Page 33 - Nclt

Top headlines: Car sales skid, Prosus joins top global investors, and more

From vehicle sales taking a beating in August to Jet Airways' plans to resume service by early 2022, Business Standard brings you the top headlines at this hour

Why controlling CoC conduct could be a challenging task for IBBI

Experts say such a code could lead to litigation, which may affect the decision-making ability of the committee

Vedanta's acquisition of Videocon assets may get derailed after NCLT order

Lenders in a bind as NCLT orders attachment of company and promoter assets

NCLT Mumbai orders freeze of Videocon group promoters' assets

It has directed the erstwhile promoters of Videocon group to disclose in an affidavit their moveable and immovable properties/assets

Pre-pack resolution route needs incentives

Given that most MSMEs are informally organised, they may be averse to an insolvency resolution mechanism which displaces their founders

Siva tests IBC: NCLAT's choice between judicial wisdom & commercial wisdom

Siva Industries, a machinery part-maker, was admitted to the bankruptcy court on July 5, 2019

McLeod promoter to move NCLAT challenging NCLT order on insolvency

The appeal is listed for hearing on August 25

IFCI moves NCLT against Videocon debt resolution, wants oil assets included

IFCI, Sidbi and Bank of Maharashtra have also filed an appeal in the NCLAT against VIL's debt resolution, saying recovery is miniscule and it makes no sense to accept a 96% haircut

Siva industries' IBC proceedings: Lenders to appeal against NCLT order

The lenders plan to move the NCLAT as NCLT slammed the banks repeatedly for not voting on the one time settlement proposal made by the promoters

How group firm helped land India's largest tea producer in bankruptcy court

Some of the major buyers have privately ruled out bidding for the company

NCLT rejects Siva Industries' debt resolution under IBC, orders liquidation

Siva Industries was admitted to the bankruptcy court on July 5, 2019

SC rejects challenge to approval of resolution plan of Reliance Infratel

The Supreme Court on Tuesday rejected the challenge of operational creditors on approval of resolution plan of the Reliance Infratel Limited by NCLT

NCLT dismisses Rolta promoters' plea for one-time settlement

The National Company Law Tribunal (NCLT) has dismissed a petition of the promoters of IT firm Rolta India Ltd seeking one-time settlement and regain the control of the company facing insolvency proceedings. In an order dated August 6, 2021, the tribunal rejected the Section 12 A plea of the promoters, Rolta said in a regulatory filing on Saturday. "... Stock Exchanges are further informed that on August 06, 2021, NCLT (pronounced orally in open court) has dismissed the applications filed under Section 12A of the Code at the instance of ex-management seeking withdrawal of the captioned petition post initiation of Corporate Insolvency Resolution Process (CIRP). "Further, in terms of the directions passed by the Hon'ble NCLT, CIRP is to be continued as per the provisions of the Insolvency & Bankruptcy Code, 2016, for Rolta India as well as its subsidiaries viz., Rolta Defence Technology Systems Pvt Ltd and Rolta BI & Big Data Analytics Pvt Ltd ," it added. A copy of the order ...

NCLT admits application for initiating CIRP against McLeod Russel

Once the world's largest tea producer, McLeod Russel, part of the Brij Mohan Khaitan group company, is now India's largest with about 31 estates

Poor asset valuation, economic climate, NCLT delays see IBC losing favour

Less than 200 cases have been admitted to the National Company Law Tribunal till June after the suspension was lifted on March 24, revealed the Insolvency and Bankruptcy Board of India

Finance Panel for appointing HC judges as NCLT members to reduce litigation

Bank funds worth Rs 9.2 trillion struck in NCLT; committee wants benchmark on quantum of haircuts as in many cases, they are as high as 95%

Hindustan Paper Corp under liquidation on directions of NCLT, NCLAT: Govt

In a written reply, MoS Krishan Pal Gurjar said that Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad are mills of HPC in Assam and are presently non-operational.

The other side of IBC

Any restructuring of stressed accounts outside the IBC would not look credible till the performance of PSBs improves

Govt introduces a Bill in the Lok Sabha to amend insolvency law

The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 -- which was introduced by Corporate and Finance Minister Nirmala Sitharaman -- will replace the ordinance that was promulgated on April 4 as part of efforts to provide relief for MSMEs adversely impacted by the pandemic. The bill, which was introduced in the Lower House amid Opposition din over various issues, seeks to have a new chapter in the Code to facilitate pre-packaged insolvency resolution process for corporate persons that are Micro, Small and Medium Enterprises (MSMEs). Generally, under a pre-packaged process, main

Suraksha ARC promises to restart stalled Jaypee Infra projects soon

Will infuse working capital funds, deploy a new tech team to revive stalled work; plans to collect dues from home buyers and monetise unsold inventory to expedite construction