Page 9 - Nclt

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

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