfront cash to the lenders

IPRS moves NCLT against ZEEL, files insolvency plea claiming Rs 211-cr dues

The Indian Performing Right Society (IPRS) Ltd has moved the insolvency tribunal NCLT against Zee Entertainment Enterprise Ltd, claiming a default of Rs 211.41 crore, the media major said in a regulatory filing. However, Zee Entertainment Enterprise Ltd (ZEEL) added that it "will be filing its reply rejecting the claim on, inter alia, the ground that there is a pre-existing dispute between the parties on the claimed amount... " IPRS, which is a non-profit society comprising authors, composers and music publishers, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, as an operational creditor claiming dues towards royalty payable for utilisation of "literary and musical works". "A Petition has been filed against the Company under Section 9 of the IBC by the IPRS, an Operational Creditor, before the NCLT, Mumbai Bench for initiation of Corporate Insolvency Resolution Process against the company, claiming a debt and default of Rs 211.41 crore ...

Reliance Infratel goes to Jio for Rs 3,720 crore for asset acquisition

The tribunal had asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets

NCLT approves merger of Kalpataru Power Transmission, JMC Projects

Kalpataru Power Transmission Ltd (KPTL) on Wednesday said the National Company Law Tribunal has approved the merger of JMC Projects (India) Ltd with the firm, making it one of the country's largest listed engineering and construction companies. The combined entity will have a significant presence in India and projects in 67 countries, with offerings in well diversified areas of power transmission and distribution, buildings and factories, water, railways, oil and gas and heavy civil infrastructure. "Ahmedabad Bench of National Company Law Tribunal today approved scheme of amalgamation of JMC Projects (India) Ltd (JMC) with KPTL, leading to the creation of one of India's large listed diversified engineering and construction company with combined order visibility of nearly Rs 43,000 crores," a company statement said. The Board of Directors of KPTL and JMC approved the scheme of amalgamation in February 2022. Pursuant to the scheme, JMC's shareholders (other than KPTL) will be allotted

IDBI Bank third lender to drag Siti Networks to bankruptcy court

Yet to receive notice from NCLT, firm says; HFDC, IndusInd Bank had filed petitions earlier

IDBI Bank files insolvency plea against Zee Ent to recover Rs 149 cr

IDBI Bank has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) seeking an insolvency proceeding against the media firm to recover dues of Rs 149.60 crore. IDBI Bank has claimed an amount of Rs 149.60 crore, which has been disputed by ZEEL, said a regulatory update from the media major. IDBI Bank has filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the company, it added. "The bank's purported claim arises under a Debt Service Reserve Agreement entered into by the bank and the company for the financial facility availed by Siti Networks Ltd," it said. ZEEL is "vehemently disputing the bank's claim in other proceedings filed by the bank against the company for recovery of its alleged dues," it added further. SITI Networks, formerly known as SITI Cable Network, is a part of the Essel Group. It

European cargo airline moves NCLT to acquire 3 Jet Airways aircraft

Fresh challenge for reviving Jet as union opposes sale of assets until employees get provident fund and gratuity

Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo

In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases

Lenders purposely delaying Jet Airways revival: Jalan-Kalrock tells NCLT

'Can't take off if relief not granted'

JSPL acquires Monnet Power for Rs 410 cr through insolvency process

Monnet Power has a 1050 MW under-construction plant in Odisha's Angul

HDFC Bank files petition for NCLT approval to the proposed merger

The bank has already received the approval of the equity shareholders, which includes public shareholders, to the proposed merger scheme

Jalan-Kalrock consortium looks to move SC over Jet Airways staffers' dues

The consortium won the bid to revive the grounded airline in October 2020, and its revival plan was cleared by the National Company Law Tribunal in June 2021

NCLT reserves order on Suraksha's bid to acquire Jaypee Infratech

The insolvency tribunal NCLT has reserved its order on Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for aggrieved homebuyers. While a two-member special bench headed by NCLT President Justice Ramalingam Sudhakar had reserved the order late last month, a written order for this was uploaded recently. After concluding the hearing on November 22, the NCLT bench directed the parties to submit their final written submissions. In June last year, Mumbai-based Suraksha group received the approval of financial creditors and homebuyers to takeover the Jaypee Infratech Ltd (JIL), raising hopes for 20,000 homebuyers of getting possession of their dream flats in stalled projects, mainly in Noida and Greater Noida. The Committee of Creditors (CoC) had approved the Suraksha Group bid for the debt-ridden JIL. However, it was pending for approval before the Delhi-based Principal bench of the National Company Law Tribunal (NCLT). Earlier this yea