Page 27 - Nclt

Appoint new CFO for RattanIndia Finance within 60 days, says NCLAT

Appellate tribunal NCLAT on Wednesday set aside an NCLT order and directed to appoint a CFO for non-banking finance company RattanIndia Finance within 60 days. A three-member NCLAT bench said any suggested candidate by the JV partner LSF 10 Rose Investments, under section 140 of the articles of association (AoA) of the company, should be eligible under the provision of section 203 of the Companies Act, which provides for the appointment of Key Managerial Personnel (KMP). The National Company Law Appellate Tribunal (NCLAT) also held that NCLT had "committed error" in inferring that provision in article 140 of the AoA does not contemplate that a person's nomination can be considered to be valid or invalid. "The Impugned Order (of NCLT) is, therefore, set aside and the parties are directed to take necessary action for appointment of CFO of the R-2 company (Rattan India Finance) as per article 140 of the AoA, after making valid nominations, keeping in view section 203 of the Companies .

Sony merger: NCLT directs Zee to call shareholder meet on October 14

Last week, Zee had written to CCI citing latest TV viewership data that showed that the merged entity would have lower market share and wouldn't lead to concentration of power

NTPC to buy Avantha's Jhabua Power, its first acquisition under the IBC

The estimated deal size is Rs 1,830 crore

YES Bank likely to acquire Bengaluru's Ritz Carlton from NEL Holdings

Ritz Carlton in Bengaluru was the first property of Marriott International under the Ritz Carlton brand

BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

Delhi HC sets aside arbitral award asking Antrix to pay $562 mn to Devas

The Delhi High Court Monday set aside an arbitral award directing ISRO's Antrix Corporation to pay damages of USD 562.2 million with interest to Devas for unlawfully terminating a deal in 2011, saying the award suffered from "patent illegalities and fraud", and was in conflict with the public policy of India. Justice Sanjeev Sachdeva allowed the petition filed by Antrix under the Arbitration and Conciliation Act seeking setting aside of the arbitral award passed on September 14, 2005 by the Arbitral Tribunal constituted by the International Chamber of Commerce which had allowed the claim of Devas Multimedia Private Limited. The high court referred to a January 17, 2022 judgement of the Supreme Court which held that the very seeds of the commercial relationship between Antrix and Devas were a product of fraud perpetrated by Devas and thus every part of the plant that grew out of those seeds, such as the agreement, the disputes, arbitral awards etc., are all infected with the poison o

SBI planning to invoke personal guarantees of Bajaj Hindusthan promoters

The company owes Rs 4,771 crore to banks and has already availed two debt restructuring schemes, leading to massive haircuts taken by lenders

SC ruling on IBC will have overriding effect over indirect tax recoveries

The move, according to tax experts, will set a precedent for matters related to recoveries

Debt-ridden Future Enterprises faces second plea to initiate insolvency

Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The latest petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). "The Company has received e-filing confirmation from NCLT with respect to the filing of an application by an Operational Creditor Retail Detailz India Private under section 9 of the IBC for an alleged default amount of Rs 4.02 crore," Future Enterprises said in a late evening filing on Tuesday. No further date has been allotted so far for hearing the said application, it added. Last week, another operational creditor, Foresight Innovations, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, for an alleged default amount of Rs 1.58 crore before the Mumbai bench of NCLT. The next da

Financial creditors to Future Retail place claims worth Rs 21,000 cr

60% of such claims are from state-owned banks and other creditors, shows data on company's website

Lenders in talks to sell Rs 18,850-cr Future group loans to NARCL

According to a banking source close to the development, the loans are expected to be sold in the second half of the current financial year

Lenders agree to RNTL-Reliance Industries' takeover deal: Report

Two years after the deal was approved by the NCLT, banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to Mukesh Ambani-owned Reliance Industries

SBI starts insolvency process against sugar firm Bajaj Hindusthan at NCLT

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd. SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016. In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore and a turnover of Rs 5,607 crore. On August 12, the company reported that for the quarter ended June of this fiscal year, its net loss stood at Rs 45 crore and total income at Rs 1,538 crore. "During the June '22 quarter, due to delayed payment of loan instalment and coupon rate interest on optionally convertible debentures the lenders have classified th

NCLT approves the demerger of Piramal Enterprises' pharma business

This paves the way towards creation of two sepa­ra­te listed entities - Piramal Enter­prises and Piramal Pharma

State Bank of India moves NCLT to recover dues from Bajaj Hindusthan Sugar

The sugar and ethanol producer owes nearly Rs 4,800 crore to banks

NCLT okays demerger plan of Piramal Enterprises into pharma, corporate biz

"We are on track to achieve the completion of demerger and separate listing of Piramal Pharma by the third quarter of the current financial year," PEL Chairperson Ajay Piramal said.

Future Consumer Q1 net loss widens to Rs 95.14 cr, revenue down 65%

The company had posted a net loss of Rs 31.54 crore in the April-June quarter a year ago, said FCL, the FMCG arm of the Future group, in a BSE filing.

NCLT says it did not issue notification on hearing urgent matters

The National Company Law Tribunal (NCLT) has said that it did not issue any notification saying that only urgent matters will be heard through the virtual mode due to shortage of members.

NCLAT stays NCLT order terming allotment of shares in Peerless 'void'

About 30,000 shares of Peerless had been issued to friends, relatives and nominees of the Roys, promoters of Peerless, in 1988 following an annual general meeting

Amazon moves SC challenging NCLAT ruling on Future group investment

Appellate tribunal upheld CCI order suspending digital commerce platform's investment in Future group in 2019