Page 4 - Nclt

IIHL's Rs 5,600 crore payment paves way for Reliance Capital acquisition

The payment comes ahead of a scheduled hearing on March 12 at the National Company Law Tribunal (NCLT) in Mumbai

Insolvency-bound Jaiprakash Associates must be sold as one unit: NCLT

NCLT has said 'Form G' published by the resolution professional of JAL inviting Expression of Interest from prospective buyers

NCLT approves resolution plan for Universal Buildwell's stalled projects

It is one of the most complicated cases, involving multiple projects in prime locations in Faridabad and Gurugram and more than 1,000 homebuyers

NCLT rejects Talwandi Power's demerger in Vedanta restructuring plan

The National Company Law Tribunal has dismissed the demerger scheme filed by Talwandi Sabo Power Ltd (TSPL) after objections were raised by SEPCO, a creditor of TSPL, in relation to the demerger of Vedanta. The Mumbai bench of NCLT in its ruling on Tuesday said, "...keeping in view the facts and circumstances of the present case, we deem it appropriate to reject the scheme presented by the Applicant under Section 230 of the Companies Act." It further observed that "...material facts have not been disclosed by the Applicant company, violating Section 230 (2)(a) of the Companies Act, 2013, which in our considered opinion is bound to prejudice the public interest at large." The decision came after China-based SEPCO Electric Power Construction Corporation raised objections to the demerger, saying that the power unit had deliberately excluded their outstanding debt of Rs 1,251 crore from the list of creditors. SEPCO opposed the scheme, alleging that TSPL had concealed material informat

NCLT asks RCAP lenders to complete all procedural issues by Mar 12

The National Company Law Tribunal (NCLT) has directed lenders and monitoring committee to complete all procedural issues by March 12 for the ownership transfer of debt-ridden Reliance Capital (RCAP) to IndusInd International Holdings Limited (IIHL). The Mumbai-bench of NCLT on Wednesday heard the matter related to the resolution process of RCAP and asked all parties to complete all pending procedural aspects before the next hearing on March 12. An IIHL spokesperson said that IIHL voluntarily offered to release Rs 2,750 crore in equity capital into Reliance Capital's account to demonstrate its commitment to completing the transaction. The tribunal accepted the proposal. The Court directed all stakeholders, including the Committee of Creditors, Monitoring Committee, IIHL, and the Administrator, to complete all outstanding procedural formalities by March 12, the spokesperson added. Since the last hearing of NCLT on February 10, seven meetings of the Monitoring Committee were held on .

NCLT admits insolvency proceedings against Aviom India Housing finance

The National Company Law Tribunal (NCLT) has admitted the application for commencement of corporate insolvency resolution process against AVIOM India Housing Finance. On January 27, the Reserve Bank had superseded the board of AVIOM owing to governance concerns and defaults in meeting various payment obligations, and appointed Ram Kumar, ex-CGM of Punjab National Bank, as its Administrator. The action was taken basis recommendation of the National Housing Bank (NHB). Later, it filed an application with the NCLT, New Delhi bench, for initiation of corporate insolvency resolution process (CIRP) against AVIOM India. RBI also set up a three-member advisory committee to assist Administrator Ram Kumar. Upon admission of the petition for CIRP against AVIOM (order dated February 20, 2025), the RBI on Friday said it has decided that the three-member committee shall continue as the advisory committee. The panel shall advise the Administrator in the operations of AVIOM during the CIRP, the

Settlement with BCCI outside lenders' scrutiny, Byju's Raveendran to NCLAT

Riju, the younger brother of founder Byju Raveendran, told the appellate tribunal that the settlement with BCCI had been finalised before the committee of creditors (CoC) was formed

IIHL to acquire Reliance Capital by Feb 26, meeting scheduled for Tuesday

IndusInd International Holdings Limited (IIHL) is set to acquire the debt-ridden Reliance Capital by February 26 as the National Company Law Tribunal (NCLT) on Monday accepted the acquiring company's request. During the hearing, sources said, IIHL confirmed submission of all definitive documents and achieving financial closure towards implementation of the resolution plan of Reliance Capital. NCLT has accepted IIHL's plea for achieving closure by February 26, 2025 in the hearing earlier in the day. Consequently, the next hearing in the matter is scheduled on February 26 for final closure of implementation of approved resolution plan and handing over the control of Reliance Capital and its subsidiaries to IIHL. IIHL's lenders have reassured that they are ready to draw down the remaining funds of Rs 4,300 crore required to complete the payment of total Rs 9,861 crore of resolution plan value to creditors of Reliance Capital Ltd (RCL), sources said. IIHL has already completed more th

NCLT recalls insolvency order against Logix Infra, cites 'mala fide' intent

In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with "fraudulent and mala fide intentions" and a collusive petition was filed by the financial creditor. NCLT said "there is a nexus and connection" between its financial creditor Experts Realty Professionals whose plea for insolvency was initiated against Logix Infrastructure. The corporate tribunal said the entire transaction was "orchestrated" and forum was used "with purported malicious intent". The insolvency petition filed "with an ulterior motive" against Logix Infrastructure and its financial creditor has used this forum for purposes other than the insolvency resolution of the realty firm with purported malicious intent, contrary to the objectives of the IBC, the tribunal said. The National Company Law Tribunal (NCLT) also asked for a thorough probe by the Serious Fraud Investigation Office (SFIO)

Decide on BCCI-Byju's settlement in a week, NCLAT directs tribunal

The apex court had then asked BCCI to transfer the money in an escrow account, sending the case back to NCLT

Not given a fair hearing by NCLT: Former Byju's resolution professional

Srivastava told the NCLAT that the NCLT, Bengaluru, did not hear him in the absence of his lawyers and that the disciplinary action initiated against him was unfair

Glas Trust, Aditya Birla Finance reinstated as lenders of edtech co Byju's

Both Glas Trust and Aditya Birla Finance were initially part of the CoC last year in August but were later removed from the reconstituted CoC by the IRP

NCLAT sets aside penalty on lenders for delay in Mudra Denim insolvency

The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process. The Mumbai bench of the National Company Law Tribunal had, on November 11 last year, while deciding creditors' plea seeking extension of deadline to complete the insolvency process, imposed a cost of Rs 55,000 on the Committee of Creditors (COC). This was challenged before NCLAT by COC through IDBI Bank, contending that there was not any laxity on the part of COC which decided to take Mudra Denim for liquidation on December 13, 2023, prior to the expiry of the CIRP (Corporate Insolvency Resolution Process) period. All facts could not be brought to the notice since the COC was not appearing before the NCLT, hence the imposition of cost was uncalled for, the lenders submitted. Also, the company's resolution professional said that e-voting on the appointment of the liquidator was ...

NCLT orders Go First liquidation as CoC opts for no revival prospects

CoC opts for liquidation after failed resolution plans; NCLT approves request

NCLT approves liquidation of Go First Airways amid insolvency crisis

The NCLT has ordered the liquidation of Go First on a plea filed by the airline's Committee of Creditors; airline faced insolvency proceedings since May 2023 with no revival options

Udaan set for IPO as NCLT clears demerger plan for corporate restructuring

The approved restructuring will boost Udaan's agility and open up various financing avenues, including the ability to pursue an IPO in India by 2026, according to sources.

Zepto gets NCLT approval to shift domicile back to India ahead of 2025 IPO

Zepto will not require a no-objection-certificate (NOC) from the Reserve Bank of India, the order read

Company law tribunal appoints 24 new members to tackle member shortages

The newly appointed members will serve for five years or until they reach the age of 65

NCLT directs initiation of insolvency proceedings against Hero Electric

The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of Rs 1.85 crore. As per provisions of the Insolvency & Bankruptcy Code (IBC), NCLT has appointed Bhoopesh Gupta as Interim Resolution Professional to run the company after suspending the board of Hero Electric. The Delhi-based bench of NCLT rejected the contentions of Hero Electric of a pre-existing dispute with the operational creditor saying that it was "not just a moonshine or feeble legal argument". The objections raised by Hero Electric are not found "tenable in law" and have been duly negated by Metro Tyres, which had supplied tyres and tubes to the company. "In the facts and circumstances of the instant case, we are of the view that the corporate debtor has not been able to raise a plausible contention regarding the pre-existence of dispute between the parties. Hence, the ...

NCLAT declines to lift stay on NCLT order barring Aakash from amending AoA

The National Company Law Appellate Tribunal has declined to lift the stay on the NCLT order, barring amendment of the Articles of Association of Aakash Educational Services, a subsidiary of the debt-ridden edtech major Byju. Disposing the petitions moved by Manipal Health Systems and Aakash Educational Services, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) on Friday asked them to file applications before the National Company Law Tribunal for vacating the order passed on November 20, 2024. A two-member bench granted them a week to file it and also directed the National Company Law Tribunal (NCLT) to decide it within three weeks thereafter. Moreover, the status quo would continue as directed by the Supreme Court in this matter, a 14-page-long NCLAT order said. An extraordinary general meeting (EGM) of Aakash Educational Services was scheduled to be held on November 20 to consider and approve alteration in the AoA, which was objected to by the minority ...