Page 6 - Nclt

Vacancies in company law tribunals hinder insolvency resolutions: SC

The NCLT currently operates with 43 members out of its authorised strength of 63. Legal experts believe that if the NCLT had been at full capacity, Jet Airways might have had a chance at revival

Google India PAT grows 6% to Rs 1,425 cr in FY24, income at Rs 7,097.5 cr

Google India has posted a profit after tax (PAT) of Rs 1,424.9 crore in the 2023-24 financial year, according to documents shared by Tofler on Friday. The company had posted a PAT of Rs 1,342.5 crore in FY23. Google India posted a total income of Rs 7,097.5 crore during the reported fiscal year, including Rs 5,921.1 crore from continuing operations, and Rs 1,176.4 crore from discontinued operations. During 2020-2021, Google India had filed an application with the National Company Law Tribunal (NCLT) for demerger of the IT business undertaking of the company with Google IT Services India Pvt Ltd. "During FY 2023-2024, the scheme of arrangement was approved by the NCLT vide order dated May 25, 2023 and scheme was given effect from 30th June 2023 in the financial statements," Google said in the regulatory filing. Upon approval of the scheme of arrangement, the IT business undertakings of Google India were transferred to and vested with Google IT Services India Pvt Ltd with effect fro

Mahagenco-NTPC emerges as top bidder for Sinnar Thermal at Rs 3,800 crore

The Mahagenco-NTPC has outbid at least seven others including Adani Power, Vedanta Group, Jindal Power, Orissa Metaliks, and Singapore-based VFSI Holdings

'UCO Bank recovers Rs 414 cr bad loans through NCLT mechanism in Q2FY24'

UCO Bank has recovered Rs 414 crore from 26 accounts through the NCLT mechanism during the second quarter of the current fiscal, an official said on Sunday. Of the recovered amount, Rs 393 crore came from 14 accounts resolved, and Rs 21 crore from 12 under liquidation, he said. "During the July-September quarter, Rs 414 crore was recovered from resolution and liquidation combined. Recovery through the resolution process during the period was Rs 393 crore, significantly higher than the year-ago figure of Rs 82 crore and the June quarter's Rs 34 crore," a senior bank official told PTI. Recovery under the National Asset Reconstruction Company Ltd (NARCL) -- the government-backed bad bank -- during the quarter was negligible, with only one account worth Rs 4 crore resolved, he said. As of September 30, 2024, UCO Bank had exposure to 238 accounts, referred to the Insolvency and Bankruptcy Code (IBC) process, totalling Rs 18,163 crore, the official said. By the end of September 2024, th

Ashneer Grover's legal battle with BharatPe ends after settlement deal

As part of the settlement, Grover will no longer be associated with BharatPe, ending the legal battle that began with his removal as managing director in March 2022

SpiceJet faces new insolvency case over Rs 58 crore unpaid dues to lessor

SpiceJet faces new insolvency plea in NCLT over Rs 58 crore unpaid dues to lessor Aviator ML 29641 Ltd, the tribunal has given the airline time to respond, the next hearing is on Nov 11

NCLT Ahmedabad approves delisting ICICI Securities from stock exchanges

The NCLT Ahmedabad bench, led by justice Shammi Khan, while approving the scheme, dismissed two applications objecting to the scheme of delisting

NCLT dismisses Philips India plea to buy minority stake over valuation gap

The National Company Law Tribunal has dismissed the petition by Philips India to buy out the remaining 3.87 per cent from its minority shareholders, observing a "huge difference" between values determined by the company-appointed valuer and its minority investors. The Kolkata bench of NCLT though agreed with the "discounted cash flow method" adopted by the valuers appointed by Philips India and its minority shareholders but pointed out a "huge difference" between the price of the share determined by them. "While petitioner (Philips India) appointed valuer has valued it at Rs 740 per share, the respondent (minority shareholders) appointed valuer has valued in excess of Rs 4,500, by suggesting a range between Rs 4,605 to Rs 6,119," it said. The tribunal suggested that the situation may require a direction to the registered valuer to disclose the parameters factored while determining the price under the discounted cash flow method to reconcile two vastly different prices determined by

NCLT grants final approval for merger of TV18 and E18 into Network18

Once the merger with Network18 is fully approved by the Ministry of Information and Broadcasting (MIB), both E18 and TV18 will cease to exist as separate entities

NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme

The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard. The Mumbai bench of the NCLT had last week recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India. The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation. "Accordingly, this Bench allows the withdrawal of the Scheme of Amalgamation and hereby recalls order dated 10.08.2023 in C.P.(CAA) No. 209 of 2022," said NCLT order, a copy of which was shared to bourses by Zee on Thursday. Zee, which applied for withdrawal, submitted the Composite Scheme of the Merger Cooperation Agreement executed to give effect to this scheme stands terminated and accordin

Demerger of Vedanta's key businesses likely to happen by end of FY25

The demerger of mining conglomerate Vedanta Ltd's key businesses, including aluminium, into separate listed companies is expected by the end of FY25, a top official of the company said on Wednesday. Vedanta Ltd has filed an application for its demerger scheme before the National Company Law Tribunal (NCLT) after receiving a nod from lenders. Asked when is the demerger happening, John Slaven, CEO of aluminium business of Vedanta, said, "it's not within our control. It's the NCLT process. They typically take, I don't know, four to six months, to run that process. So by end of this fiscal year, by the end of this fiscal year (I see it happening)." Slaven was speaking during the launch of Vedanta Aluminum's two new products for power sector. The first product offers superior electrical conductivity, making it ideal for remelting. The second product is the electrical conductor grade wire rod, designed for winding strip applications with a balance of strength, conductivity, workability,

NCLT extends Go First's resolution deadline, asks to file reply in 3 weeks

Corporate dispute tribunal NCLT has extended the insolvency resolution deadline for grounded airline Go First for the fourth time and directed the suspended board of the debt-ridden firm to file a reply within three weeks. A two-member bench of the Delhi-based National Company Law Tribunal (NCLT) issued notice to the suspended management of the company on Tuesday and listed the matter for hearing in the first week of October. The resolution professional of Go First had moved the application under section 33 (1) of the Insolvency & Bankruptcy Code for the liquidation of Go First after the lenders failed to find a reasonable buyer within the stipulated time frame. During the proceedings, counsel appearing for Go First informed the NCLT that the Committee of Creditors decided to liquidate the company with a majority vote. This was the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), as the airline has been struggling to find a buyer. In ..

NCLT approves merger of Reliance-owned Viacom18 Media with Star India

The NCLT on Friday approved the scheme of merger of Reliance Industries-owned Viacom 18 Media -- the holding company of the group's media and entertainment assets -- with Star India. A two-member bench of the National Company Law Tribunal (NCLT) approved the composite Scheme of Arrangement among Viacom 18, Digital18 and Star India, a unit of global media giant The Walt-Disney. The development comes two days after the Competition Commission of India approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country's largest media empire worth over Rs 70,000 crore. Approving it, the NCLT observed: "From the material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy". The NCLT in its 22-page-long order also observed that the scheme "will be made effective, in terms of the Scheme, only upon the receipt of the approval of the Competition Commission of India". T

Peak XV-backed Kenko Health shuts down after running out of funds

Despite securing more than $13.7 million in funding from investors like Peak XV Partners, Orios Venture Partners, and Beenext, the health startups faced challenges securing key licences

SC refuses to halt operations of CoC in edtech major Byju's insolvency case

The matter will now be heard on August 27

Pine Labs secures NCLT approval to merge domestic, Singapore entities

The development comes as the Singapore-based digital payments company is shifting its domicile back to India. The cost of the reverse flipping could not be ascertained

Slice gets NCLT nod for its merger with North East Small Finance Bank

This paves way for official merger, combining Slice's digital prowess with North East Small Finance Bank's banking expertise to deliver a superior financial experience to Indian consumers, it said

NCLT gives nod to Sarda Energy's acquisition of SKS Power for Rs 2,200 cr

SKS owns a 600-MW power plant in Chhattisgarh, which is currently being run by NTPC

Coffee Day shares tumble 29% in 2 days: What's brewing at CCD operator?

Coffee Day NCLT proceedings: The Bengaluru Bench of NCLT had admitted IDBI Bank's plea to initiate insolvency proceedings against Coffee Day Enterprises for loans worth Rs 228 crore

NCLT passes Oberoi Realty's resolution plan for Nirmal Lifestyle Realty

Oberoi Realty on Monday said the National Company Law Tribunal has approved its resolution plan for Nirmal Lifestyle Realty, and it will pay Rs 230 crore to the creditors of the bankrupt firm. In a regulatory filing, Oberoi Realty said the NCLT Mumbai bench issued an order on August 9, 2024, approving the resolution plan submitted by the company in relation to the Corporate Insolvency Resolution Process (CIRP) of Nirmal Lifestyle Realty Pvt Ltd (NLRPL). The NLRPL holds development rights with respect to land measuring about 20,262.40 square metres at Mulund West, Mumbai. "The resolution plan provides for payment on the Effective Date (being a date not earlier than 90 days from the NCLT approval date) of an amount of Rs 273 crore to various creditors in the full and final settlement, and the CIRP Costs at actuals incurred up to the Effective Date)," the filing said. On the effective date, the company would also subscribe to 100 per cent equity share capital of NLRPL for Rs 1,00,000,