Page 8 - Nclt

NCLT orders insolvency proceedings against Supertech Township Projects

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..

Byju's knocks at NCLAT door against NCLT's insolvency order in BCCI case

Crisis-ridden Byju's has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI's petition for initiating insolvency proceedings against the once-famed edtech company, sources said. Sources privy to the development said that the company is seeking an urgent hearing on the matter. Byju's did not comment on the issue. According to sources, Byju's on Thursday moved the appellate tribunal, NCLAT, contesting the recent order of NCLT's Bengaluru bench that had admitted the cricket board's plea to start insolvency proceedings against the parent company Think and Learn, after the edtech firm failed to pay Rs 158.9 crore dues. Founder and CEO Byju Raveendran will report to the resolution professional. NCLT has appointed Pankaj Srivastava as the interim resolution professional. Byju's had previously sponsored the Indian cricket team. Earlier this week, Byju's had said it is hopeful of reaching "an amicable settlement" with

Go First heads towards liquidation after failed EaseMyTrip, SpiceJet bids

Go First owes creditors - Central Bank of India, Bank of Baroda, and IDBI Bank - around Rs 6,200 crore

Edtech firm Byju's on sticky wicket as NCLT admits BCCI's insolvency plea

Edtech company put under moratorium after tribunal finds it defaulted on due owned to BCCI

NCLT admits Byju's parent Think & Learn into insolvency over BCCI dues

Byju's insolvency proceedings were triggered by BCCI's claim of unpaid dues amounting to Rs 158 crore

Oriental Carbon stock up over 50% in July; what's leading the bull charge?

A combined 1.58 million shares changed hands in trade on Monday, July 15, and there were pending buy orders for 180,000 shares on the NSE and BSE, data showed

NCLT orders initiation of insolvency proceedings against Simbhaoli Sugars

The National Company Law Tribunal (NCLT) has ordered initiation of insolvency resolution proceedings against Simbhaoli Sugars Ltd on a petition filed nearly six years ago. The plea was filed in September 2018 by erstwhile Oriental Bank of Commerce which has been merged with state-owned Punjab National Bank (PNB) now. The lender had sought initiation of Corporate Insolvency Resolution Process (CIRP) against the company under section 7 of the Insolvency and Bankruptcy Code. "... petition has been admitted by the NCLT, Allahabad Bench vide order dated July 11, 2024," Simbhaoli Sugars said in a filing to stock exchanges on Friday. NCLT has appointed Anurag Goel as interim resolution professional. With the NCLT ruling, the company's board stands suspended and it would be run by Goel. According to the application filed before the NCLT, the default amount stood at over Rs 130 crore as of November 22, 2017. A leading sugar company, Simbhaoli sells sugar under the brand 'Trust' and has ..

NCLT directs grounded carrier Go First to release 4 aircraft engines of ELF

The National Company Law Tribunal (NCLT) on Thursday directed grounded carrier Go First to release four aircraft engines of Engine Lease Finance (ELF) BV. The counsel appearing for the resolution professional (RP) submitted that he has already started the process of returning one engine to the lessor. The RP submitted that he has no objection over the process of releasing the four aircraft. Headquartered in Shannon, Ireland, ELF is the world's leading independent engine financing and leasing company. The NCLT has put the matter for further hearing on August 9, when other engine lessors may argue their case for return. Earlier in June, NCLT had granted an extension of 60 days to the grounded air carrier Go First, for completing the Insolvency process of grounded air carrier Go First for 60 days. This is the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), which is struggling to find a buyer. The Delhi-based NCLT bench said this is the f

NCLT asks Byju's to pay salaries to employees, warns firm of facing audit

The edtech firm has paid April, May salaries but is yet to make full payments for February and March

'Pay salaries or face an audit': NCLT warns crisis-hit edtech firm Byju's

The Bengaluru-based law tribunal told Byju's to pay the outstanding salaries to its employees irrespective of whether it has access to the funds raised through its rights issue

Byju's second rights issue: Karnataka HC sets aside NCLT interim order

Byju's recently moved the Karnataka High Court challenging the order of the National Company Law Tribunal (NCLT) restraining it from going ahead with the second rights issue

Iffco withdraws case against Triumph Offshore, Swan Energy in NCLT

Iffco recently exited TOPL by selling its 49 percent stake to Swan Energy for Rs 440 crore

ZEE can withdraw its merger implementation application: NCLT

ZEEL had filed the application following the termination of the merger agreement by Culver Max and Bangla Entertainment on January 22, citing a breach of the merger cooperation agreement

Byju's moves Karnataka HC against NCLT order barring second rights issue

The National Company Law Tribunal (NCLT) Bengaluru on June 12 told Byju's to maintain the status quo with regard to existing shareholders and their shareholding

RCap resolution: NCLT defers matter on IIHL plea for deadline to June 25

National Company Law Tribunal (NCLT) on Thursday deferred the matter regarding the plea of Hinduja Group firm IIHL for extension of deadline for completing Reliance Capital's resolution to June 25. IndusInd International Holdings Ltd (IIHL) is the successful bidder for the resolution of debt-ridden Reliance Capital, the financial services arm of Anil Ambani Group. The matter was heard on Thursday and the NCLT Bench further directed the matter to be listed on June 25, 2024, Reliance Capital said in a regulatory filing. The successful resolution applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 sought an extension of 90 days from May 27, 2024 for the implementation of the approved resolution plan, it said. Following the application moved IIHL, the NCLT heard the matter on June 13 and June 20. In November 2021, the Reserve Bank of India superseded the board of Reliance Capital on governance is

NCLT orders proceeding against Supernova developer Supertech Realtors

The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea filed by the Bank of Maharashtra over a default of Rs 168.04 crore and appointed Anju Agarwal as interim resolution professional (IRP), suspending the board of Supertech Realtors, a step-down subsidiary of Supertech. Supertech is also facing a Corporate Insolvency Resolution Process (CIRP). Supertech Realtors is developing Supernova project at a cost of Rs 2,326.14 crore on a land admeasuring 70,002 square metres at Sector 94, Noida. As per the plans, Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. For the project, Supertech Realtors approached a consortium of lenders led by Union Bank of India seeking a financial assistance of Rs 7,35.58 cro

RCap resolution: NCLT to hear IIHL plea for deadline extension on June 20

National Company Law Tribunal (NCLT) will hear the plea of Hinduja Group firm IIHL for extension of deadline for completing Reliance Capital's resolution on June 20. IndusInd International Holdings Ltd (IIHL) is the successful bidder for the resolution of debt-ridden Reliance Capital, the financial services arm of Anil Ambani Group. The National Company Law Tribunal Mumbai bench on February 27, 2024 approved the Rs 9,650-crore resolution plan for Reliance Capital and fixed May 27, 2024 as deadline for completion. IIHL has moved NCLT seeking a 90-day extension beyond the deadline to implement the resolution plan. The successful resolution applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 sought an extension of 90 days from May 27, 2024 for the implementation of the approved resolution plan, Reliance Capital said in a regulatory filing The matter was heard on June 13, 2024 by the NCLT and the

NCLT to hear insolvency plea filed by ELF against SpiceJet on August 2

The National Company Law Tribunal (NCLT) has issued a notice to SpiceJet over an insolvency plea filed by Engine Lease Finance BV, an aircraft engine lessor of the debt-ridden air carrier. The single-member NCLT bench has asked SpiceJet to file a response over the Engine Lease Finance (ELF) plea and directed listing the matter for hearing on August 2, 2024. During the proceedings, SpiceJet raised objections over the maintainability of the plea, in which ELF has claimed a payment default of over USD 12 million (around Rs 100 crore). ELF has leased eight engines to SpiceJet. Along with interest and rental, ELF has claimed around USD 16 million dues. Earlier, the matter was listed before a Delhi-based bench of the NCLT on May 29. SpiceJet had then raised objections against ELF's plea citing technical defects and the tribunal gave the engine lessor an opportunity to rectify the errors. On Wednesday, when the defects were rectified, the insolvency tribunal issued a notice to the ...

NCLT gives 4th extension of 60 days to Go First to complete insolvency

The National Company Law Tribunal (NCLT) has granted an extension of 60 days to the grounded air carrier Go First for completing the insolvency process. This is the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), which is struggling to find a buyer. Earlier, the insolvency tribunal had granted an extension of 60 days on April 8, which ended on June 3, 2024. Following this latest extension, the CIRP of GO First will come to an end on August 3, 2024. While granting the extension, the Delhi-based NCLT bench said: "This is the final extension". The two-member bench also came down heavily on the Resolution Professional for seeking an extension. Counsel appearing for the RP informed the tribunal that they were seeking this extension owing to an extraordinary situation post the Delhi High Court judgment asking DGCA to deregister all of its 54 aircraft. According to the RP, those who have shown interest in buying the airline have revised the

NCLT extends insolvency resolution process for Go First by 60 days

The National Company Law Tribunal warned the airlines that this would be the final extension offered