NCLT

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

NCLT has directed initiating insolvency proceedings against Bengaluru-based real estate firm Mantri Developers admitting the plea filed by Indiabulls Housing Finance Ltd. A two-member bench has also suspended the board of Mantri Developers and appointed Ahsan Ahmad as the interim resolution professional for the company. Indiabulls Housing Finance Ltd (IHFL) had moved the Bengaluru bench of the National Company Law Tribunal (NCLT) claiming a default of Rs 456.68 crore by Mantri Developers, part of the Mantri Group of Companies engaged in the real-estate business in Bengaluru, as on January 1, 2022. "In view of the facts and circumstances... the present petition being complete and having established the default in payment of the financial debt and for the default amount being above Rs 1 crore, the petition is admitted in respect of respondent -- Mantri Developers Private Ltd -- under Section 7 of the I&B Code, 2016," said NCLT. The NCLT bench consisting of Manoj Kumar Dubey and T ...

Insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed the lenders of Mittal Corp were "empowered to issue fresh RFRP" when none of the resolution plans had been approved by the committee of creditors (CoC). The lenders have already approved the bids of rival Shyam Sel and Power Ltd (SSPL) and an application has already been moved by the Resolution Professional (RP) before the Mumbai bench of the National Company Law Tribunal (NCLT) seeking its approval. NCLAT said issues raised by Jindal Stainless subsequent to February 10, 2023, when RFRP was issued, need no consideration. The tribunal further added it is open for Jindal Stainless to file an objection over the application filed by the RP before NCLT for approval of SSPL bid. The appellate tribunal said that its previous order of Janua

Merger expected to be completed by this July

HDFC Bank awaiting clarity from the RBI on forbearances as merger gets last regulatory approval

The National Company Law Tribunal (NCLT) has approved the state-owned GAIL's Rs 2,079 crore resolution plan for JBF Petrochemicals, which owed Rs 7,918 crore to a consortium led by IDBI Bank. "We being satisfied approve the resolution plan submitted by GAIL (India) Limited.....the resolution applicant shall obtain necessary approvals required under any law for the time being in force within a period of one year from the date of approval of the resolution plan," the order issued by the NCLT Mumbai said on Monday. The other secured lenders of the company are Union Bank of India, Bank of Baroda, Exim Bank and Indian Overseas Bank, among others. These lenders made a claim of Rs 4,584 crore, but NCLT admitted a total claim of Rs 4,662 crore. GAIL offered to pay the bankers Rs 2,015 crore, which is a 43.23 per cent recovery for them. However, for the unsecured creditors and operational creditors, the recovery is much lower at 5.7 per cent and 6.9 per cent, respectively. The unsecured ..

Hearing on March 20; second round of auction of RCap auctions allowed by NCLAT stand deferred, say lawyers

Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infrastructure matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is going through insolvency proceedings since August 2017. JAL had challenged the NCLT order over the distribution of money, sources said. As per the NCLAT cause list, the matter between JAL and JIL is scheduled for hearing on Tuesday before a two-member bench of the National Company Law Appellate Tribunal (NCLAT). In an order on March 7, the National Company Law Tribunal (NCLT) approved the Mumbai-based Suraksha group's bid to buy Jaypee Infratech Ltd (JIL), a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. In its 491-page order, the NCLT had directe

As many as 21,205 cases, including 12,963 cases under the insolvency law, were pending before the National Company Law Tribunal (NCLT) at the end of January this year, the government said on Monday. Currently, one principal bench and 15 other benches of NCLT are operational. In a written reply to Lok Sabha, Minister of State for Corporate Affairs Rao Inderjit Singh said the benches of NCLT and National Company Law Appellate Tribunal (NCLAT) are being set up in a phased manner depending on quantum of workload and other factors. As of now, he said no proposal to set up any new bench of NCLT and NCLAT is under consideration. "As per information provided by NCLT, 21,205 cases were pending with NCLT benches as on 31.01.2023, including 12,963 cases under Insolvency and Bankruptcy Code (IBC), 1,181 cases of Merger and Amalgamation (M&A), and 7,061 other cases," the minister said. Citing data provided by the Insolvency and Bankruptcy Board of India (IBBI), Singh said that since the ...

Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore

Suraksha Realty had made the winning bid of Rs 7,736 crore as against government-owned NBCC India's Rs 6,536 crore offer in June 2021

Homebuyers on Tuesday described NCLT's order on Jaypee Infratech as a "real Holi gift" and hoped that the successful bidder Suraksha group will deliver the flats as per the schedule proposed in the resolution plan. On Tuesday, the National Company Law Tribunal (NCLT) approved Suraksha group's bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. The ruling, which also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha group's offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region. "Homebuyers of Jaypee are happy and it is a real Holi gift for them. We expect Suraksha to start the construction as prescribed in the resolution plan and deliver them as per the schedule ...

These assets and operating assets were carved out as part of a resolution plan approved by the NCLT in 2022

The airline wants to maintain a fleet that allows them to tap the market opportunity in India

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The National Company Law Tribunal (NCLT) on Friday gave its approval for the merger of HDFC Property Ventures and HDFC Venture Capital with HDFC Capital Advisors, taking the merger of the parent with HDFC Bank a step closer. The tribunal is yet to approve the merger of its two insurance arms and the asset management company as also the patent into the bank as part of the USD 40-billion reverse merger. In its final order, the NCLT sanctioned a composite scheme of amalgamation of HDFC Property Ventures and HDFC Venture Capital into HDFC Capital Advisors, HDFC said in an exchange filing. The amalgamation will result in simplification, streamlining and optimisation of the group structure and efficient administration, the order said. Early this week, the tribunal had reserved the order for its approval of the HDFC and HDFC Bank merger after the parties sought 180 days more for the process. HDFC has already received the required approvals from the Securities and Exchange Board, sharehol

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was ...

The date of submission of the resolution plans for the company was February 20 after subsequent extensions were granted by the lenders, the company said

The National Company Law Tribunal (NCLT) has admitted the insolvency plea against Sintex Plastics Technology Ltd (SPTL), a leading maker of water storage tanks and plastic-based interiors. The Ahmedabad bench of NCLT admitted the application filed by its Financial creditor Asset Reconstruction Company (India) Ltd claiming an outstanding amount of Rs 350.28 crore, which includes Rs 215.77 crore principal amount and Rs 134.50 crore towards interest. The NCLT appointed Kshitiz Chhawchharia as the Interim Resolution Professional for the company. Insolvency proceedings against SPTL were triggered as it was a corporate guarantor of loans given to Sintex BAPL Ltd (SBL). SBL is presently going through Corporate Insolvency Resolution Process (CIRP), and a bid of Rs 1,251 crore is pending for approval. However, NCLT said the claim of the Financial Creditor is not fully met in the CIRP of SBL, hence it also directed to initiate insolvency against SPTL. SPTL is a holding company of SBL, which

The National Company Law Appellate Tribunal (NCLAT) has upheld the 2019 Resolution Plan of Adani Power's bid for Korba West Power and has asked Shapoorji Pallonji & Co to pursue arbitration proceedings for pending claims. A two-member NCLAT bench said "there is no illegality in the order of the approval of the resolution plan by the Adjudicating Authority (NCLT) and it does not see any reason to set aside the resolution plan by Adani Power. The appellate tribunal was deciding over a petition filed by Shapoorji Pallonji & Co, against an order passed by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on June 24, 2019 approving the resolution plan by Adani Power. Shapoorji Pallonji & Co has claims of Rs 45.22 crore and an arbitration was going for the same. However, Korba West Power has itself triggered the Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy Code. Following this, the company came under moratorium ...