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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 In November 2021, the Reserve Bank of India superseded the board of Reliance Capital on governance is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

IBBI proposes reducing compliance burden, simplifying forms for RPs

Looks to simplify forms submitted for corporate insolvency resolution process

NCLT approves merger of full-service carriers Vistara with rival Air India

The merger, first announced in November 2022, will include Vistara, which is 49 per cent owned by Singapore Airlines being absorbed into Air India

NCLT nod to Air India-Vistara merger; to form world's largest airline group

The National Company Law Tribunal (NCLT) on Thursday approved the merger of Air India and Vistara, paving the way for the creation of one of the world's largest airline groups. Post-merger, which was announced in November 2022, Singapore Airlines will have a 25.1 per cent stake in Air India. Vistara is a joint venture between Singapore Airlines and Tata Group. In a 31-page order, the Chandigarh bench of the NCLT approved the "composite scheme of arrangement" involving Talace, Air India and Vistara. All are part of the Tata Group. Air India expects the merger to be completed by the end of this year. A two-member bench of the Chandigarh bench of NCLT observed that the scheme has already received necessary approvals from the shareholders and creditors of both airline companies. Moreover, it has also received applicable approvals including that of fair trade regulator the Competition Commission of India (CCI) and the Directorate General of Civil Aviation (DGCA). Besides, "no sustainab

'Vedanta demerger gets approval from key creditors, including SBI'

The green light by the majority of the creditors comes at a time when Vedanta has shown significant progress in deleveraging

Suraksha Group finally takes over Jaypee Infratech via insolvency process

In a big relief to over 20,000 homebuyers, Suraksha Group has taken control of the debt-ridden realty firm Jaypee Infratech by constituting a three-member board and will soon infuse Rs 125 crore equity fund to start construction of stalled housing projects across Delhi-NCR. The takeover follows insolvency appellate tribunal NCLAT decision on May 24, upholding Suraksha Realty's bid to acquire Jaypee Infratech while directing it to pay an additional Rs 1,334 crore as farmers' compensation. According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan. The IMC in its meeting held on Tuesday approved the appointment of Sudhir V Valia, who is promoter of Suraksha Group, as a Non-Executive Director. It approved the appointment of Aalok Champak Dave as Executive Director and

Tata Motors Fin to merge with Tata Capital via NCLT scheme of arrangement

In FY24, Tata Capital and Tata Motors Finance reported a net profit of Rs 3,150 crore and Rs 52 crore respectively

NCLT begins insolvency proceedings for Jaiprakash Associates on ICICI plea

The National Company Law Tribunal (NCLT) on Monday directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. Jaiprakash Associates Ltd (JAL), which is the flagship firm of Jaypee Group, is mainly into construction, cement and hospitality businesses. JAL has sold many cement plants in the last few years to reduce its debt. A two-member bench at NCLT, Allahabad, comprising Members Praveen Gupta and Ashish Verma pronounced the order on Monday afternoon, said lawyers connected with the matter. The tribunal has also appointed an interim resolution professional (IRP) and directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against JAL, they said. The Allahabad bench of the tribunal has also dismissed the merger of Jaiprakash Associates Ltd with Jaypee Infrastructure Development Ltd. A detailed order is yet to be uploaded to the NCLT website. In September 2018, leading private

Lessor moves insolvency plea before NCLT against SpiceJet over $12 mn

Engine Lease Finance BV, an aircraft engine lessor of SpiceJet, has moved an insolvency plea before the NCLT against the debt-ridden air carrier over non-payment of over USD 12 million (around Rs 100 crore). Engine Lease Finance (ELF) has leased eight engines to SpiceJet. Along with interest and rental, ELF has claimed an amount of around USD 16 million. The matter was listed before a Delhi-based bench of the National Company Law Tribunal (NCLT) on Wednesday, which heard it briefly. Counsel appearing for SpiceJet sought time to respond to the petition filed by Engine Lease Finance. On this, the NCLT bench comprising members Mahendra Khandelwal and Sanjeev Ranjan directed SpiceJet to file its response to the petition. Headquartered in Shannon, Ireland, ELF is the world's leading independent engine financing and leasing company. It entered into an agreement in 2017 with SpiceJet to lease engines. According to the petitioner, the low-budget carrier has defaulted on payments since Apr

NCLAT upholds Adani Goodhomes plan with 93% haircut for Radius Estate

Insolvency Appellate Tribunal NCLAT has upheld orders approving Adani Goodhomes' resolution plan for realty firm Radius Estate with a 93 per cent haircut for creditors. A two-member bench comprising the NCLAT Chairman rejected the petitions by two dissenting financial creditors, saying it was "commercial wisdom" of the Committee of Creditors (CoC), which approved the payout to different creditors. The Mumbai bench of the National Company Law Tribunal (NCLT) on January 9, 2022, approved the resolution plan of Adani Goodhomes, a part of Adani Realty. As per the resolution plan, which received an 83.99 per cent of the vote of the CoC and was approved by NCLT, nearly 700 flat owners were getting possession of without escalation of any price. The plan was opposed by two dissenting financial creditors -- Beacon Trusteeship and ICICI Prudential Venture Capital Fund Real Estate -- before the National Company Law Appellate Tribunal (NCLAT). According to reports, Adani Goodhomes had propose

NCLAT upholds NCLT order on Jaypee Infra, asks Suraksha to pay Rs 1,300 cr

Insolvency Appellate Tribunal NCLAT on Friday upheld Suraksha Realty's bid to acquire debt-ridden Jaypee Infratech Ltd but asked it to pay an additional around Rs 1,300 crore as farmers' compensation. Upholding the National Company Law Tribunal's (NCLT) decision of March 2023, the NCLAT said the decision was to avoid any further delay in the implementation of the resolution plan and to take care of the interests of all stakeholders, including home buyers and claim of Yamuna Express development authority YEIDA for additional compensation of the farmers. NCLT had on March 7, 2023, approved the bid of Mumbai-based Suraksha group to buy Jaypee Infratech Ltd (JIL), giving relief to more than 20,000 home buyers whose investments are stuck across various projects being developed in Delhi-NCR. "The impugned order passed by the adjudicating authority (NCLT) deals with the claim of the appellant (YEIDA) of Rs 1,689 crore of additional farmers compensation is set aside and the rest of the ord

RCap lenders can't take coercive action against IIHL, rules NCLT

IIHL seeks 90-day extension ahead of May 27 deadline

NCLT directs Kirloskars to abide by settlement agreement signed in Sept '09

The Kirloskar family is embroiled in a legal battle over group assets, with Sanjay Kirloskar, chairman of Kirloskar Brothers (KBL), on one side and his brothers, Atul and Rahul, on the other