Page 13 - Nclat

NCLAT rejects PNB's plea on Mittal Corp, asks NCLT Mumbai to decide afresh

The National Company Law Appellate Tribunal (NCLAT) has set aside an order passed by NCLT rejecting a plea filed by Punjab National Bank to initiate insolvency proceedings against Mittal Corp and directed it to decide afresh "expeditiously". A three-member bench of the appellate tribunal observed that the Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed PNB's plea on the basis of a circular issued by the Reserve Bank of India (RBI) on February 12, 2018, which was not applicable in this matter. "We set aside the Impugned Order dated December 20, 2019 and remit the case to the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, with a direction to decide the Admission of the Application on merits as expeditiously as practicable," the NCLAT order said. The appellate tribunal said there was no evidence suggesting that PNB had moved NCLT to initiate insolvency proceedings based on the said circular, under which it was not eligible to file as the ..

NCLAT upholds NCLT order to initiate insolvency against Meenakshi Energy

A three-member bench has dismissed the plea filed by its director and its shareholder India Power Corporation Ltd observing that the company had committed default

NCLAT rejects plea challenging NCLT's resolution plan of Uttam Value Steel

Uttam Value Steels has an admitted debt of Rs 3,003 crore

IL&FS board faces challenges as resolution takes a Covid-19 knock

With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges

No corporate insolvency proceedings once debt converted into capital: NCLAT

The appellate tribunal also said that any investment cannot be "financial debt"

NCLAT sets aside insolvency proceedings against Sarda Agro Oils

NCLAT set aside the insolvency proceedings initiated against Sarda Agro Oils citing that claims were filed by the lender three years after declaring the account as NPA

Top headlines: Bankruptcy case against Anil Ambani, TCS-Epic Systems case

Business Standard brings to you a snapshot of events that made it to the headlines today

NCLAT sets aside order against former PNB official in Nirav Modi case

NCLAT has set aside an order to implead a former Executive Director of the Punjab National Bank in a matter related to Rs 14,000 crore scam involving diamond merchant Nirav Modi

NCLAT sets aside insolvency proceedings against Ansal Properties and Infra

A three-member NCLAT bench observed that a decree-holder cannot be treated as financial creditor for the purpose of triggering insolvency proceedings against a company

NCLAT rejects plea to start insolvency proceedings against Tata Chemicals

NCLAT observed that the NCLT has rightly dismissed the plea as Allied Silica has failed to prove the operational debt and its default

NCLAT says no to insolvency proceedings against Gujarat Ambuja Exports

Earlier on February 17, 2020, the NCLT had dismissed the plea of Samay Impex to initiate corporate insolvency resolution process (CIRP) against GAEL

NCLAT sets aside NCLT orders approving resolution plan for Ricoh India

The NCLT had also rejected the plea of Kotak Investment Advisors raising objections against the alleged illegalities committed in the conduct of CIRP

Jaypee Infratech's chief financial officer Pramod Kumar Aggarwal resigns

IMC formed pursuant to directions of NCLAT had requested Aggarwal to continue till July 31, 2020, for smooth functioning/transition

Tata Sons withheld facts on turning private: Mistry firms tell SC

The SC will hear the petitions filed by both the Mistry family and Tata Group next month

NCLAT issues notices as Jaypee minority shareholders seek compensation

A three-member NCLAT bench has issued notices to NBCC, IDBI Bank and resolution professional of Jaypee Infratech as well as to the bourses NSE and BSE

NCLAT upholds Adani Ports & Special Economic Zone's takeover of Dighi Port

The National Company Law Appellate Tribunal (NCLAT) has upheld the Adani Group firm - Adani Ports & Special Economic Zone's take-over plan of the debt-ridden Dighi Port. A three-member NCLAT bench dismissed the plea filed by promoter Vishal Vijay Kalantri challenging the order passed by the Mumbai bench of National Company Law Tribunal (NCLT), which had approved the Rs 650-crore resolution plan by Adani Ports & Special Economic Zone (APSEZ) on March 5. The appellate tribunal rejected Kalantri's submissions contending that NCLT has failed to consider objections raised by it over the resolution plan submitted by APSEZ and rejected the settlement proposal submitted by his company Balaji Infra Projects Ltd (BIPL). "All objections raised qua the action of the 'Resolution Professional' during Corporate Insolvency Resolution Process (CIRP), approval of 'Resolution Plan' of 'APSEZ' by the Committee of Creditors and its subsequent approval by the Adjudicating Authority being unfounded .

NCLAT upholds NCLT order to initiate insolvency proceedings against HDIL

"In view of our finding as aforesaid, no interference is called for against the impugned Order dated August 20, 2019. Therefore, Appeal fails," said the NCLAT bench

Tata Sons a 2-group firm, quasi-partnership between 2 groups: Mistry family

In its petition to the Supreme Court, Tata Sons has claimed there is no formal or informal agreement like quasi-partnership exists between the two groups, and Tata Sons is not a two-group company.

Govt extends NCLAT acting chairperson Justice B L Bhat's tenure for 3 mnths

The government has extended the tenure of National Company Law Appellate Tribunal's (NCLAT) acting chairperson Justice B L Bhat for the next three months.

Bharti Airtel shareholders to vote on July 31 on scheme of arrangement

As per a company notice to shareholders, there shall be no meeting requiring physical presence at a common venue in view of the present circumstances on account of the Covid-19 pandemic