Page 53 - Nclt

NCLT likely to appoint insolvency resolution petition for IVRCL on Jan 8

BS ReporterHyderabad, 2 January: Hyderabad bench of National Company Law Tribunal(NCLT) is likely to admit the insolvency resolution petition against Hyderabad-based infrastructure company IVRCL on January 8. The State Bank of India(SBI), one of the corporate creditors of the debt-laden firm, had moved NCLT for initiation of insolvency resolution process against IVRCL to recover its loans under Section 7 of the Insolvency and Bankruptcy Code(IBC) on December 11,2017.The NCLT bench has posted the matter for January 8 while asking the petitioner to come back with the name of an interim resolution professional(IRP) for the initiation of resolution process that starts with the appointment of an IRP. The bank had extended a total loan of Rs 8.99 billion to the company under various facilities, including working capital loan, out of which the corporate debtor defaulted on payment of Rs 6.04 billion to the lender, as per the claims made by SBI in its insolvency application.The bench ...

BSE moves NCLT against defaulting companies

Seven companies have defaulted in fee payment

Empower NCLT to waive interest on stressed assets: Assocham to Jaitley

The NCLT, the chamber suggested, should be authorised to grant relief on such waiver or writeback of outstanding liabilities under normal as well as MAT provisions

NCLT Bench quashes 75% vote requirement

Indian Overseas Bank, Central Bank of India and Bank of Maharashtra resisted resolution plan citing the 75% vote share clause

Trimming the role of tribunals

Instead of nibbling at the powers of high courts, their constitutional role should be fully restored

Companies under NCLT watch concerned over liquidation, raw bidders

Kolkata bench of the NCLT ordered liquidation proceedings against Nicco Corporation after its lenders voted against the corporate resolution plans

NCLT withdraws insolvency procedure aganst VA Tech Wabag

The petition was withdrawn following an agreement between both the parties: CCCL and VA Tech Wabag

NCLT reserves order on Cyrus Mistry's plea to transfer case

Seeks transfer of his petitions challenging the ouster to the New Delhi bench from the Mumbai one

NCLT allows Bank of Baroda's recovery plea against Amrapali Silicon City

It has only one project in sector 76 Noida; nearly 1,000 flat buyers would be affected by the order

NCLT reserves orders over Bakshi's contempt pleas against McDonald's

Bakshi had filed contempt plea before NCLT against termination of franchise license of 169 outlets

Over 655 cases decided under insolvency law, says NCLT President

12 cases of NPAs identified by the RBI to be resolved under the Code were referred to the NCLT

NCLT orders initiating insolvency proceedings against Orchid Pharma

Orchid Pharma may appeal against the insolvency proceedings initiated against it

Treat flat owners at par with banks under insolvency law: Assocham to NCLT

An Ordinance, if needed, should be brought to amend the Insolvency and Bankruptcy Code, it adds

NCLT rejects Usha Martin ex-chief's plea

To stay Usha Martin board meet over fresh equity infusion

Lenders take stock of progress in NCLT cases

Focus on plugging gaps, improving coordination, keeping timelines

NCLT admits ICICI Bank's insolvency petition against ABG Shipyard

Appoints Sundaresh Bhat of BDO India as interim resolution professional

NCLT order may help revive NORL's refinery project in TN, say sources

The recent order of National Company Law Tribunal (NCLT), Chennai to appoint an Insolvency Resolution Professional (IRP) under the IBC 2016 is expected to help the refinery project of Nagarjuna Oil Corporation Ltd (NOCL) to get new investors and to restart the project, according to internal sources. The Nagarjuna Oil Refinery and Tata Group companies backed NOCL, has been looking for a strategic partner for long to complete the project.The 6-million tonne refinery on the East Coast of Tamil Nadu was supposed to be commissioned in 2012 at a cost of about Rs 3,500 crore, but the cyclone Thane stalled the project. Around 60 per cent of the work in the refinery was completed and did not suffer any damage. Since 2012, NOCL has been looking for a strategic investor to pump in fresh equity and revive the project.Meanwhile, last week the NCLT, Chennai, has appointed an Insolvency Resolution Professional (IRP) for NOCL. Sources said that this would help the company to acclerate the phase to ...

Pledged assets can be auctioned by insolvency professionals: NCLT

NCLT Mumbai Bench said the promoters cannot be granted any relaxation under the IBC

NCLT to hear SBI's insolvency plea against Electrosteel Steels today

The Kolkata bench of the National Law Company Tribunal today heard the State Bank of India plea for insolvency proceedings against Electrosteel Steels. Sources close to the development said, the order to admit the plea was awaited. "They have heard the case." Last month, lenders led by SBI had sent Electrosteel Steels to the NCLT for further action under the Insolvency and Bankruptcy Code (IBC).Electrosteel Steels was among the 12 cases identified by the Reserve Bank of India, initially, to be referred to the NCLT under the IBC, 2016. A resolution plan for Electrosteel Steels was already being discussed with lenders. The plan was to bring in fresh equity into the company from Abhishek Dalmia of the Renaissance group and infusion of another Rs 1,500 crore as loan from Edelweiss. The proposal would be discussed at the NCLT and any other proposal that might come up during the course of resolution. Electrosteel's debt in FY16 stood at Rs 10,274 crore. To resolve the debt issue, lenders .

Govt to strengthen NCLT for speedy resolution of stressed assets

Nearly 100 new staff members are being added to the system