Page 9 - Nclt

Delhi to Delaware: No end in sight for edtech giant Byju's problems

Ex-employees planning to take firm to NCLT next week to demand their dues

NCLT approves merger process for Reliance's arm Viacom18 and Star India

The merger will be done in two stages: the transfer of Viacom18's TV and streaming assets to Digital18 and the demerger and vesting of these assets from Digital18 to Star India

At 269, NCLT approves record resolutions under IBC in FY24: IBBI data

However, it is still taking 679 days on average to conclude the resolution process, as against the standard timeline of 330 days

Lessors left stranded as NCLT defers Go First insolvency hearing to July 11

NCLT indicated that it needed more time to study the Delhi High Court's order that told the Directorate General of Civil Aviation (DGCA) to deregister all its 54 aircraft by May 3, 2024

ICICI Securities breached shareholder privacy rules: Shareholders tell NCLT

They claimed ICICI Bank contacted and misled shareholders in delisting process

Hinduja led IIHL gets Irdai's nod for acquisition of Reliance Capital

The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances, says IIHL spokesperson

NCLT registers 43% increase in debt resolution amid many bottlenecks: IBBI

Amid several bottlenecks, the Insolvency Bankruptcy Board of India (IBBI) declared 2023-24 as a landmark year, with the National Company Law Tribunal achieving a significant 43 per cent increase in resolutions, jumping from 189 cases last year to 270 this year. The IBBI is expected to submit a report to the government over the next 2-3 months for including mediation in the Insolvency and Bankruptcy Code (IBC), which is currently under discussion and scrutiny. The regulator is also working on prepackaged insolvency for large corporate cases, which is only allowed in MSME cases as of now. For the first time in a year, the number of outputs has increased from the number of inputs, reducing the pendency across India, said Sudhaker Shukla, an IBBI whole-time member, while addressing the CII organised 7th Insolvency and Bankruptcy Code conclave. He said that despite bottlenecks in the last seven years, resolution of 3.5 lakh crore was achieved, and 27,000 applications worth Rs 10 lakh cr

DGCA deregisters all 54 aircraft leased to Go First after Delhi HC order

The Delhi High Court, on April 26, directed the DGCA to deregister planes leased to Go First within five working days, providing much-needed relief to the lessors

Deregister Go First aircraft in five days, Delhi High Court tells DGCA

This means that the airline has to give back all 54 aircraft to the lessors if its Resolution Professional does not challenge the order or ask for the stay of the order

NCLT seeks MCA views on aircraft lessor moratorium exemption in IBC

The Civil Aviation ministry's interpretation of the MCA notification, might be a deterrent for the airlines which end up in insolvency but give a leg up to lessors business

Byju's continues facing cash crunch as NCLT defers hearing to June 6

Byju's and its investors are fighting at the National Company Law Tribunal (NCLT) over the company's rights issue of $200 million in a petition alleging oppression and mismanagement

Three aircraft lessors take SpiceJet to court over unpaid dues of Rs 77 cr

Celestial Aviation, Willis Lease Finance, Aircastle, and Wilmington had also filed applications against SpiceJet in 2023 for outstanding dues

NCLT grants one week to Byju's, Teleperformance to settle debt dispute

The decision came after Byju's counsel, Senior Advocate Pramod Nair, informed the NCLT that it was trying to resolve the issue with Teleperformance, the creditor

NCLT disposes case of bankruptcy plea filed by against Mumbai Metro One

In a relief to Reliance Infrastructure, National Company Law Tribunal (NCLT) has disposed of insolvency case filed by SBI and IDBI Bank against Mumbai Metro One Pvt Ltd (MMOPL). Mumbai Metro One Pvt Ltd (MMOPL) is a 74:26 joint venture of Reliance Infrastructure Ltd and Mumbai Metropolitan Regional Development Authority (MMRDA). "We wish to inform you that the Section 7 petitions of SBI and IDBI Bank are disposed of by NCLT Mumbai in view of OTS (one-time debt settlement) issued by all lenders, against Mumbai Metro One Pvt Ltd (MMOPL)," Reliance Infrastructure Ltd said in a regulatory filing on Monday. An application under Section 7 of Insolvency and Bankruptcy Code (IBC) is initiated by a financial creditor either on their own or jointly with other financial creditors for initiation of Corporate Insolvency Resolution Process against a corporate debtor. State Bank of India (SBI) had in August 2023 filed an application before the NCLT against the Mumbai Metro, to recover Rs 416.08 .

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