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Page 19 - Nclat

NCLAT asks for Sebi reply on new share delisting norms for insolvency firms

The NCLAT direction came while hearing the petition filed by Reliance Industries Ltd, which is seeking waiver in delisting procedure for Alok Industries.

NCLAT asks for Sebi reply on new share delisting norms for insolvency firms
Updated On : 13 Nov 2019 | 11:20 PM IST

NCLAT quashes Apeejay Tea insolvency proceedings; board's powers reinstated

On October 18, 2019 the Kolkata bench of the NCLT had admitted an insolvency plea of an operational creditor of Apeejay Tea claiming dues

NCLAT quashes Apeejay Tea insolvency proceedings; board's powers reinstated
Updated On : 12 Nov 2019 | 5:40 PM IST

Explained: Are Enforcement Directorate's seizures harming the economy?

ED's move could stall the resolution process, prevent banks from recovering their pending dues

Explained: Are Enforcement Directorate's seizures harming the economy?
Updated On : 31 Oct 2019 | 1:45 PM IST

Can financial creditor sell assets of firms in liquidation? NCLAT to decide

The judgment is likely to have a big impact on the insolvency process and will decide if errant promoters have one last shot at regaining control of their company and its assets, experts said

Can financial creditor sell assets of firms in liquidation? NCLAT to decide
Updated On : 31 Oct 2019 | 12:56 AM IST

NCLAT sets aside Ambience insolvency proceedings; NCLT to decide afresh

The National Company Law Appellate Tribunal has set aside an NCLT order to initiate insolvency proceedings against real estate development company Ambience Ltd over the plea of Vistra ITCL India (formerly known as IL&FS Trust Company). A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has remitted the matter back to the National Company Law Tribunal (NCLT), directing it to decide afresh as the order was passed by a single member only. Vistra ITCL India's plea to initiate insolvency was heard by a NCLT bench comprising -- Member (Judicial) and Member(Technical) -- and the order was reserved on April 22, 2019 for judgement. However, Member (Technical) retired on July 9, 2019 and the order to initiate insolvency proceeding was passed on August 27, 2019 by Member (Judicial) only. This was challenged by Ambience Director Raj Singh Gehlot before the NCLAT, contending that final order cannot be passed by Member (Judicial) alone as it was being heard by a bench of .

NCLAT sets aside Ambience insolvency proceedings; NCLT to decide afresh
Updated On : 28 Oct 2019 | 8:26 PM IST

NCLAT rejects plea for insolvency proceedings against Intex Technologies

The appellate tribunal observed that there was a pre-existing dispute between the firm and Intex Technologies, and the NCLT has rightly rejected it

NCLAT rejects plea for insolvency proceedings against Intex Technologies
Updated On : 28 Oct 2019 | 5:17 PM IST

Gujarat NRE Coke promoter ineligible to negotiate with creditors: NCLAT

Allowing the appeal of Jindal Steel and Power, the National Company Law Appellate Tribunal (NCLAT) has held Arun Kumar Jagatramka, the promotor of Gujarat NRE Coke, not eligible to negotiate with the creditors of the debt-ridden company. A two-member bench of NCLAT headed by Chairperson Justice S J Mukhopadjaya said that as Jagatramka, who was ineligible to be a Resolution Applicant of the company under the Insolvency & Bankruptcy Code (IBC), cannot be allowed at this stage to negotiate with the creditors of Gujarat NRE Coke. Jindal Steel and Power, which is an unsecured creditor of Gujarat NRE Coke, had challenged an NCLT order that allowed the promoters to settle debts with its creditors. NCLT had given a go ahead to Jagatramka for "Financial Scheme of Compromise and Arrangement" with him and the company through its Liquidator, after holding the debts of shareholders, creditors etc. The appellate tribunal set aside the order passed on May 15, 2018, by the Kolkata bench of ...

Gujarat NRE Coke  promoter ineligible to negotiate with creditors: NCLAT
Updated On : 26 Oct 2019 | 10:17 PM IST

Sort out Bhushan Power and Steel asset issue: NCLAT to MCA and ED

Appellate tribunal says ED can claim dues from proceeds of crime under IBC as operational creditor

Sort out Bhushan Power and Steel asset issue: NCLAT to MCA and ED
Updated On : 25 Oct 2019 | 11:18 PM IST

Bakshi doesn't want to go abroad now; NCLAT allows wife to travel

Bakshi's counsel sought permission to withdraw the application seeking permission to travel and requested the NCLAT to allow his wife to travel

Bakshi doesn't want to go abroad now; NCLAT allows wife to travel
Updated On : 25 Oct 2019 | 5:33 PM IST

NCLAT hauls up Vikram Bakshi, asks him to deposit security to go abroad

Appellate tribunal asks Bakshi and his wife to deposit Rs 5 crore each as security before flying out of the country

NCLAT hauls up Vikram Bakshi, asks him to deposit security to go abroad
Updated On : 23 Oct 2019 | 11:33 PM IST

Essar Steel CoC defends lower pay out to Standard Chartered Bank

Apex court starts hearing CoC challenge to NCLAT approving higher payout to operational creditors

Essar Steel CoC defends lower pay out to Standard Chartered Bank
Updated On : 15 Oct 2019 | 9:09 PM IST

NCLAT halts Bhushan Power sale to JSW Steel; asks ED to release BSPL assets

The ED had seized a portion of Bhushan Power and Steel's (BPSL) assets in the money laundering case against its former promoters

NCLAT halts Bhushan Power sale to JSW Steel; asks ED to release BSPL assets
Updated On : 14 Oct 2019 | 2:06 PM IST

NCLAT sets aside insolvency plea of bauxite exporter Ashapura Minechem

The appellate tribunal observed that plea to initiate insolvency against it was filed by Ashapura Minechem under Section 10 of the IBC without any prior approval of the AGM

NCLAT sets aside insolvency plea of bauxite exporter Ashapura Minechem
Updated On : 02 Oct 2019 | 8:56 PM IST

NCLAT decision on Jet's CoC meetings a welcome signal to foreign investors

The NCLAT's decision is based on a 'Cross Border Insolvency Protocol' agreed upon by the Dutch insolvency court administrator and the Indian Resolution Professional of debt-laden Jet Airways

NCLAT decision on Jet's CoC meetings a welcome signal to foreign investors
Updated On : 29 Sep 2019 | 8:41 PM IST

IL&FS approaches NCLAT to recover Rs 145 crore from Gujarat discom

Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued notice to the Gujarat Urja Vikas Nigam over the IL&FS plea. NCLAT has directed to list the matter for next hearing on October 15. According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to payment of five IL&FS wind energy companies. IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there. IL&FS Group, which has a total debt of above Rs 90,000 crore, is going through debt resolution plan. The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code and is supervised by Justice D K Jain.

IL&FS approaches NCLAT to recover Rs 145 crore from Gujarat discom
Updated On : 26 Sep 2019 | 3:11 PM IST

NCLAT asks 3 firms to file claims before liquidator of Lanco Infratech

The companies are KSB Shanghai Pump Co, TLT-Tourbo (Sichuan) Co and Beijing Power Equipment Group Co

NCLAT asks 3 firms to file claims before liquidator of Lanco Infratech
Updated On : 26 Sep 2019 | 2:14 AM IST

Dutch court administrator, Jet Airways' RP agree to cooperate in insolvency

Jet is facing insolvency proceedings in the Netherlands, which is a regional hub for the Euro operations of the airline

Dutch court administrator, Jet Airways' RP agree to cooperate in insolvency
Updated On : 20 Sep 2019 | 11:40 PM IST

Lenders okay Rs 5,071-crore debt recast plan for 3 IL&FS group firms

NCLAT takes on record new board's plan, debt restructuring for nine more amber category firms soon

Lenders okay Rs 5,071-crore debt recast plan for 3 IL&FS group firms
Updated On : 19 Sep 2019 | 10:33 PM IST

Three IL&FS entities turn green after signing terms sheet with lenders

This will help the IL&FS board in its stated objective of asset monetisation

Three IL&FS entities turn green after signing terms sheet with lenders
Updated On : 19 Sep 2019 | 10:13 PM IST

NCLAT refuses to entertain RCom resolution professional, sends him to NCLT

RCom RP had approached NCLAT with plea that Ericsson India refund Rs 577 crore given to it by RCom

NCLAT refuses to entertain RCom resolution professional, sends him to NCLT
Updated On : 18 Sep 2019 | 10:35 PM IST