Page 44 - Nclt

KEC sees civil works opportunity in oil & gas sector in absence of IL&FS

To test the waters, Kejriwal says they'll bid for smaller projects worth Rs 50-250 crore

DHFL's former directors move NCLT seeking participation in CoC meetings

The DHFL former directors were denied participation in the CoC meetings as its board was superseded by the Reserve Bank of India (RBI) in November 2019.

Takeover rules for unlisted companies only protect the price, say experts

According to legal experts, a takeover is when a non-controlling shareholder takes control and a squeeze-out is when a controlling shareholder squeezes out minority shareholders

Insolvency process: MCA orders SFIO probe into Castex Technology affairs

Castex Tech started its resolution process in December 2017 with a debt of Rs 6,000 crore

NCLT allows Indiabulls group to recover dues from loans assigned to DHFL

DHFL continued to act as a collecting agent for the two Indiabulls entities and deposited the collections with IDBI Trusteeship

Dalmia Cement subsidiary Calcom and GuarantCo settle claims amicably

Sources said, the settlement amount was under Rs 100 crore

Takeover code for unlisted companies rolled out with safeguard norms

Analysts say rules may have a bearing on Tata Sons in midst of battle with its ex-chairman Mistry

Vedanta implements resolution plan to bag Ferro Alloys via NCLT route

Company's foray into ferro alloy business to strengthen its steel business portfolio

Dalmia Cement to move NCLAT against NCLT over subsidiary insolvency case

The cement company is guided by RBI norms and directions, and there stands a strong legal ground for quashing of the NCLT order

To ease burden on NCLT, govt notifies rules for winding up of companies

In a move that will help lessen the burden on the National Company Law Tribunal (NCLT), the government has notified the rules for winding up of companies under the companies law. The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules, 2020, which would be effective from April 1. Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital. Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for liquidation to be filed with the central government. "Though the draft rules had made this available only for small companies, the final rules make it available to companies that have assets of book value not exceeding Rs 1 crore; and have not taken deposits beyond Rs 25 lakh or have no secured loans beyond Rs 50 lakh or turnover beyond Rs 50 crore or paid up capital beyond Rs 1 ...

NCLT extends immunity to new board-appointed members at IL&FS firms

The earlier order extended immunity to directors appointed by NCLT, also known as the 'New Board'

Auctions fail to get mine blocks running, only five leases inked in 5 years

Analysis by Fimi shows how auctions have lulled mining from virgin blocks

Success fee gaining currency among insolvency resolution professionals

No official data is available on the charges but Insolvency and Bankruptcy Code (IBC) experts say the fee is being paid in more than half of the overall cases going for resolution

In a breather to Raheja Developers, NCLAT sets aside insolvency proceedings

The NCLAT also questioned the role of its flat buyers and observed that they moved the NCLT to initiate insolvency proceedings against the company "fraudulently with malicious intents".

Oberoi Realty, US-based fund Interups to bid for cash-strapped Lavasa

During the committee of creditors (CoC) meeting held in early January, the lenders had decided to place fresh expressions of interest (EoIs) before the NCLT.

NCLAT stays NCLT ban on ex-bankers' appointment as resolution professionals

The NCLT order had cast doubt on debt resolutions of several companies including Videocon Industries and Essar Projects, where former bank officials are working as IRPs

A luxury yacht and 5-year-old firm in middle of an unusual insolvency case

The luxury vessel has been docked on the banks of Hooghly for nearly a year without generating any business for the company

Takeover norms for unlisted firms getting finalised, to be unveiled soon

Unlisted companies have no formal takeover code and shares are transferred on the basis of contracts and agreements

IL&FS case: NCLAT reserves order over NCLT jurisdiction to implead auditors

Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR & Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&FS. The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party. The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS). Arguing for the government, a counsel said that impleadment is being sought to explain the conduct by auditors. He said all those persons who have been impleaded are directly attached with the affairs or the management of affairs of the company and ...

RCom CoC to seek 24-day extension for asset sale as deadline ends on Jan 10

The other bidders include Bharti Airtel, Värde Partners and UV Asset Reconstruction Company (UVARCL)