Page 4 - Nclt

ABFRL shares rise 3% as NCLT approves demerger of Madura Fashion business

According to the petition filed, the scheme is being proposed to separate Madura Fashion and Lifestyle (MFL) business from the company

Resolution plan binding even if stakeholder not party to NCLT case: SC

Tax authorities issue apology for being in contempt of SC judgment

NCLT orders status quo on shareholding of Aakash Educational Services

This was on a plea by the resolution professional of the parent company of Byju's, Think and Learn Pvt Ltd

NCLT orders status quo on shareholding of Aakash Educational Services

This was on a plea by the resolution professional of the parent company of Byju's, Think and Learn Pvt Ltd.

Ola Electric settles dues with Rosmerta Group, NCLT pleas withdrawn

On Tuesday, Ola Electric announced that all outstanding dues have been amicably settled, resulting in Rosmerta filing for the withdrawal of the insolvency petitions from the NCLT

NCLT must take RP's decision into account: Edtech firm Byju's to NCLAT

During the hearing on Monday, Riju Raveendran's attorney told the appellate tribunal that Raveendran had paid Rs 158 crore from his own funds to settle the dispute with the BCCI

Zomato may face insolvency plea as creditor Nona Lifestyle moves to NCLT

Food delivery aggregator Zomato may face an insolvency plea as one of its operational creditors has moved the National Company Law Tribunal (NCLT), seeking restoration of its previous petition. Nona Lifestyle Pvt Ltd, an operational creditor, has moved NCLT requesting to restore an insolvency plea filed by it earlier against Zomato Ltd under Section 9 of the Insolvency & Bankruptcy Code in 2024. In 2024, NCLT had dismissed it due to non-prosecution and now Nona Lifestyle has requested to restore its old petition. It has filed an application under Rule 11 of NCLT Rules, 2016, which provides the tribunal inherent power that can also be used for restoration purposes. It has requested the Delhi-based NCLT bench "to admit the accompanying application and pass an order for initiating the CIRP against the Corporate Debtor (Zomato) here in under Section 9". CIRP stands for Corporate Insolvency Resolution Process. The matter was listed on Monday before a two-member bench of the NCLT, ...

NCLT grants 8-day extension for Reliance Capital's ownership transfer

The National Company Law Tribunal (NCLT) on Wednesday gave additional eight days to all parties to complete procedural issues for the ownership transfer of debt-ridden Reliance Capital (RCAP) to IndusInd International Holdings Ltd (IIHL). The Mumbai-bench of NCLT heard the matter and a joint status update was given by the committee of creditors, administrator, and IIHL on the progress of the implementation of the resolution plan. The NCLT advised all parties to ensure completion of the implementation process by March 20, while granting the extension and posted the matter for further hearing on March 25, 2025. The procedural documentation and filings for the last leg of the transaction for the remaining Rs 4,500 crore is under process. However, due to the upcoming banking holidays, a seven-day extension was considered appropriate by all parties. With this acquisition, IIHL intends to expand its banking, financial services, and insurance (BFSI) portfolio. In April 2023, IIHL emerged

US' Glas Trust moves NCLAT for stay over amendments in Aakash's AoA

GLAS Trust Company LLC, the US-based lender of debt-ridden firm Byju's, on Wednesday moved insolvency appellate tribunal NCLAT seeking a stay over amendments in the Articles of Association (AoA) of Aakash Educational Services. A two-member bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain issued notice to Aakash Educational Services, Resolution Professional of Think & Learn Pvt Ltd, which operates under Byju's brand. The Chennai bench of the National Company Law Appellate Tribunal will hear the matter next week. This new petition comes after private equity firm Blackstone-backed Singapore VII Topco on Monday withdrew its petition at the Bengaluru bench of NCLT against the amendment in the Articles of Association (AoA) of Aakash Educational Services. During the proceedings of NCLAT, counsel appearing for Glas Trust contended the proposed amendments in AoA of Aakash would have an impact on the Corporate Insolvency Resolution Process (CIRP) going against Byju's. In ..

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