Page 9 - Nclt

After making insolvency process creditor-driven, can IBC address the delays

Experts point out that though the IBBI data reflects a steady rise in the total number of insolvencies admitted, the year-on-year increase does not show a consistent trend

NCLAT shuns insolvency plea against Parsvnath Landmark Developers

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer. The appellate tribunal upheld the orders of the Principal bench of the National Company Law Tribunal (NCLT), which on October 17, 2023, rejected their plea on technical grounds as the number of petitioners was only four, while the total number of allottees by Parsvnath Landmark is 488. The matter relates to La Tropicana Khyber Pass, a Delhi-based project of the realty firm. Section 7(1) of the Insolvency and Bankruptcy Code (IBC) mandates a petition on behalf of the homebuyers (as financial creditors) is maintainable only if either 100 in number or 10 per cent of the allottees join the petition. Moreover, the appellate tribunal also rejected the plea of flat buyers that they are of a different class, having an order from Delhi RERA directing the developer to refund the

Go First insolvency resolution gets a 60-day extension from NCLT

Go First filed for voluntary insolvency on May 2, 2023, under Section 10 of IBC, and on May 10, the NCLT admitted Go First's insolvency plea

Byju's seeks arbitration on NCLT trial; hearing adjourned to April 23

The plea for arbitration is interesting, as this will mean that the case will be moved away from NCLT's jurisdiction

NCLT initiates insolvency proceeding against MEP Infrastructure Developers

The National Company Law Tribunal has initiated the corporate insolvency resolution process (CIRP) against MEP Infrastructure Developers Ltd on a plea filed by Bank of India and appointed an interim resolution professional to take control of the company. The Mumbai bench of the NCLT admitted the plea under the IBC filed by the public sector lender, claiming a default of Rs 127.86 crore. "The factum of the existence of financial debt and its default stands proven on record. It has also been established that the petition is within time. Considering the facts placed before us and the fact that the Corporate Debtor owes the Financial Debt in excess of Rs 1 crore, which is in default. "This bench is of the view that in such circumstances, it is imperative that the CIRP be initiated in the matter of the Corporate Debtor (MEP Infrastructure)," said a two-member NCLT bench in its 9-page order passed on March 28, 2024. The NCLT order further said there would be a moratorium under section 14

Zee Entertainment should cut costs in profit pursuit, says panel

The committee has also advised halving the costs at Zee's technology and innovation centre in fiscal 2025, from the 6 billion rupees ($72 million) a year back, Zee said

Amid 'frugal focus', Zee Ent boss Punit Goenka to take 20% pay cut

In January of this year, Japan's Sony Corporation decided to withdraw from a merger of its India unit with Zee, leading to a decline in Zee's share price

Byju's delays salaries for 2nd month in a row amid rights issue dispute

Cash-strapped Byju's and its investors are involved in a dispute at the National Company Law Tribunal (NCLT) over the company's $200 million rights issue

Byju's gets 50% vote on rights issue, asks miffed investors to participate

Raveendran says firm's priorities remain with existing shareholders

NCLT refuses to stay Byju's EGM to raise capital through rights issue

According to sources at Byju's, the court was convinced by evidence submitted and arguments made by Byju's counsels, who made a case that the "only objective of the petitioners is to be restrictive"

NCLT declines to stay EGM called by Byju's over $200 million rights issue

The National Company Law Tribunal (NCLT), Bengaluru Bench, on Thursday declined to grant a stay on the extraordinary general meeting (EGM) on March 29 called by 'Think and Learn', owner of the Byju's brand. The EGM was called to increase the authorised share capital of the embattled edtech firm, following the recent USD 200 million rights issue. A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the NCLT, Bangalore Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board. On Thursday, the Karnataka High Court said that it will deliberate on the case involving the investor group's efforts to oust Raveendran only after two months. Besides, the suit filed by the group of investors also sought to declare the just-concluded rights issue as void. The petition has been signed by four investors Prosus, General Atlantic, Sofina, and Peak XV along with support from other ...

Investors oppose Byju's March 29th EGM, NCLT denies any immediate relief

A group of aggrieved investors have opposed an extraordinary general meeting on March 29, called by Think and Learn, owner of Byju's brand, before company tribunal NCLT, Bangalore but failed to get any immediate relief, according to sources. Byju's has called the extraordinary general meeting (EGM) on March 29, to increase authorised share capital of the company following the recent USD 200 million rights issue. "Investors who are miffed by Byju's approached NCLT, Bangalore to stay the EGM called by the company, but the court denied any immediate relief. The tribunal has listed the matter for hearing on March 28," a source said. Query sent to Byju's and some of the lead investors elicited no reply. A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the National Company Law Tribunal (NCLT), Bengaluru Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board. Besides, the s

NCLT allows correction in Reliance Capital's 90-day resolution timeline

IndusInd International Holdings (IIHL), representing the Hinduja Group, the chosen applicant for the indebted firm, must execute RCap's resolution plan by May 27

Byju's processes part of pending salaries, aims to pay balance soon

Edtech company will pay the balance once the issue's funds are available

NCLT denies relief to Iffco, asks Triumph to discuss issues before Apr 4

The National Company Law Tribunal has directed Swan Energy-IFFCO joint venture Triumph Offshore to hold a board meeting before April 4 to discuss issues raised by minority shareholder IFFCO regarding feasibility and viability of offering services to operate vessels. The NCLT (National Company Law Tribunal) has set April 4 as the next date of hearing of a plea filed by IFFCO, seeking to restrain Triumph Offshore from passing any resolution without its approval and issuing any share/security to the lenders for paying loans. Triumph Offshore is a joint venture between fertiliser player IFFCO and Swan Energy Ltd (SEL) which is engaged in onshore gas distribution terminal business. The joint venture was formed to set up a floating storage and regasification unit (FSRU). FSRU is a floating vessel having tanks for LNG storage. SEL has a 51 per cent stake and IFFCO owns 49 per cent in Triumph Offshore. Earlier this month, IFFCO moved the Ahmedabad bench of the NCLT, seeking to restrain ...

Adani Power receives creditors' approval for Lanco Amarkantak Power buy

The thermal power producer is planning to aggressively expand its capacity, and this is the company's second acquisition under the insolvency resolution process in the financial year

Byju's investors file caveats in SC expecting challenge to NCLT's order

MIH Edtech Investments BV, Peak XV Partners Investments, Sofina SA and General Atlantic Singapore TL Pte Ltd filed separate caveats in SC as a precautionary move

NCLAT dismisses BHEL's pleas against REC over Hiranmaye Energy insolvency

Insolvency appellate tribunal NCLAT on Monday set aside a BHEL petition seeking to halt REC from initiating insolvency proceedings against Hiranmaye Energy, formerly India Power Corp (Haldia). The NCLAT said it sees no reason to interfere in the order passed by the Kolkata bench of NCLT admitting REC's insolvency plea against Hiranmaye Energy, and said claims filed by BHEL against the debt-ridden thermal power company should be dealt with in accordance with the law. The National Company Law Tribunal (NCLT) on January 2, 2024, directed to initiate a Corporate Insolvency Resolution Process (CIRP) against Hiranmaye Energy, admitting the plea filed by REC, formerly known as Rural Electrification Corporation. Challenging this, BHEL moved the appellate tribunal NCLAT, where it filed two petitions. In the first plea, it challenged the admission of insolvency plea by the NCLT and also the order of January 5, 2024, in which PSU's intervention application filed by it was rejected. BHEL ...

Disclosure in US court counters narrative by four investors, says Byju's

Byju's said this counters the fake narrative by four investors at the National Company Law Tribunal (NCLT) that the amount was siphoned off

Edtech major Byju's says it is beneficial owner of $533 million US fund

Ahead of a US court hearing on the whereabouts of the USD 553 million funds Byju's had parked in an American investment firm, the edtech company on Sunday evening said its subsidiary in the US remains the beneficial owner of the fund. On Saturday, Byju's stated that it had no money to pay salaries to employees after just-raised funds through the rights issue were locked (in a separate account) after a dispute with investors. It is not clear if Byjus is the beneficial owner of USD 533 million, then why it could not use them for paying salaries. "Camshaft, in its latest submission, has disclosed to the Delaware Court that the USD 533 million was transferred from BYJU'S Alpha to another 100 per cent Think & Learn owned subsidiary, Inspilearn LLC (a Delaware firm). "As BYJU's has indicated previously - the funds continue to remain in a Think and Learn subsidiary, contrary to the false allegation made by a select list of investors before the NCLT in India," Byju's said in a ...